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Author Topic: Gold Not Money According to Fed -- It's an Asset  (Read 3724 times)
jimbobway
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July 13, 2011, 09:37:24 PM
 #1

If the Fed says gold is an asset, then are bitcoins an asset?

http://blogs.forbes.com/afontevecchia/2011/07/13/bernanke-fights-ron-paul-in-congress-golds-not-money/

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July 13, 2011, 09:53:05 PM
 #2


What Mr. Benanke doesn't realize is that money is also an asset. Gold is an asset and gold is money therefore gold is money. He is plainly stupid.

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Serge
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July 13, 2011, 09:59:18 PM
 #3

Gold isn't money because it was not issued by Mr. Benanke
foggyb
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July 13, 2011, 10:09:10 PM
 #4


What Mr. Benanke doesn't realize is that money is also an asset. Gold is an asset and gold is money therefore gold is money. He is plainly stupid.

Most money (currency) today is based on debt. Is debt an asset?
Anonymous
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July 13, 2011, 10:15:23 PM
 #5


What Mr. Benanke doesn't realize is that money is also an asset. Gold is an asset and gold is money therefore gold is money. He is plainly stupid.

Most money (currency) today is based on debt. Is debt an asset?

The debt is backed by collateral -- the citizens and their property supposedly.
static
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July 13, 2011, 10:16:10 PM
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wtf!?

people actually listen to osama bin bernanke?!
Jaime Frontero
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July 13, 2011, 10:25:39 PM
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Most money (currency) today is based on debt. Is debt an asset?

folks buy it and sell it, so i guess so.
foggyb
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July 13, 2011, 10:48:23 PM
 #8

This video is pure GOLD, people.  Cool

http://www.youtube.com/watch?v=2NJnL10vZ1Y&feature=player_embedded

Ron Paul makes Bernanke look like a boy scout.
barbarousrelic
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July 14, 2011, 12:31:06 AM
 #9

[quote author=smoothie link=topic=28629.msg360227#msg360227
What Mr. Benanke doesn't realize is that money is also an asset. Gold is an asset and gold is money therefore gold is money. He is plainly stupid.
[/quote]

Your logic does not follow. (A penny is a coin and a nickel is a coin, therefore, a penny is a nickel?)

Money is defined as the most marketable thing - the easiest thing there is to trade. Gold is not the easiest thing to trade. Just try bringing it to a business.

It can be money, a very good form of money. But it is not in our society.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
shady financier
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July 14, 2011, 12:39:02 AM
 #10


What Mr. Benanke doesn't realize is that money is also an asset. Gold is an asset and gold is money therefore gold is money. He is plainly stupid.

Most money (currency) today is based on debt. Is debt an asset?

Yes. A mortgage for instance, or CDOs.

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Giraffe.BC
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July 14, 2011, 12:57:31 AM
 #11

So....what's wrong with saying gold isn't money?  Gold isn't money.  People don't exchange it for goods and services, people buy it (with actual money) and hold onto it.  Just like other assets, e.g. silver, oil, buildings, paintings, etc.

I know goldbugs love bashing the Fed, but this is just silly.

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Nescio
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July 14, 2011, 01:51:53 AM
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So....what's wrong with saying gold isn't money?

That's not the question. The question is why Mr. Bernanke wants it not to be money. That's not really a question either, but I digress.
Giraffe.BC
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July 14, 2011, 02:12:51 AM
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So....what's wrong with saying gold isn't money?

That's not the question. The question is why Mr. Bernanke wants it not to be money. That's not really a question either, but I digress.
I heard he doesn't want candy to be money either!  Why does he hate candy?  What's his angle???

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Shinobi
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July 14, 2011, 02:17:12 AM
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And why do you think this is? Is he scared that we'll be walking around with nuggets of gold, a bag of shavings and a scale just to go buy a loaf of bread?

So....what's wrong with saying gold isn't money?

That's not the question. The question is why Mr. Bernanke wants it not to be money. That's not really a question either, but I digress.

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July 14, 2011, 02:29:46 AM
 #15


What Mr. Benanke doesn't realize is that money is ...

 Grin Grin Grin

I wish to understand nothing about money, if that gives a possibility to manage world's economy.

Gold was money, long time ago.
"Money is any object or record that is generally accepted as payment for goods and services..." (c) WiKi

And YES, BitCoin is an asset. But it could be used as money.

Gold is old people's Bitcoin. (c)
Grinder
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July 14, 2011, 08:24:53 AM
 #16

That's not the question. The question is why Mr. Bernanke wants it not to be money. That's not really a question either, but I digress.
Another question is why you are claiming that Bernanke doesn't want gold to be money, when he never said that. All he said is that gold is not money. Neither is salt. It has been and it could be, but it currently isn't. Your assumption is probably right though, I don't think he wants gold to be money either. The reason is that it has been tried, and found to create a lot of problems that fiat doesn't have. Some would prefer those problems over those fiat creates, either because they think they are smaller, or because they pretend they aren't actually problems. They are apparently a minority in practically every part of the world, though.
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July 14, 2011, 09:34:39 AM
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What Mr. Benanke doesn't realize is that money is also an asset.

You're kidding, right?

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July 14, 2011, 10:57:45 AM
 #18

Gold isn't money because it was not issued by Mr. Benanke
Bernanke has no right to issue money.
The only institute that has the constitutional right (and duty) to issue money, is congress.
kloinko1n
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July 14, 2011, 10:59:51 AM
 #19


What Mr. Benanke doesn't realize is that money is also an asset. Gold is an asset and gold is money therefore gold is money. He is plainly stupid.

Most money (currency) today is based on debt. Is debt an asset?

The debt is backed by collateral -- the citizens and their property supposedly.
This is the truth.
Afther more than 2 centuries the new elite has found a way to return the people to slavery and themselves to the parasites aka rulers.
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July 14, 2011, 01:40:33 PM
 #20

WOW  Sad

He's got such a poker face. Bernanke is a good liar.

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