- Apr 11, 2010
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Commodity currencies rule, right? Ohh wait, they failed dozens of times in history and..
..do NOT stop politicians from incurring more debt.
There are numerous times in history whereby runs on a country's gold reserves from JUST government debt collapsed currencies, or nearly so.
Then debt being blamed on politicians, not the people, also leading to death.
So private property rights means you can anything you want any time you want? What about everybody else's rights?
private property rights is your ability to buy and keep property, not to enforce your beliefs, such as smoking on everybody to their detriment.
Commodity currencies rule, right? Ohh wait, they failed dozens of times in history and do NOT stop politicians from incurring more debt.
But in a democratic society, fiat money is less prone to manipulation.
I'm not very knowledgeable about currency exchange, but I have my doubts about paying for a movie at the mall with a bar of gold.BWAHAHAHAHHAHa
*pauses*
BWAHSHAHAHAHAHAHAA
You tell me how a person can print "gold" and then maybe you'll have a point. Otherwise you're clueless.
FACT: Gold has held significant value in nearly every single part of the globe, in nearly every civilization, for the last 4000 years.
No government or politician is ever to be trusted. Gold is more than just a keeper of value, it's a universal currency that is accepted in every part of the world, every language, every country, in any amount, for thousands of years without fail. If you cannot see this you're trolling.
Gold Standard is dead and for good reason. Deal with it.
You know very well the reason for this. Politicians want to be able to tap into the good credit of the United States by printing money to buy votes through social programs and wars.
If politicians could not print money to pay off old debts, gold based governments would go bankrupt from debt fueled spending from politicians bankrupting governments and causing revolutions.
Did you hear me right? Yes metal based currencies could cause governments to bankrupt themselves and cause revolutions and the reformation of governments, which is a good thing. Two reasons why:
1. If governments cannot bail themselves out of debt related problems, after trial and error, governments will impose self regulation. Why did Wall Street and the banking industry cause such harm with lending 5 years ago? Because there was no self regulation because of the lack of fear on behalf of banks. They knew they could be bailed out.
2. Furthermore, if governments go bankrupt, it is the citizens who hold the currency, in physical amounts, since gold is universally accepted around the world, it will not lose value and the citizens will not be left holding worthless banknotes when countries go bankrupt like when fiat currency based governments default. Private wealth is preserved! The currencies of countries will OUTLAST the country itself.
Gold is power to the average citizen. Gold is as valuable as ammo in regards to citizens rights and their right to protect themselves against harmful governments. It gives the regulation of wealth to the citizen. The government cannot take your gold when you have guns and they cannot take your guns when you control the wealth/gold (how they build an army to impose restrictions, by printing currency to fund armies).
I'm not very knowledgeable about currency exchange, but I have my doubts about paying for a movie at the mall with a bar of gold.
Gold is on ly valuable because people value it. Ithas some technical uses, but the amounts used are so minute that they could never contribute to any intrinsic value as a commodity. The only reason I can see why it has been treated as a currency throughout history is its mystical power over women - the same thing that makes diamonds valuable today. Thus, I can only conclude that the use of gold as a currency is completely arbitrary.
Ridiculous.
I have some silver coins around here somewhere. However, that's not the point. The point is that your assertion - that gold is a universal currency - is false because I can't spend gold as currency today in the US.Your grandparents did it with silver. Ever seen a pre1964 quarter? Don't laugh.
Gold is valuable as a currency as long as someone else agrees with you. The problem I see with using gold as a currency is that, unless you believe that the Alchemist honors society for chemists and chemical engineers has a real method for turning lead into gold, the amount of gold in the world is fixed. As an engineer, it seems impractical to use a fixed resource as a basis for trade between exponentially growing populations. I'm also not sure how it would be implemented short of a global revolution.Partially true. But the same is true for apples or bananas. They're valuable because they taste good and people need them. It's opinion.
Gold is valuable because in order for economies to function, we need currency. So we need it, like a food. Furthermore, it's been universally agreed upon by society to serve the need of a currency for the last 4000 years. This is the "taste/opinion" like the apple or banana.
Gold has a vital purpose and use. Don't be fooled by idiots who think we "don't need" an unmanipulatable (is that a word?) currency. Gold is protection against manipulation by governments and politicians.
Refute me or don't come on here mindless bantering about how fiat currency works, which is implying governments and politician can be trusted to properly use a currency without slowly confiscating savings of the average citizen or abusing government buying power or abusing the ability to issue and repay debt.
