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April 17, 2014 AT 5:29 AM
Although the idea of Classical money — in practice, a gold-based currency — is not popular today in the U.S., it actually has quite a lot of support elsewhere. Both China and Russia are clearly making moves in that direction, even if perhaps in the form of contingency plans should the present dollar-based system become unusable. However, this trend has been handicapped to some degree by the notion that enormous amounts of gold bullion need to be accumulated in vaults before any new currencies are introduced. You don’t really need much gold bullion at all to run a gold-based monetary system.