Solomon1 Posted April 17, 2015 Author Share Posted April 17, 2015 (edited) I don't think you understand what a FIAT currency is Why do you think I do not understand the term FIAT, Longcol? Edited April 17, 2015 by Solomon1 Link to comment Share on other sites More sharing options...
Longcol Posted April 17, 2015 Share Posted April 17, 2015 Why do you think I do not understand the term FIAT, Longcol? Explain in your own words what you think it means. Link to comment Share on other sites More sharing options...
Solomon1 Posted April 17, 2015 Author Share Posted April 17, 2015 Explain in your own words what you think it means. Answer my question Link to comment Share on other sites More sharing options...
Longcol Posted April 17, 2015 Share Posted April 17, 2015 Answer my question See mine - I don't think you've ever explained what you understand by a FIAT currency - all you ever seem to do is link to youtubes. If you understood surely you'd be able to explain it in your own words. Link to comment Share on other sites More sharing options...
geared Posted April 17, 2015 Share Posted April 17, 2015 Looks like you've been banging on about Fiat currency for the past few years. Do you really think our current system will collapse in your lifetime?? Link to comment Share on other sites More sharing options...
Solomon1 Posted April 17, 2015 Author Share Posted April 17, 2015 (edited) See mine - I don't think you've ever explained what you understand by a FIAT currency - all you ever seem to do is link to youtubes. If you understood surely you'd be able to explain it in your own words OK Basically, it's a monetary system based on debt and trust, and has no inherent value. Money used to be backed up by gold - the paper was an IOU for the gold it represented ---------- Post added 17-04-2015 at 20:34 ---------- Do you really think our current system will collapse in your lifetime?? Yes "You can't solve a debt problem, by taking on more debt. Even a child can understand that"" Edited April 17, 2015 by Solomon1 Link to comment Share on other sites More sharing options...
Longcol Posted April 17, 2015 Share Posted April 17, 2015 OK Basically, it's a monetary system based on trust, and has no inherent value. Money used to be backed up by gold - the paper was an IOU for the gold it represented We only used the gold standard for a very short period of history - we used fiat money before that and have since. We don't appear to have done too badly. A currency has a value as long as people are willing to use it as a means of exchange - there is very little if any realistic sign of a loss of confidence happening - just a few youtubes from the former "Occupy" crowd. The argument for a return to the gold standard appears to be limited to people who own gold who would see it inevitably increase in value as FIAT currencies expand (eg economic growth in China). Link to comment Share on other sites More sharing options...
Solomon1 Posted April 17, 2015 Author Share Posted April 17, 2015 We only used the gold standard for a very short period of history - we used fiat money before that and have since. We don't appear to have done too badly Right So how do you propose we deal with this ---------- Post added 17-04-2015 at 20:50 ---------- The argument for a return to the gold standard appears to be limited to people who own gold who would see it inevitably increase in value as FIAT currencies expand (eg economic growth in China) The argument for a return to the gold standard is common sense A debt based currency is unsustainable A gold based currency is sustainable Link to comment Share on other sites More sharing options...
Longcol Posted April 17, 2015 Share Posted April 17, 2015 Right So how do you propose we deal with this Don't take our information from websites of dubious provender? Link to comment Share on other sites More sharing options...
Solomon1 Posted April 17, 2015 Author Share Posted April 17, 2015 Don't take our information from websites of dubious provender? What do YOU calculate our FIAT debt to be? Link to comment Share on other sites More sharing options...
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