We tried it here in the states in the first half of this century. They were called "silver certificates" and "gold certificates". For a variety of reasons, it doesn't work.
This is really no different than a credit card with a front-end conversion to a standard monetary unit. The only reason this made news is because it was gold that was suggested. Yes, gold is a precious metal unlike all other currencies, but nothing is valuable unless people are willing to exchange goods for it. Whether it's sea shells, gold nuggets, the eurodollar or gold-pressed latinum (had to get that star trek reference in there), it's all the same. We've done it before.
The simple fact is that there are too many people to have a single standard for anything monetarily.
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Except that the media has taken to calling them "boy bands".
This is really no different than a credit card with a front-end conversion to a standard monetary unit. The only reason this made news is because it was gold that was suggested. Yes, gold is a precious metal unlike all other currencies, but nothing is valuable unless people are willing to exchange goods for it. Whether it's sea shells, gold nuggets, the eurodollar or gold-pressed latinum (had to get that star trek reference in there), it's all the same. We've done it before.
The simple fact is that there are too many people to have a single standard for anything monetarily.
"Are you ok dear? We've been in an accident, but I think we'll be able to pay the repair bill with this new NextCard Visa!"
Damn kids and their rock music.
Or anyone on Trinity Broadcasting Network saying, "you won't need to send us any money today, we have enough."