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This guy doesn't like precious metals.
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<p>[QUOTE="InfleXion, post: 1637037, member: 29012"]I also hesitated there, but I don't think it undermines the premise which is that the baseline for valuation was derived out of precious metals. It could have been worded more accurately as "For each ounce of gold we have, we are willing to accept the same approximate amount of buying power in collateral". Oil gets used up and wouldn't have a growing surplus over time as gold does which was part of the reasoning behind the premise. I don't think you are focusing on the right aspects. It's fine if you don't agree with Austiran economics, but I ascribe to that as opposed to Keynesianism.[/QUOTE]</p><p><br /></p>
[QUOTE="InfleXion, post: 1637037, member: 29012"]I also hesitated there, but I don't think it undermines the premise which is that the baseline for valuation was derived out of precious metals. It could have been worded more accurately as "For each ounce of gold we have, we are willing to accept the same approximate amount of buying power in collateral". Oil gets used up and wouldn't have a growing surplus over time as gold does which was part of the reasoning behind the premise. I don't think you are focusing on the right aspects. It's fine if you don't agree with Austiran economics, but I ascribe to that as opposed to Keynesianism.[/QUOTE]
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