Since the USA Dollar isn't backed by anything of value..

My monopoly money has more value. So I've been hoarding it.

It is only a matter of time.

It's the very act of adding more money to the money market that devalues the money that is already in circulation... Dumbass.

What is something of value?

Ultimately the only that matters is trust.

Do you trust you can buy shit with whatever you get, money works well in that regard. Commodities less so, there have been plenty of crashes in the past because of fluctuating commodity value.

That's not to say that a badly managed fiat currency isn't terrible (and tbh Europe/US haven't really managed to do that well imho for the past 20 years or so). But not for the reasons you are thinking of.

It's backed by oil. That's why they call it the petro-dollar.

It's been rehashed a thousand times but I guess I'll beat the dead horse one more time: We need to go back to a gold backed currency.

Preferably one not hidden in a box we're not allowed to open.

Or ever see the gold inside.

Which may or may not have tungsten cores.

The dollar is backed by collective human consciousness which has tremendous 'value'.


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US dollars are backed by everything that is up for sale in the USA at any given moment. That myth about them being backed by nothing is bullshit. Though printing money does have an effect. It makes everything up for sale more expensive and every dollar currently in circulation worth less.

I agree somewhat. The problem is there is not enough gold in the earth, at current prices, to back all the currency in circulation. Gold would have to sell for $50,000/oz. or more.

You're placing US dollar value on a hypothetical where it wouldn't exist.

No, not really. All the gold mined in all of human history could fit in 1 olympic sized swimming pool. So if you want gold to back say the dollar, you would literally be able to exchange a hundred dollar bill for a speck of gold dust. that is how much value the dollar has lost since the 1970's.

There have been plenty of severe economic depressions while countries were on or were trying to maintain a gold standard.

The problem with commodities is that supply of said commodity isn't regulated. For example a decrease in gold mining output or the finding of new sources of gold like for example deep sea exploration or space exploration (or even trading of gold for goods in another country) would have a massive impact on the economy while there really isn't much control over it.

That's not to say I agree with the current monetary policies of the various "national" banks.

Interesting. What about a gem-based economy? Like diamonds or something similar?

It's backed by B&B: the words of Ben & Barry!

As long as its backed by something of tangible value it should work. Does everyone find gems valuable though? That's the trick, because gold is considered valuable by pretty much everyone on the planet. Not just jewelry, but manufacturing/industrial processes.

Except salted gold.

Oh Shi....

The "dollar" is a "Federal Reserve Note". Call it what it really is. The markets are manipulated! The whole freemarket system is controlled, which makes it not a freemarket system at all! Its an illusion! The beast giveth, the beast taketh! Those who will not worship and serve the beast will be killed by those who do!

Why would a commodity based currency work better?

If population expands or contracts, or if economic activity increases or decreases then how will you deal with deflation or inflation? In most situations you just cannot adjust the monetary supply accordingly.

And commodity based currencies are as easily corruptible as one based on essentially trust. Just look at the causes of the great depression (which occurred while most of the world was on a gold standard one way or the other).

True and good points. The one positive I can see is they would not just be able to invent money and print it out of thin air. The circulation of currency would be more tightly controlled if backed by something of value. Even chickens.

No it does have an effect.

It causes inflation which leads to wealth gradually moving up into the hands of the rich

It is backed by our belief that it is worth something, thus we chase after it. The day the illusion pops- lookout.

Is that imported or domestic oil that it is backed by ?

The WORD !

Oil is traded in only the US dollar.

Oh but the US Dollar is backed by something. The full faith and credit of the United States.

Here is the definition.

Full borrowing and taxing power of a government (which, if necessary, can print money to pay its debts) pledged for the full and timely satisfaction of its obligations.

This folks is exactly what is taking place. Printing dollars.

Sure it is. Maybe it is reported as being traded "in dollars" but the fact is, oil is traded world wide for goods and services, just like illegal diamonds, guns, drugs and everything else.

What the US Government preaches to its goats as TRUTH is more often lies made to appear like they control everything.

The Federal Reserve Note is DEBT and is that debt is paid by the GDP of the US in goods and services, pledged to the Federal Reserve at face value, plus interest.

The Federal Reserve notes cannot "pay" for anything, because it has no intrinsic value.

That is utterly false. The Government cannot "print money" it is against the law. The Federal Reserve can issue "credit" to the US or other Corporations, but the Government does not issue said credit, it issues BONDS on the US Citizens labor, goods and services to "pay" for the credit issued.

The GDP is simply a yearly accounting of what has been pledged to the Federal Reserve as payment.

Add to this the fractional reserve lending done by banks and you will see the entire system is one of voluntary servitude and peonage.

You own nothing, not even your own life because you have submitted yourself to the lie of Federal Reserve/Central banks debt.

The US dollar is back, but not by gold by the biggest guns.

Untill something happens and the US cannot power their military they will still be in control.

my issue is with the interest we pay the corporations(fed reserve)for the issuance of money.

we have no choice but to use it, so it should be interest free, the peoples money if you will...should not be held hostage to interest.

nationalize the banking system, one of the Dakotas has a working model.