“What shall we call “hard” non-fiat currencies?
I propose the following: Gold based currency and Oil based currency.
The Gold Based currency should be called the Trojan because its value is reckoned on a troy ounce of .999 fine gold
The Oil Based currency should be called the Sheik because so much oil comes from Saudi Arabia and the Emirates.
And as we look in our wallets filled with Sheiks and Trojans we will be reminded of what the Oil Exporters and Bankers are doing to us.”
Javier Gonzalez, PhD in economics from the University of Pennsylvania
