Gold is a less convenient, but more durable, form of money.
Professional Numismatist, Retired. 55 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Winner of the PNG's 2026 Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
<< <i>Yeah, the AGEs and gold commems are NCLT...Non Circulating Legal Tender. >>
Ageed. The "Legal Tender" part makes it money. Bernanke isn't a coin collector and is probably unaware that AGE's even exist.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
In times of peril when folks have to hit it on the hop history teaches us that they will jam gold in places that the sun don't shine rather then paper to buy their freedom in the end. Gold is fungible anywhere in the world. Paper currencies of countries in turmoil often are not. MJ
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......
<< <i>Ya know I wouldn't be surprised if bernanke had a private stash of gold and silver..... >>
He may well have, but that won't get him very far if he wants to go to his local watering hole and buy a beer. Wonder if WalMart will be the first to open a check out lane for those who wish to pay with silver or gold or beads.
<< <i>Last time I checked, gold was more rare than paper.
Also, there's no such thing as a gold tree.
Whatever is "money"...gold certainly fits the definition of it much more than paper. >>
Most people don't have their wealth or assets in either one. >>
Most working class J6P types have a large part of their wealth in their homes. We've seen how that has worked out.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>No physical, analog, digital, or conceptual object, idea, or action is, in and of itself, money.
It takes human thought and action to cause something to be "money"
ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money.
Some forms of Money are better (more efficient, more stable, wider accetance) than others, depending on specific circumstances. >>
<<< ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money. >>>
Sorry to say that it's viewpoints such as this which have led to the trouble we are in. Having gold as a standard, acts as a foundation for money and a solid financial system so that politicians have less incentive to abuse it...and if proper laws go along with it...then they cannot abuse it at all without serving significant jail time.
I agree with Rick Perry that what these far left liberal bandits now in power are doing to our financial system, borders on treason. We need to wakeup and realize they are destroying our country...and if that isn't a reflection of treason, then I don't know what is?
<< <i>No physical, analog, digital, or conceptual object, idea, or action is, in and of itself, money.
It takes human thought and action to cause something to be "money"
ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money.
Some forms of Money are better (more efficient, more stable, wider accetance) than others, depending on specific circumstances. >>
<<< ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money. >>>
Sorry to say that it's viewpoints such as this which have led to the trouble we are in. Having gold as a standard, acts as a foundation for money and a solid financial system so that politicians have less incentive to abuse it...and if proper laws go along with it...then they cannot abuse it at all without serving significant jail time.
I agree with Rick Perry that what these far left liberal bandits now in power are doing to our financial system, borders on treason. We need to wakeup and realize they are destroying our country...and if that isn't a reflection of treason, then I don't know what is? >>
Unfortunately those who have the power to build it right will also have the power to change it for better or worse in times of perceived crisis either real or imagined.
<< <i>No physical, analog, digital, or conceptual object, idea, or action is, in and of itself, money.
It takes human thought and action to cause something to be "money"
ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money.
Some forms of Money are better (more efficient, more stable, wider accetance) than others, depending on specific circumstances. >>
<<< ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money. >>>
Sorry to say that it's viewpoints such as this which have led to the trouble we are in. Having gold as a standard, acts as a foundation for money and a solid financial system so that politicians have less incentive to abuse it...and if proper laws go along with it...then they cannot abuse it at all without serving significant jail time.
I agree with Rick Perry that what these far left liberal bandits now in power are doing to our financial system, borders on treason. We need to wakeup and realize they are destroying our country...and if that isn't a reflection of treason, then I don't know what is? >>
Unfortunately those who have the power to build it right will also have the power to change it for better or worse in times of perceived crisis either real or imagined. >>
You're right of course...but at least a gold standard to a degree keeps the fox out of the henhouse.
so what would hapen if we decided to do the gold=money thingy and go back to a gold standard?
yes, it would restrain the government from overspending, BUT
what about SDR's what would happen to them?
what if China says "oh, okay you're on a gold standard (thank you Ron Paul) China is not stupid. your debt to us is therefore now payable in GOLD". there isn't enough of IT and we start speaking some form of Cantonese. if the rest of the major players went along with a GS than it's possible we wouldn't need to speak Cantonese. we are screwed up down and sideways, inside and out.
we can't be isolationists. there is no simple solution.
