Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > Fiat Ponzi

Like Tree1Likes
  • 1 Post By rblong2us

Reply
 
LinkBack Thread Tools
Old 04-02-2019, 07:20 AM   #1
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,027
Liked: 2449 times
Characteristics of money

I used to have a link to a .PDF produced by the Philadelphia Fed that talked about the characteristics of money, but I lost it some time ago. It's fine to try and educate people about ancient wisdom that people understood for millennia, but if it comes from goldbug sites, Joe Sixpack doesn't give it too much credence. So it's nice when you can cite The Federal Reserve saying it...

Quote :
...
Money functions as (1) a medium of exchange, (2) a unit of account and (3) a store of value.
...
But what features does your money need? Six characteristics have been identified: Money must be durable, portable, divisible, scarce, uniform and acceptable.
...
https://www.dallasfed.org/~/media/do...yday/money.pdf

h/t: https://lonestarwhitehouse.blogspot....-explains.html

Also, St. Louis Fed mentions it too:

https://www.stlouisfed.org/education...tions-of-money
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 04-03-2019, 08:10 AM   #2
Yellow Jacket
 
rblong2us's Avatar
 
Join Date: Nov 2011
Location: off world
Posts: 1,970
Liked: 872 times
I reckon we havent had money for a long time.
It was quietly phased out and replaced by a belief system that the banksters invented and controlled. Credit based fiat.
If they werent so greedy it could have lasted a thousand years .......
ancona likes this.
__________________
if it cant be done with a digger .... it cant be done
rblong2us is offline   Reply With Quote
Old 04-04-2019, 06:58 AM   #3
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,027
Liked: 2449 times
Originally Posted by rblong2us View Post:
...
If they werent so greedy it could have lasted a thousand years .......
I'm not so sure about that. The primary justification for abandoning sound money is to allow governments flexibility with (over)spending. Once you give them that means, there isn't any sufficient force to constrain them from malfeasance and we get what we get. I think that historically, the average lifespan of a fiat currency is typically way less than 100 years:

https://georgewashington2.blogspot.c...-for-fiat.html
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
In Money We Trust PMBug STS 0 02-04-2019 09:46 AM
Money supply / Money velocity / Inflation relationship benjamen Fiat Ponzi 5 12-23-2013 02:11 PM
If I need money... mike STS 4 06-22-2013 07:44 AM
How Money Became Worthless BigJim Fiat Ponzi 9 09-06-2012 06:24 AM
velocity of money Jay Fiat Ponzi 0 08-20-2012 07:10 PM


All times are GMT -5. The time now is 06:32 AM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.