Dear Peter,

Currencies are no longer backed by gold because the system failed. It failed. Failure means that it does not work any more. Kaput, doesn't work, broken. Is next on the agenda resurrecting communism? Currencies cannot be backed by gold in the future because there is no longer enough gold in the world. The World Bank has been working on alternative asset based system for the backing of a currency for over 20 years and have hit a dead end. How can you be so ignorant of this?