What was the Gold Standard and why are our curriences not backed by it anymore?

What was the Gold Standard and why are our curriences not backed by it anymore?

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Do you even know what "backed" means or did you just watch that dumb conspiracy, zeitgeist addendum shit?

there is not enough of it

>there is not enough of it AT TODAYS PRICE
Fixed that for you user.

You could go back to a Gold standard today, it would just show up how fucked the Dollar has become and all that inflation you've been exporting for decades comes home to roost.

Why is gold so precoius anyway? You can't really make many useful things out of it.

It's gods money, it never corodes and is in the ground ready for us to mine and for most of human civilisation it functioned fine as money. Obviously today things are different because computers

Gold Standard was basically a dumb way for the US to hand out tons of gold to european countries.

Everything else you hear is either wrong or wishful thinking.

>You can't really make many useful things out of it
Except there's gold in your phone and PC, and pretty much all electronics today.

But anyway, gold is sound money because it's durable (doesn't react with pretty much anything), divisible (it's fairly soft), portable, and fungible (1 gram of gold is always worth 1 gram of gold, whereas diamonds vary in quality), and it's fairly rare.

Artificially keeping your currency up is not a good idea and has seldom worked for a long time.

Examples: UK Black Wednesday, current state of Greece and Italy.

The argument that there isn't enough gold has also been made; it's trivial, but true as well.

>Why is gold so precoius anyway? You can't really make many useful things out of it.

That is the whole point. Platinum is an equally precious metal but is useful in catalytic converters. You wouldn't want to melt down money supply to make catalytic converters

>why are our curriences not backed by it anymore
It's hard for (((them))) to manipulate currency when it's backed by gold.

Also consider the fact the value of gold itself is rather arbitrary: in 2000, it was worth around two times less than today and three times less than 1980. So much to "price stability".

THIS POST IS ANTI-SEMITIC, SHUT IT DOWN1!!11!!!!!oneone1!!!

Because people say it is.

Same reason a US$100 is valuable.

But gold is considered precious for gazillion years, and back then there weren't any computers. It's just that I would think ancient people were practical and wouldn't give value to something that is completely useless, even if it doesn't corrode.

Broke: Gold standard/Fiat
Woke: Silver standard/Energy standard

Saw a documentary where some guys swept the dirt from the freeway and recovered a significant amount of platinum. Pretty smart.

It's shiny and heavy and doesn't rust.

>You can't really make many useful things out of it.
You're joking right?

if there wasn't enough gold currency would still inflate. They just like the fact they can decide how much and when it inflates with fiat currency

So is copper, but you can also make useful stuff from copper, like tools.

cant deficit spend on gold

>government: hello i'd like to buy this chocolate bar
>private sector, producer of all taxes, primary generator of all govt spending: sure thing senpai, 1 gold bar
>government: (has no gold) ugh... erm.. eh.... I'll be back

>government: gold is illegal naow! everyone must uses this paper i print!
>government just prints itself a money bill
>buys a chocolate bar
>now this rotten bill that was backed by no proper work is in circulation
>its indistinguishable from all the other bills that were actually earned
>more and more of these worthless bills enter circulation every day
>government can just get into the market and take whatever it wants like a bandit
>doesnt have to provide any work in return
>doesnt have to be productive in return
>doesnt have to be fiscally responsible in return


>>>literally every single economic crisis since the gold was forbidden, explained
i actually do use gold whenever i can
paid a doctor for his medical services in gold once
sold produce of my farm for gold multiple times
have a comp sci degree and i've made a few servers and websites for people and they agreed to give me payment in gold multiple times

i have a tiny pile of gold and i pretty much dont give a shit if the government declares bankrupcy or if euros/dollars/dinars take a hit and half their value and so on

gold is the redpill of economy

>It's hard for (((them))) to manipulate currency when it's backed by gold.

Except the great depression happened when gold was the standard. What the hell are you smoking?

Well, you can make jewelry with it, but no tools. I'm talking of course about the times when there were no computers and other fancy technological advances.

>can't deficit spend on gold

exactly, that is why gold is no good. The US would cease to be overnight

There is some guy who scrapes the cracks in the sidewalk in the (((NYC jewelry district))) recovering trace amounts of gold and diamonds. Makes a decent living doing so.

