I think we should use bottle caps as legal tender.
get off the internet. It does you no good.
No, it's better to entrust the Government, The Federal Reserve, and 20 Prime Banks to have control of the money.
Free markets are incapable of arriving at money apparently, it is up to governments to create money to facilitate trade, and the demand for that money is created because we must expunge our tax liability with the money that government forces upon us.
Herp derp....
You fucking educate yourself because your response shows a clear lack of understanding money.
I have more trust in the government then you or the retarded op.
Gold isn't really money, you're going to have to come to terms with this some day, preferably when you're graduated in a related field of study and are more well informed about reality generally.
I know what money is, get out of my gold threads.
Under monopolistic currency intervention where a government overrides all the free market factors that created gold as money in many economies - some economies used stone and other materials. Then yes, you have fiat money.
When you can learn and understand how a free market works in the beginning stages of finding a money to facilitate exchanges YOU'LL be the one that finally understands money.
So you have trust in the government, do you have trust in the banks that control the quantity of money created in this credit money system? Would you like soup or salad with your credit crunches!
That doesn't change the fact that something (in this case, the Federal Reserve Note) is given value due exclusively to the fact that government exists. The value of the dollar is a fucking illusion. How hard is it for people to understand that?Look up store of value, unit of account, and medium of exchange to understand why paper money exists.
That doesn't change the fact that something (in this case, the Federal Reserve Note) is given value due exclusively to the fact that government exists. The value of the dollar is a fucking illusion. How hard is it for people to understand that?
That doesn't change the fact that something (in this case, the Federal Reserve Note) is given value due exclusively to the fact that government exists. The value of the dollar is a fucking illusion. How hard is it for people to understand that?
...or from a custodial therapeutic institution...
I know what money is, get out of my gold threads.
Under monopolistic currency intervention where a government overrides all the free market factors that created gold as money in many economies - some economies used stone and other materials. Then yes, you have fiat money.
When you can learn and understand how a free market works in the beginning stages of finding a money to facilitate exchanges YOU'LL be the one that finally understands money.
How is it ethical to give someone something of no real value for something of value? Why is that accepted by so many people? I'm not saying people should be forced to accept gold, but people sure as hell shouldn't be forced to accept credit created by government fiat either.
Paper money destroys productivity, is unethical, and Fractional reserve banking is theft. The banks create money when they lend it out, and they're the first ones to receive the newly created money so they can spend it before it's spent into circulation so that they don't lose its value. They then get to charge interest on money that doesn't exist while devaluing our money. There is no such thing as a non-positive return for the banks because they create the inflation.
I realize that and that's why I'm advocating competing currencies. What I was saying is that the dollar should not be legal tender for private debts.
Why should the government be allowed to declare legal tender for private debts?
No, it's better to entrust the Government, The Federal Reserve, and 20 Prime Banks to have control of the money.
Free markets are incapable of arriving at money apparently, it is up to governments to create money to facilitate trade, and the demand for that money is created because we must expunge our tax liability with the money that government forces upon us.
Herp derp....
You don't know what money is if you think anything but a central government could issue money and have a real economy in the modern world.
When you learn and understand how humans exist you might begin to realize that having a "free market" leads to nothing but indenture servitude under the aggregation of wealth.
That doesn't change the fact that something (in this case, the Federal Reserve Note) is given value due exclusively to the fact that government exists. The value of the dollar is a fucking illusion. How hard is it for people to understand that?
We have been over this already. Someone, or a group of someones, can easily control any given commodity. So you would be taking control from our government who at least sorta has our best interests in mind to someone (or a group) that has only their interests in mind, including those whose interest could very well be to severely and intentionally fuck us over.
As much as I dislike our current system, what you propose has the potential to be far worse.
Of course the value of the dollar is an illusion. Everyone realizes that when they try shrooms. The important thing is that most people don't realize that, which gives it a very real value.
I actually agree with you on the point that central banking is a failure (at least, I think you advocate that in the midst of your insane blabber). A value-backed currency was used worldwide until 40 years ago, and look what's happened since: worldwide manipulation of currency that results in booms and busts. Not that booms and busts haven't happened before, but manipulation of fiat currency has introduced another variable that exacerbates the problem.
The solution is not to have competing currencies within a country, though. That will only increase transaction costs. We need a currency that the government cannot control so easily, which has value, and which regulates itself in a way similar to the specie circular system.
You just haven't fully thought through full reserve banking and the effect it would have on the accumulation of wealth which is why you arrive at this faulty conclusion. Sound money and sound banking I agree are two different things.
Boogeyman arguments such as hoarding are unfounded and have been refuted time and again.
When does saving become hoarding? Do you hoard for your investment or save for it? Are we talking about hoarding on margin?- see above about full reserve banking. Are you hoarding when you wait for an item to go on sale during Black Friday?
Deflation is good and inflation is bad. Gold is actually pretty stable, and it just increases in value over time.Everything has the "value" of what other people are willing to give for it. The dollar gets its "value" in the exact same way that gold does. If people determine that gold is worthless tomorrow then it has no "value". Same thing with the dollar.
And there is no possible way to run an economy this size, much less the global economy, on any type of completely 100% "backed" currency. There simply isn't enough of XYZ commodity to cover all of the "value" created (and will be created) by our society much less the entire globe.
Besides, the insane swings in the price of gold (or value) in the last few years alone should show you how unstable of a currency it would be. If not, do some research into the insane swings in the "value" of our currency when we were on the gold standard. Inflation/deflation was WAY worse then it is today although I do disagree with the Feds interpretation of its mandate (stable means stable as in zero change not steady increase).
Off topic: Are you really this crazy or do you just get your jollies off by acting like it?
True, but there are CG taxes on collectibles and with the government constantly creating credit, that makes the CG taxes hurt even more. Gold and silver are technically not 100% legal because they're Federally taxed.Last I checked private debts can be settled in anyway both parties agree upon. I do not believe it is illegal to give a car mechanic a cow in exchange for him fixing your vehicle. You still have to come up with dollars to pay the taxes on that profit but obviously the .gov must have a uniform currency in which to collect and pay monies.
There's not a dang thing wrong with fractional reserve banking. The idiot above calls it "theft". How is it "theft" when people KNOW money goes into a bank and is lent out, it's in the agreement for opening up an account, especially if it is an interest bearing account where you can withdrawal money overnight.
Full reserve banking is illogical, especially considering people want to make some money on the deposits.
Deflation is good and inflation is bad. Gold is actually pretty stable, and it just increases in value over time.
I don't see how being a paleolibertarian makes me crazy.
True, but there are CG taxes on collectibles and with the government constantly creating credit, that makes the CG taxes hurt even more. Gold and silver are technically not 100% legal because they're Federally taxed.