|
Joined: May 2001
Posts: 18,354 Likes: 2
Campfire Ranger
|
Campfire Ranger
Joined: May 2001
Posts: 18,354 Likes: 2 |
Isn't paper currency backed by gold and/or silver fake paper gold and silver?
Carpe' Scrotum
|
|
|
|
Joined: Jun 2002
Posts: 132,104 Likes: 66
Campfire Sage
|
Campfire Sage
Joined: Jun 2002
Posts: 132,104 Likes: 66 |
Isn't paper currency backed by gold and/or silver fake paper gold and silver? Only when not 100% backed. Paper gold and silver has only a tiny percentage of backing. During the classical gold standard period in the US, there was a 100% backing requirement. Each note stated on it that the bearer had the right to a particular coin, whether a silver dollar, a $5.00 gold piece, a $20.00 gold piece, or whatever, which had been placed in reserve for them per each note. The contracts for paper gold and silver, however, don't state that. They state that the contract can be settled in gold or silver or US currency. But, yes, when a gold/silver backed currency doesn't actually have the full backing of gold and silver in reserve for the bearer, there is a similarity, in that it does also create the false impression to the market that there is more of it than there actually is, thus suppressing its perceived value/purchasing power.
|
|
|
|
Joined: Dec 2013
Posts: 13,285 Likes: 15
Campfire Outfitter
|
Campfire Outfitter
Joined: Dec 2013
Posts: 13,285 Likes: 15 |
Isn't paper currency backed by gold and/or silver fake paper gold and silver? Our U.S. dollar paper currency is only backed by the full faith and credit of the U.S. government. The diminishing value of the dollar is reflected in what it will buy which value will fall precipitously when the time comes. If not for some serious fakery and maneuvering the dollar would collapse now. You might notice that the rest of the world is looking for an alternative (BRICS and others) right now. When those unwanted dollars are returned to the U.S. look out.
Patriotism (and religion) is the last refuge of a scoundrel. Jesus: "Take heed that no man deceive you." Hebrew Roots Judaizer
|
|
|
|
Joined: May 2001
Posts: 18,354 Likes: 2
Campfire Ranger
|
Campfire Ranger
Joined: May 2001
Posts: 18,354 Likes: 2 |
Isn't paper currency backed by gold and/or silver fake paper gold and silver? Our U.S. dollar paper currency is only backed by the full faith and credit of the U.S. government. I know that. My point was that paper is paper. If an entity (government or not) issuing the paper says that it's backed by a commodity, in the end it is all based on the trust that the entity will back it. In fact I'd rather trust a contract with a private entity than a country. At least a contract in a county that has good contract law. Governments can change the rules and there's little anyone other than other countries can do about it. De Gaulle knew this and that's why he took gold rather than US backed gold dollars as France's reserve.
Carpe' Scrotum
|
|
|
|
Joined: Jun 2002
Posts: 132,104 Likes: 66
Campfire Sage
|
Campfire Sage
Joined: Jun 2002
Posts: 132,104 Likes: 66 |
Isn't paper currency backed by gold and/or silver fake paper gold and silver? Our U.S. dollar paper currency is only backed by the full faith and credit of the U.S. government. I know that. My point was that paper is paper. If an entity (government or not) issuing the paper says that it's backed by a commodity, in the end it is all based on the trust that the entity will back it. In fact I'd rather trust a contract with a private entity than a country. At least a contract in a county that has good contract law. Governments can change the rules and there's little anyone other than other countries can do about it. De Gaulle knew this and that's why he took gold rather than US backed gold dollars as France's reserve. Prior to the Federal Reserve, our paper currency was backed by private banks with gold and silver. If you were stupid enough not to investigate whether yours was fiscally responsible before putting your money in it, you lost your money when it went under. Seems like a good system to me, as it rewards the prudent and punishes the reckless. You could even choose to deal mainly or exclusively in real specie coin, if you wanted to be super cautious.
|
|
|
|
Joined: Feb 2010
Posts: 16,189 Likes: 5
Campfire Ranger
|
Campfire Ranger
Joined: Feb 2010
Posts: 16,189 Likes: 5 |
You guys are doing it wrong.
