Why are Austrians so obsessed with the gold standard?

Why are Austrians so obsessed with the gold standard?

Ties a number meant to be dependable with a number that is physically existing.

Because they're retarded or autistic without a good understanding of economics or monetary theory.

Meh, I like silver and lead.

Gold has practical value. Fiat currency is a sham.

trips of truth. Fiat is theft.

>practical value

What does this mean and why does it matter?

Numbers don't physically exist.

Germany's backwards little brother always needs a but longer to get it.

This was a certificate for some silver. Its value was not imaginary.

why are americans so fucking retarded when it comes to basic economics

Things that numbers describe exist or should or can or don't really need to. Numbers are more flexible than real life objects.

The value of anything is subjective, dude. Value isn't inherent in a good.

Fiat currency literally works fine.
The market now is more stable than it was under metal-based currencies, with less booms and busts, heat-ups, etc.

Silver certificates always had value. You could exchange them for silver. Fiat currency can crash and become worth less than toilet paper. There is nothing preventing this. It is backed by a promise of politicians that they will not run its value into the ground.

No clue why (((Austrians))) are, bro. Anyone got an idea?

They're weirdos who reject neoclassical economics because it involves too much math and econometrics for their high school dropout level of education.

You didn't actually address what I said. Value is subjective, period. Nothing has inherent value. It's purely psychological.

state controlled school system tell you state controlled economics are good
americans believe this

Why do you assume I think state controlled economics is good? Neoclassical economists are generally pro-free market, dude.

Yeah it has nothing to do with the fact that they reject empirical data, econometrics, is laughed out of academia, has very little predictive power, doesn't have anywhere near the useful concepts contained in stuff like Neoclassical economics or proposed by Keynes, etc.

>(((Austrians)))
Like (((Mises))) and (((Rothbard)))?

i like her shiny hair, I bet her pussy smells lovely and is wet a refreshing mid-April shower

I did, you're just an egghead.

sub·jec·tive
səbˈjektiv/
adjective
1.
based on or influenced by personal feelings, tastes, or opinions.

Silver certificates have value, backed by actual silver. You can exchange said certificate for silver should you lose confidence in said certificate. Fiat current is "subjective" value. Its value is based on personal feelings. If you stop believing in it, it crashes just like Peter Pan, and can be exchanged for exactly what it's based on -- nothing.

Value is subjective, how much you value silver varies from day to day, silver doesn't automatically have X value, value is something that differs and changes among people.

This is a blatant lie. Check out interest rates. Under the Silver Standard the stayed between 1-2%. Now they go between 0-20%.

Markets were also less volatile, with the exception of the 1929 crash which was mostly due to the privatization of the Federal Reserve and the idiotic decisions that first generation of leaders of it made.

The greatest stability is when currency is coined from precious metals. The Federal Reserve Bank of 1913(?) was the first step and going off the Silver Standard around 1972 put us on 100% fiat currency. This led to the stagflation of the 1970's and oil emabrogos, etc. it has been a rough ride ever since.

Anyone who says otherwise is gullibly misinformed or a (((liar))).

Silver doesn't have inherent value either. One of the basic principles of both Austrian and neoclassical economics is that value is subjective. Even actual Austrians disagree with you.

This

>Value is subjective, how much you value silver varies from day to day
Contradictory statements has
Is the value completely made up and based on nothing, or does it have a quantifiable value in silver? You are making contradictory statements.

This "these two phenomenon occurred simulaneously so one must have caused the other" reasoning is fallacious. It's weird that self-described Austrians do it so often because aren't you guys the ones who claim that the study of economics should be purely theoretical?

> Quantifiable value in silver
This doesn't make the value of the silver immune from a change in personal evaluation of the silver. How can you not get this?

cuz my dick is standartly gold

>gold has practical value
No it doesn't

Thats why we're /petrodollar/ now

>personal evaluation of silver
I don't care if you value silver at 2 cents an ounce egghead. Your appraisal does not change its value. Its value is not subjective. Contrast this to your toilet paper you accept with no actual value.

People like you who think value isn't subjective are on the same level as flat earthers, dude.

How do we wash ourselves of the jew?

"We petrodollar" because it's a sham to get people to buy dollars to exchange oil because they have no intermediary Gold-backed currency to trade with. China plans on changing this with... wait for it... a gold backed currency.

Silver certificates had a quantifiable amount of silver bullion attributed to them. The quantity is not subjective no mater what you say. It has a fixed amount. I don't give a fuck what you value silver at. X amount of silver is X amount of silver. You can't try to exchange it for more than that.

