Page 3 of 4 FirstFirst 1234 LastLast
Results 21 to 30 of 38
Thanks Tree21Thanks

Thread: The Knock on Fiat Currency

  1. #21
    Radical Centrist BigLeRoy's Avatar
    Joined
    Jan 2016
    Posts
    23,329
    Thanks
    19730

    From
    Colorado
    Quote Originally Posted by Thx1138 View Post
    Here's a pretty good article on this.

    https://www.livescience.com/32863-go...ent-money.html

    "Why did gold become the standard for money? Why not copper or platinum or argon? A chemical engineer explains.

    An element must meet four qualities to stand alone as a premium currency, Sanat Kumar, the chair of the chemical engineering department at Columbia University told NPR. First, it can't be a gas — gases simply are not practical for currency exchange. That knocks out a bunch of contenders from the right side of the periodic table, including the Noble gases, which would meet the other three qualifications.


    Second, it can't be corrosive or reactive — pure lithium, for example, ignites when exposed to water or air. Iron rusts. This qualification knocks out 38 elements."

    More at link^

    Thx
    That's a good link, and it does an excellent job of explaining why early civilizations did indeed latch onto gold as the most desirable form of money. The EARLIEST form of money, however, appears to have been ingots of copper, in Sumeria.

    Cigarettes satisfy most of the desirable characteristics of money (portability, uniformity, divisibility, non-perishability, etc.), and so very often cigarettes became the form of money used in POW camps, even by prisoners who did not smoke, since they knew they could use the cigarettes to buy the things they did want.
    Thanks from Thx1138

  2. #22
    Veteran Member
    Joined
    Nov 2009
    Posts
    28,108
    Thanks
    10123

    From
    on the river
    Quote Originally Posted by BigLeRoy View Post
    Fossilized dodo bird droppings are even more scarce; why not use them instead?

    I don't see why the conductivity of gold would make it more desirable as 'money'. But yes, 'non-reactivity' and 'permanence' are both desirable characteristics of money.
    You asked what makes it so appealing.

  3. #23
    Bizarroland Observer Thx1138's Avatar
    Joined
    Sep 2011
    Posts
    19,674
    Thanks
    11196

    From
    aMEEErica
    There are actually two forms of "real estate."

    One is land of course, the other is gold.

    Their value is considered intrinsic.

    Thx

  4. #24
    RNG
    RNG is offline
    Moderator RNG's Avatar
    Joined
    Jan 2015
    Posts
    5,367
    Thanks
    3674

    From
    Canada, West Coast
    Quote Originally Posted by BigLeRoy View Post
    I am alarmed by the folks who have suggested simply minting a (say) platinum coin worth $1 trillion dollars, and actually mint up exactly 20 of them, and use them to pay off the national debt.

    This kind of fuzzy-headed thinking about the national debt could lead us very far astray. But it sounds sort of like Trumpian thinking to me.
    They time travelled to the enterprise and used the replicators to create that amount of platinum I guess. Otherwise the government would have to buy it. So they could pay off the current debt but to do it they would have to go that far plus charges into debt to do it buying the platinum.

    I've heard that before too but always thought the person proposing it was joking.
    Thanks from BigLeRoy

  5. #25
    Radical Centrist BigLeRoy's Avatar
    Joined
    Jan 2016
    Posts
    23,329
    Thanks
    19730

    From
    Colorado
    Quote Originally Posted by webrockk View Post
    You asked what makes it so appealing.
    Yes, as money. Conductivity does nothing to enhance its appeal AS money. Unless you have some contrived explanation as to why it would.

  6. #26
    Radical Centrist BigLeRoy's Avatar
    Joined
    Jan 2016
    Posts
    23,329
    Thanks
    19730

    From
    Colorado
    Quote Originally Posted by RNG View Post
    They time travelled to the enterprise and used the replicators to create that amount of platinum I guess. Otherwise the government would have to buy it. So they could pay off the current debt but to do it they would have to go that far plus charges into debt to do it buying the platinum.

    I've heard that before too but always thought the person proposing it was joking.
    No, the idea is NOT to buy $20 trillion worth of platinum and then turn that into 20 coins. Those would be HUGE coins!!

    The idea is to mint coins perhaps the size of our old silver dollars, made out of pure platinum, and then simply DECLARE them to be worth $1 trillion each. After all, the government prints up paper bills, and then stamps amounts on them, ranging from $1 to $500. The $500 bill does NOT have 500 times as much paper as the $1 bill, does it?

    In a sense, I suppose, this makes the idea even nuttier. Even Paul Krugman toyed with it, I believe, which kind of shocked me.

  7. #27
    Bizarroland Observer Thx1138's Avatar
    Joined
    Sep 2011
    Posts
    19,674
    Thanks
    11196

    From
    aMEEErica
    Quote Originally Posted by BigLeRoy View Post
    That's a good link, and it does an excellent job of explaining why early civilizations did indeed latch onto gold as the most desirable form of money. The EARLIEST form of money, however, appears to have been ingots of copper, in Sumeria.

