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Gold as a proxy for faith in government

HJPHJP Posts: 404 ✭✭✭

Is gold a proxy for our faith in government?
Why or why not?
HJP

Comments

  • derrybderryb Posts: 28,381 ✭✭✭✭✭
    edited March 26, 2020 2:38PM

    no, has nothing to do with government and everything to do with lack of faith in the currency. This is true for every nation in the world.

    our income tax payments are our proxy for our faith in government, and even that is forced upon us.

    Money relies on its credibility with the people who are its users. And once that credibility is destroyed the currency is destroyed with it.

  • SaorAlbaSaorAlba Posts: 6,425 ✭✭✭✭✭

    The faith for the government and monetary policy ended more than three decades before my birth.

    In memory of my kitty Seryozha 14.2.1996 ~ 13.9.2016
  • JustacommemanJustacommeman Posts: 19,612 ✭✭✭✭✭

    The government is not going to save you. Gold probably won’t either but I’ll take my chances with the latter

    m

    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • cohodkcohodk Posts: 16,104 ✭✭✭✭✭

    @Justacommeman said:
    The government is not going to save you. Gold probably won’t either but I’ll take my chances with the latter

    m

    Ones only savior is the knowledge to properly use all the tools at their disposal. The hard part is knowing which tools you will need.


    Excuses are tools of the ignorant
    Knowledge is the enemy of fear
  • rickoricko Posts: 72,600 ✭✭✭✭✭

    Faith in government?? :D What a joke!! I believe in myself - period, exclamation point. Cheers, RickO

  • derrybderryb Posts: 28,381 ✭✭✭✭✭

    @cohodk said:

    @Justacommeman said:
    The government is not going to save you. Gold probably won’t either but I’ll take my chances with the latter

    m

    Ones only savior is the knowledge to properly use all the tools at their disposal. The hard part is knowing which tools you will need.

    What about your "unlimited line of credit with Congress."

    Money relies on its credibility with the people who are its users. And once that credibility is destroyed the currency is destroyed with it.

  • SaorAlbaSaorAlba Posts: 6,425 ✭✭✭✭✭

    Governments come and go, but gold goes on and on like the energizer bunny.

    In memory of my kitty Seryozha 14.2.1996 ~ 13.9.2016
  • topstuftopstuf Posts: 14,138 ✭✭✭✭✭

    Gold is a proxy for labor.

    W.A.S.P.

  • jmski52jmski52 Posts: 20,223 ✭✭✭✭✭

    The Founders designed our Constitution specifically to limit the powers of government. They were 100% correct in their approach. Faith in government is completely misplaced.

    "Gold is money, and nothing else" - J.P. Morgan

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • topstuftopstuf Posts: 14,138 ✭✭✭✭✭

    Gold is a proxy for labor.

    W.A.S.P.

  • derrybderryb Posts: 28,381 ✭✭✭✭✭
    edited March 27, 2020 7:36AM

    Gold up 8% and silver up 18% in a week as FED bailout balance sheet tops $5 trillion.

    Hey, but it's only money and it now grows on trees.

    Money relies on its credibility with the people who are its users. And once that credibility is destroyed the currency is destroyed with it.

  • topstuftopstuf Posts: 14,138 ✭✭✭✭✭

    The founders didn't have a lot of faith in being an English colony.

    Gold is a proxy for labor.

    W.A.S.P.

  • jmski52jmski52 Posts: 20,223 ✭✭✭✭✭

    I guess I'd better not ask you what silver is. :)

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • topstuftopstuf Posts: 14,138 ✭✭✭✭✭

    @jmski52 said:
    I guess I'd better not ask you what silver is. :)

    Oh go ahead. I have beefsteak for a black eye. :D

    W.A.S.P.

  • jmski52jmski52 Posts: 20,223 ✭✭✭✭✭

    Oh go ahead. I have beefsteak for a black eye.

    Hey, that's why I didn't ask! B)

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • HJPHJP Posts: 404 ✭✭✭

    If gold is a proxy for labor, how is labor valued in terms of gold?

  • HJPHJP Posts: 404 ✭✭✭

    And I don't mean the spot price divided by the number of hours.

  • SaorAlbaSaorAlba Posts: 6,425 ✭✭✭✭✭

    @topstuf said:
    The founders didn't have a lot of faith in being an English colony.

    Gold is a proxy for labor.

    But they did have faith in their paper money which was one of the indirect causes of the American Revolution. The crown banned the colonies from issuing money - ie all but the 1773 Virginia halfpennies and the 1723 Rosa Americana coins were not permitted by the crown. The paper money was a particular irritant as some attempted purchase of goods from England with the paper - which didn't go over well. And all that paper the colonies issued eventually returned to it's real value - zero.

    In memory of my kitty Seryozha 14.2.1996 ~ 13.9.2016
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