...

...

Before, it was because it was relatively rare, heavy, didn't tarnish, and is the most malleable and ductile metal of them all. They tried copper currency in sweden, it didn't work out well because copper was abundant. Pic related is a copper 'coin'. The banker responsible for even thinking this was a good idea was beheaded.

Gold is useless and pushed by the bankers since it's easier to create monopoly (bank notes backed by gold). Just read up on silver backed currency in u.s. (if I recall correctly it was done by Lincoln since he was short on cash while in need of funds for war, he just passed legislature to created silver backed currency called greenbucks since bankers offered to loan him the money but with insane interest rates forcing him to refuse - then some time later his assassination and back to gold standard even tho u.s. citizens wanted to stay with greenbucks. Also the second individual that tried to change the gold standard was Kennedy and guess what, he was assassinated as well shortly after and his executive order 11110 was immediately thrown away by his successor).

Okay, I get it, thanks.

this

First, gold is but one way to back a currency, there are many other commodities which can replace gold. Salt, for example, or in crypto currencies the backing is 'math'
Second, A very powerful cabal (((convinced))) Woodrow Wilson to create a debt-backed currency, so the entire economy would become liquid and give rise to massive speculation in markets, which is then more easily manipulated than the supply of a physical commodity.
The process of debt backed currency installation is currently happening with BTC. It's something Jefferson warned against, and none of you listened.

(((Because))).

You get it, keep up the good work

If it can't survive without thievery, the US is as morally bankrupt as the European Union.

because someone (or (((someone))), if thats your deal) took it

>replace dollar with pseudo currency
>trade pseudo currency for natural resources (oil petro dollar etc)
>Bad goyims see this
>try to go back to gold standard
>DEMOCRACY KICKS IN
>countries become increasingly destable
>sdilhchtor keep their grip on the worlds banking/money trade

WOWZERS

Gold is the only substance thats conforms o the definition of money. Silver too.

youtube.com/watch?v=DyV0OfU3-FU

the real reason anybody "cares" about gold is because the reptiles break it down into mono atomic gold, snort it, and travel inter dimensionally.

copper rusts green, and it was pretty expensive, all those bronze age civs where trading copper to each other all the time.

We have the petrodollar now, and anyone who tries to stop buying oil in USD, they end up like Saddam or Gaddafi or Assad

by what was the value of the gold backed by?

No problem. Fun fact, people accidentally made batteries that can do like 200,000 power cycles without losing charge capacity or corroding. What they were made of? Gold nanowires coated with magnesium oxide. Gold is some crazy ass shit and will probably go up in price even though china produces a fuckload of gold.

A meme. All things valuable are valuable because of memes. It's the final economic pill.
THE MEME ECONOMY.

>gold not useful

Wew! The absolute state of marxist education!

Deflation is the natural order of a growing economy. Price housing education oil and medical expenses in gold and try your calculation again.

This is actually true, both have an intrinsic value of 0. You cant eat Gold, you cant build a house out of it, you cant burn it. Its as useless as a dollar bill. Both are just backed by people believing its valueable. This is why Gold standard makes no sense.

I hope you realize there are only miligrams of gold spread over that whole area.

This is now a semantics thread.

Yessss

Deflation also punishes consumerist degeneracy while rewarding saving. It would shift our whole economy over towards a more efficacious masculine foundation if we'd stop going REEEE every time our economy threatens to deflate a bit.

>Hey, let's base our economies across the globe with uncontrollable increasing populations on a finite resource

Sounds like fun. Do you know what a bread line is?

Nah, man. I don't live in a socialist country.

Societies before us (-10kyrs) understood this: value happens in multiple dimensions, a unitary concept of value is just as bad as a unitary idea of god, or a unitary ideal of state. As soon as you have a unitary concept of anything, people will be enslaved to it.

that proves how incredibly useful gold is?

and we use only one panel of radar?
And optical filaments? Nano gold particle? Alloy? Spess craft shielding? Your free college education didnt really get your people far out, did it?

>"We were not foolish enough to try to make a currency [backed by] gold of which we had none, but for every mark that was issued we required the equivalent of a mark's worth of work done or goods produced. . . .we laugh at the time our national financiers held the view that the value of a currency is regulated by the gold and securities lying in the vaults of a state bank." - Adolf Hitler

>scat perve poop rainbow flag faggot drooling

Grams. And it is there because of its utility.

