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Old Jun 15, 2014, 03:28 PM   #201
Dmunjal
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Originally Posted by Happybunny View Post
There is one major difference EURO are not a finite product.

My point being with Gold being a finite commodity, you only need a few mega deals, which nowdays happen nearly every month, and these are paid in Gold. The economy would very soon just run out of Gold.
No, the price of gold would just go up to compensate.
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Old Jun 15, 2014, 03:33 PM   #202
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No, the price of gold would just go up to compensate.
But that doesn't change the fact that Gold is finite, so there is a very real chance that that the real economy would run out of Gold.
With a Gold price rising there would be a very good reason to horde it, I mean to say the only way you could purchase more Gold is by using Gold.
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Old Jun 15, 2014, 03:41 PM   #203
Dmunjal
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But that doesn't change the fact that Gold is finite, so there is a very real chance that that the real economy would run out of Gold.
With a Gold price rising there would be a very good reason to horde it, I mean to say the only way you could purchase more Gold is by using Gold.
No, you can keep subdividing it as needed. Gold rarely trades physically. It's all virtual and on computers anyway. We could go to thousandths of an ounce if necessary.

This is a major myth you are repeating and very wrong. Look at what Bitcoin is doing to learn how this system might work.
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Old Jun 15, 2014, 03:48 PM   #204
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No, you can keep subdividing it as needed. Gold rarely trades physically. It's all virtual and on computers anyway. We could go to thousandths of an ounce if necessary.

This is a major myth you are repeating and very wrong. Look at what Bitcoin is doing to learn how this system might work.
Considering that one of the aims of the Libertarians was to break the fiat dollar because it was not backed up by any tangible asset. Remember you have just debunked the Dollar as a worthless card trick.

I would expect people to be wary of just trusting computers and banks again, they would like to see and feel their money.

There would be another problem, speculators would start to close in on Gold.

The Bitcoin is great if you have spare cash to play with, but I do not see it being a major currency ever.
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Old Jun 15, 2014, 04:05 PM   #205
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Considering that one of the aims of the Libertarians was to break the fiat dollar because it was not backed up by any tangible asset. Remember you have just debunked the Dollar as a worthless card trick.

I would expect people to be wary of just trusting computers and banks again, they would like to see and feel their money.

There would be another problem, speculators would start to close in on Gold.

The Bitcoin is great if you have spare cash to play with, but I do not see it being a major currency ever.
Don't you think there is speculation in the currency markets today?

The US has laws not allowing Bitcoin or gold to be used as legal tender. Why?

Non-US citizens can have debit cards that are backed by gold or Bitcoin today.
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Old Jun 15, 2014, 04:14 PM   #206
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Don't you think there is speculation in the currency markets today?

The US has laws not allowing Bitcoin or gold to be used as legal tender. Why?

Non-US citizens can have debit cards that are backed by gold or Bitcoin today.
Where can you get a debit card backed by gold?

Or is this some bizarre private bank only thing?
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Old Jun 15, 2014, 04:30 PM   #207
Dmunjal
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Where can you get a debit card backed by gold?

Or is this some bizarre private bank only thing?
It will definitely not be offered by a US Bank.

https://europacbank.com/products/metals-backed-account/

https://xapo.com/in/campaign/debit/
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Old Jun 16, 2014, 03:28 PM   #208
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Originally Posted by Dmunjal View Post
One gold ounce was $35 back then, $1250 today. I think you would rather be paid in gold. Check your math.
Let me do your math

Someone getting min. wage in 65 would have earned about 1.5 ounces of gold per week (at 40 hours).

So, are proposing:
a) burger-flippers making 1900$ (in today's buying power) per week ?
b) a sharp reduction of the min. wage to compensate the increased value of gold (hence deflation)
c) the Fed activly trying to keep the worth of gold down(doomed to fail)

One could envision a few other scenarios, but they all fail to keep a stable economy and/or general prosperity.
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Old Jun 16, 2014, 03:33 PM   #209
Dmunjal
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Let me do your math

Someone getting min. wage in 65 would have earned about 1.5 ounces of gold per week (at 40 hours).

So, are proposing:
a) burger-flippers making 1900$ (in today's buying power) per week ?
b) a sharp reduction of the min. wage to compensate the increased value of gold (hence deflation)
c) the Fed activly trying to keep the worth of gold down(doomed to fail)

One could envision a few other scenarios, but they all fail to keep a stable economy and/or general prosperity.
Easy. The answer is a. Minimum wage earners should be making $1900 a week to be equivalent to their 1965 counterparts.
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Old Jun 16, 2014, 03:50 PM   #210
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Easy. The answer is a. Minimum wage earners should be making $1900 a week to be equivalent to their 1965 counterparts.
mkay .... you've just :
- set back the average standard of living back to what it was in 1965 (since anything involving labor would be hellish expensive)
- annihilated all US exports
- shipped an additonal xx million jobs overseas


Sound like utopia
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Old Jun 16, 2014, 04:03 PM   #211
Dmunjal
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mkay .... you've just :
- set back the average standard of living back to what it was in 1965 (since anything involving labor would be hellish expensive)
- annihilated all US exports
- shipped an additonal xx million jobs overseas


Sound like utopia
Not a utopia at all. Isn't this what liberals want? A higher minimum wage? The wealth transfer to the top 1% over the last 40 years has to be reversed. Either we have massive deflation or option a.

There are no easy solutions. We have been living beyond our means and on the backs of the rest of the world for too long.
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