Re: A short numismatic history of the United States

On Apr 30, 12:31 pm, Bones <mah...@xxxxxxxxx> wrote:
Interesting, but there are several intrinsic flaws in the logic that
is presented.

Not the least of which is the oft repeated comment that coinage in
"base metals" undermines the intrinsic worth of our money. I should
point out that gold and silver have no "intrinsic" value, beyond
perhaps their industrial applications. Gold has value only because we
agree that it does. You can't eat gold. If society should collapse,
the farmer with the silo full of corn will be viewed as a whole lot
wealthier than the banker with a vault full of paper money or the
survivalist with a hoarded stash of gold. In the final analysis gold
has value only because our society is stable enough to allow people to
trade, and value, this intrinsically worthless metal. Therefore, there
is no fundamental difference between a monetary system based on gold
and silver than there is on one based on a faith in the stability of
our society.

Very well stated.
.

Relevant Pages

  • Re: OT this is working out just great
    ... Most people don't know that money is a medium of exchange with no ... It's the same as people who keep bars of gold in the basement. ... In a completely unregulated market, ... But society determines how much good something does for society as ...
    (rec.gambling.poker)
  • Re: Why does gold have value?
    ... >>I dont understand why gold is the base for all money? ... >> practical use in society other than something that women desire. ... > Gold is expensive because it takes a lot of work to get it out of the ground. ...
    (sci.econ)
  • Re: Why does gold have value?
    ... >I dont understand why gold is the base for all money? ... > practical use in society other than something that women desire. ... Gold is non perishable and not easily counterfeited. ...
    (sci.econ)
  • Re: FBI Raids Liberty Dollar - Confiscates All Ron Paul Dollar
    ... However if silver & gold coin or titanium and paladium coins ... The public debit is about $9 trillion; the money supply is ... promissory note for $20 is nominally worth twenty dollars. ...
    (misc.legal)
  • Re: FBI Raids Liberty Dollar - Confiscates All Ron Paul Dollar
    ... FRNs are not promissory notes. ... Emergency and confiscated all the gold and making it's holding illegal ... requires more money to run our economy than there is gold in the world. ... If we tied our commerce to silver and gold we might pay 15 ...
    (misc.legal)