wtf:steve forbes predicts adoption of gold standard 'within the next five years'

[nereer]

    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]

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.

[stic.man]

maybe the worth of gold will skyrocket to the point where it'll actually approach the "worth" of the currency in circulation

[silversurfer]

http://www.youtube.com/watch?v=7ubJp6rmUYM

gold standard aint gonna be pretty

[xf2_org]

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...

[Enky1974]

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.

[speeder]

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)

[Terpie]

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]

I still have to buy metals...

[nereer]

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.

[Longmarch]

Steve Forbes is kind of a nutball. 

[xf2_org]

[...] 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.

[ribuck]

If you are bullish on them long term you try to buy on the dips.

But buy the physical metal, not some paper derivative.

[speeder]

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...

[BitterTea]

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.

[speeder]

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]

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

There is no collective. Just a bunch of individuals.

[nereer]

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

[speeder]

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.

[NghtRppr]

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.