Anna B Posted March 19, 2012 Share Posted March 19, 2012 Solomon, no one cares. Until Geezer you're the only person to have commented on your thread. And therein lies the problem... It's because no one cares, or takes an interest in what's going on that we find ourselves in the current mess we're in, being totally bamboozled by politician speak. They can tell us anything they like and we are so uninformed we can't argue with it.... Link to comment Share on other sites More sharing options...
Solomon1 Posted March 19, 2012 Author Share Posted March 19, 2012 just had a look at the poll - amazingly over 50% of voters HAVE heard of FIAT currency AND they know what it is! didn't expect that Link to comment Share on other sites More sharing options...
Solomon1 Posted March 19, 2012 Author Share Posted March 19, 2012 And therein lies the problem... It's because no one cares, or takes an interest in what's going i care anna and am very intrested in what's going on (!!) and am networked with many people who feel as you and i do so keep the faith chicken..... (and keep a slappin and a shakin any sleepers in your path ) Link to comment Share on other sites More sharing options...
chem1st Posted March 19, 2012 Share Posted March 19, 2012 just had a look at the poll - amazingly over 50% of voters HAVE heard of FIAT currency AND they know what it is! didn't expect that I'd imagine those that don't haven't voted. Link to comment Share on other sites More sharing options...
rickiethecat Posted March 20, 2012 Share Posted March 20, 2012 More crackpot conspiracy theory nonsense. Nothing to see here, move on. Link to comment Share on other sites More sharing options...
Anna B Posted March 20, 2012 Share Posted March 20, 2012 More crackpot conspiracy theory nonsense. Nothing to see here, move on. Who mentioned conspiracy theories? FIAT currencies are a fact, well established and explained by many financial experts in books, articles and financial documents. You don't have to look far to find out about them from very reputable sources. Link to comment Share on other sites More sharing options...
Phanerothyme Posted March 20, 2012 Share Posted March 20, 2012 And therein lies the problem... It's because no one cares, or takes an interest in what's going on that we find ourselves in the current mess we're in, being totally bamboozled by politician speak. They can tell us anything they like and we are so uninformed we can't argue with it.... I think it's more the case that currency and monetary systems, however much people would like us to believe otherwise, are beyond control, and exist as independent organic complex systems. Pegging currency to the arbitrary quantity of a given metal is no less idiotic than fiat currency, but these are not executive decisions. These are circumstances that develop. I think incorruptible digital cryptocurrencies are going to start showing their true worth when people stop believing in state issued or even private currencies. Hastening this process (destroying belief in currency) means steepening the crash, delaying this process (supporting fiat currency) smooths it out. But I do think that the age of state money is going. It will eventually become worth less and less, until ultimately it is worthless. The age of credit was never a good idea, and if it comes to an end it's going to be ugly and brutal. The smoother that transition the better it will be for everybody. Link to comment Share on other sites More sharing options...
splodgeyAl Posted March 20, 2012 Share Posted March 20, 2012 Surely, the one advantage of tying currency to a commodity, is that the currency issuers cannot lend so much money into the system as they have recently, thereby maintaining the value of each unit of said currency? But as you say, it's too late to do anything about the current fiat currencies. Link to comment Share on other sites More sharing options...
Anna B Posted March 20, 2012 Share Posted March 20, 2012 I think it's more the case that currency and monetary systems, however much people would like us to believe otherwise, are beyond control, and exist as independent organic complex systems. Pegging currency to the arbitrary quantity of a given metal is no less idiotic than fiat currency, but these are not executive decisions. These are circumstances that develop. I think incorruptible digital cryptocurrencies are going to start showing their true worth when people stop believing in state issued or even private currencies. Hastening this process (destroying belief in currency) means steepening the crash, delaying this process (supporting fiat currency) smooths it out. But I do think that the age of state money is going. It will eventually become worth less and less, until ultimately it is worthless. The age of credit was never a good idea, and if it comes to an end it's going to be ugly and brutal. The smoother that transition the better it will be for everybody. What are these? Do you mean like Bitcoins? I have heard of a suggested scheme pegging currency to energy, but have no idea how it would work. I'm not entirely convinced that the current currency system is inevitably doomed, in spite of all signs to the contrary. Surely the upheaval is too much to contemplate, something will have to be done to avert disaster. Link to comment Share on other sites More sharing options...
Phanerothyme Posted March 20, 2012 Share Posted March 20, 2012 I don't think, and indeed I hope, what will happen is a gradual shift away from state currencies to international digital currencies. I think of bitcoin as a proof of concept, and there's much to learn from it, but like napster I doubt it will come to dominate, even though it has opened the idea up to 'we the masses'. Gold is fine as a base for your currency until some black swan comes along, like China discovering a 24 carat asteroid - or somoene finding out that half the gold ingots held in banking reserves aren't gold but actually plated tungsten ingots. But if all this obsession with heavy metal is simply to limit and curtail inflation/deflation of a currency, then that simple function can be executed cryptographically, ably demonstrated by bitcoin. I'm so far from financial expertise that I can't even see it, but this idea of state issue bio-survival tickets is dead as far as I'm concerned. It's just the bits are going to keep twitching for a few decades yet. Link to comment Share on other sites More sharing options...
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