|
|
|
sickmint79
New Member
24 Posts |
Posted - 06/19/2007 : 07:59:06 [Permalink]
|
yes, i certainly won't put all of my money into it. but many expect it to go much higher. and if things do go to crap hey, i got a bunch of precious metal internationally recognized as money; not just paper. one vid i saw said you could have fed your family for a week with a silver dollar during the depression. if i can buy groceries for a month with 1 oz of gold today, in 5 years i should be able to buy groceries for a month with 1 oz of gold still. regardless of how many dollars it is worth.
thanks for the link, i'd love to see more on it. the general consensus for anti-fed seems to be a gold standard, which with it i think would come full reserve banking. full reserve banking with fiat currency seems like it would work as well, but the potential to abuse the fiat system is there (just print more money) whereas you can't just print more gold; much harder for anyone (private or the government) to abuse their power. |
 |
|
|
JEROME DA GNOME
BANNED
2418 Posts |
 Posted - 06/19/2007 : 08:20:25 [Permalink]
|
If you live in America, FDR made it illegal to possess gold bullion by executive order in 1933.
|
What a man believes upon grossly insufficient evidence is an index into his desires -- desires of which he himself is often unconscious. If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence. The origin of myths is explained in this way. - Bertrand Russell |
|
|
|
JEROME DA GNOME
BANNED
2418 Posts |
Posted - 06/19/2007 : 08:33:24 [Permalink]
|
The problem with the gold standard is that if bankers corner the gold market (buy all the gold), this does not stop the bank from issuing money at its discretion. Fiat money distributed by government would allow the people to remove those that try to manipulate the money supply for gain.
The money supply needs to be increased as population and GDP increases to prevent inflation. There is no need for money to have value outside of a medium for exchange. There is no need for the government (taxpayers) to pay interest on monies created from nothing. If government can issue bonds to a private bank that creates the money from nothing; government can create money without paying interest on its own.
|
What a man believes upon grossly insufficient evidence is an index into his desires -- desires of which he himself is often unconscious. If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence. The origin of myths is explained in this way. - Bertrand Russell |
|
|
|
furshur
SFN Regular
USA
1536 Posts |
Posted - 06/19/2007 : 10:21:12 [Permalink]
|
| If you live in America, FDR made it illegal to possess gold bullion by executive order in 1933. |
Lucky thing that we don't live in 1933.
I have gold, platinum, and silver. Love that platinum. Just wish I had more.
|
If I knew then what I know now then I would know more now than I know. |
|
|
|
sickmint79
New Member
24 Posts |
Posted - 06/19/2007 : 11:14:00 [Permalink]
|
Originally posted by JEROME DA GNOME
If you live in America, FDR made it illegal to possess gold bullion by executive order in 1933.
|
this was repealed in i believe 1970. furshur is in a good spot whether he believes the fed is f'ing us or not - because he's sitting on internationally recognized money and not just some paper. plus if he has a lot of platinum he can wear it like robocop. |
|
|
|
sickmint79
New Member
24 Posts |
Posted - 06/19/2007 : 11:23:16 [Permalink]
|
Originally posted by JEROME DA GNOME
The problem with the gold standard is that if bankers corner the gold market (buy all the gold), this does not stop the bank from issuing money at its discretion. Fiat money distributed by government would allow the people to remove those that try to manipulate the money supply for gain.
The money supply needs to be increased as population and GDP increases to prevent inflation. There is no need for money to have value outside of a medium for exchange. There is no need for the government (taxpayers) to pay interest on monies created from nothing. If government can issue bonds to a private bank that creates the money from nothing; government can create money without paying interest on its own.
|
jerome, i think the real problem with money (fiat or not) is that the banks employ fractional banking, period. this was seen as swindling in the past, but is accepted banking policy today. money supply changing with population and gdp makes sense, and that the government ONLY should create bills (whether bound to gold or bound to nothing). the fractional part is what allows the banks to create bills. a fractional policy in any other business today would be considered fraudulent. i think this is a straight austrian school of macroeconomics point of view; may very well be others as well.
gold vs. nothing - i think the gold would just keep the printing of money under more control. theoretically fiat money should work, but seems more susceptible to abuse, whether by government or private power. |
|
|
|
sickmint79
New Member
24 Posts |
|
|
JEROME DA GNOME
BANNED
2418 Posts |
Posted - 06/19/2007 : 19:12:08 [Permalink]
|
Sickmint, the real question is: What necessitates banks?
|
What a man believes upon grossly insufficient evidence is an index into his desires -- desires of which he himself is often unconscious. If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence. The origin of myths is explained in this way. - Bertrand Russell |
|
|
|
JEROME DA GNOME
BANNED
2418 Posts |
Posted - 06/19/2007 : 19:19:39 [Permalink]
|
Thanks, I did not know that possession has become completely legal. I thought only that restrictions were lessened.
