Gold always believe in your soul

gold always believe in your soul

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Gold Always Believe In Your Soul Video

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Not to mention hard as heck to find. Silver is where the action is at now. Especially junk silver for you survivalists out there.

The Wizard of Oz was allegedly written about silver crusade. I'm probably going to be sorry for asking this, but what's the difference between everyone agreeing green pieces of paper have value and everyone agreeing shiny metal has value?

How can one be "better" than the other? Is it just that because of history and such there is more likely widespread and long lasting agreement that the shiny metal is valuable than that the green paper is, as a historical-empirical matter?

Again in all seriousness I don't know much about either. I believe in both because it strikes me that people who know a lot about each subject do.

The shiny metal,with some utility in industrial applications and jewelry,is much scarcer than paper and ink.

It is way scacer than bits,bytes, and ledger entries. Money is nothing but confidence that whatever you hold: What makes any form of money a good one is that it tends to be stable as a store of value and easy to use.

The prime complaint about govt fiat money is that it is too susceptible to inflation. Well that helps me understand why so many libertarians feel this way about this issue.

If you don't think much of the government you are not going to like currency whose only value derives from government promises or declaration.

Zimbabwe Weimar Germany on a lesser level Italy Brazil Argentina on an even lesser level Switerland between and today. The fact the dollar has historically outperformed doesnt give me any trust for it to continue to do so in the future.

If all government currencies suck simultaneously, the world will flock to US dollars. They're backed by a shocking superiority of military power for the foreseeable future.

The way Jim Grant puts it is, "human beings are not competent to administer a system of fiat currencies backed by nothing. Basically, without any natural brake on the creation of money, the temptation for governments and in some cases the financial companies that own them to inflate the money supply is too great.

I'm no gold bug but I have tremendous respect for its ability to preserve wealth no matter the political or historical turmoil one finds oneself in.

Surely there is some lesson to be gleaned from the fact that gold has always held value, while every fiat currency system in history has come to grief.

The difference is that it's a lot easier to rob you by printing more of the paper than it is to suddenly mine a lot more gold. Because it's hard for people to play games with the value of gold, MNG.

It's much easier to play with the value of paper. Come on, you know this. You know I like to point out all the things I do know, but in all seriousness I don't know shit about this subject.

I have no idea what is supposed to be so good about the gold standard. I assume there is nothing intrinsically valuable about metal and paper, social agreement makes them valuable.

I imagine proponents of gold mean that historically and comparitively more people value gold hence it is a safer bet? It was a joke, but it does have a serious point.

People value gold for aesthetic reasons. That gives it a "value" that paper doesnt have. But I can't help but think that a lot of the value of gold in people's minds is simply inherited from centuries of governments using it as their currency, hence it has the same authority as paper money, just a longer pedigree No, I think the value comes from people liking it as jewelry, nothing to do with historical use as money.

As I said way up there, it can get you laid. Turn it into gold first, and the target range is wider. It has aesthetic uses, it also has industrial uses.

The point is that gold is a relatively stable store of value. Most of us here expect the dollar to be increasingly debased as the government's debt mounts in the coming years.

Golds greatest value is that it is intrinsically finite, there's only so much on this rock and you have a pretty good chance of estimating future increases.

Which means the currency pegged to gold is finite. If the currency is finite it will not inflate or deflate in an absolute sense, it can do both relative to other thing in value.

So think about that. The money supply is relatively fixed. So growth will require the monetary velocity to increase, or the static nature of the supply will retard growth.

Are you implying that using gold as the de facto currency will make true the idea of a "zero-sum game" economy, for the reasons you put forth?

It's hard for people to corner gold. Governments cornering and manipulating price is another thing. As rap music becomes more and more popular the demand for gold will increase thereby increasing its worth.

So I guess you might have something Maybe you should try a stepwise regression this time, MNG. Your R Squared will undoubtedly improve Also, for the seriously hardcore, there are catalytic converters in junked cars.

Of course, the junkers are usually aware of this. So are the catalytic converter thieves. Some of the large cities have been plagued with them in recent years.

