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I see you have been down voted, yet no one has given an explanation as to why you are wrong. I was thinking the same thing. I would appreciate it if someone cou

by collyw 9y ago

I see you have been down voted, yet no one has given an explanation as to why you are wrong. I was thinking the same thing. I would appreciate it if someone could explain to me why this line of thinking is wrong.

X86BSD 9y ago
It happens every time. They can't dispute the facts I illustrated above. They just down vote without any refuting. It's hard to argue the grams of silver in pre 1965 quarters is not 6.25, it's hard to argue the current price of those 6.25 grams of silver, and it is, I suppose, theoretical you can show me bread or milk that costs more then 3.xx dollars. But those are the national averages. So I just assume it's Wall Street vampires down voting or those who hear the word constitution and down vote because clearly that makes me wrong or insane.
asmithmd1 9y ago
I will take a shot at explaining the problem with a gold standard. 1. We want slight 1%-2% inflation to prevent hoarding from slowing the economy to a crawl. Why invest or buy something today when the cash stuffed in my mattress will buy something better in 6 months. 2. If you agree with the first statement, why tie the rate of growth of money to how fast you can dig a metal out of the ground? Let "experts" survey the economy and decide how much more money there should be this year as opposed to last year. I am not saying I agree completely with either statement, but that is one argument against a gold tied currency.
- X86BSD 9y ago
  Again, that is not disputing the facts I laid out. We can argue about the gold standard but that isn't what my argument was. I was pointing out that the currency is worthless because it's fiat. Also inflation is a hidden tax.
dredmorbius 9y ago
Foreign (to the US) oil, and limited gold. Dollarising petroluem sales in particular served the interests of much of the world: the US, because it kept oil affordable (dollar didn't deflate more), OPEC, because it kept oil affordable (their currencies didn't inflate more), gold, because there's only so much, other nations, because they could exchange for dollars via reserve currency markets. The gold-backing was dead by 1970. Petro-dolarisation occurred in 1974. The UK all but went broke in 1979. The USSR did go broke in 1987-89, courtesy the US and Saudi Arabia (something Putin may well have in mind now). Money is weird. And the gold standard and "end the Fed" nonsense is ... complete bullshit.

by collyw 9y ago

X86BSD 9y ago

It happens every time. They can't dispute the facts I illustrated above. They just down vote without any refuting. It's hard to argue the grams of silver in pre 1965 quarters is not 6.25, it's hard to argue the current price of those 6.25 grams of silver, and it is, I suppose, theoretical you can show me bread or milk that costs more then 3.xx dollars. But those are the national averages. So I just assume it's Wall Street vampires down voting or those who hear the word constitution and down vote because clearly that makes me wrong or insane.

asmithmd1 9y ago

I will take a shot at explaining the problem with a gold standard. 1. We want slight 1%-2% inflation to prevent hoarding from slowing the economy to a crawl. Why invest or buy something today when the cash stuffed in my mattress will buy something better in 6 months. 2. If you agree with the first statement, why tie the rate of growth of money to how fast you can dig a metal out of the ground? Let "experts" survey the economy and decide how much more money there should be this year as opposed to last year. I am not saying I agree completely with either statement, but that is one argument against a gold tied currency.

X86BSD 9y ago
Again, that is not disputing the facts I laid out. We can argue about the gold standard but that isn't what my argument was. I was pointing out that the currency is worthless because it's fiat. Also inflation is a hidden tax.

dredmorbius 9y ago

Foreign (to the US) oil, and limited gold. Dollarising petroluem sales in particular served the interests of much of the world: the US, because it kept oil affordable (dollar didn't deflate more), OPEC, because it kept oil affordable (their currencies didn't inflate more), gold, because there's only so much, other nations, because they could exchange for dollars via reserve currency markets. The gold-backing was dead by 1970. Petro-dolarisation occurred in 1974. The UK all but went broke in 1979. The USSR did go broke in 1987-89, courtesy the US and Saudi Arabia (something Putin may well have in mind now). Money is weird. And the gold standard and "end the Fed" nonsense is ... complete bullshit.