Comment: So if there is no standard,

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So if there is no standard,

So if there is no standard, how would paper money be backed or represented? This is really confusing for me. With competing currencies, how would the government make sure paper had worth behind it? Would there usually be an ever changing mix of gold and silver and other commodities to represent that paper? So some years, there would be more gold in the mix, and other years, silver? I realize that some don't want government to issue currency, but assuming that wouldn't fly at this point, how would competing currencies allow for paper to be backed by real value?