Printed money has value because the government says it has value. Gold has value because of pretty much the same reason. Everybody thinks it is valuable. Gold is subject to the same economics as the dollar. If you could make Gold from lead like the ancient alchemists tried then after a while Gold would not be very valuable.
We now have the technology to make diamonds that are better than the ones they dig out of the ground. The price of diamonds is falling by the day
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I'm not a fan of fiat currencies! Although, I guess they're good if you're a government material manufacturer or deficit spender.
They make everyone else infinitely poorer though
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This was an interesting afternoon read. Needed to refresh my own memory of its details. I'd say it's easy to abuse, especially when giving banks any power.
https://www.investopedia.com/terms/f/fiatmoney.aspIt doesn’t have to be gold. Any real goods or resources are suitable backing for representative currency. We’ll never go back because it would bankrupt the US. Not only do we not have enough real goods and resources to back our currency, we can’t produce enough to cover the difference. What little is left of our manufacturing base is too heavily dependent upon foreign markets for raw materials and cheap labor. We make almost nothing here from start to finish out of resources found only here.
Brush up on your Chinese, people!
Ell oh ell!Is that money to buy an Italian car built by Stellantis with?
Because it's guaranteed to be worthless in the end, gold has been valuable for millennia
It’s not. If it were a lot of countries would be nationalizing their gold production.
Never heard of it.
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