Spotting fake hundos

[SNOWBALL]

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Didn't I just write that in the post you are quoting? I wrote that the dollar is not backed by and tangible items. Faith is not tangible.


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the dollar is backed by the commidities it trades for, just like gold is backed by the commodities it trades for or the dollars it trades for. Nothing has intrinsic value. Stop getting your econ lessons from 2am infomercials and AC crackpots/gunhoarders.

[pfapfap]

All I know is that when it comes tumbling down (signs of it this week, but I don't think we're there yet... but most certainly within my lifetime), I hope I'm savvy enough to see it coming far enough in advance to trade all of my ink-covered cotton for canned foods and shotgun shells.

Also, I'm tickled that my little one-off generated such a discussion. I figure poker players more than your average person understand the fantasy of money.

[BigBluffer]

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All I know is that when it comes tubmling down (signs of it this week, but I don't think we're there yet... but most certainly within my lifetime), I hope I'm savvy enough to see it coming far enough in advance to trade all of my ink-covered cotton for canned foods and shotgun shells.

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Sounds like all that stuff you hoarded for the Y2K end-of-the-world apacolypse will finally come in handy. [img]/images/graemlins/smile.gif[/img]

[pfapfap]

Name me an empire that hasn't fallen.

[BigBluffer]

Ahhhh .... using that line of reasoning, I agree with you 100%. I just hope I'm out of town when it happens. [img]/images/graemlins/smile.gif[/img]

[pfapfap]

That's the best thing about this venue... there's no bad seat for the end of the world. We'll all have a fabulous view.

[cc4sc]

Not sure how this turned into an econ debate, but I'll agree that the US currency (any other currency for that matter) is only backed by the FAITH of the people, including people from other countries and nothing else! It is NOT backed by gold or any other 'commodity'. It might be used to acquire a commodity, but if it was truly backed by material goods or 'commodities', then inflation would cease to exist! (Why would the value of money go down if it was backed by commodities?).

[SNOWBALL]

back when money was supposedly backed by all the gold in fort knox, that depended on our faith that the gold wouldn't just all get stolen in the event that the government collapsed. "backing" our currency with gold is retarded. This whole conversation is the bread and butter of end-of-the-world nutjobs, conspiracy theorists, crackpot ACists, etc.

What's gold backed by btw? You don't actually think it has "intrinsic" value, do you?

[Rottersod]

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Didn't I just write that in the post you are quoting? I wrote that the dollar is not backed by and tangible items. Faith is not tangible.


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the dollar is backed by the commidities it trades for, just like gold is backed by the commodities it trades for or the dollars it trades for. Nothing has intrinsic value. Stop getting your econ lessons from 2am infomercials and AC crackpots/gunhoarders.

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That is a circular argument. You must have failed your econ 101 class.

[Mr Rick]

I'm pretty sure that the dollar is worth what everybody else is willing to pay for it. And that depends to some extent on the amount of dollars in circulation at a given time among other things. The other things being how well the economy of the US is doing.

I got a C in Econ 101 because I thought everything could ultimatley be explained by the Irish Potato Famine in the 1800's. In this case, without the ability to produce potatoes the US would not get good value on the dollar. Especially from Ireland.