<< <i>so what would hapen if we decided to do the gold=money thingy and go back to a gold standard?
yes, it would restrain the government from overspending, BUT
what about SDR's what would happen to them?
what if China says "oh, okay you're on a gold standard (thank you Ron Paul) China is not stupid. your debt to us is therefore now payable in GOLD". there isn't enough of IT and we start speaking some form of Cantonese. if the rest of the major players went along with a GS than it's possible we wouldn't need to speak Cantonese. we are screwed up down and sideways, inside and out.
we can't be isolationists. there is no simple solution. >>
We didn't borrow it as gold so we shouldn't be required to repay it as gold. Or we could just repay it before we go on the gold standard.
<< <i>so what would hapen if we decided to do the gold=money thingy and go back to a gold standard?
yes, it would restrain the government from overspending, BUT
what about SDR's what would happen to them?
what if China says "oh, okay you're on a gold standard (thank you Ron Paul) China is not stupid. your debt to us is therefore now payable in GOLD". there isn't enough of IT and we start speaking some form of Cantonese. if the rest of the major players went along with a GS than it's possible we wouldn't need to speak Cantonese. we are screwed up down and sideways, inside and out.
we can't be isolationists. there is no simple solution. >>
We didn't borrow it as gold so we shouldn't be required to repay it as gold. Or we could just repay it before we go on the gold standard. >>
We can make whatever "rules" we want...the gold standard would simply be a foundation....just like the Constitution is a foundation. Of course we can be "flexible" or whatever we need to do in times of war or natural disasters.
The bottom line is the gold standard would be a guide to help us live within our means. Doesn't that make sense?...live within our means, and not print money to spend money that we have not earned?
<< <i>In times of peril when folks have to hit it on the hop history teaches us that they will jam gold in places that the sun don't shine rather then paper to buy their freedom in the end. Gold is fungible anywhere in the world. Paper currencies of countries in turmoil often are not. MJ >>
Very true. And is why I say that a "unit of human labor" is the purest form of money. For example, I know what I can get from a man with a shovel. Hopefully I could barter gold for that shovel.
<< <i>so what would hapen if we decided to do the gold=money thingy and go back to a gold standard?
yes, it would restrain the government from overspending, BUT
what about SDR's what would happen to them?
what if China says "oh, okay you're on a gold standard (thank you Ron Paul) China is not stupid. your debt to us is therefore now payable in GOLD". there isn't enough of IT and we start speaking some form of Cantonese. if the rest of the major players went along with a GS than it's possible we wouldn't need to speak Cantonese. we are screwed up down and sideways, inside and out.
we can't be isolationists. there is no simple solution. >>
We didn't borrow it as gold so we shouldn't be required to repay it as gold. Or we could just repay it before we go on the gold standard. >>
We can make whatever "rules" we want...the gold standard would simply be a foundation....just like the Constitution is a foundation. Of course we can be "flexible" or whatever we need to do in times of war or natural disasters.
The bottom line is the gold standard would be a guide to help us live within our means. Doesn't that make sense?...live within our means, and not print money to spend money that we have not earned? >>
much more simple in a full employment environment. >>
<<< much more simple in a full employment environment >>>
Actually, that shouldn't matter...spending money responsibly and living within our means...IE: fiscal discipline...that's what matters and is what needs to be done regardless of the state of the economy.
