What is money? Where does our money come from?

Martinghoul said:
It would be a lot more compelling if he weren't so obviously talking his book.
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Is he talking his book? Regardless if there's a gold standard or not he believes buying gold is a decent bet, else he wld be either not buying it or shorting it. Was he behind the republicans 'gold commission'?
 
rsh01 said:
Is he talking his book? Regardless if there's a gold standard or not he believes buying gold is a decent bet, else he wld be either not buying it or shorting it. Was he behind the republicans 'gold commission'?
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A far as I know, he's very long gold, yes... Him being long predates the calls for the gold standard, as far as I am aware. I am not sure he's behind anything the Republicans are doing. Personally, I think this is just the Republicans' strategy to win over some hard-core Ron Paul supporters, who might otherwise fragment the party. By announcing a non-committal "we'll look at it at some point in the future" measure, they might be able to bring some Paul supporters over for free. In light of how many mainstream economists are working with Romney, I think this commission is a joke.
 
Apparently you can buy ultra sound kit which wld identify such fakes v easily and cost as little as $50. I find it hard to believe that a gold dealer is buying reasonably large quantities (tens of thousands of $s worth) yet wld not check its worth with such relatively cheap and industry recognised kit. Tungsten has been used before, so its not as if its a new scam.
 
rsh01 said:
Apparently you can buy ultra sound kit which wld identify such fakes v easily and cost as little as $50. I find it hard to believe that a gold dealer is buying reasonably large quantities (tens of thousands of $s worth) yet wld not check its worth with such relatively cheap and industry recognised kit. Tungsten has been used before, so its not as if its a new scam.
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For sure, i agree with all of that. Was just a surprise for me to see it occuring in such a relatively small bar.
I guess the scam is a old as gold.
 
This set of videos is well worth a view imo. In them Adair Turner points out the differences between fiat and credit money (a subject thats often overlooked),metallic money, pros and cons are given for each. The lack of consideration of money creation in modern economic teaching/thinking.
And lots of other good stuff that doesnt come to mind right now.

 
Bank of England Docs re money creation

1st source BOE

Money in the modern economy: an introduction
172656d1395050102-what-money-where-does-our-money-come-m1.png


Money creation in the modern economy
172658d1395050102-what-money-where-does-our-money-come-m2.png


Positive Money blog
Bank of England on Money and Money Creation in the Modern Economy
 

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money from central party printing press, they make much sell debt print more. people make buy debt free and give fish middle part to party for nothing. better fish for bucket bucket for chair chair for pig. better party not stiff people with money which just paper. barter better. now china barter russia money each, what mad!? barter pig for cow shoe for hat, but money for money! we laugh lot, but very quiet so party not hear.
 
darktone said:
Cor i havent been here in a good while, hope your all well :). Would be interested in hearing your opinions / views / facts on:-

1) What is money?
2) Where does our money come from?

(Am talking about the UK)
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I'm not prepared to go over 60 pages of this so forgive me if this has already been pointed out:
There is a distinct difference between "money" and "currency".
Gold and silver are/can be money.
Printed paper backed by debt is currency.
The terms are not interchangeable for this type of discussion.
 
ACstudio said:
Gold and silver is/can be money.
Printed paper backed by debt is currency.
The terms are not interchangeable for this type of discussion.
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better think only difference money currency - store of value. currency not money yes. all other same both; medium of exchange, durable, divisible, portable and fungible. not like pig, so pig not currency not money but can barter,
 
not mean pig barter, silly har har har. mean can use pig barter. never seen pig barter, make wonder how do it, no speak only grunt,
 
Dong Mu said:
better think only difference money currency - store of value. currency not money yes. all other same both; medium of exchange, durable, divisible, portable and fungible. not like pig, so pig not currency not money but can barter,
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Yes..... but currency does not have the "store of value" that money has....meaning it stores its value over time.

Example....a US silver quarter from 1964 (money) and a nickle was nearly equal in value to a gallon of gas in 1964....today it still is.
A US quarter from 1965 (currency) and a nickle was nearly equal in value to a gallon of gas in 1965.....today it is not.

That's the difference.
 
ACstudio said:
Yes..... but currency does not have the "store of value" that money has....meaning it stores its value over time.

That's the difference.
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know that. what i said, only difference money currency - store of value. currency not money yes.
 
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