Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.
Alexis de Tocqueville
"Ya load 16 trill and whadaya get..."
The Dems have a new theme song.
Then, using a percentage value, you start losing what you [supposedly] had as a positive in using precious metals. Actual backing.
Note that I say supposedly because gold is the original fiat currency (well not the original one, but an old one and from the beginning one). Gold’s value was rooted in fabricated, social conventions. Ironically that is not as true anymore, because of its use in things like electronics (which is something that makes its use as a currency problematic). But historically it was largely the case.
As for 1’s and 0’s, there is more than that backing currency. Yes, there is trust involved. But forgery is not particularly more (or less) difficult now than in times past, as it is an ongoing arms race of means and testing with a good deal of interest in advance both ends of that.
Further, there is truly backing for paper money/digital money. Of course it is subject to bombs blowing up that backing and other issues. But if our paper money really goes entirely to hell in a hand basket we’ll have bigger issues to worry about. Not the least of which is the economic drag of not having these great tools that help our economy run as smoothly and as it does.
the reality is not exactly what it is usually made out to be. The passing in question was NOT final passage but the means to get to the proposed final draft of the bill which still required a vote over acceptance or not.
Put into that context, it does show how byzantine and quirky the process of government is at times. ((Something that orating full texts of bills for every vote would only add to.)) But clearly not what it is generally sold as.
Yearly global sales of Pt to industry total around 300t. US domestic mining, alone, in only 2009 was 16t.
EDIT: Oh, is that this http://www.zerohedge.com ? Well a quick perusal suggests that if someone inappropriately attributed them as the source, at least they can not have done any meaningful damage to Zero Hedge’s reputation as a reliable source.
Last edited by Dwight; 01-08-13 at 10:59 PM.
Interesting Facts about Platinum
I guess I should have vetted the graphic better before sharing it. Woops.
"There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes." ~Dalio
If my math is right, a $1T platinum coin would have to weigh almost 20,000 tons to be worth it's face value at today's spot-market price.