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>This is why rich people had a lot of gold - rich people have money and gold is money It's my understanding that the richest people in America think gold a bar
by forgetsusername 11y ago
>This is why rich people had a lot of gold - rich people have money and gold is money
It's my understanding that the richest people in America think gold a barberous relic.
I agree that gold has some interesting properties, but so much of the value-of-gold argument seems to stem from its historical uses. But we've used all kinds of things as currency. Using a metal we have to dig out of the ground seems so backwards to me.
- spacecowboy_lon 11y agoOne of the Rothschild's investment vehicles (RIT) listed on the FTSE still holds some gold - thats why I brought some shares for my ISA last Year
- vegabook 11y agoBecause they belong to the class of people who have been able to create an alternative, the dollar, which has no intrinsic rarity value and can be printed at will, and these seignorage rights have made them wealthy. Clearly they have every incentive to dismiss their primary foe, gold.
- svs 11y agoYes, all of these are reasons why gold got started. A gold backed system is perhaps not even possible anymore let alone desirable. Please see http://svs.io/post/69301254342/bitcoin-fud http://svs.io/post/69301254342/bitcoin-fud There are only two things we've used as money (metals and state power)