And what happens when velocity picks up? Oh, right, we can trust Bernanke to be right on top of that. When you have an emergency, you need to concentrate on stabilizing the economy by preventing a massive crisis from turning into the next Great Depression, because it was pretty obvious what would have happened.

So, while the Fed made some mistakes, let's be pretty honest here. Had they done what the Fed did in the 's, we would have gotten the same result.

This time around, they got a lot more things right. The real money supply was more or less unchanged because, as I said above, the Fed didn't increase M enough in the face of a massive decline in V.

Even if you're right, Pingry, the idea that they will contain the coming inflation is doubtful. Consider the purposes inflation will serve -. A lot of people still don't get how inflation works, and won't blame the government 2 As a method to make housing prices rise.

While this will only be a nominal rise, it will give some people the illusion that their properties are regaining the value they once had. I should probably point out that, in theory, I agree with the monetarists more than the gold standard people.

The problem is that it is incredibly hard to match GDP growth and monetary growth. And the current process is hopelessly politicized. However, moving back to a gold standard would have problems of its own.

A multi-metallic standard that allowed banks to back their dollars with the metal or other item of their choice might alleviate this somewhat.

No, the problem is that if you let the motherfuckers inflate the money, even if they do it exactly as Friedman wanted, they're cheating us all of the lower prices we should be getting due to improvements in production efficiency.

Even with the relatively small inflation we had from , computers, TVs, and DVD players all went down in price - in both real and nominal terms.

BP, I don't know shit about money. What about just repealing the legal tender law? Not that it'll ever happen, but what would be likely to occur if it did?

If that happened, the dollar would collapse, and we'd be trading in any number of other currencies, until a few emerged that were widely trusted.

Gold would probably be the most popular, but I'd also be willing to accept banknotes backed by gold, as long as they were issued by a bank I could trust.

Credit Suisse, for example. These people have no idea how to live without money. They're what's called new poor. Well, I can put the trash into a landfill where it's gonna stay for millions of years, or I can burn it up and get a nice smoky smell in here and let that smoke go up to the sky where it turns into stars.

Warty, I suspect banks would have to find something to back their money with, and they would choose metals. They wouldn't all go with gold, though, because there would be a run-up in price to make the recent one look like nothing.

People are accustomed to fiat money, and they might be willing to accept this, especially if the FDIC was not eliminated with the legal tender law. Seriously this is such a stupid statement.

If money is so worthless then why can you buy gold with it? And secondly what intrinsic value does gold have?

I guess you can put some of it in circuit boards Using the arguments that cash has no value generally just exposed how worthless, in a utility sense, gold is.

If you got gold, you'll need to defend it Jim Grant is the best financial writer out there today, hands down. I wish his newsletter wasn't so damned expensive.

I'm a deflationist so it's too bad most of his advice lately is of the one-note "sell dollars and buy stuff" variety, but I'm always delighted when I see one of his columns being widely circulated.

So let's say that the currency was backed by some commodity, the entire world's supply of which was used for that purpose. So the amount of money in the country was fixed.

As GDP grew, then, there would be deflation. I'm told that this would be bad, but I don't understand why.

Why would gradual deflation be worse than gradual inflation, or not-so gradual inflation? It seems to me that with modern instruments and electronic banking etc, dealing with ever-smaller amounts of specie shouldn't be any real impediment to commerce.

Deflation is very bad - for those people who never have to worry about making a living or keeping a roof over their heads.

Inflation and deflation are the monetary system warping the underlying economy due to too much or too little money in circulation. Ideally, the money supply shouldn't be messing with price levels; if that is a problem with fiat money when not well managed , it is no less one with a commodity money since it's chief merit is that it is pretty much static.

A lot of people still don't get how inflation works, and won't blame the government. Aside from one post, no. A private currency is just a private FIAT currency.

It is all a matter of trust that the supplier of the currency isn't cheating you. Most who think being a "gold bug" is irrational and at the same time think they are better armed are truley the irrational ones.

Gold bugs in my circle of friends make the US Marie Corps look like a girl scout party. You bring you wall stree suit down here to the mountains and just try to take someone's gold.