<< <i> Actually, that shouldn't matter...spending money responsibly and living within our means...IE: fiscal discipline...that's what matters and is what needs to be done regardless of the state of the economy. >>
i'm in agreement with what you are saying here. with things the way they are NOW, balancing the budget is not simple (IMHO)
<< <i> Actually, that shouldn't matter...spending money responsibly and living within our means...IE: fiscal discipline...that's what matters and is what needs to be done regardless of the state of the economy. >>
i'm in agreement with what you are saying here. with things the way they are NOW, balancing the budget is not simple (IMHO) >>
Actually it is simple...an across the board decrease in bloated govenment union salaries and benefits would go a long way towards balancing our budget...IE: make the govenrment sector employees do approximately the same as private sector employees in which private sector employee salaries have decreased markedly during this recession. Pay government workers what the taypayers can afford, not what the government union leaders want. And overall government spending needs to be done in the same manner - what the taxpayers can afford, not what some pathological liar president wants to spend.
Fortunately someone like a Chris Christie has the stones to tell it like it is, and he got New Jersey basically under control - that can be done on a federal level as well. Reagan told the Air Traffic Controllers to stuff it, when they wouldn't accept reasonable changes to their salary and benefits structure. It can be done...I'm not saying it's gonna be easy but it can be done, and frankly it must be done.
The current federal fiscal and spending policy is unsustainable and everyone knows it, but those who grossly benefit from it don't want to admit it...but soon they're going to have to admit it, otherwise our country will go down the drain.
Comments
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
Its tradition.
What the brother above me said.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Also, there's no such thing as a gold tree.
Whatever is "money"...gold certainly fits the definition of it much more than paper.
<< <i>Yeah, the AGEs and gold commems are NCLT...Non Circulating Legal Tender. >>
Ageed. The "Legal Tender" part makes it money. Bernanke isn't a coin collector and is probably unaware that AGE's even exist.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
what is "money"?
what is "gold"?
what is fiat currency?
all are mediums of exchange
gold is a commodity
none is a constant measure of value
does money=fiat?
<< <i>Last time I checked, gold was more rare than paper.
Also, there's no such thing as a gold tree.
Whatever is "money"...gold certainly fits the definition of it much more than paper. >>
Most people don't have their wealth or assets in either one.
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......
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
<< <i>Ya know I wouldn't be surprised if bernanke had a private stash of gold and silver..... >>
He may well have, but that won't get him very far if he wants to go to his local watering hole and buy a beer. Wonder if WalMart will be the first to open a check out lane for those who wish to pay with silver or gold or beads.
<< <i>
<< <i>Last time I checked, gold was more rare than paper.
Also, there's no such thing as a gold tree.
Whatever is "money"...gold certainly fits the definition of it much more than paper. >>
Most people don't have their wealth or assets in either one. >>
Most working class J6P types have a large part of their wealth in their homes. We've seen how that has worked out.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
It takes human thought and action to cause something to be "money"
ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money.
Some forms of Money are better (more efficient, more stable, wider accetance) than others, depending on specific circumstances.
Liberty: Parent of Science & Industry
<< <i>No physical, analog, digital, or conceptual object, idea, or action is, in and of itself, money.
It takes human thought and action to cause something to be "money"
ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money.
Some forms of Money are better (more efficient, more stable, wider accetance) than others, depending on specific circumstances. >>
I can find nothing above that I disagree with. Very well put Baley!
<< <i>No physical, analog, digital, or conceptual object, idea, or action is, in and of itself, money.
It takes human thought and action to cause something to be "money"
ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money.
Some forms of Money are better (more efficient, more stable, wider accetance) than others, depending on specific circumstances. >>
<<< ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money. >>>
Sorry to say that it's viewpoints such as this which have led to the trouble we are in. Having gold as a standard, acts as a foundation for money and a solid financial system so that politicians have less incentive to abuse it...and if proper laws go along with it...then they cannot abuse it at all without serving significant jail time.
I agree with Rick Perry that what these far left liberal bandits now in power are doing to our financial system, borders on treason. We need to wakeup and realize they are destroying our country...and if that isn't a reflection of treason, then I don't know what is?
<< <i>
<< <i>No physical, analog, digital, or conceptual object, idea, or action is, in and of itself, money.
