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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.

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.

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.

High maintenance and a short shelf life. I would avoid this investment.

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

High maintenance is a myth. And the ROI is phenomenal.





P

If it flies, floats, or fuggs, rent it!

ROI = disease and bankruptcy and sometimes insanity. You could ask Al Capone if he were still with us.

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.

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.

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

Pelosi, Biden and the rest of the rats figured out how to steal it already, they just print money. No new taxes needed.

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.