The most difficult decision for those who have it is which series of weapons to kill you with. Keeping hard assets at home that is requires a certain level of protection In the end it really doesnt matter.

If the shit hits the fan that bad then, for a time, gold will be worth less than survialist type preparations. But that wont last forever AND I don't think it will get that bad.

The main problem with any metal standard is the central bank setting gold's value and not letting it float.

Some of the things he thinks we ought not forget, as he offers some sympathy for the devil paper dollar: But we ought not let the thrall in which it has held the world in most of our adult lives blind us: What is more likely to keep its value?

That colden, golden metal: But he's careful not to place too much credence in the magic of gold qua gold's value these days--its dizzy price capering could just be the Fed's latest interest-rate engineered bubble expanding: If you like to investigate this issue further, Hayek is a good start.

And everyone knows a million fiat US dollars is worth a lot, too. Doubtless these are the properties that contributed to the historical value.

Oh wait, something's wrong here Welcome to the wonderful world of subjective valuation. You just gotta find the right woman.

They might just nail your ass to a cross, too. Talk about conspiracy theories! I believe subzero has it nailed when he writes: This guy doesn't understand the difference between money supply and GDP.

It is so sad how public schools have failed our children. Failure of conceptual imagination? Besides those qualities, it's useful for many ornamental and industrial purposes.

BOB, Attachment to gold is fundamentally cryptoreligious. I think you have to be born before to have any gold in your teeth And attachment to paper money isn't?

Of course, for a fee, you might persuade us to spare you a little longer. Barbarians don't have to be able to spell. I wouldn't be clinging to gold.

The first guy that comes with a gun and your gold won't buy you much. You omit the more likely situation of someone with gold having a gun in his other hand.

The value of gold doesn't go. Which will make it so very easy to recruit my horde, when the time comes. Pretty sure both are equally rational.

If the government goes, usually everything else does, too. The rationality depends on your time and place.

One thing i have never understood. Why is inflation anti-liberty? Which begs the second question You do think that taxes limit liberty, right?

Cause hangins too good fer em. Tell it to Wiemar Germany. This is also a good reason to buy American dollars. JI, you seem to embrace the mistaken belief that "gold-bugs" can't shoot as well as you.

Man, that roundtable with Friedman and Paul was incredible. I have to wonder if it's really worth it. Seems pretty reaosnable to me dude, I like it. So you guys are bitching about dropping the gold standard?

The next thing you know you'll be denying something like man caused global warming. So how much of the warming is 'man caused' and how much is 'woman caused'?

You have 0 answers to any of those questions. And the gold fetishists strike again! Alright, so I am ambivalent about the things Mr.

Grant has written and said over the years. And when it comes to monetary theory, it's not an issue of whether gold or pick your favorite metallic standard has a higher subjective value than "paper with ink on it" What matters, of course, in the longrun is the purchasing power of the medium of exchange.

A great deal of concern is often expressed about what "backs" Federal Reserve Notes. Technically, the notes are collateralized by holdings of securities -- mostly those of the United States government.

Many people, however, feel that this begs the question. What then "backs" the securities that back the Notes? The short answer is nothing.

There are no real assets, public or private, that are specifically pledged to collateralize the debt of the government.

The government borrows on its "full faith and credit," which is to say that it borrows as long as everyone thinks it is able to service the debt.

This means that ultimately nothing backs the money except the full faith and credit of the government. Congressional Research Service Library of Congress.

So why do you think think the Fed massively increased the monetary base my friend? Perhaps it has something to do with a massive decline in the velocity of money You do understand the quantity theory of money, no?

This is pretty straightforward stuff. So, let me inform everyone of something: Ive yet to be convinced that depressions are bad things in the long run.

More importantly, I know it's a poor model. The demand side of the money supply is the demand to hold cash balances. Yeah, go Big Silver! Vote Bryan in !

Why because in the book they were silver slippers rather than ruby? That does not make it an intrinsically better money.

Gold has value without government support. Government support historically is short lived. Again I'm not being snarky, it just makes sociological sense to me.

