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I don't believe there was interest on Abe's greenbacks or Russian rubles.
Our system consists of manufacturing "rubles" (trust us) from debt instruments collateralized with second debt instruments (government bonds).
Endless ever expanding cycle.
Abe and the Russians never developed the double helix relationship of debt interchange (promissory note to bond to promissory note).
Fricken ingenious!
Nothing from nothing is something.
Sorta like the Big Bang theory.
It's physics!
Nothing happens economically w/o people so talking about gold, oil etc... or fiat really misses the real backing. People's value is always behind all of it.
Nothing happens economically w/o people so talking about gold, oil etc... or fiat really misses the real backing. People's value is always behind all of it.
This is always a dishonest argument.
So are you saying there is no difference? The end game is simply perception?
So, the USD has perceived wealth that goes back thousands of years, like gold?
The USD has to be mined like gold? Molded like gold? What is the limit of paper to gold? Factor in that most money nowadays doesn't even hit peoples hands in any tangible form...so the need to procure raw materials for the USD is much less today than it was even 10 years ago.
Gold is not centrally created... but fiat money is....so there is, without a doubt, more government control with fiat currency. And they prefer fiat money because it's value is whatever THEY say it is. A free market would determine a currencies value, but, we do not operate inside of a free market now, do we?
So yes, all value is perceived...but WHO it is perceived by is a HUGE difference.
Somebody needs an introductory course in economics.
Any economy that is not a barter economy ultimately depends on the perceived value of whatever the money is used as exchange. This was true in the 6th Century BC when the Lydians invented electrum coinage. It was true during the days that we had a de facto "gold standard," and it is true today.
Not to answer for Hot Handz, but yes. There is no difference between the perceived value of gold and the perceived value of the US dollar.
Somebody needs an introductory course in economics.
Any economy that is not a barter economy ultimately depends on the perceived value of whatever the money is used as exchange. This was true in the 6th Century BC when the Lydians invented electrum coinage. It was true during the days that we had a de facto "gold standard," and it is true today.
Not to answer for Hot Handz, but yes. There is no difference between the perceived value of gold and the perceived value of the US dollar.
While this is all true, none of it justifies the way our government/central banking carries out monetary policy.
"No State shall coin Money; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Law impairing the Obligation of Contracts . . "
Wouldn't paper money only be used in the 10 square mile area known as Washington, D.C.?
Can't the U.S. Treasury just print paper money with the words, "Gold Coin" on it, and then just distribute it to the States?
Should individuals just print their own gold and silver coins with 3D printers?
What justification do you hallucinate is still needed? Somebody has to carry out monetary policy. Who else would you suggest be responsible?
You?
Can you read?
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Perceptions
