Gold, a Barbarous relic?

[Sapiens]

I knew this Gentleman Banker for about 20 years. He passed away at the age of 102.

A long while back we had a conversation where he had mentioned the secret of why the precious metals has been demonetized, yet he stopped short of giving it away.

A few days back I received a sealed envelope from his attorney addressed to me. In the envelope was a letter wherein my old friend told me the secret of why the precious metals had been demonetized.

The secret is simple; I share it with you as is my option to do so:

“The precious metals had been demonetized so currency could be created and destroyed at will, and that could not be done while the precious metals were being used as a medium-of-exchange. Besides, the precious metals required expense in their safeguarding, keeping, transporting, and accounting; while without them everything could be run from a ledger.”

Vile genius!

[Rajiv]

Re: Gold, a Barbarous relic?

The logical implication of this is that money is only a temporary store of value and therefore just a means of exchange of goods and services -- as our credit card economy will attest to!

[Jay]

Re: Gold, a Barbarous relic?

“The precious metals had been demonetized so currency could be created and destroyed at will, and that could not be done while the precious metals were being used as a medium-of-exchange. Besides, the precious metals required expense in their safeguarding, keeping, transporting, and accounting; while without them everything could be run from a ledger.”

Vile genius!

I say this as someone who knows little in the scope of things here, but isn't this obvious?

[Nervous Drake]

Re: Gold, a Barbarous relic?

.

[metalman]

Re: Gold, a Barbarous relic?

I say this as someone who knows little in the scope of things here, but isn't this obvious?

that's gold kindergarten. gold's gotta be dug up. ink on paper is easy, and bits on hard drives easier still.

[Guest]

Re: Gold, a Barbarous relic?

I say this as someone who knows little in the scope of things here, but isn't this obvious?

That was my wonderment as well.

[Sapiens]

Re: Gold, a Barbarous relic?

I say this as someone who knows little in the scope of things here, but isn't this obvious?

What is so obvious?

That you can create currency at will?

That you can destroy currency at will?

That you can run the system off a central ledger?

That using gold or silver as a medium-of-exchange is expensive in of itself?

:rolleyes:

[Slimprofits]

Re: Gold, a Barbarous relic?

It sounds similar to what the Austrians have been saying a long time.

[Jay]

Re: Gold, a Barbarous relic?

What is so obvious?

That you can create currency at will?

That you can destroy currency at will?

That you can run the system off a central ledger?

That using gold or silver as a medium-of-exchange is expensive in of itself?

:rolleyes:

Well, yes all of these things. My point is not that these are obvious facts for the public at large, but that to anyone who really looks into the issue, i.e. most in this forum, it's Currency 101 right?

[jimmygu3]

Re: Gold, a Barbarous relic?

Well, yes all of these things. My point is not that these are obvious facts for the public at large, but that to anyone who really looks into the issue, i.e. most in this forum, it's Currency 101 right?

Yeah, Sapiens. For a shadowy member of the illuminati, this was not your greatest revelation. :rolleyes: Kind of like hearing the secret ingredients in Coca-Cola are sugar and caffeine.