Finally some good news. Utah Considers Return to Gold, Silver Coins

Does any country use gold as their currency in everyday transaction?

As far as I know, all countries have paper money, do they not?

Just curious as I am not that versed on the currency worldwide markets.


SteveD
 
Quote from pegasys1:

There will be booms and busts, but smaller ones, limited by private credit creation on the upside and by private creditor bankrupcys on the downside.
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There is a great book for you to read: The Great Wave : Price Revolutions and the Rhythm of History. It will dispel this and many other illusions about the monetary system, gold etc.
 
gold kooks don't know that the real evil is fractional reserve banking. if you have a gold standard but still have fractional reserve banking then the booms and busts will be even worse, like they used to be, because you don't have the flexibility to print your way out of it.

the real evil are legal tender laws. abolish all legal tender laws and all problems are solved instantly. there will be competing currencies and people are free to choose whatever they want.
 
Quote from SteveD:

Does any country use gold as their currency in everyday transaction?

As far as I know, all countries have paper money, do they not?

Just curious as I am not that versed on the currency worldwide markets.


SteveD
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Every single currency in the world is now un-backed fiat. Switzerland was the last nation to abandon their gold standard. The Swiss Franc had been partially backed by gold bullion reserves up until 2000.
 
Quote from pwrtrdr:

Please explain how they destroyed ?

I can buy anything I want with the dollar ? You just need more of them for same/ better products that all :eek:


How do you think things should look ? Where should the dollar be, what would it be like in America? I always read people say this or that against the dollar, well how should it be ? Should 100 dollar buy you a car ? And what should e minimum wage in that case ?
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If you put a dollar in the bank in 1913, when the Fed was created, its purchasing power today would be only 6% of what it was back then. Whereas the purchasing power of 1 ounce of gold is broadly similar.
 
Quote from Ghost of Cutten:
If you put a dollar in the bank in 1913, when the Fed was created, its purchasing power today would be only 6% of what it was back then. Whereas the purchasing power of 1 ounce of gold is broadly similar.
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This is a silly argument and I expect you know it, GoC...
 
Quote from dangerkitty:

I'd much rather pay my taxes in fiat dollars and keep hoarding the real (silver/gold) money. [/QUOTe

nice. you discovered gresham's law without studying economics: bad money drives out good money
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Quote from SteveD:

Does any country use gold as their currency in everyday transaction?

As far as I know, all countries have paper money, do they not?

Just curious as I am not that versed on the currency worldwide markets.


SteveD [/QUOTE
===================
SteveD, answer;
I think you are right, on paper money ;
strange part about a good trend , most of news seems to help the trend:D. Examples=Silver & gold uptrend;
Citibank downtrend.

Did trade some paper money for IBD paper book on Selling Stocks Short;
so we may say IBD .......stll likes the USD.LOL

:D Steve, you may well find some improvements over the IBD short sell signal,price below 200day moving average. [gold standard of moving averages,so to speak].

Part of Citibank downtrend maybe not even thier fault;
BAC bad news,
CAN SLIM/M is for ,management, so part of downtrend is thier fault,
local banks [ZION,& closely held banks]simply tend to be better run.
Not a prediction ,but as Mr O Neil writes of IBD, mutual funds dont like stocks under $5 USD. Reverse stock split [$4.44/$44.44]may not really help them-with same management.Not a prediction
:cool:
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