Liberty News ForumLNF Forums HereEconomics, Financial News › Why?
Page Index Toggle Pages: 1 2 3 [4] 5  Send TopicPrint
Very Hot Topic (More than 25 Replies) Why? (Read 717 times)
michiganFats
LNF Representative
***
Online

I Love Liberty News Forum!

Posts: 1,135
Joined: Jun 19th, 2017
Re: Why?
Reply #30 - Jul 6th, 2017 at 11:40am
Print Post  
Possumpoint wrote on Jul 6th, 2017 at 10:41am:
Other governments are not stupid and see the fallacy inherent in our economic system and have decided that purchase of precious metals is in their best interests.


This is the question. How does buying gold protect them from us?
  
Back to top
 
IP Logged
 
TowardLiberty
LNF Speaker
LNF Bunker
*****
Offline

anti-state, anti-war and
pro-market

Posts: 29,848
Location: Houston
Joined: Apr 6th, 2008
Gender: Male
Re: Why?
Reply #31 - Jul 6th, 2017 at 12:45pm
Print Post  
It doesn't "protect" them.

But it does get them an important asset going forward so when the next monetary regime is formed they will have the ability to create their own gold based system.
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
Back to top
 
IP Logged
 
TowardLiberty
LNF Speaker
LNF Bunker
*****
Offline

anti-state, anti-war and
pro-market

Posts: 29,848
Location: Houston
Joined: Apr 6th, 2008
Gender: Male
Re: Why?
Reply #32 - Jul 6th, 2017 at 12:49pm
Print Post  
michiganFats wrote on Jul 5th, 2017 at 2:19pm:
You don't have to believe anything, the OP is there.

You're not making your point very well.


I've made my point and you haven't found anything wrong with it.

You're not trolling this thread very well.
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
Back to top
 
IP Logged
 
michiganFats
LNF Representative
***
Online

I Love Liberty News Forum!

Posts: 1,135
Joined: Jun 19th, 2017
Re: Why?
Reply #33 - Jul 6th, 2017 at 1:04pm
Print Post  
TowardLiberty wrote on Jul 6th, 2017 at 12:49pm:
I've made my point and you haven't found anything wrong with it.

You're not trolling this thread very well.


The only point you've made is that you think the Econ forum is equivalent to a conspiracy forum.

Gold is a hedge, that's all it is. You've provided nothing to dispute that.

You don't seem to know what Fiat currency is. The Anerican dollar is not Fiat currency. Scrip is Fiat currency because the only thing that controls value of scrip is supply and demand. AN American Dollar on the other hand doesn't work that way, it's just a placeholder.

On to your doom and gloom scenario. Other nations buy gold, this is somehow seen by some as a sign that America is going to collapse. How?
  
Back to top
 
IP Logged
 
TowardLiberty
LNF Speaker
LNF Bunker
*****
Offline

anti-state, anti-war and
pro-market

Posts: 29,848
Location: Houston
Joined: Apr 6th, 2008
Gender: Male
Re: Why?
Reply #34 - Jul 6th, 2017 at 1:19pm
Print Post  
michiganFats wrote on Jul 6th, 2017 at 1:04pm:
The only point you've made is that you think the Econ forum is equivalent to a conspiracy forum.


Funny - I have said nothing of the sort.

Indeed you are the only talking about this in terms of an "attack" on America. I have made the argument that this will be an opportunity for beneficial change.

Quote:
Gold is a hedge, that's all it is. You've provided nothing to dispute that.


I am pretty sure that is the point I have been making to you. But you want to paint it as some sort of weapon.

Quote:
You don't seem to know what Fiat currency is. The Anerican dollar is not Fiat currency. Scrip is Fiat currency because the only thing that controls value of scrip is supply and demand. AN American Dollar on the other hand doesn't work that way, it's just a placeholder.


The dollar is fiat currency. It is backed by trust in the government and nothing more.

You don't seem to know what fiat currency is yet want to lecture others on it! That's rich!

The dollar's value is based on supply and demand. Full stop.

Quote:
On to your doom and gloom scenario. Other nations buy gold, this is somehow seen by some as a sign that America is going to collapse. How?


Never said that. Not once.

You've got a nice straw man there.
« Last Edit: Jul 6th, 2017 at 3:56pm by TowardLiberty »  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
Back to top
 
IP Logged
 
Elmer Fudd
LNF House Leader
The Writer's Croft
LNF Bunker
****
Offline


Posts: 7,622
Joined: Jan 21st, 2012
Re: Why?
Reply #35 - Jul 7th, 2017 at 11:42am
Print Post  
TowardLiberty wrote on Jul 6th, 2017 at 1:19pm:
Funny - I have said nothing of the sort.

Indeed you are the only talking about this in terms of an "attack" on America. I have made the argument that this will be an opportunity for beneficial change.


I am pretty sure that is the point I have been making to you. But you want to paint it as some sort of weapon.


The dollar is fiat currency. It is backed by trust in the government and nothing more.

You don't seem to know what fiat currency is yet want to lecture others on it! That's rich!

The dollar's value is based on supply and demand. Full stop.


Never said that. Not once.

You've got a nice straw man there.


Gold's value is based on supply and demand, too. 
  

non sumus stulti
Back to top
 
IP Logged
 
TowardLiberty
LNF Speaker
LNF Bunker
*****
Offline

anti-state, anti-war and
pro-market

Posts: 29,848
Location: Houston
Joined: Apr 6th, 2008
Gender: Male
Re: Why?
Reply #36 - Jul 7th, 2017 at 11:53am
Print Post  
Elmer Fudd wrote on Jul 7th, 2017 at 11:42am:
Gold's value is based on supply and demand, too. 

