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Very Hot Topic (More than 25 Replies) The Return to the Gold Standard (Read 5098 times)
Jeff
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Re: The Return to the Gold Standard
Reply #190 - Jan 2nd, 2019 at 4:58pm
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BobK71 wrote on Jan 2nd, 2019 at 4:29pm:
Unless you put most of your savings into cash or equivalents over the 100 years of the Fed's existence, you probably didn't suffer the 95%+ value loss by the dollar.
Savings? What savings?

The value of my earnings keeps decreasing so I have to spend almost all of it just to survive. Every time I get a little saved, I need new tires and the cost of my medical insurance goes up and my car insurance rates go up again and everything I need to live gets more expensive...

What's the sense of "saving" anyway when the bank won't pay interest on the money I have on deposit?

I should also mention how inflation raised everyone who has a job into a tax bracket where the standard exemptions and standard deductions don't cover the cost of keeping yourself and your family alive anymore as they were promised to do. Angry


  
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SkyChief
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Re: The Return to the Gold Standard
Reply #191 - Jan 2nd, 2019 at 5:22pm
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BobK71 wrote on Jan 2nd, 2019 at 4:29pm:
if we put savings into a mix of gold, silver, and Bitcoin today, we'll probably be OK!

Right.   Smiley     the 3 best investment strategies are; 
1) Diversify 

2) Diversify, and

3) Diversify.

If a person can do just one of these three things, he/she is probably positioned well to survive any economic/market calamity. 

(Never stuff FRNs under the mattress.)
  
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SkyChief
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Re: The Return to the Gold Standard
Reply #192 - Jan 29th, 2019 at 1:27pm
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In this topsy-turvy, bubble-driven economy, one wonders how the concept of money could become so distorted.

This reporter sums it up perfectly:



"Todd Hirsch says there's something else happening here:  Some investors aren't confident with what gold is backed by - or if it's backed by anything at all, as compared to something like the US Dollar.

Investors are comfortable that the [fiat] US Dollar is backed by the US Government..."


  
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Jeff
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Re: The Return to the Gold Standard
Reply #193 - Jan 29th, 2019 at 3:11pm
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Cheesy
  
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kaz
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Re: The Return to the Gold Standard
Reply #194 - Jan 29th, 2019 at 6:01pm
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SkyChief wrote on Jan 29th, 2019 at 1:27pm:
In this topsy-turvy, bubble-driven economy, one wonders how the concept of money could become so distorted.

This reporter sums it up perfectly:



"Todd Hirsch says there's something else happening here:  Some investors aren't confident with what gold is backed by - or if it's backed by anything at all, as compared to something like the US Dollar.

Investors are comfortable that the [fiat] US Dollar is backed by the US Government..."


http://www.reactiongifs.com/r/spkyrll.gif


Wow   Smiley
  

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Jeff
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Re: The Return to the Gold Standard
Reply #195 - Jan 29th, 2019 at 6:50pm
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SkyChief wrote on Jan 29th, 2019 at 1:27pm:
In this topsy-turvy, bubble-driven economy, one wonders how the concept of money could become so distorted.

This reporter sums it up perfectly:



"Todd Hirsch says there's something else happening here:  Some investors aren't confident with what gold is backed by - or if it's backed by anything at all, as compared to something like the US Dollar.

Investors are comfortable that the [fiat] US Dollar is backed by the US Government..."


http://www.reactiongifs.com/r/spkyrll.gif
I have to ask Chief. Who is the reporter and who does she work for? Who paid for her broadcast/report to be aired, and where?

Were you perhaps snookered again by fake reporting?

And no, I didn't watch the video.
  
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SkyChief
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Re: The Return to the Gold Standard
Reply #196 - Jan 29th, 2019 at 7:25pm
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Jeff wrote on Jan 29th, 2019 at 6:50pm:
I have to ask Chief. Who is the reporter and who does she work for? Who paid for her broadcast/report to be aired, and where?