It takes human thought and action to cause something to be "money"
ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money.
Some forms of Money are better (more efficient, more stable, wider accetance) than others, depending on specific circumstances. >>
<<< ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money. >>>
Sorry to say that it's viewpoints such as this which have led to the trouble we are in. Having gold as a standard, acts as a foundation for money and a solid financial system so that politicians have less incentive to abuse it...and if proper laws go along with it...then they cannot abuse it at all without serving significant jail time.
I agree with Rick Perry that what these far left liberal bandits now in power are doing to our financial system, borders on treason. We need to wakeup and realize they are destroying our country...and if that isn't a reflection of treason, then I don't know what is? >>
Unfortunately those who have the power to build it right will also have the power to change it for better or worse in times of perceived crisis either real or imagined.
<< <i>
<< <i>
<< <i>No physical, analog, digital, or conceptual object, idea, or action is, in and of itself, money.
It takes human thought and action to cause something to be "money"
ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money.
Some forms of Money are better (more efficient, more stable, wider accetance) than others, depending on specific circumstances. >>
<<< ANY physical, analog, digital, or conceptual object, idea, or action CAN function as money. >>>
Sorry to say that it's viewpoints such as this which have led to the trouble we are in. Having gold as a standard, acts as a foundation for money and a solid financial system so that politicians have less incentive to abuse it...and if proper laws go along with it...then they cannot abuse it at all without serving significant jail time.
I agree with Rick Perry that what these far left liberal bandits now in power are doing to our financial system, borders on treason. We need to wakeup and realize they are destroying our country...and if that isn't a reflection of treason, then I don't know what is? >>
Unfortunately those who have the power to build it right will also have the power to change it for better or worse in times of perceived crisis either real or imagined. >>
You're right of course...but at least a gold standard to a degree keeps the fox out of the henhouse.
yes, it would restrain the government from overspending, BUT
what about SDR's what would happen to them?
what if China says "oh, okay you're on a gold standard (thank you Ron Paul) China is not stupid. your debt to us is therefore now payable in GOLD". there isn't enough of IT and we start speaking some form of Cantonese. if the rest of the major players went along with a GS than it's possible we wouldn't need to speak Cantonese. we are screwed up down and sideways, inside and out.
we can't be isolationists. there is no simple solution.
Both parties are treasonous.
Oh, and the Philadelphia Mint sucks.
<< <i>so what would hapen if we decided to do the gold=money thingy and go back to a gold standard?
yes, it would restrain the government from overspending, BUT
what about SDR's what would happen to them?
what if China says "oh, okay you're on a gold standard (thank you Ron Paul) China is not stupid. your debt to us is therefore now payable in GOLD". there isn't enough of IT and we start speaking some form of Cantonese. if the rest of the major players went along with a GS than it's possible we wouldn't need to speak Cantonese. we are screwed up down and sideways, inside and out.
we can't be isolationists. there is no simple solution. >>
We didn't borrow it as gold so we shouldn't be required to repay it as gold. Or we could just repay it before we go on the gold standard.
<< <i>
<< <i>so what would hapen if we decided to do the gold=money thingy and go back to a gold standard?
yes, it would restrain the government from overspending, BUT
what about SDR's what would happen to them?
what if China says "oh, okay you're on a gold standard (thank you Ron Paul) China is not stupid. your debt to us is therefore now payable in GOLD". there isn't enough of IT and we start speaking some form of Cantonese. if the rest of the major players went along with a GS than it's possible we wouldn't need to speak Cantonese. we are screwed up down and sideways, inside and out.
we can't be isolationists. there is no simple solution. >>
We didn't borrow it as gold so we shouldn't be required to repay it as gold. Or we could just repay it before we go on the gold standard. >>
We can make whatever "rules" we want...the gold standard would simply be a foundation....just like the Constitution is a foundation. Of course we can be "flexible" or whatever we need to do in times of war or natural disasters.
The bottom line is the gold standard would be a guide to help us live within our means. Doesn't that make sense?...live within our means, and not print money to spend money that we have not earned?
