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I didn't argue against fiat currency. I argued against FUD against China's currency based on stupid ideas. I do think that the difference between a gold-backed
by fu9ar 10y ago
I didn't argue against fiat currency. I argued against FUD against China's currency based on stupid ideas. I do think that the difference between a gold-backed and fiat currency is a valid difference, but would never advocate for a gold backed currency because storing gold in vaults is stupid when we can use it for actually useful things instead. Knee-jerk internet-argument STEMlords jumped on the word fiat without actually understanding the context.
- akhatri_aus 10y agoSorry, what is FUD? In all honestly we haven't seen China in a recession yet, so we don't know how they deal with it, we also don't know how they deal with inflation with a free floating exchange rate, and if their currency is stable with it. With the others, CHF, CAD, GBP, USD we've seen it all many times & know they can maintain their currencies value well & their government budget well. You can't imagine being a central bank governor and risking a country's reserves on this just for the sake of glory. For what reason would you hold your country at so much risk & uncertainty?
- burkaman 10y agoIt usually means Fear, Uncertainty, and Doubt.
- nitrogen 10y agoIt's also possible that people understood your argument but downvoted you because your first comment's tone was frantic, angry, and inappropriate for HN. This comment is a bit better, but still insults the people you hope to convince. These insults only harm your cause.
- hx87 10y agoSeriously, what the hell is a STEMlord?
- jessaustin 10y agoTo my shame, I automatically read this as "sperglord". If you don't know, that's probably for the best.