Fiat Money and its Social Significance

[expat_panama]

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

Let me know the minute they start, and please tell where which land fill they're using...

 

[Toro]

Even if your presumption about the 1800s is correct - and I don't believe it is at all - the simple fact is that we have had much, much more government intervention since 1900 and economic and financial market volatility has been significantly lower than prior to 1900.

It is correct. There isn't a single downturn during the gold standard era that was a result of market forces based on anchoring currency to gold. Every single solitary instance is the result of economic do-good meddlers that tried their hand at monetary planning.

And that whole stability thing only rings true when you use dastardly stasticis from the State, such as CPI, that completely neglect (intentionally) certain goods. it certainly gives the illusion of stability, though. As the State and cetnral monetary authority slowly destroy the wealth and currency that was forced onto the people.

You guys can love intervention all day if it makes you feel good, but to act as though fiat money is the golden goose is absolutely ridiculous. I guess because this is what we have we shoould simply cheer for it. Not this guy.

And I plan to laugh at the cheerleaders when this scheme is up too. Because it WILL end, and end badly. As it always does.

I'm agnostic on fiat monetary systems and think we are in the middle of a giant monetary experiment that may (or may not) end very badly. I also think capitalism is the greatest socioeconomic system ever created by man. But your argument is rooted first and foremost in ideology, not empiricism.

 

[Rshermr]

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.

When you are really stupid, there is nothing left but to post opinion. Dogma. And the posts from handbag are proof that ignorance is bliss. Too stupid to consider. And I am sure he/she/it would be glad to take an accounting course, but though accounting is pretty damned easy to grasp, it is no doubt well beyond he/she/it.

 

[Rshermr]

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.

So, it must have hurt last time they dumped dollars, right???
Oh, yeah, it NEVER happened before.

But they are going to dump now, because they like to kill their own economy, right???


So, since no reputable economist would buy your argument, perhaps you have some source that has status and agrees with you.
Oh, there are none. Just bat shit crazy con web sites. No impartial source???
What a surprise.

So, does your head hurt being this stupid??

 

[Rshermr]

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.

Do you always simply post conservative dogma?
Were you of the opinion that your opinion has some value???
Do you have an impartial source for your dogma???

Of course not. Thanks for your opinion. And you know how much I respect your opinion.

Those who have statements to make have authoritative and non partial sources. You, me boy, have none.

You are, in technical terms, of NO importance of any kind. Just another worthless con tool. Incapable of rational discussion.

 

[Rshermr]

Even if your presumption about the 1800s is correct - and I don't believe it is at all - the simple fact is that we have had much, much more government intervention since 1900 and economic and financial market volatility has been significantly lower than prior to 1900.

It is correct. There isn't a single downturn during the gold standard era that was a result of market forces based on anchoring currency to gold. Every single solitary instance is the result of economic do-good meddlers that tried their hand at monetary planning.

And that whole stability thing only rings true when you use dastardly stasticis from the State, such as CPI, that completely neglect (intentionally) certain goods. it certainly gives the illusion of stability, though. As the State and cetnral monetary authority slowly destroy the wealth and currency that was forced onto the people.

You guys can love intervention all day if it makes you feel good, but to act as though fiat money is the golden goose is absolutely ridiculous. I guess because this is what we have we shoould simply cheer for it. Not this guy.

And I plan to laugh at the cheerleaders when this scheme is up too. Because it WILL end, and end badly. As it always does.

And here we have step, AGAIN posting con dogma with no link to back him up.

I understand you, step. And it is ok. Really not your fault at all. After all, a congenital idiot like you suffers from an ailment that is, after all, congenital.

 

[TakeAStepBack]

Con dogma. Are you ******* retarded, sir? Because you certainly 'sound' retarded.

 

[Rshermr]

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 ******* stupid? I'd give you the benefit of the doubt, but you prove yourself a ******* retard every time you post. So stupid ****** it is.

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

I just dislike people like you who waste my time by posting dogma based on agenda. You are obviously a con tool. No question. Because you ALWAYS align perfectly with the bat shit crazy con web sites. Always. Which is simply posting arguments with no basis. Totally spacious arguments.

So, your statement seems to prove you agree with me. See above, where you wrote:

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

Perhaps next time you could try NOT posting valueless drivel. Naaa. No chance. Posting valueless dogma is what you do.