The supply of one is bounded by market forces, the other is not. Does it really matter? Discover the Philosopher's Stone.

Gold gold Always believe in your soul. You've got the power to know You're indestructible. Always believe in 'cause you are Gold gold.

Glad that you're bound to return There's something I could have learned. You're indestructible, always believe in. After the rush has gone I hope you find a little more time.

Remember we were partners in crime. It's only two years ago the man with the suit and the pace. You knew that he was there on the case.

Now he's in love with you he's in love with you. My love is like a high prison wall And you could leave me standing so tall, all Gold gold Always believe in your soul.

Lyrics licensed and provided by LyricFind.

Gold always believe in your soul -

You've got the power to know. Seite 1 Seite 2 Nächste Seite. Das Stück ist die vierte Singleauskopplung aus ihrem dritten Studioalbum True. Der Song sei bei Preisverleihungen immer noch sehr gefragt. Anfang der 80er hatte Gold auch mal einen Preis von über Mark und ein paar Jahre später nur noch Mark. Nur bin ich jetzt blind. These are my salad days.

Whereas if I gave them gold, they might trade it for food. Gold become money in the first place through a market process.

You have to understand that a lot of information possessed by dispersed individuals about the properties of gold made that happened.

You say it is irrational, but that's only because you don't have as much information as the sum of the knowledge of all individuals whose decisions led to the adoption of gold as money.

If they don't know what it is, how can they assess its value? Everyone knows gold is worth a lot. I could count on one hand the number of people I know who know what rhodium is, let alone its going market rate.

Gold's physical properties and their ability to be put to productive use do not come close to justifying its price per ounce.

They do so only very slightly more than the physical properties of a hundred-dollar bill justify its value. Gold's sole advantage over paper money is that it's hard to make more of it.

That makes it much harder to destroy the myth that supports gold's value than the myth that supports the fiat dollar. But both retain value because people believe in the myth, not because they're useful.

Am i the only one who thinks a trillion ton meteorite made entirely of gold falling on Copenhagen right now would solve much of the stupidity in the world.

So, sure, it'd solve much of the stupidity in the world, but it probably wouldn't leave much intelligence, either. Could I recommend something closer to, oh, , tons?

That would match the amount of gold that's been mined in all of history and keep the explosion down to Tunguska levels. Gold is compact, pretty, easy to work, fairly easy to identify, and hard to destroy chemically resistant.

It's also the most malleable metal and the most electrically conductive pure metal. Those properties, and it's chemical inertness makes it quite special.

Checking the Rubber Book , "Electrical Resistivity of Pure Metals", silver and copper clearly outclass gold as electrical conductors. Gold's 3, ahead of 4 aluminum by less than it's behind 2 copper.

Yeah, although it's just a teeny bit heavy. But don't let that worry anybody. And its electrical conductivity has been a huge bonus benefit for what, thousands and thousands of years now.

Even the ancient Egyptians and Chinese loved their boom boxes. Sorry but the "rationality" of the gold standard has never impressed me as being anything but arbitrary.

It isn't the gold standard, per se, that is important. It is that there is SOME sort of standard for valuation so that valuation is not completely arbitrary.

A currency could be commodity based or based on productive capacity or something like that. The thing about gold is that there is a finite and relatively small supply.

You can't just go out in your yard and dig it up and suddenly be rich. Personally, I would like to see currency based on some sort of standard that anyone, through hard work and sheer effort, could accumulate or create.

The Indians used wampum. Effort goes into producing wampum. You could accumulate more of it through sheer effort. I would like to see some sort of modern equivalent to this.

Yeah BOB acts like its completely irrational that a house in Detroit is worth less than the many thousands of dollars of wood, copper, and nails it cost in construction.

The house is worth exactly what it is worth in the general market of informed buyers with a time preference. If they have no interest, it has little value to anyone.

That's not irrationality, BOB. You might argue that you think the house is undervalued, but then you'd be buying it wouldn't you? Surprisingly the possession of gold or rhodium has no effect on the ability of a woman to get laid.

