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<p>[QUOTE="Blaubart, post: 2422900, member: 37498"]One could also say we are all empowered by this philosophy.</p><p><br /></p><p>Here are five good reasons why I don't mind fiat currency:</p><p><br /></p><p>1. Backing a currency with PM requires the organization issuing currency to obtain enormous amounts of PM. Those PM have to come from somewhere, and they have to be paid for by someone. If the treasury were to obtain enough PM to fully back our currency, who do you suppose would foot the bill?</p><p><br /></p><p>2. Backing currency with PM unnecessarily increases the cost of PM for other uses. Believe it or don't, there are more legitimate uses for gold and silver than simply being used as a store of wealth.</p><p><br /></p><p>3. Fiat currency rarely loses all of its value. When it has in the past, it was usually in third world countries that had enormous problems with government corruption. When such corruption exists, do you really think any stockpile of precious metals intended to back a fiat currency would still be available after such a collapse?</p><p><br /></p><p>4. As our population and the value of all the property in our country increases, the amount of currency also needs to increase to accommodate the increase in wealth. This means either the value of PM would necessarily need to increase (benefitting all holders of PM, not just the US), or we would need to continually increase the amount of PM held in reserves (benefitting the US, but at an expense to the taxpayers).</p><p><br /></p><p>5. Many people already suspect there's no gold in Ft. Knox, or at least not as much gold as there should be. If we already don't trust them with our gold, why on Earth would anyone want to buy and entrust them with even more gold?[/QUOTE]</p><p><br /></p>
[QUOTE="Blaubart, post: 2422900, member: 37498"]One could also say we are all empowered by this philosophy. Here are five good reasons why I don't mind fiat currency: 1. Backing a currency with PM requires the organization issuing currency to obtain enormous amounts of PM. Those PM have to come from somewhere, and they have to be paid for by someone. If the treasury were to obtain enough PM to fully back our currency, who do you suppose would foot the bill? 2. Backing currency with PM unnecessarily increases the cost of PM for other uses. Believe it or don't, there are more legitimate uses for gold and silver than simply being used as a store of wealth. 3. Fiat currency rarely loses all of its value. When it has in the past, it was usually in third world countries that had enormous problems with government corruption. When such corruption exists, do you really think any stockpile of precious metals intended to back a fiat currency would still be available after such a collapse? 4. As our population and the value of all the property in our country increases, the amount of currency also needs to increase to accommodate the increase in wealth. This means either the value of PM would necessarily need to increase (benefitting all holders of PM, not just the US), or we would need to continually increase the amount of PM held in reserves (benefitting the US, but at an expense to the taxpayers). 5. Many people already suspect there's no gold in Ft. Knox, or at least not as much gold as there should be. If we already don't trust them with our gold, why on Earth would anyone want to buy and entrust them with even more gold?[/QUOTE]
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