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Old 07-15-2011, 05:22 AM
 
5,346 posts, read 4,030,892 times
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Quote:
Originally Posted by JazzyTallGuy View Post
With a fleet of black helicopters that swoop down and get bundles of cash that are sent to the Bilderbergs and Illuminati on a regular basis.

I got a give you credit you are PERSISTANT!
The Bohemian Grove meetings are underway... What time does Cremation of Care start?...
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Old 07-15-2011, 06:06 AM
 
608 posts, read 1,342,384 times
Reputation: 469
No Gold is NOT money. the Federal Reserve Act gives that power to the Fed.

HOWEVER we can solve this debt crisis using a coin.

However, the Coinage Act grants the Secretary of the Treasury rather broad coin seigniorage authority. Geithner could sidestep the debt ceiling this afternoon by ordering the West Point Mint to coin a 1 oz. $ 1 trillion coin.The Secratary of the Treasury can then present the jumbo coins at the NY Fed to buy back $1 trillion in Fed-held debt (the Fed has to accept it, a creditor can’t refuse legal tender paid in to settle a debt):

(h) The coins issued under this title shall be legal tender… (k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.”


That would end your debt crisis.
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Old 07-15-2011, 06:20 AM
 
Location: Raleigh, NC
20,054 posts, read 18,220,517 times
Reputation: 3826
Quote:
Originally Posted by JazzyTallGuy View Post
If you don't like dollars then don't use them.
Don't accept them when I sell on craigslist. Just silver. A couple of ignorant morons tried to e-mail me and say what I was doing was illegal. Takes a little longer to sell my stuff but it's all good with me.

Quote:
*Music from Deliverance playing in the backgroud*
Don't really get but whatever.
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Old 07-15-2011, 06:22 AM
 
Location: Raleigh, NC
20,054 posts, read 18,220,517 times
Reputation: 3826
But the question stands. How can gold simultaneously have a face value and an implied value? How come it's considered a collector's item by the IRS yet still has a face value? Why don't baseball cards have a face value? Fine art? An autographed basketball?
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Old 07-15-2011, 06:29 AM
 
Location: Hoboken
19,890 posts, read 18,692,285 times
Reputation: 3146
Quote:
Originally Posted by summers73 View Post
But the question stands. How can gold simultaneously have a face value and an implied value? How come it's considered a collector's item by the IRS yet still has a face value? Why don't baseball cards have a face value? Fine art? An autographed basketball?
Because, we a a society haven't make currency out of any of those other things. Gold does not have an implied value, it has an intrinsic value determined by the market.
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Old 07-15-2011, 06:31 AM
 
Location: somewhere in the woods
16,880 posts, read 15,142,692 times
Reputation: 5239
Quote:
Originally Posted by burdell View Post
In your OP you ask "If Gold is not money " which it is not until it's minted.

HINT: A Golden Eagle is noit the same thing as the generic 'gold'

Did you actually have a point?

if I have a 18kt gold necklace, and the dollar is worth nothing, then the gold necklace will buy more than the dollar or hundreds of dollars will.
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Old 07-15-2011, 06:35 AM
 
Location: Raleigh, NC
20,054 posts, read 18,220,517 times
Reputation: 3826
The dollar is only 40 years as a fiat currency old and higher ups are scrambling to keep it from being toast. That's my point.
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Old 07-15-2011, 06:39 AM
 
Location: Hoboken
19,890 posts, read 18,692,285 times
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Quote:
Originally Posted by monkeywrenching View Post
if I have a 18kt gold necklace, and the dollar is worth nothing, then the gold necklace will buy more than the dollar or hundreds of dollars will.
No, the gold necklace, can be converted into dollars. So it will be worth as many dollars as you can get for it. You wouldn't be able to walk into your grocery store and buy a couple of steaks with your necklace. So in that instance, it has no value.

The necklace is exactly equal to the number of dollars the market determines it is.
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Old 07-15-2011, 06:42 AM
 
Location: somewhere in the woods
16,880 posts, read 15,142,692 times
Reputation: 5239
Quote:
Originally Posted by shorebaby View Post
No, the gold necklace, can be converted into dollars. So it will be worth as many dollars as you can get for it. You wouldn't be able to walk into your grocery store and buy a couple of steaks with your necklace.

The necklace is exactly equal to the number of dollars the market determines it is.

not really, if the person doing the transaction does not want any dollars for his business, but will take my gold, then dollars are worth nothing at all.
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Old 07-15-2011, 06:46 AM
 
Location: West Coast of Europe
25,915 posts, read 24,587,922 times
Reputation: 9708
Quote:
Originally Posted by monkeywrenching View Post
not really, if the person doing the transaction does not want any dollars for his business, but will take my gold, then dollars are worth nothing at all.
But in that case the necklace is not money, either, it is just one object exchanged for another. If you exchange a six pack of Budweiser for a football, is either of them money?
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