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Fiat currency is one the most beneficial economic developments ever. Goldbuggery is idiotic.

• ur-whale 6y ago
  >Fiat currency is one the most beneficial economic developments ever. Currency certainly is. Fiat most certainly not [1] [1] https://ginifoundation.org/kb/fiat-currency-graveyard-a-history-of-monetary-folly/ https://ginifoundation.org/kb/fiat-currency-graveyard-a-hist... >Goldbuggery is idiotic. Whenever something is being thought of as useful by a sizable portion of the population over large swaths of time, calling it idiotic is pretty much guaranteed to be a boomerang.
  • colinmhayes 6y ago
    https://www.youtube.com/watch?v=iKYKLgzyF9o https://www.youtube.com/watch?v=iKYKLgzyF9o this is what you uneducated goldbugs sound like
    • ur-whale 6y ago
      First you're assuming I'm a gold bug : I'm not. Second, the person who looks like an absolute ass in this video is not who you think. Third, there are a lot more house sessions where Ron Paul is giving various heads of the fed, including Bernanke, a healthy dose of reality check. They're all really worth watching, thaanks for pointing them out. Finally: the only point I was trying to make is that fiat currency have been systematically used throughout history by governments to milk their citizenry without them noticing. The USD and the feds are following a pattern that has existed since the Romans[1]: debasing currency to hide their incompetence at managing budgets. The actual implementation vary through history, becoming increasingly sophisticated with time: the Romans slowly decreased the amount of silver in their coins hoping no one would notice. The USG uses quantitative easing, which is much less noticeable by John Does in the street. [1] http://numismatics.org/rome-a-thousand-years-of-monetary-history/ http://numismatics.org/rome-a-thousand-years-of-monetary-his...