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Quick backing question for U.S.

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posted on Dec, 12 2011 @ 10:25 AM
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Besides gold...

Is money backed by work?
Is money backed by goods and services?

If not to any of those questions, why not?




posted on Dec, 12 2011 @ 10:29 AM
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Originally posted by WarJohn
Besides gold...

Is money backed by work?
Is money backed by goods and services?

If not to any of those questions, why not?


I see money as a promisary note. I owe you a specific amount of digits for an item, we exchange digit everyday in life. People have tasken the BILL$$$ and made it a material need. I believe we can live without it, all we need is a gadget that we use to exchange digits.



posted on Dec, 12 2011 @ 10:30 AM
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I think money is backed by Bonds issued by the FED, inc.

Those bonds are backed by our governments WORD and credit that they are worth something.

Our governments word and credit is backed by nothing and is worthless.



posted on Dec, 12 2011 @ 10:33 AM
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Our currency is based on absolutely nothing except our faith in the notion that our goverenment will make the right decisions, implement the appropriate programs and maintan a robust enough system to ensure that our money is . . . well . . . worth something.

As you can pretty much see . . . we don't even have that. The only thing our currency is based on now is the notion we won't catch on to the shell game of find the stash . . . because it doesn't actually exist.

And, despite the fact we can all see the Emperor's doodle as he wanders down the street, we continue to blindly do what we're told and play to their rules.

I'm guessing that in a few months to a year, we won't even have that.



posted on Dec, 12 2011 @ 10:36 AM
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reply to post by WarJohn
 


Money is not backed by gold. The gold standard is long gone. Money or perhaps what you think is money, paper and coin is just a fraction of what accounts for money in this world. Most money is just figures on ledgers. If everyone who supposedly has money in a bank went and withdrew it all at the same time, there wouldn't be enough paper and coins to fulfill the withdrawals. Ironic huh?

The state of modern banking is more illusion than fact. Which is why we see crisis after crisis each day. The truth is when there is a shortfall more money is 'created' and real money like the dollar loses value each and every time this occurs. There is more to this than I want to write at this time. If you want a crash course in how banking cartels control the vast majority of the money in the modern world I suggest you read 'The Creature From Jekyll Island' by G. Edward Griffin which will scare the pants off you and show you how duplicitous the system is to you and I ordinary citizens of the earth.



posted on Dec, 12 2011 @ 10:40 AM
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Originally posted by WarJohn
Besides gold...

Is money backed by work?
Is money backed by goods and services?

If not to any of those questions, why not?


Dollars are NOT backed by gold!!!

Not in 40 years... it is a FIAT currency

Dollars arent real money... silver and gold are real money
edit on 12-12-2011 by morder1 because: (no reason given)



posted on Dec, 12 2011 @ 10:46 AM
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reply to post by lbndhr
 



I see money as a promisary note. I owe you a specific amount of digits for an item, we exchange digit everyday in life. People have tasken the BILL$$$ and made it a material need. I believe we can live without it, all we need is a gadget that we use to exchange digits.


I agree we can live without it...

But why would you want to exchange "nothing"?

Also, with a gadget, you dont care about privacy at all? it would be easy for something like that to be monitored and tracked... just like credit cards, bonus/rewards cards... Even if you dont care about your privacy... think about others
edit on 12-12-2011 by morder1 because: (no reason given)



posted on Dec, 12 2011 @ 10:53 AM
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We went off the gold standard in the early 70's under Nixon, before he fled the Whitehouse. Our fiat money is based on nothing , but confidence in the intrinsic value of it. In other words based on nothing ,but the belief it has worth.



posted on Dec, 12 2011 @ 11:05 AM
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Originally posted by WarJohn
Besides gold...

Is money backed by work?
Is money backed by goods and services?

If not to any of those questions, why not?

what "money"?
we use currency which hasn't been backed by any gold standard for decades.

"money" or better yet, currency is backed by nothing except the WORD of the issuer.

need a reference? check this one out ... linky / Fed Reserve

Following World War I, Benjamin Strong, head of the New York Fed from 1914 to his death in 1928, recognized that gold no longer served as the central factor in controlling credit. Strong’s aggressive action to stem a recession in 1923 through a large purchase of government securities gave clear evidence of the power of open market operations to influence the availability of credit in the banking system. During the 1920s, the Fed began using open market operations as a monetary policy tool. During his tenure, Strong also elevated the stature of the Fed by promoting relations with other central banks, especially the Bank of England.
--- snip ---
n reaction to the Great Depression, Congress passed the Banking Act of 1933, better known as the Glass-Steagall Act, calling for the separation of commercial and investment banking and requiring use of government securities as collateral for Federal Reserve notes. Also, as part of the massive reforms taking place, Roosevelt recalled all gold and silver certificates, effectively ending the gold and any other metallic standard.
---snip ---
In 2003, the Federal Reserve changed its discount window operations so as to have rates at the window set above the prevailing Fed Funds rate and provide rationing of loans to banks through interest rates.

also, Bernanke vs Ron Paul in Congress

“Is gold money?” he asked. Clearly bothered, Bernanke told the representative, “No. It’s a precious metal.”
After Paul interrupted him to note the long history of gold being used as money, Bernanke continued,”It’s an asset. Would you say Treasury bills are money? I don’t think they’re money either but they’re a financial asset.”
---snip ---
The interesting exchange served as one of the few times Bernanke has been publicly pushed off his comfort zone by an elected official. Rep. Ron Paul brought up the issues that he’s famous for, namely, a sort of allegiance between the Fed and the nation’s most powerful institutions, the illusion of fiat money, and the gold standard. Bernanke, angered and bothered, had no option but to respond.



posted on Dec, 12 2011 @ 11:35 AM
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Originally posted by morder1
reply to post by lbndhr
 



I see money as a promisary note. I owe you a specific amount of digits for an item, we exchange digit everyday in life. People have tasken the BILL$$$ and made it a material need. I believe we can live without it, all we need is a gadget that we use to exchange digits.


I agree we can live without it...

But why would you want to exchange "nothing"?

Also, with a gadget, you dont care about privacy at all? it would be easy for something like that to be monitored and tracked... just like credit cards, bonus/rewards cards... Even if you dont care about your privacy... think about others
edit on 12-12-2011 by morder1 because: (no reason given)


I used it mediforically towards the value or meaning of the paper money, money is always being changed because it can be made by non federal reserve peoples, and when thinking deeper, it is only worth a digit, in reality we are placing a great monitary value on a thing that can disenegrate in time. that said, we dont really need it. after TSHTF and the world starts moving back into a society based life we will use bartering (Hopefully_ I guess our labors would be an ideal way to exchange goods, and of course trading of items. its all worth the same from money to things



posted on Dec, 12 2011 @ 04:36 PM
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reply to post by WarJohn
 


Money is backed by the same thing Gold is backed by..... "Faith"

The only reason your Dollars have value is because other people accept it as currency in exchange for goods and services with the knowledge of security knowing they in turn can use it for goods and services.

This is the exact same principle for Gold.

The only difference for Gold is that unlike a particular currency Gold is usually tradeable in all currencies, so you are secure in knowing that even if a currency collapses the next one will still pay for Gold.

However in a "shtf" scenario in all likelihood Gold is rendered useless because it's not a necessity and becomes worthless. Things like salt, ammo, tools etc become more valuable than Gold because you are secure in knowing you can either trade those goods for other goods and services and or use those supplies to sustain life.




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