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People would eventually freely choose a form of money, but not necessarily the one decided by the government unless the government enforces it by violence or taxation. This is what the MMT economists say and it's just a theory, not a universal truth. However, as I said before, I believe it can...

Yes, I didn't say that. Money is not created by the government in order to impose taxes. I said the opposite, indeed: taxes are imposed by governments to force people to adopt their money. Of course. But if the government allows people to pay taxes with their own issued legal tender or the...

I I'll give you a practical example. I lived in the Middle East for a few years and over there in many countries there is no GST or income tax. Most of the national currencies in those countries are hard pegged to the USD and as such have a fixed exchange rate among them. At all effects, this...

I guess that the difficult part is to erase the right number first.

:D I see from the bid history that you have enough contenders already, and most probably you don't need another. You should be the one leading at the moment, right? Good luck!

Agree with all the rest. But I don't believe that money (legal tender) in a country is imposed by decree... It's forced upon the population through taxation.

in theory yes.

Not sure this two can really be money... they look a bit problematic to me as medium of exchange. I guess they are also not so nice to carry around and the fact that they are organic and extremely perishable doesn't make them a good store of value.

Of course! Fiat money is a promise based on trust, and trust is expendable only once. Edit: Trust or coercion... a big army helps a lot.

The same value a pet rock has: whatever people are willing to give it and exchange tangible goods and services for it.

That's right. Countries cannot walk away easily if they don't have food and energetic autonomy, or unless other countries (obviously not creditors) are willing to supply the missing basic goods in exchange of something produced by the defaulting country or for geopolitical reasons. Nobody...

What a shame! He was going quite well up to this point..... then he drops this huge BS bomb!

very interesting!

All of them, not only PM. So what? They are called free markets, not fair markets. At least in physical PM you cannot create counterfeits easily.

There you go

Yes, they had nothing left last time I checked. I will go tomorrow and check again, they should have at least the NZ monkey since they started advertising it on website. @Blastoise: I still have some bullion silver to offload (at prices better than NZ mint of course) so feel free to send me a...

You might have to pass over my dead body first.....

Someone from the other categories (producers, swap dealers, etc.)? Or maybe Mr. JP Morgan himself?

D) claim that something happened in the past went exactly as you had predicted earlier. You don't even have to make calls in advance and your accuracy rate will always be 100%

"Time is money, and nothing else" Porcello 2015