Indeed.

It's cute when gold bugs talk up the gold standard as if gold had some kind of "intrinsic" value apart from the beliefs of people in the market.
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
Back to top
 
IP Logged
 
Elmer Fudd
LNF House Leader
The Writer's Croft
LNF Bunker
****
Offline


Posts: 7,622
Joined: Jan 21st, 2012
Re: Why?
Reply #37 - Jul 7th, 2017 at 12:04pm
Print Post  
TowardLiberty wrote on Jul 7th, 2017 at 11:53am:
Indeed.

It's cute when gold bugs talk up the gold standard as if gold had some kind of "intrinsic" value apart from the beliefs of people in the market.


I am not sure if it was a Twilight Zone or Outer Limits episode, but there was a show about that very subject.  Some guys figured out how to "hibernate" almost indefinitely, as I recall, and then robbed Ft. Knox or some such.  Took the gold to a cave and "hibernated" for a few hundred years.  Didn't age or anything.  When they awoke, there was no water in the place where they were and they died of thirst while searching for water.  A water truck comes along and the occupants notice the dead guys and all that gold.  Conversation turns to "You know, this stuff (the gold) was once worth a lot of money.  But now that it can be synthesized, it's basically worthless."
  

non sumus stulti
Back to top
 
IP Logged
 
TowardLiberty
LNF Speaker
LNF Bunker
*****
Offline

anti-state, anti-war and
pro-market

Posts: 29,848
Location: Houston
Joined: Apr 6th, 2008
Gender: Male
Re: Why?
Reply #38 - Jul 7th, 2017 at 12:28pm
Print Post  
Elmer Fudd wrote on Jul 7th, 2017 at 12:04pm:
I am not sure if it was a Twilight Zone or Outer Limits episode, but there was a show about that very subject.  Some guys figured out how to "hibernate" almost indefinitely, as I recall, and then robbed Ft. Knox or some such.  Took the gold to a cave and "hibernated" for a few hundred years.  Didn't age or anything.  When they awoke, there was no water in the place where they were and they died of thirst while searching for water.  A water truck comes along and the occupants notice the dead guys and all that gold.  Conversation turns to "You know, this stuff (the gold) was once worth a lot of money.  But now that it can be synthesized, it's basically worthless."


There's a lot of good economics there for the core lesson of scarcity is up front and center. In world where anything can be synthesized and produced at whim, things will become super abundant and will therefore lose all value.

  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
Back to top
 
IP Logged
 
Possumpoint
LNF Moderator
LNF Bunker
*****
Offline

Proud Member of the Doom
& Gloom Club

Posts: 3,020
Location: Dumfries, VA, USA
Joined: Apr 6th, 2004
Gender: Male
Re: Why?
Reply #39 - Jul 16th, 2017 at 7:38pm
Print Post  
michiganFats wrote on Jul 6th, 2017 at 1:04pm:
The only point you've made is that you think the Econ forum is equivalent to a conspiracy forum.

Gold is a hedge, that's all it is. You've provided nothing to dispute that.

You don't seem to know what Fiat currency is. The Anerican dollar is not Fiat currency. Scrip is Fiat currency because the only thing that controls value of scrip is supply and demand. AN American Dollar on the other hand doesn't work that way, it's just a placeholder.

On to your doom and gloom scenario. Other nations buy gold, this is somehow seen by some as a sign that America is going to collapse. How?

Where did you get this nonsense of the US Dollar isn't a fiat currency? Beyond the promise of repayment by the US Government, what is the support base? If the "S" hits the fan, all the Fed and Government can do is print more paper. The US dollar being tied to oil was the best thing that could be done after Nixon pulled us off the gold standard. That relationship is being eroded if not destroyed by a number of countries. With that tie gone, all that can happen is all the loose dollars come home having lost value.

Debt growth is adversely affecting demand for the US Dollar. All too many investors now realize that we have gone way beyond the point of being able to pay back the debt. Looking at the usdebtclock.org this evening it shows spending at 3.9 Trillion versus tax revenue at 3.3 Trillion. That's an improvement since the last time I looked. We're still going in the hole and our government cannot control its spending regardless of which party is in charge.

It is being suggested that the gold reserves claimed by the US are false. If so, when there is a financial crisis, they don't have a fall back position. If any other country attempts to switch back to a gold based system we'd be left in the poor house.
« Last Edit: Jul 16th, 2017 at 7:51pm by Possumpoint »  

Learn all you can, it's a one way trip.
Back to top
 
IP Logged
 
Page Index Toggle Pages: 1 2 3 [4] 5 
Send TopicPrint
 
Liberty News ForumLNF Forums HereEconomics, Financial News › Why?

LNF Home - Political Opinion Page
LNF Forums

Christian Forum - Religion Forum - Sports Forum - Entertainment - House
Military, History - Cooking and Crafts - Creative Writing
Off the Wall News - Science Forum - Tech Gadgets - Financial News - Humor
Bunker - Page 2 - Page 3 - Page 4 - Chat Room





Drudge Report - News Max - Rush Limbaugh - FrontpageMag
Advertise on the LNF - Twitter LNF - LNF Archive - LNF News
LNF Blog
News and Political Links
Political Blogs
Add your website or blog
Political Columnists
Political Humor
News forum posting, privacy policy and member rules