when the fucking Saudis tell us off!

http://globalpublicsquare.blogs.cnn.com/...hpt=po_bn1

Quote:Saudi Arabia is paid in dollars for its oil. Our currency is tied to the dollar. The Kingdom has approximately 2 trillion invested abroad, the greater part of it in the United States. The value of those investments, the value of our oil earnings and the value of our currency are all under threat as politicians in Washington grandstand for their constituents and argue bitterly from two utterly polarized positions.”

(July 31, 2011 at 11:03 pm)Minimalist Wrote: when the fucking Saudis tell us off!

http://globalpublicsquare.blogs.cnn.com/...hpt=po_bn1

Quote:Saudi Arabia is paid in dollars for its oil. Our currency is tied to the dollar. The Kingdom has approximately 2 trillion invested abroad, the greater part of it in the United States. The value of those investments, the value of our oil earnings and the value of our currency are all under threat as politicians in Washington grandstand for their constituents and argue bitterly from two utterly polarized positions.”

I'd think more embarrassing than annoying,they happen to be right. Perhaps time for them and everyone else to go back to gold standard.

And what makes gold any more valuable than paper?

Nothing.

From what it looks like (and has looked like for some time now), the US' demise is inevitable and there's little the bankers and politicians are willing to do about it.

Many theorize that it's going to be devastating and it's going to make the 1930s US economy look like a happy walk in the park.

(August 1, 2011 at 12:53 am)Moros Synackaon Wrote: And what makes gold any more valuable than paper?

Nothing.

...I really hope you are joking. If not, I'd like to sell you some paper...

(August 1, 2011 at 2:03 am)Tiberius Wrote: ...I really hope you are joking. If not, I'd like to sell you some paper...

Umm, you really place value in a hunk of metal that is fairly common?

I'd have thought that someone in your position would've considered something more universal than piteous metallic rocks. Last I checked, IT security didn't produce gold, but valuable knowledge.

Yep, gold is REALLY valuable. Not.

It's about as useful as paper money. Just a medium that people can barter for goods and services, something for idiots to hoard and smart men to invest in with.

The only difference is that one is shiny and the other can be made from trees.

Whoop. De. Fucking. Doo.

(August 1, 2011 at 12:53 am)Moros Synackaon Wrote: And what makes gold any more valuable than paper?

Nothing.

Geez; note the emoticon:it was a joke Joyce.


(I've read Marx too, and am acutely aware of the illusion of the intrinsic value of objects)

More people should watch this video:

http://www.youtube.com/watch?v=EtF_zbI5j7M

They might learn a few things...

(August 1, 2011 at 12:53 am)Moros Synackaon Wrote: And what makes gold any more valuable than paper?

Nothing.

What makes it more valuable than paper as a material? Or paper as an aesthetic? Or paper money? All have something to do with desire, as all value does, but really it does't matter, the gold standard is proposed as a reserve currency not because gold has some intrinsic value because it's supply is finite and scarce, each paper dollar is promised a fixed quantity of Gold - Were a gold standard to be enacted tomorrow each dollar would buy you 0.0175 grams of Gold, this would place a firm limit on the amount of money than can be created by a central bank and place more pressure on a government to be fiscally responsible, they couldn't devalue the savings of all people by printing money because each dollar is guaranteed with gold which could be freely traded for goods and services.

... and then people will attempt to game the system by:
a) mining more
b) melting down valubles
c) stripping it from existing installations

Things are pretty bad with copper thievery, and you wish to increase the relative value of that metal?

You must be joking.