Housing Bubble is bursting

goat said:
History shows us that a fiat currency foot eventually fails. How much longer can the US stand on monopoly money?
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In all of human history, a worldwide fiat currency has been replaced ONCE, so it has happened too infrequently to make any predictions based on. It happened when the Dollar replaced the Pound. There is no obvious replacement right now.

Now we could point to the substitution of gold based currency for fiat that happened in the Roman Empire. The fiat was not withdrawn, and was used at the same time. That was correlated with the deflation that caused the dark ages. Pushing a gold standard also was related to the Great Depression. It would be a fair assumption that moving to a gold standard would be very damaging to the economy.

It would be interesting to gold mining, and industrial use of gold. Gold prices would need to go through the roof, increasing by somewhere between 100 times and 1,000 times. Gold is a tiny part of the economy, which would suddenly become the economy. It would make most industrial uses of gold impossible, and would make gold mining wildly profitable.
 
Walt said:
In all of human history, a worldwide fiat currency has been replaced ONCE, so it has happened too infrequently to make any predictions based on. It happened when the Dollar replaced the Pound. There is no obvious replacement right now.

Now we could point to the substitution of gold based currency for fiat that happened in the Roman Empire. The fiat was not withdrawn, and was used at the same time. That was correlated with the deflation that caused the dark ages. Pushing a gold standard also was related to the Great Depression. It would be a fair assumption that moving to a gold standard would be very damaging to the economy.

It would be interesting to gold mining, and industrial use of gold. Gold prices would need to go through the roof, increasing by somewhere between 100 times and 1,000 times. Gold is a tiny part of the economy, which would suddenly become the economy. It would make most industrial uses of gold impossible, and would make gold mining wildly profitable.
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Yep.
 
Walt said:
Not really. Usually the rich are less educated than a doctorate. It is not quite a monk's vow of poverty, but it can certainly feel that way.
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Disagree. You know what gets you a PhD? Your check clearing. Dr. Jill Biden is a perfect example. I know a lot of people (ok, maybe only like 5 or 6) who spent the money to get the doctorate just so they could say they had it.
 
Walt said:
In all of human history, a worldwide fiat currency has been replaced ONCE, so it has happened too infrequently to make any predictions based on. It happened when the Dollar replaced the Pound. There is no obvious replacement right now.

Now we could point to the substitution of gold based currency for fiat that happened in the Roman Empire. The fiat was not withdrawn, and was used at the same time. That was correlated with the deflation that caused the dark ages. Pushing a gold standard also was related to the Great Depression. It would be a fair assumption that moving to a gold standard would be very damaging to the economy.

It would be interesting to gold mining, and industrial use of gold. Gold prices would need to go through the roof, increasing by somewhere between 100 times and 1,000 times. Gold is a tiny part of the economy, which would suddenly become the economy. It would make most industrial uses of gold impossible, and would make gold mining wildly profitable.
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What economy? Our entire economy is a ponzi scheme with endless QE. How long before the next collapse?
 
Walt said:
If only it were that easy.
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It was. Here's another good replacement...

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...although this one might be overqualified to replace you.
 
Guille said:
Disagree. You know what gets you a PhD? Your check clearing. Dr. Jill Biden is a perfect example. I know a lot of people (ok, maybe only like 5 or 6) who spent the money to get the doctorate just so they could say they had it.
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There are for-profit PHD programs, and foreign PHD programs that are not real PHD programs... But if you are getting a PHD from a legitimate school, you are usually getting paid a stipend, and not paying money. You first must master a subject completely, and then expand human knowledge in that subject. Getting a PHD is not really a path to greater wealth. It is a path into academia, which is a lot less money. It is a lot of work for less financial rewards.

Jill Biden does not have a PHD. She has a Doctor of Education. It is a different beast.

So if I got a PHD, I would get paid some money to do research. I would take that research, and write a PHD thesis proving that I expanded human knowledge. It is reviewed, and a decision is made whether I have expanded human knowledge. The only money I would pay is to support my family who have grown used to a more expensive lifestyle than that afforded by a graduate stipend. The university would get no money from me, and in fact would be paying me a check.
 
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