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a reply to: Yazidi
www.abovetopsecret.com...
originally posted by: ancientthunder
You only owe what you bought in to in the beggining and you are free to do your best to let go of that. That implies many levels not just money! So it is revolutionary for those with eyes to see and ears to hear.a reply to: Gothmog
originally posted by: StallionDuck
It doesn't matter if the currency was hard currency or not. The purpose and the point is still the same.
originally posted by: AugustusMasonicus
a reply to: Profusion
It still is not a fiat currency, the definition of a precious metal, hard currency is a commodity currency because it can be metaled down and still retains its value if not more in some cases.
The Romans also accepted coinage from other nations as fair trade which is certainly not Caesar's fiat.
This is simple history and economics.
Fiat money has been defined variously as:
Any money declared by a government to be legal tender.[5]
State-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.[6]
Intrinsically valueless money used as money because of government decree.[1]
en.wikipedia.org...
originally posted by: StallionDuck
a reply to: Profusion
Very good point and post. I see what you're getting at, clearly. I don't understand many of the arguments here. I just have to assume that some of these guys are doing it just to see themselves argue an obvious point.
Walk away from the system and your handlers no longer have a dog to tie the leash. If the system is so corrupt, simply walking away from it would allow it to fall. Of course, the backlash would be deadly. People would starve, marshal law would be declared, people would be forced to submit to the system, etc etc.
The world would burn...
originally posted by: Profusion
Their money was not "convertible by law to any other thing."
And, it was not "fixed in value in terms of any objective standard" IMHO because as the link above demonstrates, the value of the currency was debased relatively frequently and for a long period of time.
originally posted by: AugustusMasonicus
originally posted by: Profusion
Their money was not "convertible by law to any other thing."
It most certainly was. It could be converted into jewelry due to the precious metal content. Or melted and restruck as different coinage.
In the old days of the gold standard, every paper dollar could be converted to a gold dollar at any bank on demand.
www.small-business-goldmine.com...
originally posted by: AugustusMasonicus
And, it was not "fixed in value in terms of any objective standard" IMHO because as the link above demonstrates, the value of the currency was debased relatively frequently and for a long period of time.
Its value was based on the precious metal content and therefore its value was based on that standard. Gold and silver have intrinsic value and even if a Aureus was debased to the point of being half its previous value as currency the gold is not worth any less by gross weight, there is just less of it per coin.
originally posted by: Profusion
"convertible by law to any other thing"
The following quote is what the quote above is referring to:
In the old days of the gold standard, every paper dollar could be converted to a gold dollar at any bank on demand.
www.small-business-goldmine.com...
Again, it's up to you to prove that intrinsic value exists. You just keep repeating that it's true. Unless you can do a lot better than that I'm not continuing in this debate.
originally posted by: AugustusMasonicus
originally posted by: Profusion
"convertible by law to any other thing"
The following quote is what the quote above is referring to:
In the old days of the gold standard, every paper dollar could be converted to a gold dollar at any bank on demand.
www.small-business-goldmine.com...
We are not talking about the current paper currency of the United States, we are discussing an actual precious metal based currency. Convertible dollars are not the same thing as an actual commodity currency.
Fiat money has been defined variously as:
Any money declared by a government to be legal tender.[5]
State-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.[6]
Intrinsically valueless money used as money because of government decree.[1]
en.wikipedia.org...
Severan emperors (193-235) steadily debased the denarius from a standard of 78.5% to 50% fine; in 212 Caracalla reduced the weight of the aureus from 45 to 50 to the Roman pound.
www.tulane.edu...
originally posted by: Profusion
You're not even claiming that Rome's money was convertible by law to any other thing.
You haven't shown any proof that such a thing as "intrinsic value" exists.
originally posted by: Snarl
originally posted by: AugustusMasonicus
Except the Romans did not use a fiat currency, it was a hard, commodity currency minted from precious metals and had its own intrinsic value.
Damn. Did you just bugger the entire thread?
ETA: Early flag here.
Am curious to hear what other people think about dumping everything they have ... and how long they think they can hold out. Something's afoot with the petrol dollar (and that means every currency affected by the US $). It's gonna happen sooner or later. Every fiat currency dies.