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Author Topic:   The Giant Pool Of Money. Implications
jar
Member (Idle past 393 days)
Posts: 34026
From: Texas!!
Joined: 04-20-2004


Message 151 of 423 (616222)
05-20-2011 11:42 AM
Reply to: Message 149 by Wounded King
05-20-2011 11:38 AM


Re: The American Mindset
Just remember where your towel is.

Anyone so limited that they can only spell a word one way is severely handicapped!

This message is a reply to:
 Message 149 by Wounded King, posted 05-20-2011 11:38 AM Wounded King has not replied

  
New Cat's Eye
Inactive Member


Message 152 of 423 (616224)
05-20-2011 12:23 PM
Reply to: Message 150 by jar
05-20-2011 11:41 AM


Actually Buz, silver is not used in many electronic components because it is so corrosive.
Actually, actually, being corrosive would mean that it is the one doing the damage
I'm not aware of a term for a property of a metal for how resistant it is to corrosion... like, "Corrosibility" or something.

This message is a reply to:
 Message 150 by jar, posted 05-20-2011 11:41 AM jar has replied

Replies to this message:
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Theodoric
Member
Posts: 9076
From: Northwest, WI, USA
Joined: 08-15-2005
Member Rating: 3.7


Message 153 of 423 (616227)
05-20-2011 12:28 PM
Reply to: Message 145 by Buzsaw
05-20-2011 10:04 AM


Re: The American Mindset
having non-corrosive beauty
Ever hear of tarnish?

Facts don't lie or have an agenda. Facts are just facts

This message is a reply to:
 Message 145 by Buzsaw, posted 05-20-2011 10:04 AM Buzsaw has not replied

  
jar
Member (Idle past 393 days)
Posts: 34026
From: Texas!!
Joined: 04-20-2004


Message 154 of 423 (616233)
05-20-2011 1:32 PM
Reply to: Message 152 by New Cat's Eye
05-20-2011 12:23 PM


Catholic Scientist writes:
Actually Buz, silver is not used in many electronic components because it is so corrosive.
Actually, actually, being corrosive would mean that it is the one doing the damage
I'm not aware of a term for a property of a metal for how resistant it is to corrosion... like, "Corrosibility" or something.
You are right.

Anyone so limited that they can only spell a word one way is severely handicapped!

This message is a reply to:
 Message 152 by New Cat's Eye, posted 05-20-2011 12:23 PM New Cat's Eye has not replied

  
Phat
Member
Posts: 18262
From: Denver,Colorado USA
Joined: 12-30-2003
Member Rating: 1.1


Message 155 of 423 (643060)
12-04-2011 1:45 PM
Reply to: Message 16 by crashfrog
10-07-2010 11:51 AM


Re: The American Mindset
Crashfrog writes:
Currently, the inflation rate is next to zero despite significant deficit spending by the government. Why is that? Because supply so currently outstrips demand. In fact the American economy is missing an estimated 1.5 trillion in demand for goods and services. Until handing out dollar bills actually increases competition for the finite number of goods and services available, inflation is impossible and it's stupid to worry about it.
I've read lately that inflation will increase dramatically in the coming five years. Never really bothered to read why, but I will look into it. Do you disagree that it will occur?

This message is a reply to:
 Message 16 by crashfrog, posted 10-07-2010 11:51 AM crashfrog has replied

Replies to this message:
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crashfrog
Member (Idle past 1466 days)
Posts: 19762
From: Silver Spring, MD
Joined: 03-20-2003


Message 156 of 423 (643069)
12-04-2011 3:04 PM
Reply to: Message 155 by Phat
12-04-2011 1:45 PM


Re: The American Mindset
Do you disagree that it will occur?
Well, it depends. And I would simply point out that to go from our current inflation rate back to the "normal" GDP-growth positive inflation rate would be something on the order of a 300% increase in the rate of inflation.
There's a fair bit of ambiguity in talking about the percentage of increase of a first-order derivative (expressed as a percentage) of the US price level.

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NoNukes
Inactive Member


Message 157 of 423 (643072)
12-04-2011 3:24 PM
Reply to: Message 147 by crashfrog
05-20-2011 10:21 AM


Re: The American Mindset
Silver and gold are pretty useful, with their uses being primarily limited by their expense. Silver is used in many electrical applications. It is the best conductor or heat and electricity among all of them metals. Certainly it would replace copper in many applications, particularly at high frequencies in which current flow is limited to the "skin" of the conductor, if it were only a bit cheaper.
Silver is used in photographic film, and I believe that doctors used to put some kind of silver solution in babies eyes at birth, for reasons I cannot recall.
Silver does indeed tarnish, but in many applications, corrosion of the surface is not the big issue if the tarnish or oxide adheres to the surface and protects the underlying metal.
Gold is used all over the place.
I don't believe there is a serious argument that gold and silver are not useful beyond their ornamental uses.

This message is a reply to:
 Message 147 by crashfrog, posted 05-20-2011 10:21 AM crashfrog has replied

Replies to this message:
 Message 158 by crashfrog, posted 12-04-2011 3:49 PM NoNukes has replied

  
crashfrog
Member (Idle past 1466 days)
Posts: 19762
From: Silver Spring, MD
Joined: 03-20-2003


Message 158 of 423 (643075)
12-04-2011 3:49 PM
Reply to: Message 157 by NoNukes
12-04-2011 3:24 PM


Re: The American Mindset
I don't believe there is a serious argument that gold and silver are not useful beyond their ornamental uses.
I didn't make such an argument, and I was very aware of all of those uses for gold and silver when I said:
quote:
Precious metals are and always have been; they have no intrinsic worth because they have little intrinsic utility.
You'll notice, hopefully, that what I said was "little", not "none."

