Refresh your memory of three different forms of money--1) Fiat money, 2) Commodity based money, and 3) Commodity money

SCENARIO

The leader of a third world country that recently became free of a Colonial Power is trying to establish an appropriate currency to be used domestically. The country is not blessed with vast gold and silver mines nor does it enjoy a lucrative tourism business.

However, this new nation has a comparative advantage in agricultural products, primarily in the growing of wheat. Therefore, the new leader believes that adopting corn as a commodity currency would be the best option to achieve financial stability and economic growth. There also might be the possibility of earning hard foreign currency in the future as corn becomes an exportable good.

Questions

Imagine you have been appointed to the leader's economic development council to study his suggestion. As a member of the council, you agree with the leader that adopting corn as the countries commodity would be the best option. Convince the other members of the council that the leader is correct that corn is the best option.