Tying the value of currency to a commodity is not a good thing either. The price and availability of commodities go up and down, which is not a good thing for currency. The US used to back its currency in gold, but found it was not a good way to do it for the reason I gave. Ft. Knox is full of gold, but no government financial managers want to go back to the gold standard.
Which is why the US currency is not backed up by commodities anymore.
And not backed up by any institution that will guarantee its value. Sounds more like a scam than a currency. Something that can fall and break at any time and leave a lot of folks holding the empty bag. I don't see what is fascinating about that.
Investing in volatile commodities is fine for individuals, but not for currency. The paper is backed by a promise based on faith and trust. Many expensive contracts, treaties, documents such the Magna Carta and the US Constitution are written on "just paper". So your argument that money is has no value because it is recorded on a perishable material or computer bits just does not hold up to critical analysis.
Greece can pay up if they have the resolve to do it. I think we should let institutions fail as a lesson to us as to what happens when they are not watched closely.
Taxation should be easy. Why spend a lot of money and effort collecting taxes? What is above ground oil? Saudi Arabia has more of the proven free oil reserves (easy to get at) than any other country. You cannot fight behind a computer screen unless you control something that others want. The world is awash in oil now. What hole are you talking about?
Ratch
You need a word with my teachers then, we have just done this topic and it was nothing like you describe.
If you track gold over ten years the price is more stable than ANY currency tracked like for like over the same period. Saying commodities go up and down in value is ridiculous, so does every currency in the world and often to a far greater extent. Your argument is like saying buy a petrol engine because diesel ones use fuel.
The reason for changing from the gold standard was to avoid bankruptcy, I can link to video on the school server but when I did the unit project work I found alot of good video on youtube that I referenced and used, I can dig them up if you want or you can go looking, its pretty interesting.
The only reason the world is awash with oil is simply because production is being kept higher than demand (simple economics used for geo political reasons).
Just incase you are not aware the majority of reachable oil in the states needs fracking and cost around ~$53 a barrel (4 months ago price when I did the project), Saudi oil cost around $32 a barel to extract but the Saudi Government has admitted openly and recently that at current production the oil is out in 25 years. Production is being kept high to stop much needed profit flowing into the states, the reasons are Geo political and involve religion and politics to an extent I am not going to explain (I am POSITIVE I dont have too, you have TV set so you can work it out).
I find your views very 90's and outdated, certainly not based on evidence,fact or what is actually happening. The hole I was referring too is the nation debt including the figures they dont publish, recently even Hillary was hauled before the senate? (one the houses) and alot is coming out surrounding vast sums that have gone missing (Trillions).
I wouldnt normally come out and flatly say your wrong, but your statement about gold rising and falling in value as if currency dosnt was telling, from that point on you had lost the argument as even a quick research would show its more stable than any currency tracked side by side. I love a debate but it becomes pointless when one side wont do the research to back there version.
Try and find the bit that says you moved from gold because it was unstable, I think you misheard, what was unstable wasnt gold but currency
https://www.kitco.com/ind/Fraser/20...Gold-Reflects-the-Value-of-the-US-Dollar.html
quick quote from above " The freeing of the US dollar from the gold standard has enabled it to fluctuate more widely, while the value of the gold remains stable, making it a safe harbour for investors in times of uncertainty, as a hedge against inflation and recession. The value of the gold remains stable in comparison to currencies,"
https://en.wikipedia.org/wiki/History_of_the_United_States_dollar
As to having alot of gold on you tube is a vid of committee meeting last year where a senator and one of your money people admit you dont own a single $ of the gold you have, its all taken up in foreign debt! Which is still mostly metal backed