...

society probably "needs"

>for every mark that was issued we required the equivalent of a mark's worth of work done or goods produced
no they didnt. its funny that anyone believes that

Can't have the filthy goyim touching (((their))) gold.

The absolute state of marxist indoctrination!

ampersandspur.com/2012/03/23/coprophilia-in-german-culture/

No they don't, they just want to blame the Jews and Rothschilds. Things like markets are too complex for their little brains.

Yea, because fuck gold as an industry. What's wrong with inflation if real economic growth more than compensates for it? You don't save dollars, you invest them, and if you can't afford to do that, being on a fucking gold standard wouldn't change that.

Wow, are you a sci-fi writer? You clearly have no sense of scale.

So in other words
>It's scarce
Just like every commodity in the fucking world.

Nixons retardation.

The gold standard was the convertability of the dollar to gold at $35 a troy ounce. Our currency is no longer backed by it because Nixon suspended the convertability of the dollar

Getting out of the gold standard was a mistake.

A bigger mistake was replacing it with a commodity.

baka world, baka...

YOU CALLING HITLER A LIAR?

>Hitler and the National Socialists, who came to power in 1933, thwarted the international banking cartel by issuing their own money. In this they took their cue from Abraham Lincoln, who funded the American Civil War with government-issued paper money called "Greenbacks." Hitler began his national credit program by devising a plan of public works. Projects earmarked for funding included flood control, repair of public buildings and private residences, and construction of new buildings, roads, bridges, canals, and port facilities. The projected cost of the various programs was fixed at one billion units of the national currency. One billion non-inflationary bills of exchange, called Labor Treasury Certificates, were then issued against this cost. Millions of people were put to work on these projects, and the workers were paid with the Treasury Certificates. This government-issued money wasn't backed by gold, but it was backed by something of real value. It was essentially a receipt for labor and materials delivered to the government. Hitler said, "for every mark that was issued we required the equivalent of a mark's worth of work done or goods produced." The workers then spent the Certificates on other goods and services, creating more jobs for more people.

>Within two years, the unemployment problem had been solved and the country was back on its feet. It had a solid, stable currency, no debt, and no inflation, at a time when millions of people in the United States and other Western countries were still out of work and living on welfare. Germany even managed to restore foreign trade, although it was denied foreign credit and was faced with an economic boycott abroad. It did this by using a barter system: equipment and commodities were exchanged directly with other countries, circumventing the international banks. This system of direct exchange occurred without debt and without trade deficits.

>What was the Gold Standard and why are our curriences not backed by it anymore?

What is a search engine you mongtarded dumbfuck? You don't need an answer you were too stupid to research.

Hard to counterfeit it. The only thing that weighs the same as gold is tungsten and even that's rare.

Deflation also nukes banks' balance sheets. The value of cash liabilities goes up while the value of loan assets goes down; wiping out equity and rendering the bank illiquid at best and insolvent at worst.

A limiting factor in economic growth, both GDP and per capita

Well, it's shiny stuff people like the look of that has some limited industrial uses. If you think placing your value in printed paper is arbitrary, choosing some shiny stuff is just as arbitrary.

Trust me, the British don't need google to know what cocaine tastes like.

It's called google, fucking use it.

>t. it's all lies shut it down before anyone does it again

That's not saving, that's hoarding, and it's the reason BTC is overpriced garbage. If you save large amounts of money you are a moron. You invest money. If you can't afford to invest, then it's not like you can afford to save much either.

You are correct about the greenbucks. Surprised a euro of all people know about that lincoln bullshit.

I'm guessing you believe in the paradox of thrift, too. Retard.

It's used in almost every single electronic device and its incredibly versatile. It's durable, but malleable etc. The fact it's in limited quantities adds to its value. Then you have fucking retards like who have no idea what the fuck they're talking about and fall for literal memes. He might as well have said it's precious because it's shiny.