Were you perhaps snookered again by fake reporting?

Bridget Brown,  CTV News, Calgary Canada.     Totally legit.    The poor dear....    Huh
  
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BobK71
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Re: The Return to the Gold Standard
Reply #197 - Jan 30th, 2019 at 8:28am
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Jeff wrote on Jan 2nd, 2019 at 4:58pm:
Savings? What savings?

The value of my earnings keeps decreasing so I have to spend almost all of it just to survive. Every time I get a little saved, I need new tires and the cost of my medical insurance goes up and my car insurance rates go up again and everything I need to live gets more expensive...

What's the sense of "saving" anyway when the bank won't pay interest on the money I have on deposit?

I should also mention how inflation raised everyone who has a job into a tax bracket where the standard exemptions and standard deductions don't cover the cost of keeping yourself and your family alive anymore as they were promised to do. Angry


If you don't have a mountain of debt, you're probably ahead of a lot of people.

Consumerism is a double-edged sword, and both edges work for the elites.  One increases the demand for money they issue, and the other puts the masses into debt, that further increases that demand.

'Deposit insurance,' Fed-negotiated 'private' rescues, bailouts and swap lines with the Fed for dollars are only available to banks and foreign governments who are properly subservient.  For everyone else, it's discipline and responsibility all the way.
  
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BobK71
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Re: The Return to the Gold Standard
Reply #198 - Jan 30th, 2019 at 8:46am
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SkyChief wrote on Jan 29th, 2019 at 1:27pm:
In this topsy-turvy, bubble-driven economy, one wonders how the concept of money could become so distorted.

This reporter sums it up perfectly:



"Todd Hirsch says there's something else happening here:  Some investors aren't confident with what gold is backed by - or if it's backed by anything at all, as compared to something like the US Dollar.

Investors are comfortable that the [fiat] US Dollar is backed by the US Government..."


http://www.reactiongifs.com/r/spkyrll.gif


We're all religious.  We might not believe in Christ but we might believe in the power of government to make society good.  (Well, not here, but many do!)  We might call ourselves secular and scientific, but the fact is that all ideologies (and yes, libertarianism included) require faith.  There can never be enough evidence to support all of the universal and massive claims of an ideology, plus ideologies are prescriptive as well as descriptive, and 'work' only if enough people believe in them.

Among the biggest religions is money.  Any form of money can never have enough intrinsic value to justify its purchasing power -- it requires faith.  That's really the ugly truth of it.

Support by government for a money gives it extra power, but the perverse incentives for the elites to issue more of it and build a massive structure of inflated assets on top of it make it increasingly fragile over time.

Non-state issued monies (gold, silver, and now Bitcoin) are secretly supported by the top elites, because they're the ones who will suffer most if faith in money collapses.  At that point, all they can count on will be a distinction between state and non-state monies.  At the right price (i.e. after they've been suppressed to the lows by the elites,) these are excellent investments.

So, money is not only a religion, but a multi-layered one, where the inner core is protected by the (many) outer layers which can be discarded as freely as Venezuelan bolivars.  It's really ingenious.
  
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kaz
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Re: The Return to the Gold Standard
Reply #199 - Jan 30th, 2019 at 9:02am
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BobK71 wrote on Jan 30th, 2019 at 8:46am:
  We might call ourselves secular and scientific, but the fact is that all ideologies (and yes, libertarianism included) require faith.  There can never be enough evidence to support all of the universal and massive claims of an ideology, plus ideologies are prescriptive as well as descriptive, and 'work' only if enough people believe in them


Libertarianism is based on human nature.  I don't see why it's necessary to rely on faith other than human nature isn't likely to change, at least over the short term.

That said, I also see no conflict between libertarianism and faith.

God bestowed rights on humans -> humans ceded enumerated and limited powers to government.

No conflict
  

Contest winner:  I predicted Kaz' meltdown
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