This message is a reply to:
 Message 157 by NoNukes, posted 12-04-2011 3:24 PM NoNukes has replied

Replies to this message:
 Message 159 by NoNukes, posted 12-04-2011 7:06 PM crashfrog has replied

  
NoNukes
Inactive Member


Message 159 of 423 (643079)
12-04-2011 7:06 PM
Reply to: Message 158 by crashfrog
12-04-2011 3:49 PM


Re: The American Mindset
You'll notice, hopefully, that what I said was "little", not "none."
That's fine. But from my comments it should be clear that I take issue with saying that gold and silver have little intrinsic value. That's nonsense. Those metals are of great value even if we exclude purely ornamental uses.

This message is a reply to:
 Message 158 by crashfrog, posted 12-04-2011 3:49 PM crashfrog has replied

Replies to this message:
 Message 160 by jar, posted 12-04-2011 7:33 PM NoNukes has replied
 Message 161 by crashfrog, posted 12-04-2011 7:51 PM NoNukes has replied

  
jar
Member (Idle past 393 days)
Posts: 34026
From: Texas!!
Joined: 04-20-2004


Message 160 of 423 (643080)
12-04-2011 7:33 PM
Reply to: Message 159 by NoNukes
12-04-2011 7:06 PM


Re: The American Mindset
How are gold and silver any different than any other commodity?

Anyone so limited that they can only spell a word one way is severely handicapped!

This message is a reply to:
 Message 159 by NoNukes, posted 12-04-2011 7:06 PM NoNukes has replied

Replies to this message:
 Message 163 by NoNukes, posted 12-04-2011 9:10 PM jar has replied

  
crashfrog
Member (Idle past 1466 days)
Posts: 19762
From: Silver Spring, MD
Joined: 03-20-2003


Message 161 of 423 (643081)
12-04-2011 7:51 PM
Reply to: Message 159 by NoNukes
12-04-2011 7:06 PM


Re: The American Mindset
Those metals are of great value even if we exclude purely ornamental uses.
We're arguing a matter of degrees, "little" vs "great." The point was that the metals have little intrinsic value for coinage aside from scarcity; sure, they're ductile and resistant to tarnish but so are titanium and aluminum and zinc. They're chosen as currency metals simply by tradition; their value in a coin is as much a function of fiat as paper money.
There's no more inherent value in a gold coin than a dollar bill. Unless you're looking for raw materials to make jewelry or plate conductors. But most people aren't; the basic use case for a gold coin is as a coin, not melted down for industrial use.

This message is a reply to:
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Replies to this message:
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 Message 165 by NoNukes, posted 12-04-2011 9:22 PM crashfrog has replied
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jar
Member (Idle past 393 days)
Posts: 34026
From: Texas!!
Joined: 04-20-2004


Message 162 of 423 (643082)
12-04-2011 7:55 PM
Reply to: Message 161 by crashfrog
12-04-2011 7:51 PM


Re: The American Mindset
Remember that during WWII it was the copper penny that had a high intrinsic value.

Anyone so limited that they can only spell a word one way is severely handicapped!

This message is a reply to:
 Message 161 by crashfrog, posted 12-04-2011 7:51 PM crashfrog has not replied

  
NoNukes
Inactive Member


Message 163 of 423 (643088)
12-04-2011 9:10 PM
Reply to: Message 160 by jar
12-04-2011 7:33 PM


Re: The American Mindset
How are gold and silver any different than any other commodity?
The primary difference is one of perception. Other than that they used to back currency, and pundits aren't hawking them. If civilization crumbles, you sure cannot eat them as if they were pork bellies.

This message is a reply to:
 Message 160 by jar, posted 12-04-2011 7:33 PM jar has replied

Replies to this message:
 Message 164 by jar, posted 12-04-2011 9:12 PM NoNukes has seen this message but not replied

  
jar
Member (Idle past 393 days)
Posts: 34026
From: Texas!!
Joined: 04-20-2004


Message 164 of 423 (643089)
12-04-2011 9:12 PM
Reply to: Message 163 by NoNukes
12-04-2011 9:10 PM


Re: The American Mindset
Where are they still used to back currency?

Anyone so limited that they can only spell a word one way is severely handicapped!

This message is a reply to:
 Message 163 by NoNukes, posted 12-04-2011 9:10 PM NoNukes has seen this message but not replied

Replies to this message:
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NoNukes
Inactive Member


Message 165 of 423 (643090)
12-04-2011 9:22 PM
Reply to: Message 161 by crashfrog
12-04-2011 7:51 PM


Re: The American Mindset
They're chosen as currency metals simply by tradition
I don't think the history of gold in this country reflects that at all. People didn't rush out to California because they could mint coins. It wasn't until later that the first mints took precious metals and minted them into coins of standard weights.
I'm really at a lose to assess your point. The scarcity does of course figure into the value of gold and silver, but isn't that true for every other metal as well.
And of course essentially no 'regular folks' in the US uses gold coins for anything other than collecting and hoarding. You cannot spend gold igots.
Edited by NoNukes, : No reason given.

This message is a reply to:
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Replies to this message:
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