For a SHTF scenario I buy whores. The best currency ever.
P High maintenance and a short shelf life. I would avoid this investment.
|
|
|
|
Joined: Jun 2007
Posts: 14,370
Campfire Outfitter
|
Campfire Outfitter
Joined: Jun 2007
Posts: 14,370 |
I really like finding and selling it…buying??? NEVER
|
|
|
|
Joined: Jan 2012
Posts: 67,681 Likes: 78
Campfire Kahuna
|
Campfire Kahuna
Joined: Jan 2012
Posts: 67,681 Likes: 78 |
I really like finding and selling it…buying??? NEVER Pics or never happened
|
|
|
|
Joined: Jan 2010
Posts: 13,272 Likes: 7
Campfire Outfitter
|
Campfire Outfitter
Joined: Jan 2010
Posts: 13,272 Likes: 7 |
I really like finding and selling it…buying??? NEVER Pics or never happened His screen name is Middlefork Miner. I’m betting on him. P
Obey lawful commands. Video interactions. Hold bad cops accountable. Problem solved.
~Molɔ̀ːn Labé Skýla~
Member #547 Join date 3/09/2001
|
|
|
|
Joined: Jan 2010
Posts: 13,272 Likes: 7
Campfire Outfitter
|
Campfire Outfitter
Joined: Jan 2010
Posts: 13,272 Likes: 7 |
You guys are doing it wrong.
For a SHTF scenario I buy whores. The best currency ever.
P High maintenance and a short shelf life. I would avoid this investment. High maintenance is a myth. And the ROI is phenomenal. P
Obey lawful commands. Video interactions. Hold bad cops accountable. Problem solved.
~Molɔ̀ːn Labé Skýla~
Member #547 Join date 3/09/2001
|
|
|
|
Joined: Feb 2010
Posts: 16,189 Likes: 5
Campfire Ranger
|
Campfire Ranger
Joined: Feb 2010
Posts: 16,189 Likes: 5 |
You guys are doing it wrong.
For a SHTF scenario I buy whores. The best currency ever.
P High maintenance and a short shelf life. I would avoid this investment. High maintenance is a myth. And the ROI is phenomenal. P If it flies, floats, or fuggs, rent it!
|
|
|
|
Joined: Dec 2013
Posts: 13,285 Likes: 15
Campfire Outfitter
|
Campfire Outfitter
Joined: Dec 2013
Posts: 13,285 Likes: 15 |
You guys are doing it wrong.
For a SHTF scenario I buy whores. The best currency ever.
P High maintenance and a short shelf life. I would avoid this investment. High maintenance is a myth. And the ROI is phenomenal. P ROI = disease and bankruptcy and sometimes insanity. You could ask Al Capone if he were still with us.
Patriotism (and religion) is the last refuge of a scoundrel. Jesus: "Take heed that no man deceive you." Hebrew Roots Judaizer
|
|
|
|
Joined: Nov 2000
Posts: 2,810
Campfire Regular
|
Campfire Regular
Joined: Nov 2000
Posts: 2,810 |
If it flies, floats, or fuggs, rent it! From the J R Ewing School of Business. I’d add horses to that list.
|
|
|
|
Joined: Feb 2010
Posts: 16,189 Likes: 5
Campfire Ranger
|
Campfire Ranger
Joined: Feb 2010
Posts: 16,189 Likes: 5 |
If it flies, floats, or fuggs, rent it! From the J R Ewing School of Business. I’d add horses to that list. A local car dealer says at the end of every commercial “We’ll trade for anything that don’t eat!” I think he’s on the right track.
|
|
|
|
Joined: Mar 2006
Posts: 20,958 Likes: 3
Campfire Ranger
|
Campfire Ranger
Joined: Mar 2006
Posts: 20,958 Likes: 3 |
The deep state wants you to put everything into something they can get and control. I have retirement accounts online too but...... At one point after Biden was installed by his puppeteers in the white house (lower case intentional), Pelosi was asked about the billions of dollars in pension & 401K accounts. She replied, “Oh yes, we are well aware. We just have NOT YET figured out how to get our hands on it.”
