&gt; I&#x27;m also skeptical of how constraining a commodity requirement is in light of modern financial institutions and public finance.<p>I also am skeptical of that.  I think that, since 1975 or so when the value of gold was allowed to float, the Fed has kept the value of the dollar <i>more</i> stable than the value of gold (or silver).  And &quot;in light of modern financial institutions and public finance&quot;, it&#x27;s pretty important to hold the value of the unit of account more or less constant...