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Serf - economics question
BobJudy
Member Posts: 6,671 ✭✭✭✭
Educate me please. I see in your posts many references to fiat money. What would be your replacement? As it stands now wealth is not finite. If it was, then as it was spread out we each would have less and less as our share. What would we assign an artificial value to that could guarantee our currency. Whatever it is would you be OK with the government confiscating it to control said backing? None of the economics courses I took provided a viable alternative to the current system. Just wanted to know your thoughts on the matter? Bob
Comments
Tried to get me to take a certified check. "No, don't know where I will buy the truck."
Finally got my money. Teller was angry when I left. People waiting in line were not happy.
If the market drops very much tomorrow, I will start taking money out of both banks.
As for going back to the gold standard now, I think that is impossible. The govt either would need more gold and that means confiscation, or they could raise the price of gold astronomically to cover their currency. That would simultaneously devalue the dollar and make gold hoarders wealthy. Not sure that would be a popular solution. The wealth of a society has no bounds and our currency just allows us an easy way to transfer that wealth. In normal times I would rather have someone pay me the debt they owe with a hundred dollar bill and not 20 chickens. Bob
Just about every place from New York to Tokyo to Buenos Aires has buses- and bus drivers. And just about every place has a,,,,, McDonalds. (North Korea and Cuba excepted. There IS one at Gitmo). Look at how long a bus driver will work to be able to feed a family of 4 Big Macs, fries, and a drink. Does not matter what you call your money. You can compare years in the same place, and you can compare different place at the same time. Pretty damned accurately. If you are going to work 3 hours to get the same thing, it gives me a pretty good idea of the relative value of a dollar, peso, rand, yen, pound, ruble or drachma.
Think I should ask for a gummint grant to study this. Will meet you at McDonalds.....
As time has gone on, all the people who lived through that have died off and the current population has no idea what a Depression is. I hope they never find out.
That’s because the magnitude of a crisis is directly related to the amount of malinvestment getting flushed from the economy.
In other words, the bigger the boom, the bigger the bust.
And right now, there is an unprecedented amount of malinvestment waiting to be flushed, thanks to seven years of 0% interest rates and the $3.7 trillion the Fed “printed” after the 2008 financial crisis.
The Fed inflated the housing bubble with about two years of 1% interest rates. So it’s hard to fathom how much it distorted the economy with seven years of 0% interest rates.
The Fed ended up creating not just a housing bubble, or a tech bubble, or a bond bubble, but an “everything bubble.”
It’s the biggest bubble in human history.
When it pops, people will panic and demand that politicians do something.
This will be the perfect opportunity for the globalists to finalize their pet project: a global central bank that issues a global currency.
In that sense, The Economist’s 2018 prediction may end up close to the mark.
Being a simple country boy all my life I have found that trying to understand what greases the nations wheels (or the worlds for that matter) can often times seem oxi-moronical. The importance of keeping personal finances balanced and living within ones means MOST important. All this while watching our own gov't overspending with the cavalier attitudes of having infinite resources.
I have concluded after living nearly seven decades, that for me the backing for my own personal monetary standards have gone full circle. Just as it started with pop bottle deposits. It now is concluding with beer can deposits. The only REAL money I actually see these days and put into my pocket. Everything else is just numbers tanked into an open account via direct deposits. Is this real money? I have often asked myself over the last few years.
Sophisticated folks may laugh at all this but as I said earlier, I'm just a simple country boy.
your vision of the future or is this just another bump in the road as society advances. The difference between you and I is that you concentrate on the gloom and doom and I try to see all sides of the big picture before jumping to conclusions. If panic, worry and conspiracy theories make you happy then more power to you, but having a more open mind is the path I choose to follow.
Looking back over the posts I see you still have not given a viable alternative to our fiat currency that worries you so much. What will the founders of your new society use as a basis for their currency. Also when their new system of wages and investments come into effect what is your definition of fair and equitable? If a new Steve Jobs or Bill Gates comes along what should their compensation be? Bob
'O ye of little faith! MY HOUSE SHALL BE CALLED A HOUSE OF PRAYER’; but you are making it a ROBBERS’ DEN.”
Pretium Laborum Non Vile