EPT
value of money
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kulik-
Czech Republic305 Posts
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koreasilver
9109 Posts
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meeple
Canada10211 Posts
On January 20 2010 04:17 koreasilver wrote: Uh. Define "value". Money no longer represents a quantity of gold that a bank has stored for you... but that doesn't mean it no longer has value. | ||
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Snet
United States3573 Posts
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Chef
10810 Posts
Also, don't post when your drunk anymore. | ||
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EsX_Raptor
United States2802 Posts
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QuanticHawk
United States32160 Posts
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StarN
United States2587 Posts
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citi.zen
2509 Posts
That said, since the quantity of fiat money is controlled by the government, rather than fixed (ie - pegged to the amount of gold), in some cases a bill can become useless or severely eroded (ie - Zimbabwe last year, Germany after WW1, etc.). Some people who do not like the thought of a central bank making monetary policy decisions still argue we should go back to a gold standard of sorts. This is a minority view today. | ||
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koreasilver
9109 Posts
On January 20 2010 04:19 meeple wrote: Define "value". Money no longer represents a quantity of gold that a bank has stored for you... but that doesn't mean it no longer has value. I still don't know if he means it like that or that currency doesn't hold value because they literally aren't made of precious metals anymore. | ||
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Not_A_Notion
Ireland441 Posts
I know Milton Friedman is a controversial figure, but whatever about his libertarian beliefs, he was a good monetary economist, here is a pretty interesting historical account of money + Show Spoiler + EDIT* Actually if anyone has read any good books on the history of money, maybe you could let me know. As a lot of the stories are hilarious. | ||
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kulik-
Czech Republic305 Posts
and sorry that my english isnt so good... i would like to see some american to speak other langue than their first... i mean if u are mexican spanish doesnt count or canada english/french btw i read two friedman books , money matters and freedom choice or how is it in english... but anyway thx for link | ||
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Jonoman92
United States9110 Posts
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iNcontroL
USA29055 Posts
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Husky
United States3362 Posts
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Always
United States376 Posts
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kulik-
Czech Republic305 Posts
On January 20 2010 04:33 Jonoman92 wrote: You are correct. The gold standard no longer exists because there is way more money in existence than there is gold monetary value to cover it. sry but this is like most stupid argument.. | ||
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citi.zen
2509 Posts
On January 20 2010 04:33 Jonoman92 wrote: You are correct. The gold standard no longer exists because there is way more money in existence than there is gold monetary value to cover it. The amount of gold in circulation does not matter. It would only affect the conversion rate. | ||
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Ricjames
Czech Republic1047 Posts
On January 20 2010 04:20 EsX_Raptor wrote: I think he's trying to practice his English skills, hopefully. you are dumb, learn another language at least that good and then come again | ||
Chill
Calgary26004 Posts
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