    Cigarettes satisfy most of the desirable characteristics of money (portability, uniformity, divisibility, non-perishability, etc.), and so very often cigarettes became the form of money used in POW camps, even by prisoners who did not smoke, since they knew they could use the cigarettes to buy the things they did want.
    There is a "faction" who are promoting copper as the next "precious metal."

    (Copper actually has better conductivity than gold btw, I believe it's #2 behind silver.)

    But holy smoke, these guys pay huge premiums for copper bullion products!

    "Question: Why would someone purchase a 15 kilo copper bar for $320 when copper is only $2.86 LB. To what I know there 2.2 LBS in a kilo now that 2.2 times 15 gives you 33 lbs. 33 times $2.86 = $94.38. Could you please explain, because to me its a huge rip off, thank you."

    Why Are Copper Bullion Bars Expensive?

    Now the guy gives all kinds of reasons for the price disparity, but it seems to me that the only real "market" for this is among other copper believers...

    Precious metal people DO tend to get a little over enthusiastic, lol.

    Thx
    Thanks from BigLeRoy

  8. #28
    Radical Centrist BigLeRoy's Avatar
    Joined
    Jan 2016
    Posts
    23,329
    Thanks
    19730

    From
    Colorado
    Quote Originally Posted by Thx1138 View Post
    There is a "faction" who are promoting copper as the next "precious metal."

    (Copper actually has better conductivity than gold btw, I believe it's #2 behind silver.)

    But holy smoke, these guys pay huge premiums for copper bullion products!

    "Question: Why would someone purchase a 15 kilo copper bar for $320 when copper is only $2.86 LB. To what I know there 2.2 LBS in a kilo now that 2.2 times 15 gives you 33 lbs. 33 times $2.86 = $94.38. Could you please explain, because to me its a huge rip off, thank you."

    Why Are Copper Bullion Bars Expensive?

    Now the guy gives all kinds of reasons for the price disparity, but it seems to me that the only real "market" for this is among other copper believers...

    Precious metal people DO tend to get a little over enthusiastic, lol.

    Thx
    Yup, it is silver, copper, gold, in order of conductivity.

    Fun fact from the periodic table: the DENSEST element is osmium, which is rather rare.
    Thanks from Thx1138

  9. #29
    RNG
    RNG is offline
    Moderator RNG's Avatar
    Joined
    Jan 2015
    Posts
    5,367
    Thanks
    3674

    From
    Canada, West Coast
    Quote Originally Posted by BigLeRoy View Post
    No, the idea is NOT to buy $20 trillion worth of platinum and then turn that into 20 coins. Those would be HUGE coins!!

    The idea is to mint coins perhaps the size of our old silver dollars, made out of pure platinum, and then simply DECLARE them to be worth $1 trillion each. After all, the government prints up paper bills, and then stamps amounts on them, ranging from $1 to $500. The $500 bill does NOT have 500 times as much paper as the $1 bill, does it?

    In a sense, I suppose, this makes the idea even nuttier. Even Paul Krugman toyed with it, I believe, which kind of shocked me.
    Why not make them out of a nickle alloy and deem them to be $1 trillion each? Same effect and save even more money. Most people wouldn't know the difference looking at them. Hell, the nickle alloy would be shinier.
    Thanks from BigLeRoy

  10. #30
    Bizarroland Observer Thx1138's Avatar
    Joined
    Sep 2011
    Posts
    19,674
    Thanks
    11196

    From
    aMEEErica
    Quote Originally Posted by BigLeRoy View Post
    Yup, it is silver, copper, gold, in order of conductivity.

    Fun fact from the periodic table: the DENSEST element is osmium, which is rather rare.
    Yes, it is also one of the more expensive elements. (actually... it's about $400 an ounce and comes in powder form, and let's remember how small an ounce of osmium would be.)

    And the heaviest, I seem to recall a cubic foot of osmium weighs 1400 pounds?

    Thx
    Last edited by Thx1138; 13th June 2017 at 10:23 PM.

Page 3 of 4 FirstFirst 1234 LastLast

Similar Threads

  1. Replies: 12
    Last Post: 24th June 2013, 02:42 PM
  2. Knock Knock. Who's there? Biden.......
    By Roshi in forum Political Humor
    Replies: 2
    Last Post: 22nd April 2012, 05:08 PM
  3. Knock Knock jokes
    By Inkslinger in forum Political Humor
    Replies: 26
    Last Post: 14th December 2011, 07:38 PM
  4. knock knock...........(creeeeeeeek)...Hellooooo
    By Goldwater in forum New Users
    Replies: 15
    Last Post: 12th September 2007, 10:18 PM
  5. Knock, Knock. Who's There? Jihadi Caliphate Ma'am.
    By Distressed American in forum Political Discussion
    Replies: 137
    Last Post: 19th May 2007, 05:17 AM

Tags for this Thread


Facebook Twitter RSS Feed