"If the money supply was limited to the amount of gold in the world you would have no realistic way to manage the money supply"
tells me that you don't understand the concept of a gold backed currency. There is always a clearing price for gold. If gold were 1 billion dollars an ounce, would there be enough gold in the world to back the currency? You bet. If it really were a billion dollars an ounce, that would only show the sad state our dollar was in though.
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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