Fiat Money and its Social Significance

[Indeependent]

Lastly on this topic.

If fiat currency is sucha wonderful idea, why do central banks hold GOLD in reserve? For what purpose? It is, after all, a non-productive commodity, right? It's just another metal out there like any other. So, why don't they simply sell it off?

I'll tell you why. Because GOLD is a real, not illusory, store of wealth. Paper fiat money is not. it's junk under the inability of the State to maintian its confidence, or to control the population. It's worthless and the only reason it maintains its "value" is through the use of FORCE by the state.

Why you people hate freedom and liberty, both civil and economic, is beyond me. That's your right. to prefer coercion and force to peaceful exchange. But make absolutely no mistake.

GOLD IS MONEY.

Thanks for so authoritatively telling us, dipshit. Problem is, you are a dipshit. So, your opinion is of NO value. Just you being a con. Your arguments are always always always in perfect alignment with the bat shit crazy con web site drivel. Perfect alignment. Which makes you, me boy, irrelevant.
Relative to you thinking that you had the final word on the subject, that simply proves that you are delusional. AGAIN..

Oh, come on! I ALWAYS carry a few hundred dollars worth of gold in my pocket!
Of course, I've had several hernia surgeries.

 

[TakeAStepBack]

Lastly on this topic.

If fiat currency is sucha wonderful idea, why do central banks hold GOLD in reserve? For what purpose? It is, after all, a non-productive commodity, right? It's just another metal out there like any other. So, why don't they simply sell it off?

I'll tell you why. Because GOLD is a real, not illusory, store of wealth. Paper fiat money is not. it's junk under the inability of the State to maintian its confidence, or to control the population. It's worthless and the only reason it maintains its "value" is through the use of FORCE by the state.

Why you people hate freedom and liberty, both civil and economic, is beyond me. That's your right. to prefer coercion and force to peaceful exchange. But make absolutely no mistake.

GOLD IS MONEY.

Thanks for so authoritatively telling us, dipshit. Problem is, you are a dipshit. So, your opinion is of NO value. Just you being a con. Your arguments are always always always in perfect alignment with the bat shit crazy con web site drivel. Perfect alignment. Which makes you, me boy, irrelevant.
Relative to you thinking that you had the final word on the subject, that simply proves that you are delusional. AGAIN..

Do you always make it a point to reply to people's posts you hold no value over? Or are you just that fucking stupid? I'd give you the benefit of the doubt, but you prove yourself a fucking retard every time you post. So stupid fucker it is.

Thanks for replying to the valueless post of mine, dick slaps.

 

[TakeAStepBack]

Lastly on this topic.

If fiat currency is sucha wonderful idea, why do central banks hold GOLD in reserve? For what purpose? It is, after all, a non-productive commodity, right? It's just another metal out there like any other. So, why don't they simply sell it off?

I'll tell you why. Because GOLD is a real, not illusory, store of wealth. Paper fiat money is not. it's junk under the inability of the State to maintian its confidence, or to control the population. It's worthless and the only reason it maintains its "value" is through the use of FORCE by the state.

Why you people hate freedom and liberty, both civil and economic, is beyond me. That's your right. to prefer coercion and force to peaceful exchange. But make absolutely no mistake.

GOLD IS MONEY.

Thanks for so authoritatively telling us, dipshit. Problem is, you are a dipshit. So, your opinion is of NO value. Just you being a con. Your arguments are always always always in perfect alignment with the bat shit crazy con web site drivel. Perfect alignment. Which makes you, me boy, irrelevant.
Relative to you thinking that you had the final word on the subject, that simply proves that you are delusional. AGAIN..

Oh, come on! I ALWAYS carry a few hundred dollars worth of gold in my pocket!
Of course, I've had several hernia surgeries.

A few hundred DOLLARS worth of gold doesn't even equate to an ounce, Dullard. You might want to do some exercise if you're that weak.

 

[Indeependent]

Thanks for so authoritatively telling us, dipshit. Problem is, you are a dipshit. So, your opinion is of NO value. Just you being a con. Your arguments are always always always in perfect alignment with the bat shit crazy con web site drivel. Perfect alignment. Which makes you, me boy, irrelevant.
Relative to you thinking that you had the final word on the subject, that simply proves that you are delusional. AGAIN..

