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A dollar is an intangible unit of account, store of value and medium of exchange.
A dollar is an intangible unit of account, store of value and medium of exchange.
So it's nothing at all? Who decides how much 'value' each one stores? It's not the average man buying and selling goods with them, since we have no way of knowing how many more dollars will be printed or magically typed into an account tomorrow. If we can't really know how rare a dollar is, can we know how valuable it is?
Again, is their manufacture tied to any objective measure of the value they're supposed to represent? Is it tied to anything objective at all?
So it's nothing at all? Who decides how much 'value' each one stores?
How can the market decide the value of something when its number can be suddenly increased at any time? When the Fed generates new money out of thin air, how can the market know how many 'dollars' are supposed to exist and account for monetary inflation when determining the value thereof?
How can the market decide the value of something when its number can be suddenly increased at any time?
When the Fed generates new money out of thin air, how can the market know how many 'dollars' are supposed to exist and account for monetary inflation when determining the value thereof?
At first, I thought you meant 'trust', but then you said 'thrust' again
So I've no idea what you mean
1000 copper piece per slip of green clothpaper with a 1 printed on it?anyone who is concerned that their dollars are useless and of no value, please PM me. I'll be happy to come to your aid by exchanging your silly, useless paper money for small pieces of metal stamped with a nice picture of Old Abe.
That'd be fine if we still had 60+% of the world's gold and a trade surplusWe should go back to the gold/silver standard.
http://dollardaze.org/blog/posts/2008/June/27/1/US_Dollar.jpgThe reasons for the acceptance of the US dollar as the 'anchor currency' was because American soil was largely untouched by destruction from the war leaving most of her manufacturing capacity intact, the arrival of the atomic bomb, and that US vaults held an estimated 65% of the world's gold reserves.
By the late 1960's, nations around the world became increasingly concerned about the ability of the United States to keep the price of gold at US$35 given America's involvement in the Vietnam War and spiralling costs for Lyndon B. Johnson's Great Society programs.
By 1970, the US gold reserve had shrunk to 16% of the world total and the US trade balance swung negative for the first time.
How is it defined? Is the manufacture of these scraps of clothpaper- let alone their virtual form- remotely tied to any objective measure of the wealth they're supposed to represent?
How is it defined? Is the manufacture of these scraps of clothpaper- let alone their virtual form- remotely tied to any objective measure of the wealth they're supposed to represent?