Are you saying that the goldbugs are part of a secret religion that worships the yellow metal? I've said what I had to say.

Seeing as how I view this position as irrational, I certainly didn't expect to change anyone's mind. I don't necessarily disagree with you about the "arbitrariness" of valuing anything considered money.

I part ways with you on the practicality of the issue. Gold has several key characteristics that appealed to those multitudes of anonymous informed users over the ages who helped form it into a standard.

Gold is hard to counterfeit. Gold is highly recognizable. Disagree with their considerations and judgments all you wish, BOB, but a standard evolved by countless people behaving rationally in a global market of users with wildly varying individual time preferences over millennia is hardly my definition of 'completely irrational'.

Anyhow Bob, to answer your rather facetious question, the reason why gold is a good money today are all the same reasons why it emerged as the best money in ancient times: If you do not value gold, I can release you from your burden by giving me your gold.

You will not feel any regrets, as long as you keep your beliefs intact. It's a little more rational. At least with paper money, you're clinging to the biggest pillar around.

If the goverment goes, usually everything else does, too. But you know, most people just use the stuff, without ever thinking about why it's valuable.

That's why we're getting so distrustful of that pillar: You just keep clinging to that crumbling pillar and take one for the team, OK?

And like I said, you just keep building up that hord of yours. Because I'm getting my horde ready. I'm very sure you won't be running very fast with your bread basket full of gold.

I really like you gold bugs. You're my insurance when those great pillars finally do come crashing down. Its less rational for the very reason that the government controls its value, and especially in our present state of affairs with looming massive unfunded liabilities, the Federales will be tempted to order Bernanke to keep the presses running so they can massively devalue the dollar in order to pay back the shitton of money theyve borrowed from the rest of the globe which is precisely why the Chinese will not let the RMBI float, because by pegging it to the dollar, they prevent the US from printing away their debts, but everyone else we lend to is f-ed.

The government doesn't have to vanish for its currency to become worthless. Indeed, it's usually government action that causes it to become worthless in the first place and keeps making it more worthless.

Read a history book sometime. One thing that is interesting by this measure i have outlined. Gold rational when the government is unstable money rational when government is stable.

Or at least the perceived stability. Faith in a fiat currency issued by a quasi-private cartel supported by a government that is living farther beyond its means than any other government in history ever has, is MORE rational than valuing gold?

Compare an ounce of gold, even in a down year, to a paper dollar and see the value of private vs. I can understand how inflation can be bad policy or a sign of bad policy.

But how does inflation limit your liberty? Inflation is a hidden tax on dollar savings. It makes it impossible for people to preserve their wealth in cash and pushes them to speculate in asset markets.

Because when there is currency variation, you essentially change the medium of exchange unless you live in an barter economy.

The argument is essentially against government changing the medium of exchange halfway through the game. Think if you were playing monopoly and all of a sudden the bank decided everything now cost double, but with each player having the same amount of money.

Now lets say that the banker decided to do it to favor players 1 and 3 at the expense of player 2 and player 4; that action would seriously piss off 2 and 4, because you essentially negated their hard work.

Now in real life you not only inflate, but then tax the shit out of 2 and 4, then you blame 2 and 4 for any problems.

Change the word "inflation" to "taxation" or "robbery" in the sentence above, and you should be able to answer your own question. Not to mention it is the most insidious of all taxes - invisible from most people's perspective and harming the poorest the most, the poor and the working class having little option to "hedge" against inflation.

I have been buying gold, a couple of coins at a time, for the past thirty years. I haven't sold any. I have also collected small denomination currency notes over the same period.

About fifteen years ago I got a Brazilian , novo cruzado note in change. I suppose I should have noted that the novo cruzado was originally at parity with the dollar.

Gotta like gold, silver, soup, guns, arable land, and individually wrapped lead. Where's my tinfoil hat at? Hell it's worth a fortune now.

The double post is fucking annoying. God knows the spam bot filter for text is in full effect, a timer can't be rocket science.