Oh, come on! I ALWAYS carry a few hundred dollars worth of gold in my pocket!
Of course, I've had several hernia surgeries.

A few hundred DOLLARS worth of gold doesn't even equate to an ounce, Dullard. You might want to do some exercise if you're that weak.

Depends on inflation.
So when's the last time you visited Fort Knox.
Oh, and that little annoying fact that we've always had more cash than gold?
Is gold a better standard? Yes.
If those in control played fair...but they don't.
Fiat currency is a disaster, but loose credit, backed by virtual money on hard drives and doctored up printouts, is worse.

 

[TakeAStepBack]

If it depends on inflaton, then your 'few hundred dollars' would be even less in gold..
Always had more cash than gold? What are you blathering about?

 

[Kimura]

Lastly on this topic.

If fiat currency is sucha wonderful idea, why do central banks hold GOLD in reserve? For what purpose? It is, after all, a non-productive commodity, right? It's just another metal out there like any other. So, why don't they simply sell it off?

I'll tell you why. Because GOLD is a real, not illusory, store of wealth. Paper fiat money is not. it's junk under the inability of the State to maintian its confidence, or to control the population. It's worthless and the only reason it maintains its "value" is through the use of FORCE by the state.

Why you people hate freedom and liberty, both civil and economic, is beyond me. That's your right. to prefer coercion and force to peaceful exchange. But make absolutely no mistake.

GOLD IS MONEY.

LOL.

Honestly, have you ever read a history book?

Gold isn't a productive asset. Like I said, over the last two centuries, stocks and bonds have outperformed gold in real terms. I'll take fiat over gold any day of the week.

 

[Kimura]

Dude, you're a cult member. I have plenty of conservative friends and colleagues, but they're rational people. Your narratives are completely ahistorical and, quite frankly, laughable. With the exception of Carl Menger, the Austrian School jumped the shark long ago, my friend.

 

[CrusaderFrank]

I read the article and found it absurd.

To achieve full employment in a fiat society, the government simply hires everyone as a Czar and pays them in wampum. That works great if you're the USA and people still accept your wampum for their products (gas, iron, etc.), not so great if you're Eritrea

The pound Sterling lost its reserve status in the 1970's with dire effects all around.

We're playing with fire here in the USA

 

[Kimura]

I read the article and found it absurd.

To achieve full employment in a fiat society, the government simply hires everyone as a Czar and pays them in wampum. That works great if you're the USA and people still accept your wampum for their products (gas, iron, etc.), not so great if you're Eritrea

The pound Sterling lost its reserve status in the 1970's with dire effects all around.

We're playing with fire here in the USA

What's a "fiat society"? Also, who cars is the US loses reserve status? It wouldn't affect out lives.

 

[CrusaderFrank]

I read the article and found it absurd.

To achieve full employment in a fiat society, the government simply hires everyone as a Czar and pays them in wampum. That works great if you're the USA and people still accept your wampum for their products (gas, iron, etc.), not so great if you're Eritrea

The pound Sterling lost its reserve status in the 1970's with dire effects all around.

We're playing with fire here in the USA

What's a "fiat society"? Also, who cars is the US loses reserve status? It wouldn't affect out lives.

Economy run with Fiat currency is what I called a Fiat Society.

Our fiat currency losing it's status as the world's reserve currency will absolutely have an effect. In their time Rome and Great Britain lost theirs and none of it was good for the hometeam.

 

[HelenaHandbag]

I read the article and found it absurd.

To achieve full employment in a fiat society, the government simply hires everyone as a Czar and pays them in wampum. That works great if you're the USA and people still accept your wampum for their products (gas, iron, etc.), not so great if you're Eritrea

The pound Sterling lost its reserve status in the 1970's with dire effects all around.

We're playing with fire here in the USA

What's a "fiat society"? Also, who cars is the US loses reserve status? It wouldn't affect out lives.

