If it is backed by gold, how do you get your worth of gold if you need to? Where it stored and who controls it?
If you can't easily, at any time exchange your gold-backed currency to the exact weight of gold it represent without any additional fees or taxes and back - it is not gold-backed currency at all.
The reality is currency is NOT backed by gold, gold IS backed by currency.. Why does anyone want gold? Only because it's redeemable for cash. It's cash value IS it's only value. No one cares that money isn't worth gold, but no one would even want gold if it weren't worth money.
Gold never had inherent value.nit has no more inherent value than cash does.
You literally don't even know what money is do you? What you think money is, is just a system of promissory notes, and tokens. True money is made out of actual resources, and nothing holds more value, or last longer then metal.
Gold has no inherent value, certainly not an actual resource without the projection of value on it. It is only valuable because it's worth money right now, and historically it's only value was we said it had value.
It literally is not a resource. As someone in this thread pointed out, if you were going to stay on a desert island it would not even make a list of 1000 items to bring along because it has no inherent value.
Wood is literally more useful.
So gold becoming a resource in the 20th century because they finally found a use for it Wich is in computers is why it has been valuable for 12,000 years? I seriously doubt that
Again, gold has just recently become a resource. Historically it's only value has been that we use it to project value on.
It's only value to anyone is that it's worth money. If it didn't have a cash value you wouldn't want it.
Doni think that money is just empty little notes? Absolutely, just like gold it's only value is that we use it to project value on to it. Noether the paper, not the gold that used to back it like 49!years ago have ANY inherent value.
Their value is a circular flow chart. Money has value because 40 years ago it was backed by gold. Gold has value because it's worth money.
If it is backed by gold, how do you get your worth of gold if you need to? Where it stored and who controls it?
If you can't easily, at any time exchange your gold-backed currency to the exact weight of gold it represent without any additional fees or taxes and back - it is not gold-backed currency at all.
The reality is currency is NOT backed by gold, gold IS backed by currency.. Why does anyone want gold? Only because it's redeemable for cash. It's cash value IS it's only value. No one cares that money isn't worth gold, but no one would even want gold if it weren't worth money.
Gold never had inherent value.nit has no more inherent value than cash does.
You literally don't even know what money is do you? What you think money is, is just a system of promissory notes, and tokens. True money is made out of actual resources, and nothing holds more value, or last longer then metal.
Gold has no inherent value, certainly not an actual resource without the projection of value on it. It is only valuable because it's worth money right now, and historically it's only value was we said it had value.
It literally is not a resource. As someone in this thread pointed out, if you were going to stay on a desert island it would not even make a list of 1000 items to bring along because it has no inherent value.
Wood is literally more useful.
So gold becoming a resource in the 20th century because they finally found a use for it Wich is in computers is why it has been valuable for 12,000 years? I seriously doubt that Again, gold has just recently become a resource. Historically it's only value has been that we use it to project value on.
It's only value to anyone is that it's worth money. If it didn't have a cash value you wouldn't want it.
Doni think that money is just empty little notes? Absolutely, just like gold it's only value is that we use it to project value on to it. Noether the paper, not the gold that used to back it like 49!years ago have ANY inherent value.
Their value is a circular flow chart. Money has value because 40 years ago it was backed by gold. Gold has value because it's worth money.