The Gold Standard should have remained the standard

[MerSee]

Any physical thing can be "sound money". It simply depends upon agreement between two parties as to the value of the thing relative to other things that are desired by either of them.

Failing currency isn't sound money.

 

[Dino246]

Failing currency isn't sound money.

Define "sound money" as you are using the term then.

 

[Gideon300]

If you are talking about the Forex exchange....then yes...it is somewhat subject to market forces. But only in relation to GDP and economy. Our Government doesn't set the value. They fudge the numbers with nuts accounting practices and re-reporting accurate numbers all the time...

But it's not linked to gold. And as the ENTIRE WORLD uses the US Dollar as their reserve currency...it's more stable than any other currency in the world. No country uses gold as a reserve currency...for this very reason. China has been buying gold a lot lately...especially as Russia has dumped their reserves. Which has made the value yo-yo. (Currently up considerably)

Gold is not an industrial metal. It's not useful for anything but jewelry and coins.
Silver has more uses but hasn't moved much lately in price. Platinum/palladium is more desired due to its usefulness.
But again is subject to how much is mined.

Maybe I'm being pedantic, but gold does have industrial uses. It has very high electrical conductivity. You will find it in electronics, electronic connectors, some medical and some dental purposes.

 

[MerSee]

Define "sound money" as you are using the term then.

https://fee.org/articles/what-do-we-mean-by-sound-money/

 

[HeIsHere]

Any physical thing can be "sound money". It simply depends upon agreement between two parties as to the value of the thing relative to other things that are desired by either of them.

It would be a real challenge to apply the ideal of "sound money" to any object since the concept of "sound money" is based on its stability, not prone to depreciation or appreciation which is why gold and silver have often been used.

 

[HeIsHere]

some dental purposes.

Apparently,

 

[MerSee]

It would be a real challenge to apply the ideal of "sound money" to any object since the concept of "sound money" is based on its stability, not prone to depreciation or appreciation which is why gold and silver have often been used.

I once heard a Native American Indian Chief say that they viewed seeds as their wealth for barter and not gold.

 

[Cameron143]

Apparently,
View attachment 262544

Not quite the million dollar smile I was looking for.

 

[Cameron143]

I once heard a Native American Indian Chief say that they viewed seeds as their wealth for barter and not gold.

Native Americans haven't faired all that well bartering.

 

[Dino246]

It would be a real challenge to apply the ideal of "sound money" to any object since the concept of "sound money" is based on its stability, not prone to depreciation or appreciation which is why gold and silver have often been used.

What is being overlooked is that "stability" is simply agreement on value writ large. There is no stable, intrinsic standard of value in any substance or thing.

Native Americans used seeds. Polynesians used shells. Israelites used shekels. Americans use dollars. People have used gold. All are based on widely-accepted agreements as to their relative value.

 

[Mem]

In the kingdom, gold will be regarded as useful in lieu of asphalt.

 

[MerSee]

In the kingdom, gold will be regarded as useful in lieu of asphalt.

For the elect.

 

[Nehemiah6]

Gold has no "intrinsic" value other than as an industrial material.

This remark shows how little you know about gold. "Industrial material"? Hardly. Here are the uses of gold for students of mining:
USES OF GOLD
https://www.miningforschools.co.za/lets-explore/gold/uses-of-gold

Throughout history gold has been highly sought-after, revered and cherished. More than that, it is used for a myriad of applications and remains one of the most sought-after precious metals found on the planet.

Gold is highly prized not only for its natural beauty but for its rarity, usefulness and versatility, and can be found in almost every sphere of modern life. Gold's many, and diverse, properties - some of which are unique to gold - make it an indispensable and vital component in various fields. Traditionally gold has been used to make coins, bullion and jewellery, but in recent times it has been used in a variety of less typical ways.

They show jewellery, finances and investing, dentistry and medicine, aerospace, energy efficient glass, and electronics as some of the uses.

 

[Nehemiah6]

In the kingdom, gold will be regarded as useful in lieu of asphalt.

And this must be very special heavenly gold, So if God gives it such high value, ought people to dismiss it as "industrial material"?

 

[Nehemiah6]

Gold and silver do not have intrinsic value, it has the value assigned to it by people.

Same difference. If it had no intrinsic value, it would not have been used extensively in Solomom's temple. As to people assigning it value, why would they assign it suc high value if it had no intrinsic value? BTW all value for everything is "assigned" so that is not even an argument.

 

[Mem]

And this must be very special heavenly gold, So if God gives it such high value, ought people to dismiss it as "industrial material"?

I'm not sure if this is an accurate perspective of gold. Not that I can't understand why it is but, while gold is held in highest esteem in this age reserved for kings and such, in the kingdom it is placed under common use as pavement for our feet to walk upon.

 

[Nehemiah6]

n the kingdom it is placed under common use as pavement for our feet to walk upon.

There is nothing "common" in Heaven. Did you know that?

 

[Mem]

There is nothing "common" in Heaven. Did you know that?

Don't pretend that you don't know what I mean. Neither do I appreciate you're condescension. There is only One above all and so worthy to speak so as is necessarily needful in order meet me where I am. You, sir, are not from heaven.

 

[HeIsHere]

Same difference. If it had no intrinsic value, it would not have been used extensively in Solomom's temple. As to people assigning it value, why would they assign it suc high value if it had no intrinsic value? BTW all value for everything is "assigned" so that is not even an argument.

I am almost thinking the term intrinsic value does not really apply to inanimate objects, do they possess internal goodness, internal value, no ......seems to me extrinsic and intrinsic is more a moral philosophical argument applied to actions and abstract concepts.

Yes, it has value because of aesthetics but I thought were speaking about the gold standard.
So let's stay focused.

 

[HeIsHere]

There is no stable, intrinsic standard of value in any substance or thing.

Well I did state "stability" not stable which implies a sense of fluctuation. And stable and intrinsic are two concepts and stable/stability is an appropriate term to be used in the discussion of economics.

intrinsic standard of value in any substance or thing.

Yes I believe that was my initial point people assign value based on a variety of factors.

Native Americans used seeds. Polynesians used shells. Israelites used shekels. Americans use dollars. People have used gold. All are based on widely-accepted agreements as to their relative value.

Not really sure of this point, surely none of these past practices have any application to our complex modern economies, except for the gold standard but I can also agree that not having a gold standard as a position also has some weight in monetary policy.