Bitcoin Forum

http://poe.house.gov/index.php?option=com_content&view=article&id=9090:gold-isnt-money-but-it-should-be-used-to-define-the-value-of-the-dollar&catid=119:in-the-news

Holy smokes!

This is what happens when there is competition! Looks like they're afraid of what Bitcoin teaches us and saves us from and now they have to upgrade their system.

The price of gold is decided upon by five UK banks every morning over tea, called the gold fix. Author isnt aware of gold economics and yet has a job.

Interesting. I hadn't heard much about this yet.

There is no question in my mind at all that gold is the worst commodity to use to define the value of all human achievements.

However, we can and perhaps certainly should use the unendingly increasing pricelessness of a Davinci Manuscript to define the value of our human "Medium of Work-Resource Exchange" units.

But no , come to think of it, a good and proper "dollar's value" should be "fixed" to the price of a good loaf of fresh bread in Alaska, and nothing else..

But, why bother to "fix" something unless you already know it's "broken" in the first place, and why would you rely on only one test to tell you that? Then, how the hell would you go about "fixing" what?

there is simply no sane reason to force a "Medium of Work-Resource Exchange" to ALSO be SOMETHING ELSE THAT IT IS NOT!

The reason we pay ourselves in a "money" is so that we can choose whatever else we want out of it.

Why should somebody else have some "right" to choose what I want for me, before I do?

If I wanted to spend my life working for gold, I'd be off digging holes in the woods.

I hope you're joking, because I was laughing the whole time....

If you're serious, though, you might get a kick out of this book (https://www.mises.org/document/3060/Time-Will-Run-Back). Hell, I'd suggest reading it anyway. Good book.

Just republican idiocy influenced by gold-bugs, fortunately gold is sooooo dead that even these bozos could never return us to a gold standard no matter how much they wanted too, the US simply dose not have enough gold to back it's money supply, period.

This guy is based out of Houston, is he the one that took part of Ron Paul's district seat?

As much as I strongly agree with Ron Paul on many, many things, his quaint, folksy confusion about the difference between a "wealth" and a "money" simply boggles the mind. Gambling that the value of all of your neighbours works should be no better nor different than the worth of some mere, easily monopolized and manipulated savings "commodity" is hardly Christian. Evading the certain, dehumanizing tyranny and punishment of being enslaved to gold is Lesson Number 3 in Genesis.

The grotesque frauds, criminal corruptions and problems with the US Dollar have nothing to do with the indispensable national economic concept of the Federal Reserve Banking System itself, they have everything to so with it being a privately owned for private profit monopoly on the debt-tax enslavement of Americans and our leaders to a 1920's secret syndicate of surrogates for foreign loan sharking (ex-gold Pharaoh) mobsters.

Having a publicly owned and operated Fed with a publicly owned and loaned-out "Greenback" dollar (once again) as JFK ordered, would have made taxation obsolete, and allowed the destructive and pointless Pentagon calamities of "world war-communism" to have ended as they should have, after the first tragically psychotic and pointless Korean debacle.

Communism is merely the modern name for "permanent war". (it matters little if one pledges their idolatry to Karl Marx or any other corporate-"Deity")

When one (USA) stupidly adopts all of the exact same secretly corrupt tools (CIA/Pentagon=KGB/Red Army) of a tyranny (USSR) under the foolish guise of "opposing" it, one has already lost the war without a battle.

The most laughable irony is that America, still swirling around on it's last curl about the bankrupting militarily-fascist Cold War toilet-bowl, still hasn't realized that it lost that war, (and itself long before that) over 24 years ago. Stupid morons who cannot even run America openly, fairly and profitably, much less peaceably, should most definitely not be trying to run the world.

I assure you that central banks didn't "made taxation obsolete" in European countries (nor in Asian, African or South American).

Its an interesting idea but hardly a holy smokes moment......in my opinion because a single person in the house introduced a bill. there are 435 people in the house introducing bills.


it looks like a MUCH more constructive use of the fed's open market operations. oh yeh they also mentioned bitcoins at the top.

http://en.wikipedia.org/wiki/Shell_money

sea shells aren't money either... but apparently people used it. It is obvious the true understanding of money is completely missed by modern economists.

I can see so many similarities between pegging gold to back a currency and bitcoins being backed by... Fiat Currency? yet it's based on market principles, this makes it hard to understand.

you know when you peg a fiat currency against gold, fiat seems awefully unstable... if it used to cost $35 for an ounce of gold... holy crap, Fiat is extremely volatile, but we work
with it directly! holy!

Let me take a wild shot: the same banks who are involved on the LIBOR scandal...

i really don't think you should sugar coat things. just say how you feel. lol

I'm not seeing any really sound logic in this proposal, from any of several points of view, including the "gold bug" view.  It is, however, a sideways swat at the Fed, which, by fundamentals,

THERE AIN'T NOTHING WRONG WITH THAT.

Yes, that's madness!  What kind of terrible world would it be if everyone had to actually have enough money to pay their debts.

Whether I agree with the article or not, it's got some pleasingly considered and impressive reasoning. Again, reguardless of my political position a speach by Obama is so much nicer than one by Bush. It's the same in England with the shouty mindless tone of most politics.

Also, this is probbably taken completly out of context, but.

"Our highly leveraged financial system simply cannot tolerate monetary deflation."
lol, Too many bulls (like me) on high leverage? What ever happened to money transitioning into stronger hands?

this is very true. the institutions are leveraged 45 to one. many will collapse with deflation just 5% in the wrong direction of their holdings and speculations. Leveraged bonds and bond futures.

Here's a real solution, but this didn't get very far:
http://www.opednews.com/articles/This-Monetary-Reform-Bill-by-Gabriel-Donohoe-110217-66.html

It's kind of along the lines of this:
http://www.themoneymasters.com/monetary-reform-act/

These are real solutions.

The funny thing is...

Billions are spent mining gold, for no other purpose, other than to trade it, save it, and regulate it.

Sadly, those who actually NEED gold to produce things, are having to pay an inflated premium, for no reason other than "we lost this much getting it, so now you have to pay us this much for it."

Even though mining has become easier, and more gold is mined now, more than ever... (and reclaimed, which has already gone through the expensive processing for purity concentration.)... The price continues to rise... again, for no actual reason.

Gold is not scarce. It is not gone. It is still found rather easily, and trillions of pounds is simply sitting around, collecting dust.

Value was once based off what a man could create/do in a day. Now we do almost nothing, and value of the only REAL thing, is called minimum wage. That is the real value of anything. Anything sold for more, is just hype or luxury.

Imagine if we used food for money. We would all die of starvation! Corporations would buy it all, store it, let it rot, demand more for the losses, and try to make all losses back, by selling it to us for $2000 an ounce! Sadly, we could all grow our own food, but would be too lazy to actually do it, and if we did, the government would say, "This is mine, you only have this because I allowed you to live here and grow it. Give it to me, so I can sell it to the banker for money you are not paying me in taxes." What? How I'm gonna live to grow more!