By the way, in case you missed it, Jeremiah was a bullfrog.
|
|
|
|
Joined: Jun 2002
Posts: 132,104 Likes: 66
Campfire Sage
|
Campfire Sage
Joined: Jun 2002
Posts: 132,104 Likes: 66 |
The deep state wants you to put everything into something they can get and control. I have retirement accounts online too but...... At one point after Biden was installed by his puppeteers in the white house (lower case intentional), Pelosi was asked about the billions of dollars in pension & 401K accounts. She replied, “Oh yes, we are well aware. We just have NOT YET figured out how to get our hands on it.” Yes, it's unfair that some people planned well in advance for a comfortable retirement while others have not. That money needs to be redistributed.
|
|
|
|
Joined: Nov 2004
Posts: 10,097 Likes: 15
Campfire Outfitter
|
Campfire Outfitter
Joined: Nov 2004
Posts: 10,097 Likes: 15 |
They'll likely seize retirement accounts when Social Security collapses. The Obama boys and their puppet Bidet have a long history of punishing people who act responsibly and rewarding those who don't.
Bb
|
|
|
|
Joined: Aug 2003
Posts: 6,475 Likes: 2
Campfire Tracker
|
Campfire Tracker
Joined: Aug 2003
Posts: 6,475 Likes: 2 |
The deep state wants you to put everything into something they can get and control. I have retirement accounts online too but...... At one point after Biden was installed by his puppeteers in the white house (lower case intentional), Pelosi was asked about the billions of dollars in pension & 401K accounts. She replied, “Oh yes, we are well aware. We just have NOT YET figured out how to get our hands on it.” Pelosi, Biden and the rest of the rats figured out how to steal it already, they just print money. No new taxes needed.
Decades of voting for the lesser of two evils has gotten us just that.....
|
|
|
|
Joined: Dec 2013
Posts: 13,285 Likes: 15
Campfire Outfitter
|
Campfire Outfitter
Joined: Dec 2013
Posts: 13,285 Likes: 15 |
Yes, it's unfair that some people planned well in advance for a comfortable retirement while others have not. That money needs to be redistributed. I'm guessing sarcasm but you would be surprised at the number of people who feel exactly like that. One day I heard a lady on NPR state that it was unfair that some people had more than others. She suggested the only fair thing was for the government to take hold of the assets in the country and redistribute them. And she was as serious as a heart attack.
Patriotism (and religion) is the last refuge of a scoundrel. Jesus: "Take heed that no man deceive you." Hebrew Roots Judaizer
|
|
|
|
Joined: Jun 2002
Posts: 132,104 Likes: 66
Campfire Sage
|
Campfire Sage
Joined: Jun 2002
Posts: 132,104 Likes: 66 |
Yes, it's unfair that some people planned well in advance for a comfortable retirement while others have not. That money needs to be redistributed. I'm guessing sarcasm but you would be surprised at the number of people who feel exactly like that. One day I heard a lady on NPR state that it was unfair that some people had more than others. She suggested the only fair thing was for the government to take hold of the assets in the country and redistribute them. And she was as serious as a heart attack. Oh, I know. That's what my sarcasm was intended to illustrate, i.e., that this is actually the view of a huge number of Americans. Which is why such mechanisms for retirement savings aren't at all safe. PS In the old days, we'd teach kids about the grasshopper and the ant. In the modern world, we merely get government's to steal what the ants have put away for themselves, and redistribute it to both grasshoppers and ants equally.
|
|
|
|
343 members (257 mag, 1Longbow, 1lesfox, 1936M71, 160user, 2500HD, 26 invisible),
12,318
guests, and
1,128
robots. |
Key:
Admin,
Global Mod,
Mod
|
|
Forums81
Topics1,195,233
Posts18,544,183
Members74,060
|
Most Online21,066 May 26th, 2024
|
|
|
|