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Suppose you have been given the responsibility of introducing a new currency for a newly established country. You call a meeting of renowned economist, bankers and financial experts of the country in order to decide whether the currency should be backed by equivalent gold reserves or not? During the meeting, you observe that there is a difference of opinion among the experts. Some of the experts are of the view that the currency should be backed by equivalent gold reserves while others think opposite.
What do you think regarding this particular issue? Whether the currency should be backed by equivalent gold reserves or not? In either case (yes or no), support your comments with logical rationale.
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any one please give some reasons about
why currency should be backed by equivalent gold reserves?
Advantages & Disadvantages of the Gold Standard
The gold standard is the controversial practice of backing a national currency with the value of gold. Currency on the gold standard could be redeemed for an equal amount of gold at any time since the currency is essentially a promissory note for the precious metal. Advocates of the gold standard say it gives real value to currency instead of the imaginary value of currency today. Detractors say the gold standard is too rigid and restricts economic policy in times of financial turmoil.
koi aik bat kare koi keh rha semi kikeh rha gold m confused
i will go for no....