Long story short, star is born, star dies, supernova ejects material including gold, said gold becomes part of our planet. Just as everything on our planet there is a finite supply of gold. In the same way that all of earth's resources are limited, there is a limited amount of gold. If you base commerce on a limited amount of gold, it more closely matches the limited resources on the planet. Those that do not want to live within the bounds of earth's limited resources pretend they can base commerce on an infinite amount of currency unites stored in computer systems or printed on paper. You choose which system is better for humanity.

Based on your logic, if the US dollars was exchanged for Chuck E Cheese money at a fixed rate, it wouldn't be subjective.

I am not in any school of thought regarding economics, but history is clear on fiat currencies: it is closely associated with empire collapse and sometimes even civilization along collapse.

Historically, the best currency is minted precious metals. It made America great. It made Rome great, but then also collapsed shortly after implementing fiat currency.

Why does the finite supply of gold make it "better for humanity"? You're not explaining its advantages.

>be cuckazoid
>ignores inflation

>teenager just finished a rousing round of baby's first libertarian videos

It is very simple, limited resources on earth is more accurately modeled by a limited supply of gold. If you try to model limited resources on earth with an unlimited amount of fiat 1s and 0s, the person in control of creating the 1s and 0s will always game the system to their advantage. Much easier to get more wealthy than other humans as opposed to picking up a shovel and digging for gold in the earth's crust.

This is awful post hoc reasoning. It's not based on any sound economic theory. Generally, economists don't think money is important in the long run. In the long run, the national income is determined by technology & the supply of labor and capital. Which is why it makes no sense that Austrians and other hard money crack-pots are so obsessed with money and think money determines the rise and fall of empires.

I don't understand. Both can be considered fiat currencies, there is an exchange rate, possibly floating. Either one of these two would not model earth's limited resources as well as the limited supply of gold that is present on this planet.

Have you taken any courses in economics? You're not making any sense. Why is important to "model earth's limited resources" (whatever that means)?

>Numbers don't physically exist

i wish you didn't, you fucking retard.

No I have not and no one needs to. Why would you create a system of storing value for humans based on anything other than something that is guaranteed to be finite? If you try to store value in anything that can be created with the stroke of a pen / keystroke, the system will always be abused and take advantage of other humans. The burden lies on those proposing a system that can be rigged with a single keystroke, not on the people that rely on the physical reality of what this planet is made of.

One token has always been worth 1 us quarter. This deflated the value so badly that they recently switched to a "credit card" type of system....so that they can generate imaginary resources for kids to gamble on "Deal or No Deal: The game".

t: Not actually joking either. My kids were there a few weeks ago. They now have credit card things.

Underage retard detected. Silve can actually be used int he manufacturing of goods. Gold is even better. Its used in the manufacturing of most electronics and thusly has a tangible worth you dumb fucking faggot. You can call that subjective only of youre existence is subjective as well, depac fagra.

are you purposely ignoring that fiat currency and its ability to just be printed are prone to hyperinflation? and that a gold standard is by nature not?

First time in Indonesia 1995, $1 = RP 2,220, last time in Indonesia $1 = $16,300. Fiat currencies fluctuate. A blob of gold is still a blob of gold.

The greatest risk to the US colony today is of a loss of faith in the currency. There s a massive amount of currency in circulation and the national debt has also sky-rocketed in a time of low inflation. There is a decent chance that we will have another crisis in confidence like we did in 2007. One of these times, there will be a catastrophic loss of confidence in our currency and it will go back to a commodity based standard.

You're even worse than Austrians because at least Austrians accept the subjective theory of value. You're the equivalent of a flat earther or creationist.

leave my country, you illiterate monkey.

Are there any actual Austrians on Sup Forums that want to argue for the gold standard?

I think we already did. Another rabbit hole is islam does not allow interest payments, this can never be reconciled with western banking systems. :) Islamic finance is a profit sharing plan, if the project does not make a profit no one "makes" money.

What about copy-paste coin, I mean bitcoin? It is not finite either, they've already copied and pasted Etherium and Bitcoin. How does that work? The smartest person on the planet may have been born in South Sudan this morning but they were too late to get in early when bitcoin was 'cheap.' That's not fair. In a gold based system this person can grow up and swing a pick and shovel just as well as you can until you grow too old and weak to hold one. This is more fair. :)

Are there any paper bugs in here that can argue for paper based money? Just curious...

Every non-gold backed currency has failed. All new currencies that worked started with gold.
Figure it out.

because they're stupid.

I'll start the discussion:

1) How much money is there? (~7 billion people, how much 'money' is enough to sustain that many people?)

