G20
Out of context: Reply #70
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- TheBlueOne0
A) There isn't enough gold or silver in the world to today to back current economic valuations. The trip to fiat currencies is a one way trip in a global economy, and we passed that line quite a while ago.
B) "There are NO good reasons for global currency."
Again...it's a RESERVE CURRENCY...you know when Rome was in power, roman coins were the reserve currency in the Western World. DO you not get it? Whatever country is dominant, that countries currency tends to be hoarded. EG. In roman times, even though ALL coins were in gold, you could only pay roman debts with coins stamped with the roman seal when you dealt with rome. ditto for europe during the middle ages...wwhere do you think "coin of the realm" came from?There will ALWAYS be currency manipulation, always has been, even when there was a gold standard.
As for thinking that somehow a gold backed currency couldn't produce asset bubbles? Your kidding right? And beside, sure gold backed currencies had a fixed valuation, but they were a finite source of wealth. economic growth and all the wonders of a capitalist society don't work without fiat currency.
You people watch too much Zeitgeist shit on the internet I swear.