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  • Notes d'étude
  • Révisions du sujet
    Joseph A.
    US
    Joseph A.

    As of today, banks and certain nations, e.g., Russia and China, are net buyers of gold. Why? The paper money is fiat, i.e., a dollar is a dollar because the government says so, a 10 dollar bill is 10 dollars because the government says so, etc. That's it. Gold has intrinsic value, like land, resources and perhaps the skill sets of a person, not simply their labor. The main point about a currency, that which will sustain a currency, any currency, is Confidence. If confidence in the currency is lost and if there is no physical asset backing the currency, the currency can lose its value due to the loss of confidence. Confidence = Trust. Taxing the American people, or any people, is simply not enough, or adds no value, because the people who are taxed are using the same currency, which may not be trusted by other nations/banks. The other issue with paper currency is its supply. Inflation means to inflate, i.e., increase the money supply, which can cause price pressures on goods and services. Currency/money needs to be a store of value because it represents the time and energy of the person who earned it via physical labor and/or special skill. So, when the FED, or any Central bank, inflates its money supply, it devalues its money, which occurs over time, i.e., it steals wealth from the holders of money; not to mention all the debt we and the rest of the world owes. So the banks print more money, i.e., inflate and create more debt, in the hope stimulating the economy by creating more debt. Borrowing from the future.

    Joseph A.
    US
    Joseph A.

    When President Nixon took the US off the gold standard in August of 1971, the US officially defaulted on its obligations. It was promised that our dollar would be backed by gold and some countries called us on it and we took back our dollars and gave them gold. In short, we were losing too much gold because we were/and still are/printing too many dollars. So, he closed the gold "window". Now the value of our treasuries are devalued when we print too much money and then skew the measures of inflation so it doesn't look so bad. BTW, on the second island, what was their medium of exchange? Where did they get their resources from? How did they build and create wealth? Japan and Singapore, for example, essentially have no resources, like the first island, and how successful are their economies? Too many leaps in economic, financial, political and social logic to offer as a viable comparison.

    William P.
    US
    William P.

    Actually, in deference to the plane ditching example, I would not land ON the island with all those resources because the effort of landing/crashing would likely DESTROY those resources, leaving me just as SOL with regards to survival.

    Risqot M.
    EG
    Risqot M.

    Sir, you a very good lecturer because I am learning a lot.Thanks.

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