JOTD: Bernanke Puzzled by Gold Rally
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Wallstreet Journal: Bernanke Puzzled by Gold Rally.[^] :laugh: I suppose that was his lame attempt at boosting the economy using psychology. Keynsian economics is so lame. It is a joke. Books on Keynesian economics should be put in the comedy science fiction section.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
I think it's great to see so many comments on this thread trying to down play this whole gold market boost. When we're talking about a WSJ article. If the men at WSJ are waking up, why can't they just start trying to learn the ideas of the Austrian School, or at least try to really learn why gold is money and paper simply isn't? Anyway. Yes, Ben Bernanke once had a speech, and said: "But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation." I think that speaks for itself. He knows what's going on... but wait! Inflation is caused by rising prices! Yeah. Sure...
Josh Davis
Always looking for blackjack. Or maybe White Frank. One of the two. -
Wallstreet Journal: Bernanke Puzzled by Gold Rally.[^] :laugh: I suppose that was his lame attempt at boosting the economy using psychology. Keynsian economics is so lame. It is a joke. Books on Keynesian economics should be put in the comedy science fiction section.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
As I've said before, do you actually enjoy looking stupid in a room of smart people ?
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
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I think it's great to see so many comments on this thread trying to down play this whole gold market boost. When we're talking about a WSJ article. If the men at WSJ are waking up, why can't they just start trying to learn the ideas of the Austrian School, or at least try to really learn why gold is money and paper simply isn't? Anyway. Yes, Ben Bernanke once had a speech, and said: "But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation." I think that speaks for itself. He knows what's going on... but wait! Inflation is caused by rising prices! Yeah. Sure...
Josh Davis
Always looking for blackjack. Or maybe White Frank. One of the two.josda1000 wrote:
or at least try to really learn why gold is money and paper simply isn't?
Your core issue, apart from simple minded thinking ( gold is money only because we decide it is, paper is really not that different ), is that there simpy isn't enough gold in the world to support the world economy. The other issue is that by removing a physical thing like gold from the expression of worth for products and services, you stop a mad scramble for that one natural resource to be completely tied down in being used for money. You know that there's no real gold mines left, right ? They don't find lumps of gold anymore, they pulverise mountains to collect gold dust.
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
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josda1000 wrote:
or at least try to really learn why gold is money and paper simply isn't?
Your core issue, apart from simple minded thinking ( gold is money only because we decide it is, paper is really not that different ), is that there simpy isn't enough gold in the world to support the world economy. The other issue is that by removing a physical thing like gold from the expression of worth for products and services, you stop a mad scramble for that one natural resource to be completely tied down in being used for money. You know that there's no real gold mines left, right ? They don't find lumps of gold anymore, they pulverise mountains to collect gold dust.
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
I understand that there is not much gold left in the earth. That just means that it will rise in value compared to fiat (ie fake) currencies. So if gold isn't money, why do central banks need it? Simple question.
Josh Davis
Always looking for blackjack. Or maybe White Frank. One of the two. -
josda1000 wrote:
or at least try to really learn why gold is money and paper simply isn't?
Your core issue, apart from simple minded thinking ( gold is money only because we decide it is, paper is really not that different ), is that there simpy isn't enough gold in the world to support the world economy. The other issue is that by removing a physical thing like gold from the expression of worth for products and services, you stop a mad scramble for that one natural resource to be completely tied down in being used for money. You know that there's no real gold mines left, right ? They don't find lumps of gold anymore, they pulverise mountains to collect gold dust.
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
Gold is money because it is hardwired into our brains. It has been a stable currency for millennia, and it always will be.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
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Gold is money because it is hardwired into our brains. It has been a stable currency for millennia, and it always will be.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
It was once hard wired in to our brains that the sun revolves around the earth. So what ?
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
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I understand that there is not much gold left in the earth. That just means that it will rise in value compared to fiat (ie fake) currencies. So if gold isn't money, why do central banks need it? Simple question.