<< <i>You can pay me in gold. >>
we might very well see that one day the way its going
<< <i>In times of peril when folks have to hit it on the hop history teaches us that they will jam gold in places that the sun don't shine rather then paper to buy their freedom in the end. Gold is fungible anywhere in the world. Paper currencies of countries in turmoil often are not. MJ >>
Very true. And is why I say that a "unit of human labor" is the purest form of money. For example, I know what I can get from a man with a shovel. Hopefully I could barter gold for that shovel.
Knowledge is the enemy of fear
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
Groucho Marx
<< <i>
<< <i>
<< <i>so what would hapen if we decided to do the gold=money thingy and go back to a gold standard?
yes, it would restrain the government from overspending, BUT
what about SDR's what would happen to them?
what if China says "oh, okay you're on a gold standard (thank you Ron Paul) China is not stupid. your debt to us is therefore now payable in GOLD". there isn't enough of IT and we start speaking some form of Cantonese. if the rest of the major players went along with a GS than it's possible we wouldn't need to speak Cantonese. we are screwed up down and sideways, inside and out.
we can't be isolationists. there is no simple solution. >>
We didn't borrow it as gold so we shouldn't be required to repay it as gold. Or we could just repay it before we go on the gold standard. >>
We can make whatever "rules" we want...the gold standard would simply be a foundation....just like the Constitution is a foundation. Of course we can be "flexible" or whatever we need to do in times of war or natural disasters.
The bottom line is the gold standard would be a guide to help us live within our means. Doesn't that make sense?...live within our means, and not print money to spend money that we have not earned? >>
Why not simply balance the budget?
<< <i>Every piece of gold has some "units of labor" already built into it. >>
Then so would a shovel.
Knowledge is the enemy of fear
<< <i>
Why not simply balance the budget? >>
much more simple in a full employment environment.
raising taxes and/or cutting spending in now would deepen the recession for reason above
i just don't see how it can be done even with a BBA
<< <i>
<< <i>
Why not simply balance the budget? >>
much more simple in a full employment environment. >>
<<< much more simple in a full employment environment >>>
Actually, that shouldn't matter...spending money responsibly and living within our means...IE: fiscal discipline...that's what matters and is what needs to be done regardless of the state of the economy.
<< <i>
Actually, that shouldn't matter...spending money responsibly and living within our means...IE: fiscal discipline...that's what matters and is what needs to be done regardless of the state of the economy. >>
i'm in agreement with what you are saying here. with things the way they are NOW, balancing the budget is not simple (IMHO)
<< <i>You can't argue against 5,000 years of history. >>
wampum
eventually that something becomes universal in want and is acceptable for any exchange of goods.
<< <i>
<< <i>
Actually, that shouldn't matter...spending money responsibly and living within our means...IE: fiscal discipline...that's what matters and is what needs to be done regardless of the state of the economy. >>
i'm in agreement with what you are saying here. with things the way they are NOW, balancing the budget is not simple (IMHO) >>
Actually it is simple...an across the board decrease in bloated govenment union salaries and benefits would go a long way towards balancing our budget...IE: make the govenrment sector employees do approximately the same as private sector employees in which private sector employee salaries have decreased markedly during this recession. Pay government workers what the taypayers can afford, not what the government union leaders want. And overall government spending needs to be done in the same manner - what the taxpayers can afford, not what some pathological liar president wants to spend.
Fortunately someone like a Chris Christie has the stones to tell it like it is, and he got New Jersey basically under control - that can be done on a federal level as well. Reagan told the Air Traffic Controllers to stuff it, when they wouldn't accept reasonable changes to their salary and benefits structure. It can be done...I'm not saying it's gonna be easy but it can be done, and frankly it must be done.
The current federal fiscal and spending policy is unsustainable and everyone knows it, but those who grossly benefit from it don't want to admit it...but soon they're going to have to admit it, otherwise our country will go down the drain.