If the end of shot gun is blasting out steel balls or lead or rocks does it even really matter? It would seem gun powder, empty shells, and one of those shell packing devices would have more value.

Pegging it to the dollar won't save their ass. The feds get to counterfeit money if they want, and then pay bills with those devaluating pieces of paper.

Exactly, by pegging it to the dollar, they're also making themselve pay more for commodities most notably, oil and any non-American imports.

Additionally, since China has an export-based economy, they're also cheating themselves on all their exports to non-dollar based countries.

Too bad the coolest rock star to ever call for a metallic money standard was Sammy Hagar. MNG, you really should read more of Jim Grant's monetary history, it's fascinating to see how every monetary system has seemed permanent to those living under it, but none have lasted more than 40 or 50 years.

In one would have been thought insane for proposing a system of paper currencies backed by nothing. Yet here we are. But when you claim that the dollar is "of no intrinsic value," as if gold, or something else were, well, you really can't be taken seriously as the financial guru more like financial goon!

No serious economist would ever seriously entertain the notion of "intrinsic value" because there is no such thing as intrinsic value, period.

Value, as smart economists know, is determined subjectively at the margin. And value can and does change. But, of course, Marx was wrong, precisely because labor, like everything else, is valued subjectively at the margin.

And the value of labor changes too. Anyone who says otherwise is just a poseur masquerading as some amateurish 'financial guru' among an unsuspecting public.

Grant couldn't even make it out of the batter's box, nevermind the technical arguments for why gold really is a barbaric relic.

Well, okay, you are mostly right, but reach the wrong conclusions. Gold has a higher subjective value than paper with ink on it, outside the faith in the government aspect.

Remove the government and gold still has value. As Zimbabwe, Weimer Germany and untold number of other places have demonstrated, faith in government is of fleeting value at best.

And when it comes to monetary theory, it's not an issue of whether gold or pick your favorite metallic standard has a higher subjective value than "paper with ink on it".

And in the shortrun, what matters is the Okun gap, which is far more volatile with gold than with a proper monetary policy strategy.

PingryPlease to point to the accurate data on output and unemployment "with gold" that buttresses this point.

And exactly what sort of particular "with gold" monetary policy are you talking about, in operation during which time period? Not that anyone's guesses about what any given country's output coulda woulda shoulda been under any given counterfactual circumstance overwhelms the major politico-economic advantage of gold vs.

What matters, of course, in the longrun is the purchasing power of the medium of exchange. You just invalidated your own argument.

I can show you any number of examples of paper currency whose value has fallen to zero. Can you show me any time in history when gold has done so?

It ain't about gold per se'. If you tie your medium of exchange to something tangible but limited, they can't do that.

Gold happens to be a good choice. Well, if you'd bothered to read the posts, you'd see that most people were simply looking for a safe haven for their money.

But since you like hockey stick charts and shit, here's one for you that's probably not made up. And if they didn't increase M, given a nosedive in V, then Y decreases massively followed by P, and more Y.

Monetary policy is not about changes in the money supply in any absolute sense, but rather changes with respect to changes in the demand for money.

So when the demand for money increased tremendously and velocity dropped off a cliff the Fed had to increase the monetary base, otherwise it was pretty obvious that we would be in the next Great Depression, because, well, the Fed of that era didn't increase the monetary base enough Persistent inflation fools people into holding lower balances than they otherwise might, and misallocates resources into a bubble.

During the bust, the demand to hold cash balances is reexamined, found wanting, and for a time balances are re-accumulated. This is a Good Thing, and doesn't need to be "adjusted for" by our masters running the printing press.

It's still statistical rubbish, but at least internally consistant with monetarist theses. V is just fucking made up. But it does fool laymen..

M was increased to be lent directly to banks to prop up balance sheets. The vast majority of the increase in M never entered the economy at all, it's sitting in interest-bearing accounts at the Fed and has never come out.

Their massive shitstorm of QE has accomplished exactly what? They succeeded only in buying a single temporary bump in the MULT line, one that never even eclipsed 1, meaning every dollar of new debt now contributes less than one dollar to GDP.

