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Author Topic:   Who's the bigger offender: Conservatives or Liberals?
Taq
Member
Posts: 8524
Joined: 03-06-2009


(4)
Message 646 of 767 (892576)
03-10-2022 5:40 PM
Reply to: Message 642 by Phat
03-10-2022 10:44 AM


Re: R E S P E C T
Phat writes:

Gold is still the final fallback value for the world....not the US Dollar nor any other currency.

The only reason gold has the value it has is that people will trade currency for it. If the price of gold was based on its intrinsic value as an industrial product the price would be a lot lower. If gold was not resistant to oxidation, a good reflector of IR, and a good conductor then it would have the same worth as NFT's or Bitcoin.

Finally answer me this. Why is the accepted value of gold (worldwide) based on dollars?

The Bretton Woods Agreement that was ratified after WWII. This agreement made the US Dollar the official reserve currency for the whole world.

Part of that original agreement was that the US Dollar would remain on the gold standard. However, that became a joke by the 1970's because there simply wasn't enough gold in the US to cover all of the notes. Nixon did the right thing (surprisingly) and took us off the gold standard. The US Dollar was still very stable and it was backed by the largest economy in the world, so everyone kept on using the US Dollar as the official reserve currency.

Edited by Taq, : No reason given.

Edited by Taq, : No reason given.


This message is a reply to:
 Message 642 by Phat, posted 03-10-2022 10:44 AM Phat has replied

Replies to this message:
 Message 694 by Phat, posted 03-13-2022 3:26 AM Taq has not replied

  
Taq
Member
Posts: 8524
Joined: 03-06-2009


(3)
Message 648 of 767 (892579)
03-10-2022 6:04 PM
Reply to: Message 647 by Tanypteryx
03-10-2022 6:00 PM


Re: R E S P E C T
Tanypteryx writes:

After Phat's apocalypse, I wonder if he thinks he can buy $1997 worth of goods with a 1 ounce gold coin?

I am willing to bet I could buy more food with a fifth of whisk(e)y in the post-apocalyptic world than Phat could with a pound of gold. May have to start my own stockpile.


This message is a reply to:
 Message 647 by Tanypteryx, posted 03-10-2022 6:00 PM Tanypteryx has replied

Replies to this message:
 Message 651 by dwise1, posted 03-10-2022 8:11 PM Taq has not replied
 Message 667 by Tanypteryx, posted 03-11-2022 10:55 AM Taq has not replied

  
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