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Which countries are using gold as a medium of exchange- either within their own borders or in trade with other countries?
Governments and central banks do use gold as a means of settlement between them. Because of the desire to control their populations' transactions and currencies, as well as reap the benefits of currency dilution, governments intentionally impede or forbid the use of gold as currency with force of law. For instance, in the US such impediments include the legal tender laws, capital gains reporting and tax requirements every time gold is used in an exchange, and the reportable bullion exchange requirements, and having to file a 1099-B on private bullion exchanges, among many other impediments. Were there no tendency for the use of gold as currency, there would be no need for any of these laws. Repeal these impediments and see what the free market brings to open competition in currency without the distortion by the force of government imposing currency usage.Originally Posted by Zippyjuan
"Let it not be said that we did nothing." - Dr. Ron Paul. "Stand up for what you believe in, even if you are standing alone." - Sophie Magdalena Scholl
"War is the health of the State." - Randolph Bourne "Freedom is the answer. ... Now, what's the question?" - Ernie Hancock.
Forget countries. They're a figment of imagination. Now, if you had asked what BANKS and CORPORATIONS use gold as a medium of exchange you'd be asking the right question. But you already knew that...
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
If that is the question, then which banks and corporations conduct transactions using gold? Money is our medium of exchange. If gold isn't being used as a medium of exchange, then in our society it isn't money. It has in the past, but isn't today.
An example would be the US Inc (corp) and the Federal Reserve (bank). Also, the Saudis were paid gold for their oil, as an example. The petrodollar standard is nothing more than an accounting game. The "money" (fiat debt currency by definition isn't money because it can't pay for anything) that sprouted from the petrodollar is illusion.
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
The US does not pay the Saudis for oil with gold. Or any other country. Nothing since 1972 at the latest (that is when Nixon closed the Gold Window and halted exchanging dollars for gold). The Federal Reserve doesn't own any gold (they do store the US Treasury's gold as well as some gold for other governments) and doesn't handle any transactions in gold.
"Fiat" currency is currency with a government declared value- though some do restrict the definition only to money not backed by any sort of commodity. Even gold can be a "fiat" currency.
Last edited by Zippyjuan; 03-21-2017 at 11:12 AM.
blah blah blah
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
You have to admit the dedication is admirable and probably not very expensive.
So much energy spent maintaining illusions. Even the governments and banks are illusions, if not for the legal frameworks being backed up by goons that can kill over them on command.You have to admit the dedication is admirable and probably not very expensive.
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
Your argument has me convinced!
As equally convincing as yours!
Looks like market fun time is starting. We watch together, yes? 3/22 tomorrow...
eta on 3/22: lil bit of hubbub over in London today. I hope it didn't affect your commute Zip.
Last edited by devil21; 03-22-2017 at 12:13 PM.
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
What is special about 3/22? What has happened on 3/22 in the past? What do you think will happen?
I accept gold in trade .
Do something Danke
So- anything significant happening today?
Dow was up six points. wow.
Why does the US Treasury have gold if it's only a commodity?
Just ANOTHER "terrorist" attack on 3/22 in a major European city. You can set your watch to it. I hope it didn't mess up your commute. At least we know there's Bud Light available in the UK now! A whole mess of bad econ news was released while London sucked up the news cycle.
Dow was down 6 points btw. Might want to double check your sources before posting. You sound like a bad imitation of Zippy.
Last edited by devil21; 03-23-2017 at 01:57 AM.
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
I'm with you up to the last sentence. It seems to me a fiat currency is one which has no generally accepted value except by state power. Gold already is valued independent of state power, so ... not fiat.
Gold as a commodity does not have its value relative to the dollar set by government fiat- but when we used gold for coins the government declared how much gold would be worth- saying one dollar was worth a specific amount of gold. That made it a fiat currency.
..zippy appears as somewhat of a 'monetary realist'...unlike many ludwiggers with their ancient ooga booga...kudos to zippy!..
"...what is commonly understood as money has always consisted, tangibly, of a number of pieces of some material, marked by public authority and named or understood in the laws or customs: that its palpable characteristic was its mark of authority; its essential characteristic, the possession of value, defined by law; and its function, the legal power to pay debts and taxes and the mechanical power to facilitate the exchange of other objects possessing value...(widely attributed to alexander del mar)
^^^^^Or perhaps that's yet another example of someone else telling you what "money" is and how much it is worth, instead of letting free markets decide. I have no idea who Alexander Del Mar is but I bet he had a long banker track record and probably a long nose to match.
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
The market determines the value of a dollar. Buyers and sellers and laborers and employers decide how many units of dollars the are willing to exchange their goods and services for.
I just want this posted again.
...it's merely an observation from someone who steve zarlenga (the world's most knowledeable monetary historian...can/will you name a more knowledgeable monetary historian?) credited as being the best...one of his major inspirations...btw, i believe del mar was a metalist/'goldbugger'...a ludwigger of sorts...
...and again, imbedded in the very constitution about which ?your republicans frequently bloviate is a clause authorizing the feds ('someone else') to 'regulate the value'...and to 'fix' the standards of weights and measures!...you oughta check it out... it's right there in art. 1, sec. 8, cl. 5...btw, you can still use gold 'as money'...ESPECIALLY if you can find anyone stooooopid enough to use/offer it in trade at the stamped face value of 50, etc., dollars/oz....
Last edited by H. E. Panqui; 04-03-2017 at 03:14 PM.
The last guy who tried to use those coins for money had some serious problems with the IRS.
http://www.rapidtrends.com/robert-ka...e-irs-and-doj/
...i know people have privately used 'those coins for money' since the case you cite..your guy wasn't 'the last guy'..fail...
http://www.nytimes.com/2011/05/30/us/30gold.html
FARR WEST, Utah — Most people who amass the pure gold and silver coins produced by the United States Mint do so for collections or investments, not to buy Slurpees at 7-Eleven.
“You’d be a fool,” Tom Jurkowsky, a spokesman for the Mint, said of the Slurpee idea, “but you could do it.”
After all, while the one-ounce American Eagle coin produced by the Mint says “One Dollar,” it is actually worth more like $38 based on the current price of silver. (An ounce of gold is worth more than $1,500.)
Now, however, Utah has passed a law intended to encourage residents to use gold or silver coins made by the Mint as cash, but with their value based on the weight of the precious metals in them, not the face value — if, that is, they can find a merchant willing to accept the coins on that basis.
[problem is until 'the government' accepts them at 'market value' for the payment of taxes they will not be widely accepted/used 'as money'...just a little cold, harsh reality for you...]
Last edited by H. E. Panqui; 04-03-2017 at 01:12 PM.
All of them.
It isn't just Greenspan who says this. Ron Paul does too.
A lot of the anti-globalists here resent him for that.
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