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Ignorant armchair quarterbacks need to learn the difference between the national debt and annual national deficits.
Ignorant spendthrifts need to figure out how to curb their spending habits. There's an endless supply of money (ala Michael Moore), unfortunately there's nothing backing it and at some point other countries will want to be paid with something other than green paper.
We went over this. You believe precious metal backed currencies matter most. I believe lead(and depleted uranium) backed currencies matter most whether I like it or not. It was the latter that broke Bretton Woods. Now since US hegemony is in question, we are looking at precious metals again. We should never have broken Bretton Woods. That alone would have helped box in the FED.
However gold would still be valued as money beyond its commodity value. If a lead backed currency returns, gold would lose value. Gold is still a function of debt. The internationals all had the gold but were screwed.
Ignorant spendthrifts need to figure out how to curb their spending habits. There's an endless supply of money (ala Michael Moore), unfortunately there's nothing backing it and at some point other countries will want to be paid with something other than green paper.
Credit is issued by banks that have been given the public trust. Gimme some help GuyNTexas. Who has the power to create fiat money?Who gave it to them?
The gold smiths had something of value, and currency was just a representation of that something. Paper and coin were far easier to carry than gold and silver. It can be metal, products, services...etc It becomes a ponzi scheme when you remove the "something of value" from the mix. The world bankers are printing a representation of a "pseudo-something" rather than having an actual "something" represented. This is WHEN IT BECOMES A PONZI SCHEME.
Money in itself is not a ponzi scheme. You hold 1 ounce of gold, you give it to the bank and they give you paper that represents your 1 ounce of gold. You buy products with your paper, and in theory the person you paid should be able to go to your bank and withdraw an amount of gold equal to the paper (the gold standard.) Our current system was based on the gold standard, except now we don't have any gold to back it. Ponzi
This doesn't mean that we can't spend our paper in a balanced way. It's only because of the lack of "something" backing it that value has become arbitrary, almost meaningless.
There's even a simpler analogy.
You have a checkbook which is tied to your checking account. You write a check and everyone expects you to have at least enough "money" in your account to cover the check. If you don't, the check bounces ...meaning the check (a promise to pay) is worthless. If you did it purposefully, in order to fool people into believing your check was good, in order to receive valuable goods in return for a worthless check, that's called "Fraud" .. and you go to jail.
Same with the dollar ... it used to be a check, and the big account called the Federal Reserve account was supposed to have Silver Dollars in the account to cover each of the paper dollars in your pocket. And the paper dollar even said right on it ... payable to the bearer on demand, one silver dollar, just like the check has the amount payable to on it.
Now, the Federal Reserve has convinced the IDIOTS that those silver dollars weren't all they were cracked up to be, and really aren't necessary.
To those people, I can only ask ... do you accept bad checks? That's exactly what you are doing when you allow the government to tell you that their federal reserve "Check" is actually good, even though there is nothing in their account, and they knew that when they printed it ... this is also called FRAUD.
You have a checkbook which is tied to your checking account. You write a check and everyone expects you to have at least enough "money" in your account to cover the check. If you don't, the check bounces ...meaning the check (a promise to pay) is worthless. If you did it purposefully, in order to fool people into believing your check was good, in order to receive valuable goods in return for a worthless check, that's called "Fraud" .. and you go to jail.
Same with the dollar ... it used to be a check, and the big account called the Federal Reserve account was supposed to have Silver Dollars in the account to cover each of the paper dollars in your pocket. And the paper dollar even said right on it ... payable to the bearer on demand, one silver dollar, just like the check has the amount payable to on it.
Now, the Federal Reserve has convinced the IDIOTS that those silver dollars weren't all they were cracked up to be, and really aren't necessary.
To those people, I can only ask ... do you accept bad checks? That's exactly what you are doing when you allow the government to tell you that their federal reserve "Check" is actually good, even though there is nothing in their account, and they knew that when they printed it ... this is also called FRAUD.
Thanks much.
What we are using as money is ex-debt for commodity money. A note is defined as owing for specie( commodity money).
The problem is they have debased money all through history.
For if the wealth
of the Nation could be decupled by a Proclamation, it were
strange that such Proclamations have not long since been made by
our Governours.
Quantulumcunque concerning Money
by William Petty
1682
The problem is the potential abuse of power. However as I say, they abused it anyway. A pound wasn't good for a pound a long time ago.
Credit is issued by banks that have been given the public trust. Gimme some help GuyNTexas. Who has the power to create fiat money?Who gave it to them.
Its the banks that gave away our stuff.
As I've tried to explain to you, in an absolute effort of shear futility, debt is not money. Credit is not money. That's why the banks that issued massive amounts of credit that could not be repaid, wound up with massive amounts of bad debt. This was the reason they claimed to be in need of bailouts to keep them from total failure. The reality is, they knew exactly what they were doing, and their "losses" are as much a fraud as the "credit" they issued which they never had to issue in the first place.
And no ... the banks didn't "give away" anything. They stole everything based on a fantastic fraud which was made possible by the fantastic belief that worthless monopoly dollars were indeed money ... which was made possible by fantastic stupidity that still seems to exist among some of the people who still don't realize how stupid they actually are by continuing to claim that bad checks are still good so long as someone signed the damned thing, when the reality is, the check is only good, if there is enough money in the bank account to satisfy the check. A bad check, even with a signature is nothing more than hard evidence of fraud.
You have a checkbook which is tied to your checking account. You write a check and everyone expects you to have at least enough "money" in your account to cover the check. If you don't, the check bounces ...meaning the check (a promise to pay) is worthless. If you did it purposefully, in order to fool people into believing your check was good, in order to receive valuable goods in return for a worthless check, that's called "Fraud" .. and you go to jail.
Same with the dollar ... it used to be a check, and the big account called the Federal Reserve account was supposed to have Silver Dollars in the account to cover each of the paper dollars in your pocket. And the paper dollar even said right on it ... payable to the bearer on demand, one silver dollar, just like the check has the amount payable to on it.
Now, the Federal Reserve has convinced the IDIOTS that those silver dollars weren't all they were cracked up to be, and really aren't necessary.
To those people, I can only ask ... do you accept bad checks? That's exactly what you are doing when you allow the government to tell you that their federal reserve "Check" is actually good, even though there is nothing in their account, and they knew that when they printed it ... this is also called FRAUD.
You mean, aside from the constitution which identifies a dollar as Silver? Or the 20-1 ratio of Silver to Gold? Or the thousands of years of history of gold and silver coins being used as money?
Other than those things, there are many reasons for it's use as money, predominantly associated with it's intrinsic value based on the amounts available and the difficulty in locating and mining more of it, along with it's usefulness and demand. Silver is particularly valuable for a large number of applications ranging from electronics to medical purposes to beautiful jewelry. Gold is extremely difficult to counterfeit due to it's special properties in weight and density.
In all honesty, silver should be more valuable than gold, but gold has been made more valuable artificially probably because there is more of it, and very little of it is actually "consumed" ... but is simply "held". Most of the gold ever mined still exists, while most of the silver is used up in applications that preclude reclamation of it.
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