Josh Davis
Always looking for blackjack. Or maybe White Frank. One of the two.Gold has value, as does silver and platinum. And coal, and uranium. What you propose is pure capitalism. Create a situation where the price of gold will go through the roof, the rich get richer, etc. How does that help anyone ? It, again, just creates stresses for the use of gold where it is useful.
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
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Gold is money because it is hardwired into our brains. It has been a stable currency for millennia, and it always will be.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
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Gold is money because it is hardwired into our brains. It has been a stable currency for millennia, and it always will be.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
CaptainSeeSharp wrote:
Gold Coinage is money because it is hardwired into our brains. It has been a stable currency for millennia, and it always will be.
FTFY Most ancient coins were made of material other than gold. Romans used various metals, notably copper to mint coins. Heck, most coinage has been. No one accepted just plain gold as currency anyway. Coins were taken because they were stamped by a government which indicated they were legitimate and could be used to pay debts. GOLD didn't start being important until around the time of the Crusades, where it was traded for Silver from the Muslim states at a close to 1 to 1 ratio. They valued Silver more than gold because they could work it better and they liked the look more. You might want to research stuff before you spout off nonsense.
If I have accidentally said something witty, smart, or correct, it is purely by mistake and I apologize for it.
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CaptainSeeSharp wrote:
Gold Coinage is money because it is hardwired into our brains. It has been a stable currency for millennia, and it always will be.
FTFY Most ancient coins were made of material other than gold. Romans used various metals, notably copper to mint coins. Heck, most coinage has been. No one accepted just plain gold as currency anyway. Coins were taken because they were stamped by a government which indicated they were legitimate and could be used to pay debts. GOLD didn't start being important until around the time of the Crusades, where it was traded for Silver from the Muslim states at a close to 1 to 1 ratio. They valued Silver more than gold because they could work it better and they liked the look more. You might want to research stuff before you spout off nonsense.
If I have accidentally said something witty, smart, or correct, it is purely by mistake and I apologize for it.
ragnaroknrol wrote:
You might want to research stuff before you spout off nonsense.
I love it when you post an ignorant response. Gold is special to humans, it has been and always will be valuable to humans. Ignorance cannot change that.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
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ragnaroknrol wrote:
You might want to research stuff before you spout off nonsense.
I love it when you post an ignorant response. Gold is special to humans, it has been and always will be valuable to humans. Ignorance cannot change that.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
Ignorance can not change stupidity ? You're saying that for cultural reasons, gold has intrinsic worth. That's just dumb.
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
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ragnaroknrol wrote:
You might want to research stuff before you spout off nonsense.
I love it when you post an ignorant response. Gold is special to humans, it has been and always will be valuable to humans. Ignorance cannot change that.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
Should I rattle off all the different cultures that didn't give a rat's ass about gold when exposed to it? Should I point out that the only reason it is considered good is that it is very workable for adornment. You are saying that pretty looking things are intrinsically important to people and always will be. Oh hell, let's dump gold and use art. I think we can use the picaso standard of exchange.
If I have accidentally said something witty, smart, or correct, it is purely by mistake and I apologize for it.
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ragnaroknrol wrote:
You might want to research stuff before you spout off nonsense.
I love it when you post an ignorant response. Gold is special to humans, it has been and always will be valuable to humans. Ignorance cannot change that.
Invisible Empire: A New World Order Defined (High Quality 2:14:01)[^] Watch the Fall of the Republic (High Quality 2:24:19)[^] The Truthbox[^]
If his "ignorance" is so obvious to you how about justifying your position (like the bloke you're calling ignorant did for his) instead of just posting bold unsubstantiated statements.
Steve
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Ignorance can not change stupidity ? You're saying that for cultural reasons, gold has intrinsic worth. That's just dumb.
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
Christian Graus wrote:
You're saying that for cultural reasons, gold has intrinsic worth
That is correct. European culture valued it while Aztec culture didnt. Despite that it was used for the same thing, ie decoration.
Morality is indistinguishable from social proscription