U3 is the number of people who are jobless, but actively seeking a job in a given time. So if you have three 20 hour jobs, you are employed. If you work one hour, but want to work more hours, you are employed. Whether you work one hour or 90 hours, whether you have one job or ten jobs, you are the same level of employed.
199k jobs added, unemployment falls to 3.7%
- Thread starter Cypress
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U3 is the number of people who are jobless, but actively seeking a job in a given time. So if you have three 20 hour jobs, you are employed. If you work one hour, but want to work more hours, you are employed. Whether you work one hour or 90 hours, whether you have one job or ten jobs, you are the same level of employed.
Look up U6. The real number. You stupid, uneducated fucking Democrat.
The value of gold is that it is perceived as having value, and is rare on the surface of the earth. It has very little value compared to the economy you are trying to back with it.
The value of the US Dollar is it is used to pay taxes. Taxes are a much larger segment of the US economy than gold is.
The value of Bitcoins is that it is perceived as having value, and is rare on the surface of the earth.... Just like gold. Gold has some uses that Bitcoins do not. But Bitcoins(or better yet Ethereum) can be used in smart contracts, which is nearly impossible with gold.
The more crazy you get, the less likely I am to post my children's address. It is unbelievably creepy that you would even ask such a thing.
"Perceived" as having value. Holy FUCK are you stupid. Retarded!!!!!!!!!!!!!!!!!!!!!! Democrat of course.
It is nice that Clinton decided to start making U6 public. It is a good number.
U6 is very low, like U3.
Gold is excellent at electroplating, which means a very tiny amount of gold is good enough for almost every industrial use. On top of that, the best jewelry can be made with a tiny amount of gold. The only reason anyone gets jewelry with a lot of gold is to be impressive, because of perceived value.
So with so little gold needed, where does most of the gold go? It is stored in vaults to store value. That drives up the price, and therefore reinforces the value of gold.
Into the Night
Verified User
Not possible.
That does NOT say what that 10th of an ounce of gold will buy.
Basing a currency on gold (using gold as the currency) is sound, yes.
I assume you mean direct barter, since all sales are barter (just indirect).
No, it isn't. I may not want or need, say 20 chickens for my product.
The purpose of money is to act as a medium of barter.
I can barter my product for money, when I can then use to buy what I want, instead of being limited to 20 chickens.
Gold is a currency, and a sound one. The government cannot control it. Indeed, for most of the history of the country, there WAS no central bank or federally run banking system.
None was needed.
It still isn't.
Into the Night
Verified User
It is, however, pretty stable.
Velocity is not value.
Not likely. Gold is pretty stable.
The 'swings' as you call it are not wild.
Velocity is not value nor inflation.
Velocity is not value nor deflation.
Buzzword fallacy.
Deflation is NOT more destructive then inflation. In deflation, prices are lower.
It is easily check for purity and weight. It doesn't tarnish. It holds value.
Nope. Gold doesn't 'sink to the center of the Earth'. It floats just like any rock.
Irrelevant.
No, it won't.
You are obviously afraid of gold too. The currency, which has thousands of years of history, has been a stable currency the world over for a reason. Due to it's high value per ounce, it is often paired with silver for day to day transactions.
Into the Night
Verified User
Bitcoin does have value. Although it is a digital currency, you can buy and sell things with it today. It's biggest disadvantage is the need for internet connectivity to conduct a transaction, and the slow pace of the blockchain verification.
Gold and silver need no internet to conduct a transaction. Verification of the metal is easy to conduct on the spot.
Into the Night
Verified User
That is true of all currencies.
Which is why it has a lot of value.
Blatant lie. The economy is not a value.
Big whoopie. Let the government collect useless dollars while gold is a currency.
Taxes are not an economy.
That is true with all currencies.
Which is why it has a lot of value.
I've already mentioned some of them.
Define 'smart contract'.
Bitcoin is accepted in more places than Ethereum.
Gold has no problems with modern credit systems. Nothing prevents gold from being used to settle contracts, conduct transactions, be compatible with electronic banking (such as ATMS), settle credit transactions, or any other aspect of modern banking.
Into the Night
Verified User
ALL currencies are perceived of having value. That's what gives currency (any currency) it's value. That is just as true with dollars, gold, Bitcoin, clamshells, or whatever else is used as currency.
Bai Lan
Let It Rot
sometimes a commodity is valuable in and of itself.
like "salary"comes from "salt", how romans were paid around the globe.
sound currency is actually a thing.
as distinct from unsound keynesian currency abuse currency, fiat currency.
here you are trying to destroy words, meanings, concepts, important distinctions, etc.
are you a banker fascist trying to hide the truth of your machinations?
the government is required to for fiat currencies to work. ultimately they rely on force, not value.
the government guaranteeing a conversion to a specific amount of a commodity (sound currency) is better than just naked keynesianism (fiat currency), though, yes, it is still a form of fascism.
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As you can see, in the 1920's we had a wild swing up to above 20%, and down to nearly 20% deflation. It happened several times in the 1800's too. Economists thought the wild swings would correct themselves with another wild swing, but there was also the possibility of a liquidity trap.
From 1930 to 1933, there was near constant deflation of 7% a year and higher. That was deflation of about a third, with no end in site.
We can collect the current average velocity of money. Inflation and deflation are also values.
Imagine you make $4k a month, and have a mortgage for $1k a month, leaving you with $3k a month to do everything else. Now deflation means you drop down to $2k a month income, but still have the mortgage of $1 a month. Your mortgage just doubled in value. Spread that over all the business loans and consumer loans, and you have a huge number of bankruptcies, especially banks.
If there is an expectation of deflation, people will save their money for the future when it will be worth more. They will not invest or spend their money, but merely put it under a mattress. This decreases the velocity of money, which increases deflation. It is a deadly self reinforcing cycle.
Iron has a density of about 7.9 times water, so granite (2.7 times water) floats easily on it. Gold, at 19.3 times water, will sink into liquid iron. At the center of the earth is iron, and all the gold that was on the original, liquid Earth. Later, as the crust cooled, and meteor/comets delivered a little more gold, that gold stayed towards the surface. This all means gold is hundreds of more times as common in other parts of the solar system.
The Western Roman Empire switched to the gold standard right before the deflation of the Dark Ages.... So not thousands of years.
And that is a whole other nightmare. A dual metal standard requires the government to try to make two metal prices ratio the same over time. Because those metal are the basis of entire economies, it means massive losses. The British were sometimes spending half their entire government income on trying to keep gold and silver ratios constant.
Bai Lan
Let It Rot
better is for elitists. i reject their worldvyuiew.
You think you live in a totalitarian world? Really?
And you post it online? If you lived in a totalitarian world, you could not post that you live in a totalitarian world.
This is no excuse 4 UR lack of competence at language.
