 mmay149qPremium
join:2009-03-05
Dallas, TX
kudos:48 | reply to kapil
Re: I got a $1 said by kapil:There is plenty wrong with the U.S. Dollar...not being backed by gold is not one of those things. Fucking Ron Paul and his idiotic supporters who don't get basic economic theory. SMH! 
Really? What is not known? I'm just curious because you've got all of human history against you when it comes to Gold and Silver being the standard for money.
Matt
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| Why gold? Why not peg the dollar to another commodity like oil, corn, soybeans or pork bellies? Everyone loves bacon, I'm thinking pork bellies would be the ideal choice.
Now think long and hard before you throw at me a Glen Beck reason as to why it needs to be backed by gold, and ponder this: If you back your dollar with gold, what happens to the value of your money when someone discovers 20 billion dollars worth of gold? 50 billion dollars? A trillion dollars? How about someone just *announces* they found that volume of gold; what happens?
What happens to the value of your money when they can't find any more gold?
Get the idea? Gold isn't stable, except atomically. Someone in gold rich countries can affect the dollar if it is backed by gold. Not wise. |
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4 edits | said by desarollo:Why gold? Why not peg the dollar to another commodity like oil, corn, soybeans or pork bellies? Everyone loves bacon, I'm thinking pork bellies would be the ideal choice.
Now think long and hard before you throw at me a Glen Beck reason as to why it needs to be backed by gold, and ponder this: If you back your dollar with gold, what happens to the value of your money when someone discovers 20 billion dollars worth of gold? 50 billion dollars? A trillion dollars? How about someone just *announces* they found that volume of gold; what happens?
What happens to the value of your money when they can't find any more gold?
Get the idea? Gold isn't stable, except atomically. Someone in gold rich countries can affect the dollar if it is backed by gold. Not wise.
Are you suggesting that an extremely unlikely mass find of 50 billion dollars of gold is more unsettling than printing 4 trillion dollars?
Seriously?
You obviously didn't think this through. |
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