"December 31, 1974 ended the era of private U.S. gold ownership restrictions which had begun in 1933. As of January 1, 1975, U.S. citizens were again free to own gold in any form, including bullion, and in any amount that they can afford, without restrictions or any federal ‘reporting' of those holdings."
http://tinyurl.com/37ovkl
 |
What a man believes upon grossly insufficient evidence is an index into his desires -- desires of which he himself is often unconscious. If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence. The origin of myths is explained in this way. - Bertrand Russell |
|
|
|
furshur
SFN Regular
USA
1536 Posts |
Posted - 06/20/2007 : 07:35:26 [Permalink]
|
| Sickmint, the real question is: What necessitates banks? |
Good point.
What was the inflation rate when the barter system was in place? The use of money is simply a conspiracy to control the people.
Who controls the printing of money - the goverment! Did you know that it is illegal to print your own money!! Damn goverment interference!!!
|
If I knew then what I know now then I would know more now than I know. |
|
|
|
Cuneiformist
The Imperfectionist
USA
4955 Posts |
Posted - 06/20/2007 : 07:51:13 [Permalink]
|
Originally posted by furshur
| Sickmint, the real question is: What necessitates banks? |
Good point.
What was the inflation rate when the barter system was in place? The use of money is simply a conspiracy to control the people.
Who controls the printing of money - the goverment! Did you know that it is illegal to print your own money!! Damn goverment interference!!!
|
In Mesopotamia, the customary loan rate was between 20% and 33%! |
|
|
|
JEROME DA GNOME
BANNED
2418 Posts |
Posted - 06/20/2007 : 08:33:32 [Permalink]
|
Originally posted by furshur
| Sickmint, the real question is: What necessitates banks? |
Good point.
What was the inflation rate when the barter system was in place? The use of money is simply a conspiracy to control the people.
Who controls the printing of money - the goverment! Did you know that it is illegal to print your own money!! Damn goverment interference!!!
|
The continental script which was government printed fiat money had no inflation. I was a tool of exchange. One of the large factors in the war of independence was that England mandated that the colonies used the Bank of Englands notes at interest.
|
What a man believes upon grossly insufficient evidence is an index into his desires -- desires of which he himself is often unconscious. If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence. The origin of myths is explained in this way. - Bertrand Russell |
|
|
|
furshur
SFN Regular
USA
1536 Posts |
Posted - 06/20/2007 : 09:45:12 [Permalink]
|
From wikipedia.
New issues were made at various times until the close of 1779, when the aggregate amount was $242,000,000. Then the bills had so much depreciated that $100 in specie would purchase $2,600 in paper currency.
Depreciated, that means the money was worth less. It became worth less over time. Why isn't this inflation?
|
If I knew then what I know now then I would know more now than I know. |
|
|
|
sickmint79
New Member
24 Posts |
Posted - 06/20/2007 : 11:16:05 [Permalink]
|
| sounds like it to me; supply up, buying power down. i think inflation is being over simplified as just the amount of money as well; that might be true if prices were static, but they are not; 1 man on a farm today can produce what 50 men used to. |
|
|
|
BigPapaSmurf
SFN Die Hard
3192 Posts |
Posted - 06/20/2007 : 11:57:01 [Permalink]
|
Originally posted by sickmint79
sounds like it to me; supply up, buying power down. i think inflation is being over simplified as just the amount of money as well; that might be true if prices were static, but they are not; 1 man on a farm today can produce what 50 men used to.
|
Which is just one reason why trying to apply successes and failures of 19th century economics to the modern world is a dead-end street.
New issues were made at various times until the close of 1779, when the aggregate amount was $242,000,000. Then the bills had so much depreciated that $100 in specie would purchase $2,600 in paper currency.
Depreciated, that means the money was worth less. It became worth less over time. Why isn't this inflation? |
...This is harder to ignore if copied more than once. |
"...things I have neither seen nor experienced nor heard tell of from anybody else; things, what is more, that do not in fact exist and could not ever exist at all. So my readers must not believe a word I say." -Lucian on his book True History
"...They accept such things on faith alone, without any evidence. So if a fraudulent and cunning person who knows how to take advantage of a situation comes among them, he can make himself rich in a short time." -Lucian critical of early Christians c.166 AD From his book, De Morte Peregrini |
|
|
 |
|
Federal Reserve Act in 1913