You're not Austrians. Austrians don't reject the subjective theory of value.

My word is law.

Read some Plato, pleb.

What do you mean by a currency "failing"?

well, there you have it, folks.

wew
the creator of bitcoin was obsessed with gold as well

Go try to buy something with one Deutsche mark from 1922. It has historic value, but that is it.

If gold is BS, why did FDR confiscate it and then put all Japanese Americans in concentration camps with "executive orders?"

>the internment of Japanese Americans was related to monetary policy

Now I've heard everything.

Ok, then tell me why FDR confiscated gold? If gold is BS, why did he do it? The burden lies on you. Why confiscate something that is just a worthless rock. It didn't have much industrial value back then, we use it in spacecraft and electronics, not something that was common in the 1930s. I am patiently awaiting your detailed and well reasoned response.

Its already been like ~2 minutes and I've closed 2 tabs of my favorite conspiracy websites and you haven't responded yet? What is going on? Did the Internet die in your part of the country?

gr8 b8 m8

but I can't resist, you're retarded. Sort yourself out user

I have no idea what you're trying to imply. I'm not a historian and I don't care about the behavior of politicians. As for gold being a "worthless rock', I never said such a thing. I said value is subjective. Everyone from Austrians to neoclassical economists accept the subjective theory of value.

It's a rock. How valuable will it be when society collapses?

The real question is why do it's opponents think fiat is good?

Sorry, I'm not really paying attention to who is posting what. I'm just waiting to hear the 1st paper bug argument for trusting politicians with fiat money creation and gold confiscation.

I can try to respond but first please provide your definition of currency without copy/pasting investopedia. I have half a fifth of whiskey left so you probably have a couple hours of responsiveness from me

Fantastic argument. Wow I'm really impressed.

I only have Sup Forums and conspiracy tabs open, no finance tabs. Currency would be something created by humans as a store of value / medium of exchange. (I guess)

I don't have any preference for any type of money. I don't really care about macroeconomics. I like to study labor economics and trade theory. Believe it or not, economists generally don't care much about money outside business cycle theory (because money is neutral in the long run). Money isn't a factor in microeconomics and growth theory. I'm just wondering why Austrians are so obsessed with money and the gold standard in particular.

You can't just claim a currency has failed when the strongest economy on earth, which uses that currency, is still standing and is still dominant. Try harder

Why do you self-described Austrians use this post hoc reasoning so often when you claim that only the study of economics should be entirely deductive? Also, you people are the only ones who seem to think that money affects real variables in the long run.

Imagine a "you are here" arrow right in the middle of one of the horizontal bars. For those that were "here" at that period of time, the currency in their pocket is no longer the reserve currency and no longer in circulation.

Ok. Now explain a store of value. Medium of exchange is explained by convenience and I agree that if everybody in a market agrees it has value, then it has value. But that is still just fiat. Industrial applications are irrelevant in this case.

This has nothing to do with gold as a basis for currency value which is why I'm arguing with you

Bc most of them have it. Remember, austrian economics are mostly jews.

Fuck you, we care more about opals.

Your challenge required me to not use finance pages / search engines so I will try to recall all the criteria.

Scarce: limited amount of gold
immutable: gold cannot be destroyed

Sorry, can't remember them all bro, you'll have to look it up on a search engine. It' known as the 5 (or so) reasons why gold is the best store of value. (its late and I'm about to go to sleep)

i kinda like the shinyness, thats why, now fuck off

literally never heard about the gold standard from anyone but americans. EVER!

I was responding to your statement about the USD being a strong reserve currency _now_. At some point in the future, there will be a right edge of the USD bar on that graph and a replacement currency above it that extends further to the right. Gold is still gold and is not plotted on that chart.

Clearly you have been educated if you are not familiar with the concept of a gold standard. (Realize this is by design)

You're the last person who should be calling someone else uneducated. You admitted that you've never taken a course in economics. Anyone who rejects the subjective theory of value doesn't understand Econ 101.

>Are there any actual Austrians on Sup Forums that want to argue for the gold standard?

I find it sad how trolls on the internet with incomplete knowledge of economics think they know better than PhDs with years of experience.

You've got it backwards. It is because he _is_ educated he / she is completely unaware of the idea of a gold standard and that unawareness is by design. :) Remember, which is easier for a politician to do? Click a mouse button to add another "0" to the money supply or dig physical gold out of the ground?

>Why are Austrians so obsessed with the gold standard?- 98 posts and 14 image replies shown.

search on this image and you will find your answer