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...
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://commons.wikimedia.org/wiki/File: … 400_oz.JPG
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.
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.
@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...
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.
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.
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.
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....
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 :-)
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.
Completely agree with you @kaiyan.. I believe these precious metals can be very helpful if that were to happen.
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.
Gold has many modern uses, we will always need gold because of it's many unique properties.
Same with 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.
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.
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.
Thanks to the typo in the thread title, I thought this was a thread about a new model of Fiat automobile, the "Currenct."
by ga anderson 7 years ago
I stole this from another thread, so the topic could be discussed without further hijacking the thread it was on. I hope that was OK.John, I am not putting forth criticisms for you to defend. I do not know enough about MMT to hold an intelligent conversation about it. I was merely pointing to...
by Ben Evans 10 years ago
Many people may think that I am a gold and silver bear (looking for price to go down). I am not and both gold and silver could keep going up.The problem is there is a lot of risk right now in precious metals and the market could drop precipitously in a wink. I hear a lot of people talk...
by Ross Harrison 9 years ago
How much longer will our present fiat currency last?I am reading Rich Dad's Guide to Investing in gold and silver, by Mikchael Maloney. In the book he describes the history of fiat currencies and how they always fail at the expense of man's unshakeable conviction and trust in the value of...
by lmarsh1203 6 years ago
Would you invest in precious metals? Specifically gold?With the increase in inflation and decreasing value of the dollar, would you invest in precious metals?
by Deforest 6 years ago
John Paul Leonard stated :"At the end of August 2007, with Bush beating the drums for war on Iran, a highly unusual thing occurred: a "rogue B-52" laden with six nuclear missiles flew from Minot, North Dakota to Barksdale AFB, the staging ground for bombing runs to the Middle East....
by rhamson 8 years ago
What if we reinstated the gold standard to evaluate the dollar in its' current distribution. Since the debt standard has been blown apart in recent years could a real precious metal you can touch make a comeback?
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