PDA

View Full Version : NPR: Betting On The Gold Standard? Odds Are Still Long



PermanentSleep
11-15-2010, 10:35 AM
http://www.npr.org/2010/11/13/131297988/gold-standard?sc=17&f=1001


Many economists, like Truman, are annoyed a return to the gold standard is even being discussed today by leaders like Zoellick and Senator-elect Rand Paul of Kentucky.

"Why would you want to actually have a system in which you pay people to dig things out of the ground and then bury them in the ground again?" Truman asks. "If that makes sense, that's fine, but it violates my sense of common sense."
Travlyr
11-15-2010, 11:22 AM
The debates just get more and more ridiculous. Do the folks at NPR want to lose all credibility before they are defunded?

Let's see ... real money is:

A. Created out-of-thin-air by brilliant Anglo-Saxons who line their pockets with George Soros type of $Billions$ by counterfeiting and committing fraud.
B. Honest voluntary exchanges of value.


B.

Amirite?
cubical
11-15-2010, 11:39 AM
what does it mean "bury them in the ground again."?
Jordan
11-15-2010, 11:42 AM
what does it mean "bury them in the ground again."?

Store it in vaults. Its a take off the Warren Buffett quote "[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
hugolp
11-15-2010, 12:56 PM
Store it in vaults. Its a take off the Warren Buffett quote "[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."

The funny part is that you can say the same with paper dollars.
Bern
11-15-2010, 01:08 PM
Why would you want to actually have a system in which you pay people to create money out of thin air and then pay interest on it again?" Bern asks. "If that makes sense, that's fine, but it violates my sense of common sense."
cubical
11-15-2010, 01:10 PM
The funny part is that you can say the same with paper dollars.

exactly. I don't see his point. Gold is money. you can invest money in businesses which creates value to society.
Jordan
11-15-2010, 01:12 PM
The funny part is that you can say the same with paper dollars.

Paper is cheaper. :D
ctiger2
11-15-2010, 01:52 PM
I love how they say it's just sitting there collecting dust and not gaining any interest. Gee, they have Gold on the books at $35/oz and it's value is $1400/oz. I'd say that's not too bad.
WillieKamm
11-15-2010, 01:56 PM
The debates just get more and more ridiculous. Do the folks at NPR want to lose all credibility before they are defunded?

Let's see ... real money is:

A. Created out-of-thin-air by brilliant Anglo-Saxons who line their pockets with George Soros type of $Billions$ by counterfeiting and committing fraud.
B. Honest voluntary exchanges of value.


B.

Amirite? I think the Anglo Saxons are now mostly usurped by other groups.