When you do that with trillions, well, you can smell what's coming. Gold is actually pretty overvalued at this point in time.

Not to mention hard as heck to find. Silver is where the action is at now. Especially junk silver for you survivalists out there.

The Wizard of Oz was allegedly written about silver crusade. I'm probably going to be sorry for asking this, but what's the difference between everyone agreeing green pieces of paper have value and everyone agreeing shiny metal has value?

How can one be "better" than the other? Is it just that because of history and such there is more likely widespread and long lasting agreement that the shiny metal is valuable than that the green paper is, as a historical-empirical matter?

Again in all seriousness I don't know much about either. I believe in both because it strikes me that people who know a lot about each subject do.

The shiny metal,with some utility in industrial applications and jewelry,is much scarcer than paper and ink.

It is way scacer than bits,bytes, and ledger entries. Money is nothing but confidence that whatever you hold: What makes any form of money a good one is that it tends to be stable as a store of value and easy to use.

The prime complaint about govt fiat money is that it is too susceptible to inflation. Well that helps me understand why so many libertarians feel this way about this issue.

If you don't think much of the government you are not going to like currency whose only value derives from government promises or declaration.

Zimbabwe Weimar Germany on a lesser level Italy Brazil Argentina on an even lesser level Switerland between and today. The fact the dollar has historically outperformed doesnt give me any trust for it to continue to do so in the future.

If all government currencies suck simultaneously, the world will flock to US dollars. They're backed by a shocking superiority of military power for the foreseeable future.

The way Jim Grant puts it is, "human beings are not competent to administer a system of fiat currencies backed by nothing.

Basically, without any natural brake on the creation of money, the temptation for governments and in some cases the financial companies that own them to inflate the money supply is too great.

I'm no gold bug but I have tremendous respect for its ability to preserve wealth no matter the political or historical turmoil one finds oneself in.

Surely there is some lesson to be gleaned from the fact that gold has always held value, while every fiat currency system in history has come to grief.

The difference is that it's a lot easier to rob you by printing more of the paper than it is to suddenly mine a lot more gold.

Because it's hard for people to play games with the value of gold, MNG. It's much easier to play with the value of paper.

Come on, you know this. You know I like to point out all the things I do know, but in all seriousness I don't know shit about this subject.

I have no idea what is supposed to be so good about the gold standard. I assume there is nothing intrinsically valuable about metal and paper, social agreement makes them valuable.

I imagine proponents of gold mean that historically and comparitively more people value gold hence it is a safer bet?

It was a joke, but it does have a serious point. People value gold for aesthetic reasons. That gives it a "value" that paper doesnt have.

But I can't help but think that a lot of the value of gold in people's minds is simply inherited from centuries of governments using it as their currency, hence it has the same authority as paper money, just a longer pedigree No, I think the value comes from people liking it as jewelry, nothing to do with historical use as money.

As I said way up there, it can get you laid. Turn it into gold first, and the target range is wider. It has aesthetic uses, it also has industrial uses.

The point is that gold is a relatively stable store of value. Most of us here expect the dollar to be increasingly debased as the government's debt mounts in the coming years.

Golds greatest value is that it is intrinsically finite, there's only so much on this rock and you have a pretty good chance of estimating future increases.

Which means the currency pegged to gold is finite. If the currency is finite it will not inflate or deflate in an absolute sense, it can do both relative to other thing in value.

So think about that. The money supply is relatively fixed. So growth will require the monetary velocity to increase, or the static nature of the supply will retard growth.

Are you implying that using gold as the de facto currency will make true the idea of a "zero-sum game" economy, for the reasons you put forth? It's hard for people to corner gold.

Governments cornering and manipulating price is another thing. Toggle navigation Welcome Guest. Gold by Spandau Ballet.

Thank you for coming home. I'm sorry that the chairs are all worn. I left them here I could have sworn. These are my salad days slowly being eaten away.

Just another play for today. Oh but I'm proud of you but I'm proud of you. Nothing left to make me feel small. Luck has left me standing so tall, all.

Gold gold Always believe in your soul. You've got the power to know You're indestructible.

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