And dick slaps??? Is that the best you can do. Hell, sounds like a seventh grader with no ability to utilize the kings english. Good for you.

 

[TakeAStepBack]

So you waste your own time and blame it on me?

You misanthropic sociopaths are a hoot. No doubt about that.

 

[Rshermr]

So you waste your own time and blame it on me?

You misanthropic sociopaths are a hoot. No doubt about that.

Uh, sorry to re-post your own actual post. You said:
"Thanks for replying to the valueless post of mine, dick slaps."

You admitted, in really plain english, that you make valueless posts. Which was honest of you. I almost thought that it was an indication of some small amount of integrity on your part. Silly of me, I know.

Sorry, me boy. I just tried to educate you. I should have known that such efforts would bear no fruit. Facts just do not stick with you.

So, I will leave you to posting your agenda driven drivel pulled from bat shit crazy con web sites.

 

[TakeAStepBack]

I do not need any educating from misanthropic sociopaths with IQ levels in the negatives. You waste your own fuckin' time here, fella. And the value of my posts is subjective. If you had two firing neurons you might understand that what i said was sarcasm. But people at your caliber can not manage anything besides drooling and terribly formulated insults.

Dick Slaps.

 

[Rshermr]

Con dogma. Are you ******* retarded, sir? Because you certainly 'sound' retarded.

No. But to the retarded, only they are sane. so I understand why you would ask.
Really, step. It is not your fault. Your malfunction is congenital. Just bad luck.

 

[Rshermr]

I do not need any educating from misanthropic sociopaths with IQ levels in the negatives. You waste your own fuckin' time here, fella. And the value of my posts is subjective. If you had two firing neurons you might understand that what i said was sarcasm. But people at your caliber can not manage anything besides drooling and terribly formulated insults.

Dick Slaps.

You are hardly a rational individual. And what I understand is what anyone who has read your posts over time understands. You get your drivel from bat shit crazy con web sites. You are perfectly aligned. Always.

So, you post con dogma and opinion. I have no use for dogma. And you know how much I value your opinion.

 

[TakeAStepBack]

And what I understand is what anyone who has read your posts over time understands.

Speaking on behalf of others. The hallmarks of someone with severe mental insability.

 

[SteadyMercury]

Speaking on behalf of others. The hallmarks of someone with severe mental insability.

Rshermr is indeed the king of battling strawmen, he never met an opinion he was able to manufacture that he couldn't defeat.

I assume he's not comfortable with dynamic thinking on his feet, he has a narrow band of standard arguments he's used to having (as evidenced by his ability to regurgitate the same wall of links over and over) and if someone strays outside of that comfort zone he has no choice but to attack what they haven't even said. It is pure comedy.

 

[TakeAStepBack]

Comedy gold, sir. Comedy gold!

 

[CrusaderFrank]

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.

Do you always simply post conservative dogma?
Were you of the opinion that your opinion has some value???
Do you have an impartial source for your dogma???

Of course not. Thanks for your opinion. And you know how much I respect your opinion.

Those who have statements to make have authoritative and non partial sources. You, me boy, have none.

You are, in technical terms, of NO importance of any kind. Just another worthless con tool. Incapable of rational discussion.

Conservative dogma?

How can we talk about the collapse of the Roman empire when all you know about it is "I'll have a pepperoni slice"

Toward the end the Romans issued Obama coins, that is, coins that were made of some other metal but coated in gold. It was the like ObamaCare website and ended just as badly

 

[TakeAStepBack]

How can we talk about the collapse of the Roman empire when all you know about it is "I'll have a pepperoni slice"

 

[HelenaHandbag]

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.

So, it must have hurt last time they dumped dollars, right???
Oh, yeah, it NEVER happened before.

But they are going to dump now, because they like to kill their own economy, right???


So, since no reputable economist would buy your argument, perhaps you have some source that has status and agrees with you.
Oh, there are none. Just bat shit crazy con web sites. No impartial source???
What a surprise.

So, does your head hurt being this stupid??

We were talking about what would most likely occur, were the USD no longer the world's reserve currency.

Context, Spanky, context.

Speaking of stopit.

 

[Rshermr]

Comedy gold, sir. Comedy gold!

Wow. There is complete proof of that well know saying that cons are lousy comics.