jump to last post 1-5 of 5 discussions (22 posts)

Fiat Currenct

  1. Val Celestin profile image75
    Val Celestinposted 2 years ago

    http://s2.hubimg.com/u/9022555.jpg
    Will you believe me if I were to tell you that money is just a piece of paper that our government uses to manipulate people like you and me? Money is not back by anything but government regulations and that's what make it a fiat currency. Mark my word, this fiat currency will fail and you better get ready before it happens. What have you done to protect yourself against this fiat currency? Put your comments bellow...

    1. GA Anderson profile image85
      GA Andersonposted 2 years ago in reply to this

      I have a better caption:
      "I am a piece of paper - a symbol of value, an agreed-upon  medium of exchange."

      The same caption fits gold.
      http://s1.hubimg.com/u/9025566_f248.jpg
      http://commons.wikimedia.org/wiki/File: … 400_oz.JPG

      GA

  2. psycheskinner profile image81
    psycheskinnerposted 2 years ago

    If the US currency collapses the only real currency will be canned food and ammo. I am not the type to stock up on either.

    1. wilderness profile image95
      wildernessposted 2 years ago in reply to this

      Liquor.  Liquor should be valuable, and spices even more so.  Pepper used to be more valuable, pound, for pound, than gold.  I keep a half ton or so on hand in the basement.

      1. psycheskinner profile image81
        psycheskinnerposted 2 years ago in reply to this

        A breeding supply of guineas pigs, perhaps? I hear they are tasty.

        1. wilderness profile image95
          wildernessposted 2 years ago in reply to this

          There you go!

    2. Val Celestin profile image75
      Val Celestinposted 2 years ago in reply to this

      @psycheskinner  the thing is with currency collapse everything gets very expensive if you guys remember a Few years ago when Zimbabwe's currency collapsed, people had to stand in line to buy a loaf of bread that cost thousands. Maybe you need to start stocking up some canned food...

      1. psycheskinner profile image81
        psycheskinnerposted 2 years ago in reply to this

        When the currency "collapses" it becomes completely valueless.

        Hence my suggestion of adopting the rodent standard.

  3. kaiyan717 profile image81
    kaiyan717posted 2 years ago

    Fiat currency never works out.  If you do believe there will be a currency collapse, hyper-inflation could be an issue, think Britain when the pound lost world currency or Argentina when it defaulted on their loans.  So pay off debt, don't get anymore.  Own, don't get loans.  Food storage is mentioned and great advice, though some other physical assets are a good idea.  Gold, silver, precious metals will always hold value.  May be a great investment as well.

    1. psycheskinner profile image81
      psycheskinnerposted 2 years ago in reply to this

      That's what the gold traders (do we know one of those?) always say.  But there isn't much evidence for it. \

      And circling around and starting a thread on this every week or so is essentially spam. 

      I think the rule that anything people spam you over is actually a bad deal is probably a better rule.

      1. Val Celestin profile image75
        Val Celestinposted 2 years ago in reply to this

        I don't believe it's a spam @psycheskinner because if it were our government wouldn't be working this hard to keep the price of these metals so low... The way I see it, the more we advance technologically as human the more these precious metals will be needed. That is to say, even if nothing were to happen with the U.S dollar these metals will always hold value.

        1. psycheskinner profile image81
          psycheskinnerposted 2 years ago in reply to this

          Its spam to post repeated threads promoting gold when you are financially benefiting from promoting gold trading services.

          If you are not an affiliate for 'buypreciousmetals' in some way--you are giving them a lot of out of context backlinks (in picture captions for photos they did not provide etc) for a reason that escapes me.

          In fact it looks like you own buypreciousmetals which sells kits to get people started buying gold.... yes?  I think any more 'paper money scare' threads would be reportable as spam....

          1. Val Celestin profile image75
            Val Celestinposted 2 years ago in reply to this

            What are you talking about @psycheskinner??? Nobody is promoting gold to you.... I asked a question and you answered.. You had the choice not to say anything... I don't see how is that a scam neither when I am sharing links to my website when I asked the question.... You have some issue man!! Like for real :-)

      2. kaiyan717 profile image81
        kaiyan717posted 2 years ago in reply to this

        Question was posed and I gave my opinion.  I do not spam, nor have I ever made a dime on an answer.  You can report someone for spam all you want, however I do not frequent forums for this very reason and my history shows thus.

    2. Val Celestin profile image75
      Val Celestinposted 2 years ago in reply to this

      Completely agree with you @kaiyan.. I believe these precious metals can be very helpful if that were to happen.

    3. GA Anderson profile image85
      GA Andersonposted 2 years ago in reply to this

      That fiat currencies never work out is a pretty broad statement, and it is wrong. You point to a couple widely known examples of a currency failure, and there are others, but in the bigger picture that currently, (and in the recent past), all national currencies are fiat currencies - such a small number of failures contradicts your statement.

      If you step back from the commonly accepted definition of fiat meaning a currency arbitrarily valued by an issuing entity, (usually a government), an understand that it really means a currency with a value accepted by its users instead.

      This concept also applies to commodity-backed currencies - think back to the days of gold-backed currency.  If the public, (currency users), decided gold was no longer the "must-have adornment would it still hold its "perceived," (fiat), value?

      Would it matter how rare a commodity was if no one wanted it? What is the real value of gold and silver if not the "fiat" value attributed by its users?

      The only real non-fiat currencies are food and water. It is not a "given" that gold, silver, and precious metals, (barring those with irreplaceable uses - if there are any), will "always" hold their value.

      GA

      1. kaiyan717 profile image81
        kaiyan717posted 2 years ago in reply to this

        Gold has many modern uses, we will always need gold because of it's many unique properties. 
        http://geology.com/minerals/gold/uses-of-gold.shtml
        Same with silver
        http://geology.com/articles/uses-of-silver/
        So until we find a way to make electronics, computers, medicines, etc without these precious metals, we will need them and the demand will be there.

        1. psycheskinner profile image81
          psycheskinnerposted 2 years ago in reply to this

          If it was priced purely based on utility it would be about 10% of the current price or less.  It is valued on intangible sparkly coolness factor, primarily--like diamonds.

        2. GA Anderson profile image85
          GA Andersonposted 2 years ago in reply to this

          ummm... yeah like Psycheskinner said...smile

  4. Zelkiiro profile image85
    Zelkiiroposted 2 years ago

    I have a feeling humanity as a whole will eventually catch up with science fiction and use "credits." All it is is an arbitrary fake-y currency that cuts out the middleman of concrete matter.

    Work for 8 hours, earn 1000 credits. Go to store and buy a ham for 3 credits. Fly to Switzerland and buy a whole bundt cake for 5 credits. Plane crashes in Nigeria and you visit a convenience store and buy a TV dinner for 1 credit.

    And so on and so forth. It works like money does now, but without that pesky fear of deflation or idiotic notions of localized currency.

    1. Kathryn L Hill profile image83
      Kathryn L Hillposted 2 years ago in reply to this

      The dollar is an exchange of productivity. Always has been always will be.  I agree, it is all an illusion… But, I hope it is one which remains fairly stable no matter what happens.  A credit is just not a valuable enough illusion.
      IMO

  5. FatFreddysCat profile image95
    FatFreddysCatposted 2 years ago

    Thanks to the typo in the thread title, I thought this was a thread about a new model of Fiat automobile, the "Currenct."

    Crushing disappointment.

 
working