In theory, fiat currency works, but in reality it does not because of the ill nature of governments and politicians' ability to take advantage of ignorant voters by using the printing presses to bribe them through government spending in exchange for votes.
I have some silver coins around here somewhere. However, that's not the point. The point is that your assertion - that gold is a universal currency - is false because I can't spend gold as currency today in the US.
Gold is valuable as a currency as long as someone else agrees with you. The problem I see with using gold as a currency is that, unless you believe that the Alchemist honors society for chemists and chemical engineers has a real method for turning lead into gold, the amount of gold in the world is fixed. As an engineer, it seems impractical to use a fixed resource as a basis for trade between exponentially growing populations. I'm also not sure how it would be implemented short of a global revolution.
edit: I agree that currency is a valuable method for trading and that government should not be able to manipulate its value. However, I am not convinced that gold is a suitable vehicle.
BWAHAHAHAHHAHa
*pauses*
BWAHSHAHAHAHAHAHAA
You tell me how a person can print "gold" and then maybe you'll have a point. Otherwise you're clueless.
FACT: Gold has held significant value in nearly every single part of the globe, in nearly every civilization, for the last 4000 years.
No government or politician is ever to be trusted. Gold is more than just a keeper of value, it's a universal currency that is accepted in every part of the world, every language, every country, in any amount, for thousands of years without fail. If you cannot see this you're trolling.
Read up on some Economic history and see how Fiat Currency is far superior to Gold Standard Currency. Gold is a horrible thing to base Currency on.
Your grandparents did it with silver. Ever seen a pre1965 quarter? Don't laugh.
Partially true. But the same is true for apples or bananas. They're valuable because they taste good and people need them. It's opinion.
Gold is valuable because in order for economies to function, we need currency. So we need it, like a food. Furthermore, it's been universally agreed upon by society to serve the need of a currency for the last 4000 years. This is the "taste/opinion" like the apple or banana.
Gold has a vital purpose and use. Don't be fooled by idiots who think we "don't need" an unmanipulatable (is that a word?) currency. Gold is protection against manipulation by governments and politicians.
Yes, we NEED a currency. But it's better to print a piece of paper with Ben Franklin's mugshot on it and point a gun to your head and force you to use it than a piece of paper that says "redeemable for lump of gold."
Gold is only worth something because people think they can convert it to currency. Do you think a gold-backed currency is LESS prone to manipulation than pure fiat? With a commodity based currency, the one with most power is one who hoards the most of that commodity. And since society has defined what that commodity is, it is easy to manipulate it. With Fiat, it removes that risk. No more kings, lords and serfs.
Answer this: if you are stranded at the sahara, what is gold worth? Would you trade all your gold for a cup of water? Fiat is the same in the situation right? Both worthless? I just proved my point.
Do you think a gold-backed currency is LESS prone to manipulation than pure fiat? With a commodity based currency, the one with most power is one who hoards the most of that commodity. And since society has defined what that commodity is, it is easy to manipulate it. With Fiat, it removes that risk. No more kings, lords and serfs.
I would bet in 5000 years Gold is worth almost nothing.
You literally have the weakest argument possible. Honestly you post some decent stuff and sound intelligent a lot of the time (from what I remember), but your agument is ridiculous and makes no sense. I cannot even piece together the logic you're using.
Huh? Yes it's less able to manipulated because it cannot be CREATED at will by a government for irresponsible purposes!
Fiat currency governments can legally print as much money as they want and exchange them for goods relative to the credit of that country.
You cannot print gold. Let me get this straight. I do not advocate "redeemable for gold" bills. I advocate STRICKLY gold, silver, and possibly copper based coin currencies.
This is exchangeable wealth, IN YOUR HAND, and no government can take away except with a gun. You have wealth, IN YOUR HAND, that if a government fails, it retains value that is exchangeable internationally. Understand? Preservation of wealth.
The government cannot create and devalue it and they cannot steal the buying power it represents by making the bills void (cannot make it void if you hold possession of it).
LOLoldie but...
Say I own a gold and silver mine. What would I do with all the gold and silver I mined? Why would I sell it? I'm basically printing money out of the ground... I can't do anything to make it more or less valuable. I could sit on a pile of gold all my life and basically become a king.
What makes you think the government wouldn't start buying up gold and silver mines? What about Big Gold and big Silver? The corporations that own the mines basically control the level of currency in the world instead of the government. Instead of our government printing money or incurring debt in their respective countries, you have conglomerations of private corporations controlling the supply of currency to the whole world.