Spotting fake hundos

[Dr. Spaceman]

I got a fake hundred at the Trop once. It was a new model but had no watermark at all. I didn't realize till I left, but I was able to pass it off at a grocery store without a problem.

[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.

[Rottersod]

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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.

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But in early 1900's the mass produced potato was introduced and factory workers from all over flocked to Boston to work in the potato factories, which at their height could assemble 250,000 potatoes a day. 90% of the workforce were Irish and they got paid so little that the phrase "they worked for potato's" came into popular use.

[QuadsOverQuads]

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the dollar is backed by the commodities it trades for, just like gold is backed by the commodities it trades for or the dollars it trades for. Nothing has intrinsic value.

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I agree with you 99.9%, but I still think this eventually depends on your definition of the concept of "intrinsic value". As I see it, "intrinsic value" means that something is inherently an object of demand within the context of human social interactions. Water, by this definition, has intrinsic value -- because without it, people die of thirst. Biology creates an intrinsic demand, which creates an "intrinsic value" (demand). Land has intrinsic value, because you cannot live if you cannot live somewhere, and you cannot grow food if you cannot grow it somewhere. Gold, by contrast, has no such value -- it is decorative and shiny, but you will not die if you do not have access to it.

Anyway, I thought you had an interesting observation here, and I wanted to add my 2 cents to it [img]/images/graemlins/smile.gif[/img]


q/q

[OnYourBike]

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When a bank loans money, that money is paid back to them. So no money is being created out of thin air.

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Uh....no. US Currency is not backed by any tangible items such as gold (which is really just a hunk of metal with a specific elemental number that humans assigned an arbitrary value to based on its relative scarcity and its ability to exist in a solid and liquid form without losing much mass between transformations). No bank or reserve has actual cash, collateral or metal anywheres near the actual value of their outstanding loans.

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The dollar is backed by the stabilty and strength of the United States of America and the faith people have in it. Sure it has value because we choose believe it does, but that's no different to people putting faith in gold holding it's value. Gold has value because we convince ourselves it has.

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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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Gold is backed by faith too you fool.

[Eponymous]

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When a bank loans money, that money is paid back to them. So no money is being created out of thin air.

[/ QUOTE ]

Uh....no. US Currency is not backed by any tangible items such as gold (which is really just a hunk of metal with a specific elemental number that humans assigned an arbitrary value to based on its relative scarcity and its ability to exist in a solid and liquid form without losing much mass between transformations). No bank or reserve has actual cash, collateral or metal anywheres near the actual value of their outstanding loans.

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The dollar is backed by the stabilty and strength of the United States of America and the faith people have in it. Sure it has value because we choose believe it does, but that's no different to people putting faith in gold holding it's value. Gold has value because we convince ourselves it has.

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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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Gold is backed by faith too you fool.

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Gold has intrinsic value beyond it's aesthetic appeal, such as in the electronics industry (gold platings, solders, etc., have properties that are desirable). Its usefulness as a material and its rarity as an element together help set its value. It wouldn't be worthless without "faith".

[mrkilla]

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well you see what I mean, just even get it to any craps table they ll get you chips and wont give a [censored]

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horrible Idea, if anything try to use it at a store or something with a cashier that doesn't care. Casino/Bank are your worst options. If they spot it the will take it and mark you down

[OnYourBike]

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When a bank loans money, that money is paid back to them. So no money is being created out of thin air.

[/ QUOTE ]

Uh....no. US Currency is not backed by any tangible items such as gold (which is really just a hunk of metal with a specific elemental number that humans assigned an arbitrary value to based on its relative scarcity and its ability to exist in a solid and liquid form without losing much mass between transformations). No bank or reserve has actual cash, collateral or metal anywheres near the actual value of their outstanding loans.

[/ QUOTE ]

The dollar is backed by the stabilty and strength of the United States of America and the faith people have in it. Sure it has value because we choose believe it does, but that's no different to people putting faith in gold holding it's value. Gold has value because we convince ourselves it has.

[/ QUOTE ]

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.

[/ QUOTE ]

Gold is backed by faith too you fool.

[/ QUOTE ]

Gold has intrinsic value beyond it's aesthetic appeal, such as in the electronics industry (gold platings, solders, etc., have properties that are desirable). Its usefulness as a material and its rarity as an element together help set its value. It wouldn't be worthless without "faith".

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Gold was valuable long before the computer ago.

[Rottersod]

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When a bank loans money, that money is paid back to them. So no money is being created out of thin air.

[/ QUOTE ]

Uh....no. US Currency is not backed by any tangible items such as gold (which is really just a hunk of metal with a specific elemental number that humans assigned an arbitrary value to based on its relative scarcity and its ability to exist in a solid and liquid form without losing much mass between transformations). No bank or reserve has actual cash, collateral or metal anywheres near the actual value of their outstanding loans.

[/ QUOTE ]

The dollar is backed by the stabilty and strength of the United States of America and the faith people have in it. Sure it has value because we choose believe it does, but that's no different to people putting faith in gold holding it's value. Gold has value because we convince ourselves it has.

[/ QUOTE ]

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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Gold is backed by faith too you fool.

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Yes and that's what I wrote so who's the fool?

mod note: I let this thread go long after it left B&M material because I have an MA in economics and was enjoying the argument. At this point I don't think anything new will be posted so I will have to direct anyone to politics that wants to continue this discussion. -RR