September 8, 2012 Leave a comment
Many people around the world are arguing that gold or other precious metals should be used to back currency. They don’t trust fiat currencies, because there is nothing to back it up.
I think the childhood stories we read growing up are part to blame for this. The childhood stories always had characters interact with gold, and gold is given all this awe. Hens lay golden eggs, kings turn things they touch into gold, people weave straw into gold, and so on.
Maybe people would have more confidence and trust in our modern financial system if they hear about it in stories growing up. In Jack and the Beanstalk, instead of the hen laying golden eggs, maybe the hen lays rolls of 20’s. In King Midas and the Golden Touch, instead of touching things and turning them into gold, maybe when he touches things they turn into coupons, rain checks, and government bonds. Or in Rumpelstiltskin, instead of weaving straw into gold, maybe Rumpelstiltskin weaves straw into gift cards and travelers checks.
If the stores we read growing up showcase our modern economic system in them; then the public will have more faith and trust in our financial system and it will increase consumer confidence.