The American Dollar

Beefy said:
Brent, who's telling you all this stuff? Really? Like dles said, nothing is inherently valuable. Basing currency on the scarcity of any particular commodity would inherently lead to a celing on wealth. What are you smokin?
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So much for Harry Browne and the thousands of other libertarians who recognize the benefit of returning to a hard money system.
 
Brent said:
So much for Harry Browne and the thousands of other libertarians who recognize the benefit of returning to a hard money system.
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I don't agree with the Libertarians on everything, and if they all believe that we should return to a gold or silver standard, then I surely disagree with them on that issue. I think its a natural observation to see that wealth is subjective, as is the value of any scarce commodity. Its perception.
 
Beefy said:
I don't agree with the Libertarians on everything, and if they all believe that we should return to a gold or silver standard, then I surely disagree with them on that issue. I think its a natural observation to see that wealth is subjective, as is the value of any scarce commodity. Its perception.
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Plus there is nothing like a discovery of a huge amount of a "rare" commodity that you happen to base your money on to devalue that currency...

:rolleyes:
 
Damocles said:
Plus there is nothing like a discovery of a huge amount of a "rare" commodity that you happen to base your money on to devalue that currency...

:rolleyes:
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Herein lies the point. Perception is everyhting, and there is a clear example to be understood in 1920's Germany. (I salivate at the concept of erroneous responses)
 
Damocles said:
Plus there is nothing like a discovery of a huge amount of a "rare" commodity that you happen to base your money on to devalue that currency...

:rolleyes:
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but could ''a huge find of a precious metal'' really devalue our dollar as much as it has been devalued over the years on the ''system'' that we are on....?
 
Care4all said:
but could ''a huge find of a precious metal'' really devalue our dollar as much as it has been devalued over the years on the ''system'' that we are on....?
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damo....what i mean is, every time we ''print'' more money with the system we are using....it devalues the dollar, doesn't it?
 
Care4all said:
but could ''a huge find of a precious metal'' really devalue our dollar as much as it has been devalued over the years on the ''system'' that we are on....?
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It could even be worse than it is now... If you suddenly found out that the money you currently hold in your bank, in the stock market, in your wallet became less than 1/20th the current value because of one simple "find" you would know what I am talking of. Imagine somebody stealing 80% of your money and that still wouldn't be as bad as it devaluing so quickly. If you base money on the rarity of a substance it depends entirely on that rarity continuing. If money were based on dirt it would be worthless entirely.
 
Care4all said:
damo....what i mean is, every time we ''print'' more money with the system we are using....it devalues the dollar, doesn't it?
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Yes, that's called inflation. It can have the same effect if it is done too quickly. Ask Mexico what 100% inflation rates feel like...
 
LOL,

This is silly. There is no reason to revert to a gold standard. Who cares if a dollar is backed by silver? Can I eat silver? Use it? Build shit with it?

No of course not. There is no reason to have more faith in silver than the dollar.
 
harolds said:
LOL,

This is silly. There is no reason to revert to a gold standard. Who cares if a dollar is backed by silver? Can I eat silver? Use it? Build shit with it?

No of course not. There is no reason to have more faith in silver than the dollar.
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Thus the value of perception. Good post.
 
Damo and Beefy want the government to decide what our money is worth. That is in complete contradiction with what our Founders believed; they believed in a money system controlled by the People.
 
Rubbish, the founders coined the first American coins and created a value system for the money.
 
Damocles said:
Rubbish, the founders coined the first American coins and created a value system for the money.
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But the People decided what the gold and silver was worth based on the supply and demand for those commodities. Back then the People didn't have to worry about politicians setting interest rates and so forth, all of which impact the "value" of our fiat money supply today.

We need to return to the Mint Act of 1792.
 
Brent, can you name one country that still uses the gold standard, or a silver standard versus fiat money?

Honestly, if it's such a great idea, you should be able to come up with an example.
 
The Gold standard is a stupid concept to begin with--- the logic is that money is only worth what it represents....the fallacy is that Gold is only worth what we say it is to begin with....so why not cut out the middle man and just use fiat?

Exactly. See, if you put down Mein Kampf long enough to understand, it really makes sense.
 
mookie said:
Brent, can you name one country that still uses the gold standard, or a silver standard versus fiat money?

Honestly, if it's such a great idea, you should be able to come up with an example.
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Switzerland was on the Gold Standard until 1999. Just because no countries are using it does not mean it is wrong. In fact, if anything that means it is right! Our world is run by interests other than the People.
 
Brent said:
Switzerland was on the Gold Standard until 1999. Just because no countries are using it does not mean it is wrong. In fact, if anything that means it is right! Our world is run by interests other than the People.
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Are you saying that the world is better off being run by rocks with fake value than paper with fake value?
 
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