The precise purpose of reserve type banking systems is that the value of the 'notes' can be changed. You view that as a failure but that is their basic purpose. I don't know how the present stagflation predicament will be fixed, if it can be fixed... but I'm quite sure it won't be with gold.
The price of oil is what's driving most things these days... or preventing things from moving forward... depending on where you are. The Canadian dollar has basically turned into a petro dollar in the last 10 years because of the amount of trade generated through what flows from McMurray... The downside is that the cost of oil is killing the rest of the country that doesn't share in that oil boom.
You should read about the Federal Reserve system and other relevant banking information... from a source other than the right wing/bible thumping/conspiracy theorists who are still living in the Victorian era. The Fed's own website has a fair amount of information on the purpose and function of the Fed...
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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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