China and OPEC nations dumping hundreds of billions (trillions?) of FRNs wouldn't affect our lives?

OK, now I'm certain that you can't be taken seriously. Ever.

 

[TakeAStepBack]

Lastly on this topic.

If fiat currency is sucha wonderful idea, why do central banks hold GOLD in reserve? For what purpose? It is, after all, a non-productive commodity, right? It's just another metal out there like any other. So, why don't they simply sell it off?

I'll tell you why. Because GOLD is a real, not illusory, store of wealth. Paper fiat money is not. it's junk under the inability of the State to maintian its confidence, or to control the population. It's worthless and the only reason it maintains its "value" is through the use of FORCE by the state.

Why you people hate freedom and liberty, both civil and economic, is beyond me. That's your right. to prefer coercion and force to peaceful exchange. But make absolutely no mistake.

GOLD IS MONEY.

LOL.

Honestly, have you ever read a history book?

Gold isn't a productive asset. Like I said, over the last two centuries, stocks and bonds have outperformed gold in real terms. I'll take fiat over gold any day of the week.

So, what you're saying is, you have no idea what a store of value is. That explains everything.

There you go again, repeating that bunch of nonsense. Gold is money, it doesn't need to be a "productive asset" in the investment sense, dullard. Are you cracked out, dude?

 

[Kimura]

I read the article and found it absurd.

To achieve full employment in a fiat society, the government simply hires everyone as a Czar and pays them in wampum. That works great if you're the USA and people still accept your wampum for their products (gas, iron, etc.), not so great if you're Eritrea

The pound Sterling lost its reserve status in the 1970's with dire effects all around.

We're playing with fire here in the USA

What's a "fiat society"? Also, who cars is the US loses reserve status? It wouldn't affect out lives.

China and OPEC nations dumping hundreds of billions (trillions?) of FRNs wouldn't affect our lives?


OK, now I'm certain that you can't be taken seriously. Ever.

No. In order for them to shed their dollars (deposits at the FED), they have would have to exchange then for real goods and services by Americans.

 

[HelenaHandbag]

The minute they flood into the market - and you can bet your ass that those holding the billions upon billions of them will be playing hot potato- they won't be worth bupkis to buy any goods.

You are either the purest form of arrogant stupidity or insane. I care not which.

To repeat: You cannot be taken seriously. Ever.

 

[Kimura]

The minute they flood into the market - and you can bet your ass that those holding the billions upon billions of them will be playing hot potato- they won't be worth bupkis to buy any goods.

You are either the purest form of arrogant stupidity or insane. I care not which.

To repeat: You cannot be taken seriously. Ever.

Where do those dollars go? I'm China, I desired to save in net financial assets which are US dollars. Unless you purchase real goods and services from Americans, there is no way around this reality.

 

[HelenaHandbag]

This is me, no longer taking anything you have to say seriously.

You are nuttier than the entire San Joaquin Valley.

 

[Kimura]

This is me, no longer taking anything you have to say seriously.

You are nuttier than the entire San Joaquin Valley.

Take an accounting class and intro to banking class at your Podunk Community College. Get back to me.

 

[CrusaderFrank]

I read the article and found it absurd.

To achieve full employment in a fiat society, the government simply hires everyone as a Czar and pays them in wampum. That works great if you're the USA and people still accept your wampum for their products (gas, iron, etc.), not so great if you're Eritrea

The pound Sterling lost its reserve status in the 1970's with dire effects all around.

We're playing with fire here in the USA

What's a "fiat society"? Also, who cars is the US loses reserve status? It wouldn't affect out lives.

China and OPEC nations dumping hundreds of billions (trillions?) of FRNs wouldn't affect our lives?

OK, now I'm certain that you can't be taken seriously. Ever.

We'll just paper it over with more fiat money.

No worries

 

[TheShinyOne]

Money changers. They begin with a real substance, precious metals, and that's money, naturally. Then they create a symbolic representation of that substance, and those tokens become money. Then they make symbolic representations of the tokens, and the commercial paper becomes money. And, they keep doing that until they've convinced themselves the value of everything is imaginary. It's very sad.

 

[HelenaHandbag]