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Do you seriously not understand this? Gold has a market value... the US Mint sells gold to interested buyers since...well... it has gold to sell. It brings in money to the government that way. It doesn't mean you can take that gold to Walmart and buy some potato chips with it.
Similarly, a block of cheese has a market value as well. It doesn't mean I can go to a bank and deposit a block of cheese into my account.
Yes, I seriously understand that gold has market value.
The topic is if gold marked as US dollars is not money what is? Ferderal reserve notes that one may have in his/her wallet are not dollars. A debit card is not money. A check is not money.
Rather than being condescending perhaps you'd like to answer the question?
The Federal Reserve controls the "money" in the US..they get to define it and control it's worth and value.
We gave that right away in 1913.
Thank our Congress for doing that.
All money is is a agreed upon intermediate of value. Gold serves as that. Since it's not eaten and you don't wipe your *** with it, but rather it's used in the following situation:
Person 1 (you) has item C + gold, want item A
Person 2 has item B, needs item C
Person 3 has item A, needs item B
You can either get item A through Person 2, or simply use your gold to get item A. All three people LOVE gold and accept it as an intermediate (can't think of any sane person who doesn't). You get item A. The only way people won't love gold is if the gov't makes it illegal. Then it's value multiples by 100 very quickly but fewer people are willing to exchange with it out of fear of going to jail.
Do you seriously not understand this? Gold has a market value... the US Mint sells gold to interested buyers since...well... it has gold to sell. It brings in money to the government that way. It doesn't mean you can take that gold to Walmart and buy some potato chips with it.
Similarly, a block of cheese has a market value as well. It doesn't mean I can go to a bank and deposit a block of cheese into my account.
mon·ey
/ˈmʌni/ Show Spelled [muhn-ee] Show IPA noun, plural mon·eys, mon·ies, adjective
–noun 1. any circulating medium of exchange, including coins, paper money, and demand deposits.
If Gold is not money then why does the US Mint currently sell Golden Eagles in dollar denominations? Why did the US used to issue gold pieces with a number of different dollar denominations?
Is Bernake simply making a generalized statement?
If as Bernake notes in the linked video that treasury notes are not money and gold is not money then what specifically qualifies as money?
Bernanke is another bs artist. His philosophies differ now that he's bought and paid for. I almost feel sorry for Bernanke when he gets grilled by Ron Paul. almost
Get ready for QE3 and more misuse of money. Wonder which foreign bank we're gonna bail out next? I hope people wake up before it's too late.
Doesn't accept dollars, and doesn't have to either. No law exists forcing anyone to accept dollars as payment.
What's your point? If you want to abandon using dollars, go ahead and feel free to start using gold, et al. for everyday transactions. I'd personally like to see how far you'd get doing that.
It doesn't matter whether or not that specifically is law. What matters is what the population as a whole commonly does.
Quote:
Originally Posted by lifelongMOgal
The topic is if gold marked as US dollars is not money what is?
I commonly see dollar values printed on bags of potato chips. If bags of potato chips aren't money, what is?
What's your point? If you want to abandon using dollars, go ahead and feel free to start using gold, et al. for everyday transactions. I'd personally like to see how far you'd get doing that.
It doesn't matter whether or not that specifically is law. What matters is what the population as a whole commonly does.
I commonly see dollar values printed on bags of potato chips. If bags of potato chips aren't money, what is?
I guess a serious discussion was to much to expect.
Key phrase bolded. They are not meant as a medium of exchange. Do you think McDonald's is going to accept those for a Happy Meal?
You give the guy at the counter a 1 ounce gold coin and see if you don't get that happy meal.
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