Home Forums Hunting & Shooting Hunter's Campfire BRICS gold backed currency

I have not but I will. Since I retired I've fell down the rabbit hole reading how America and most of the world have been screwed by fiat money schemes.

Yes, back in the 1980s, but Friedman is wrong on gold and banking.

It is either money backed by a durable easily transportable store of value (gold, silver, platinum, etc.) at a fixed rate of exchange or fake money. There is no other choice.

Unless you count barter. But the problem with barter is when I need lumber or a screwdriver you may not need my goat or eggs.

And you can't make change for a goat. Also, eggs cannot be stored long before they go bad, so you can't give me 100 eggs for my dairy goat.

When we were on the gold standard the price of gold was controlled by the U.S. government ($35/troy ounce).

Today gold is on the commodity market, with gold able to deflate to nothing or inflate to no limit. I would think this would seriously complicate using gold as a monetary standard. Say today gold is at $2,000/ounce, next week it's at $2,500/ounce, next year it's at $1,200/ounce. Your currencies value would bounce with it.



Also want to add that I think originally the U.S.'s primary concern about digital currencies such as bitcoin, was that it could displace the dollar. Now that seems unlikely since confidence has been pretty much lost in that vaporware.

Jerry

The reason it is categorized as a commodity these days is so they can manipulate the value and claim it's unsuitable as money. It is a threat to the fiat.
Bitcoin isn't and never will be money.
Now the blockchain concept can take the place of banking , but never money

The value of the gold remains constant. It is the worth of the dollar (or rather the federal reserve notes) that has lost its worth in relation to gold.

That’s the positive point of a gold standard. There’s honestly in its finiteness.

If you bought a 30-30 when they first came out, it’s cost in gold would be approximately it’s same cost in gold today. It’s the federal reserve note that has lost all the value.

You suffer from a very fundamental misunderstanding about how that all works.

one of the problems is that gold has always had different values in different places. One way to even this kind of thing out was by paying for trade with silver here and gold there.

The practical problem with gold is that the amount of gold a govt has times the rate of exchange is ALL the money there is. If you want more money, you have to mine or buy more gold.

If our economy grows through increased productivity or more factories or more services available, unless there is more gold, you are going to experience deflation.

Funny how that wasn't a problem for thousands of years. People mainly acquired gold through trade, i.e., you manufacture stuff from raw goods that people want. If they don't already have it, they find the gold to pay for it. What a revolutionary concept.

Every argument against gold as money is monumentally invalid. The only reason gold stopped being our money is that, when that's the case, the bankers and corrupt government officials cannot steal from ordinary productive people. They need a fiat currency for that. There is literally no other reason that gold and silver is no longer permitted to function as money.

Do you ever get frustrated trying to explain this to people?

X2.

That was about the easiest to understand summary of why the government did it that I’ve read.

No, the supreme driver of economic forces and all other things is jealousy of Russia, especially Putin's Russia.

And the Jews with their space lasers.

Some might find this entertaining: (episode 339)

https://archive.org/details/OTRR_LoneRanger_Singles

Sarcasm? If not please explain

New model 1884 in .30wcf was $23 in 1895. Gold was $20.67/oz. So 1.113 oz gold

Today, gold is $1895 over the last year. 1.113 x $1895 = $2109. MSRP for a new 94 carbine is $1200 - $1300.

Very good, thanks for doing the math, plumbum. I did say approximately, and at the current rate of inflation it may not take long to narrow the gap. I think my point was valid and pretty spot on.

Come to think of it, I paid $89.00 for my first 30-30 not all that long ago. For them to be $1200-$1300 now I think makes my point very spot on. The further we get from the gold standard the more exponentially disastrous it is.

Very snide sarcasm.