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Author Topic: wtf:steve forbes predicts adoption of gold standard 'within the next five years'  (Read 4519 times)
nereer
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May 12, 2011, 12:38:59 PM
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    A return to the gold standard by the United States within the next five years now seems likely, because that move would help the nation solve a variety of economic, fiscal, and monetary ills, Steve Forbes predicted during an exclusive interview this week with HUMAN EVENTS.

    "What seems astonishing today could become conventional wisdom in a short period of time," Forbes said.

http://www.theatlantic.com/business/archive/2011/05/a-gold-standard-in-five-years/238771/

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hazek
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May 12, 2011, 12:44:36 PM
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Even though I'm a big believer and supporter of Bitcoin you still can't go against a 5000 year old tradition. You just can't.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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May 12, 2011, 01:30:55 PM
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maybe the worth of gold will skyrocket to the point where it'll actually approach the "worth" of the currency in circulation
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May 12, 2011, 01:35:34 PM
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http://www.youtube.com/watch?v=7ubJp6rmUYM

gold standard aint gonna be pretty

That which is falling should also be pushed.
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May 12, 2011, 02:30:02 PM
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Even though I'm a big believer and supporter of Bitcoin you still can't go against a 5000 year old tradition. You just can't.

A 5,000 year old tradition of pro-cyclical behavior...

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May 12, 2011, 03:39:21 PM
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Even though I'm a big believer and supporter of Bitcoin you still can't go against a 5000 year old tradition. You just can't.
Why? At some point things have to change:) the old generation is tied to the gold, bitcoins are for us and future generations.

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May 12, 2011, 03:46:46 PM
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We must remember, that one of the reasons gold is used for trading, is because gold is very hard to destroy.

What happen if internet go down? Most people take for granted that this will never happen. Having your entire wealth in Bitcoins would be stupid as having your entire wealth in Gold (that can be robbed) or your entire wealth in fiat (that can crash and get valued 0)

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May 12, 2011, 04:13:52 PM
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Gold and bitcoin are complimentary, they will coexist. On the other hand fiat long term value is doomed to asymptotically approach zero, by design.



I agree with this. I hold gold, silver, and bitcoins. This is my fiat insurance portfolio.
speeder
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May 12, 2011, 04:16:16 PM
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I still have to buy metals...

nereer
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May 12, 2011, 04:57:29 PM
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I still have to buy metals...

IANAInvestment Advisor
but it isn't the worst time to buy at the moment - gold & esp. silver have sold off quite a lot recently. If you are bullish on them long term you try to buy on the dips.

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May 12, 2011, 04:58:40 PM
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Steve Forbes is kind of a nutball. 
xf2_org
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May 12, 2011, 05:09:02 PM
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[...] fiat long term value is doomed to asymptotically approach zero, by design.

I respectfully disagree; it's just a choice of systems.

Fiat is an endorsement of "wise men" controlling the currency supply.  Gold/bitcoins make it far more difficult for men to change supply at a whim.

Like dictatorships, fiat is "absolute power."  A benevolent dictator, Plato's philosopher-king, can do a great amount of good.  Problem is, most dictators are rarely if ever benevolent or wise.

Supply-constrained currencies are pro-cyclical, tending to magnify booms and busts.  In theory, the central bank may work against this.  In practice... men are never perfect.

It's a choice between two systems with imperfect outputs.  I think a mix of the two is most optimal, so that you're not a slave to the whims of either practice.
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May 12, 2011, 05:23:30 PM
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If you are bullish on them long term you try to buy on the dips.
But buy the physical metal, not some paper derivative.
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May 12, 2011, 05:44:18 PM
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If you are bullish on them long term you try to buy on the dips.
But buy the physical metal, not some paper derivative.

Yep, I am intending to do that, and do not figured yet how to do it...

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May 12, 2011, 06:01:33 PM
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A benevolent dictator, Plato's philosopher-king, can do a great amount of good.  Problem is, most dictators are rarely if ever benevolent or wise.

I believe this to be a fallacy. Only I know what is best for me. In order to do good for all and not just some, a benevolent dictator must also be omniscient. I don't believe in the existence of gods, so that idea is right out.
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May 12, 2011, 06:09:23 PM
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A benevolent dictator, Plato's philosopher-king, can do a great amount of good.  Problem is, most dictators are rarely if ever benevolent or wise.

I believe this to be a fallacy. Only I know what is best for me. In order to do good for all and not just some, a benevolent dictator must also be omniscient. I don't believe in the existence of gods, so that idea is right out.

What is good for you, is not necessarily what is good for the collective.

BitterTea
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May 12, 2011, 06:21:29 PM
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What is good for you, is not necessarily what is good for the collective.

There is no collective. Just a bunch of individuals.
nereer
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May 12, 2011, 09:34:20 PM
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What is good for you, is not necessarily what is good for the collective.

There is no collective. Just a bunch of individuals.

"There is no such thing as society" ~Margaret Thatcher

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speeder
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May 12, 2011, 10:15:24 PM
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What is good for you, is not necessarily what is good for the collective.

There is no collective. Just a bunch of individuals.

I guess you are Anarchist or some variation of that. Arguing with you I am sure won't work.

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May 12, 2011, 10:28:34 PM
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What is good for you, is not necessarily what is good for the collective.

There is no collective. Just a bunch of individuals.

I guess you are Anarchist or some variation of that. Arguing with you I am sure won't work.

Bitcoin is anarchistic.
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