The petrodollar system destroyed the USD by causing hyperinflation along with the fact that we now depend on countries trading oil for USD or else the entire economy will collapse

If you looked at a dollar beforehand it would say that it is redeemable in gold. If you look at the dollar bill today it says "this note is legal tender for all debts, public and private." Meaning that its backed, by absolutely nothing
In other words central banks have and will continue to destroy the world by burying every country into debt

honestly
it smells good

Why are so many people answer this no brain question that is formulated like a 12 year old asking for his homework online?

the final economic red pill is: violence

>all cultures and languages understand violence
>its the ultimate value, everyone else will trade everything else for it
>vae victis, or woes to the conquered, or to the victor go the spoils, is the most reliable economic law, and plans built upon it can not fail
>cant devalue it, cant counterfeit
>cant cancel the deal, cant jew out of it
>all value comes out of it
>all authority comes out of it
>only crime was always getting caught, you cant be a criminal if no one can drag you to court
>absolute reliability
>all diplomacy comes out of it
>all politics come out of it

you faggots accepted the violent poll/mighty poll, right?

It is unaffected by inflation which is exactly why (((they))) like it. On top of that inflation is viewed as good for the economy as it incentives those with the capital to invest it or lose it over time.

It can also be argued that the lack of population devastating wars in the later half of the 20th century means that economic growth is essential to avoid a crisis were the 'worthless eaters' would amass such great numbers they would bust the capitalist system, in turn forcing a cull or collapse situation.

When you have it in your hand it feels so fucking right. They say gold corrupts and I think they mean it literally, like some sort of khornite rune stone I hold it and I don't want to put it down, I certainly want more of it but I don't really know why....

Except it's a tangible thing whereas fiat is literally nothing. That's why fiat makes no sense and gold does. Fiat is literally slavery.

>why are our curriences not backed by it anymore?

The real reason is commodity money is just too good. The industrial revolution brought massive increases to productivity and ushered in what promised to be a massively deflationary era. That means the average pleb was about to become richer though no industry of their own, but simply though their exclusive claims to private property.

For a race evolved around usury, this spelled obsolescence. The unit of economic measure, and by that, I mean the common currency of the day, simply must experience some level of inflation for rational actors to continue assuming debt. A dollar today simply must be worth more than a dollar tomorrow for lending to have any utility, and therefore remain profitable.

Understand this, and you understand Communism, WWI, the Fed, Hitler, the petrodollar, all of it.

Hold on, how is that bad for usurers at all?

They give you $1 expecting you to pay back $1.50 later down the road when the original dollar is worth far less than the dollar of the future....

>implying counterfeit would not undermine the value of any currencies and commodities

This is you. You actually implied that. You stupid fucking moron.

Gold is very hard to extract.

Pic is from 8 dump trucks worth of river gravel.
Took about an hour to get 9 grams worth. Think a thick wedding band.

So when you see movies and they have a treasure chest full of gold coins imagine how long it would have taken to collect that gold if people back them didnt use excavators and dump trucks and wash plants..

Ever since the crime of 73 America's currency system has been fucked. Bimetallism is the only good option, but I guess that's gone for good since Bryan lost.

You may only post if your country has gold reserves, leaf.

You didn't follow me at all. Deflation is bad for usurers. Inflation is good for them. Stop thinking in terms of dollars and that about what a dollar can buy.

In deflation, you would never agree to pay more for a dollar today than you would for a dollar tomorrow because a dollar tomorrow will simply buy many more things.

But, if however, you can replace commodity currency with some kind of monopoly paper which you could indirectly control the supply of, then you could perpetually guarantee inflation even in the face of exponentially increasing productivity.

CAN SOMEONE, ANYONE, TELL ME, why we're not using this system today? Because this is Frakking BRILLIANT! This would solve all our problems!

If you didn't need the money now you would never need to borrow it with interest anyway, deflation or inflation with jews you lose. People are forced to take loans and in doing so become debt slaves, inflation or deflation isn't a factor for most people its supply and demand.

Only gold is money OP. The rest- Paper, digital currencies etc, are just representations of money, pretend money. If a government can fail or collapse, and your money goes to zero, it's not real money.

Gold is real money AMA.

For plebs, but not for rational actors, which are where the big money is.

Suppose you have an idea for a business. You have 90% confidence that you can earn greater than 10% on the money invested and 10% confidence that you will earn less.

Would you borrow money at 5% to play those odds?