betterinvestmentthanshare
Well-Known Member
Crypto backed $
See the pattern?
See the pattern?
Gold backed $, Petro backed $, now
- Thread starter betterinvestmentthanshare
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No thanks.
Pointless.
Fiat $ is backed by the political system. It allows more flexibility in policy response than a commodity currency which ultimately leads to austerity.
And the pattern escapes me.
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betterinvestmentthanshare
Well-Known Member
Some valid points about the shortcomings of fiscal and monetary policy in bringing about a better life for all, but to suggest that the failure of Bretton Woods was by deliberate design is a big stretch.
Moving toward the end of the video if money is anchored to anything apart from faith in the government (as he postulates eg gold, energy, crypto) then all we are going to do is set ourselves up for failure again. Convertibility was the very undoing of the Bretton Woods system as consumer demand for imports surpassed the USA's capacity to offer convertibility for gold in exchange for the large amounts of USD reserves exporting nations had amassed. This is contrary to what he maintains. If the US hadn't abandoned Bretton Woods, austerity would have been the only choice and hardship would've been rampant. Of course nowadays hardship is far more widespread than it has been for decades and that is also due to fiscal and monetary policy failure, and while that failure may not be deliberate by design, its design was destined because our policy makers implemented faulty theories. A nation must continue to issue ever increasing amounts of currency if its citizens are to lead lives that are wealthier and of a higher quality than previous generations because demand can never be totally never satisfied and nor should it.
I'm going to go out on a limb here and argue that currency is a consumable. Some of it eventually gets destroyed which creates shortages so therefore more must be printed to take its place to cater for growing populations and our ever-expanding needs and wants.
And I don't think that any pattern exists.
Moving toward the end of the video if money is anchored to anything apart from faith in the government (as he postulates eg gold, energy, crypto) then all we are going to do is set ourselves up for failure again. Convertibility was the very undoing of the Bretton Woods system as consumer demand for imports surpassed the USA's capacity to offer convertibility for gold in exchange for the large amounts of USD reserves exporting nations had amassed. This is contrary to what he maintains. If the US hadn't abandoned Bretton Woods, austerity would have been the only choice and hardship would've been rampant. Of course nowadays hardship is far more widespread than it has been for decades and that is also due to fiscal and monetary policy failure, and while that failure may not be deliberate by design, its design was destined because our policy makers implemented faulty theories. A nation must continue to issue ever increasing amounts of currency if its citizens are to lead lives that are wealthier and of a higher quality than previous generations because demand can never be totally never satisfied and nor should it.
I'm going to go out on a limb here and argue that currency is a consumable. Some of it eventually gets destroyed which creates shortages so therefore more must be printed to take its place to cater for growing populations and our ever-expanding needs and wants.
And I don't think that any pattern exists.
betterinvestmentthanshare
Well-Known Member
Shiney, you’re entitled to your opinion and beliefs.
Maybe this short 7min piece from Professor J
Maybe this short 7min piece from Professor J
Again he's got valid points which also align with my position that modern fiscal and monetary policy as implemented by our politicians and mainstream economists has failed. I wouldn't go so far to say that it was designed to deliberately fail though which was the central thesis of the previous video.
As far as the rest of his video goes I gave up listening to Marxists years ago eg Neil Postman because they all have the shits with the modern world and this guy is no different.
As far as the rest of his video goes I gave up listening to Marxists years ago eg Neil Postman because they all have the shits with the modern world and this guy is no different.
There's nothing wrong with consuming, it's not evil or some nefarious plan to enslave us, it's how we've gone about satisfying our needs and wants since the beginning of time.
What we consume and how we go about satisfying our consumption is the critical point. A point the likes of Postman and that Professor in the 2nd video don't address.
What we consume and how we go about satisfying our consumption is the critical point. A point the likes of Postman and that Professor in the 2nd video don't address.
betterinvestmentthanshare
Well-Known Member
I agree with you to a point.
Nothing wrong with consuming if you don’t know or care of the cause and affects that impacts others negatively.
I don’t have the answers for humanity and those in charge look to have no clue either, we just keep on keeping on, rolling with the punches
Nothing wrong with consuming if you don’t know or care of the cause and affects that impacts others negatively.
I don’t have the answers for humanity and those in charge look to have no clue either, we just keep on keeping on, rolling with the punches
And the solution is not just to simply adopt a commodity based currency.
I haven't got easy solutions, but there are a stack of things our governments could do to improve things. The problem with many of them though is that they run the risk of getting voted out of office for implementing them.
I remember all the sov cit / prepper nut jobs for years in here convinced we were going to get a gold backed currency again tomorrow
so it has moved to crypto now -- interesting seems to consider with the news that boomers are now piling into crypto currently seems a few of them are a few cans short of a six pack and need stronger meds
so it has moved to crypto now -- interesting seems to consider with the news that boomers are now piling into crypto currently seems a few of them are a few cans short of a six pack and need stronger meds
https://www.news.com.au/finance/cul...e/news-story/803494e94286b8994d6e78501e05dea1
The concentration of wealth at the top is a huge concern. Especially as all that they had to do was get a loan, buy assets, hold them long enough then get another loan on the equity built up in their assets and hoover up more. Of course the banks are just as much to blame for this as the government.
https://www.bca.com.au/unlocking_australia_s_r_d_potential#:~:text=Over the past decade, large,action to improve R&D investment.
https://www.rba.gov.au/publications/rdp/2023/2023-03/capital-flows-investment-and-productivity.html
For starters I'd scrap the CGT discount. > ducks projectiles being hurled in my direction <
betterinvestmentthanshare
Well-Known Member
and just like that, the crypto market dumps