From another thread: >All hail the (new global) fiat money system then! Personally I can't see what's wrong with a constitutional money system other than the bankers have a hard time inflating and deflating real money. First, the Constitution makes no mention at all about the form of money that Congress should issue. Second, except 20 years of post-WW2 freak conditions, for the thousands of years that gold was used for money the working class didn't have any gold and very little cash money of any kind. Prior to WW2 half of all Americans lived in poverty. Third, I find electronic money and credit cards very handy. Last thing I need is a hoard of gold in my house.