Debit cards would be efficient and cheap.
100% backed metallic debit cards would have far less transaction costs then credit cards. We know this already with e-Gold.
The low transaction costs of 100% backed metallic would be particularly evident for international transfers of money.
But check this out from the current TIME MAGAZINE.
TIME MAGAZINE has a short column every week called NUMBERS.
This is what they say:
30……….Years a US dollar coin can circulate compared with 18-22 months for a dollar bill.
$500 million…… Amount the US would save each year if dollar bills were replaced by coins, like the new, golden George Washington ones released Feb 15.
So do you get it?
Cash costs a lot of money.
There are alleged costs to 100% backing but we don’t usually add up the vast costs to the alternatives.
Actually just handling coins alone would be very convenient with your Mises.org money belt.
There you’d have your coppers, your silvers and maybe a gold coin or two or even a platinum one.
And people would get superfast at swapping change.
And your wallet would be therefore used for what its good at holding and those are your cards including 100% backed debit cards.
You don’t need ID to get a debit card. You just need to show up with an ingot of gold, silver or platinum…. Get yourself some codes… And you’re away.
Totally private. No ID needed.
Now look at the inefficiency under the current system within your wallet…………. what a freakin hodgepodge. There are your coins, your notes your cards…. All promiscuously bundled together in this poor wallet.
Cash is a waste of money.
Whereas Gold, silver, platinum and copper will never let you down.
With 100% backing these coins will not allow significant inflation or depression, or for a dictatorial takeover to deprive you of savings.
The countries currency will never tank in value though the government be at war with its citizens or though the barbarian declare war against Australia.
And thats when a currency must perform the best.
Whereas an attack on Australia would have everyone selling AUD and our currency would crash…..
… Try attacking Australia if we have 100% backed metallic money…. If anything the value of our currency would RISE TO THE OCCASION….
….Allowing us the time and the resources for our boys to punish the high government officials of the offending nation(s) and come home.
This is a most significant factor when it comes to middle power security.
And the failure of the currency to perform under those conditions could never be made up in 100 years of the alleged theoretical benefits of the most sophisticated macromancy.