Money=faith a philosphical treatise

I was thinking about money today... In many ways its the biggest conspiracy of them all. It is a question of belief that we accept that a piece of paper or a metal disc has any value. If we all decided tomorrow that they were worthless we'd be in trouble, I realise that money represents an amount of precious metal some where, but why cant I just write on a piece of paper, I owe you x amount of gold. You would laugh at me. In England bank notes have written on them, 'I promise to pay the bearer on demand the sum of x pounds'. You see its all faith. And blind faith at that, we are told to accept something so that it works, I wonder how many other parts of our reality are held in place by blind faith?

I had day off work today, time to think...
Whats your take on this? Can anyone think of any other areas of blind faith, other than religion of course, thats a whole different debate...

Actually, we are no longer on the gold standard any more...

In 1944, the world agreed a new system of foreign exchange based on fixed rates against the US dollar which, again, was backed by gold.

Under the Bretton Woods agreement the value of gold was set this time set at $35 dollars per ounce.

By 1958, as currency controls were lifted, most countries followed the new system.

This was to be the case for the next dozen or so years until in 1971 the US, faced by dwindling reserves and a growing balance of payments deficit, came off the gold standard.

This was the final nail in the coffin for gold and never again was the gold standard to be revived.

The international money system is now based on the dollar and other paper currencies."

news.bbc.co.uk...

I know mate but that wasnt what I am driving at its about the faith in the currencies validity.

Originally posted by bigdanprice
I know mate but that wasnt what I am driving at its about the faith in the currencies validity.

Sorry... I believe that the entire modern economic system, since it is solely based on paper and computers, is fraudulent. Whoever is in control of them can churn out whatever reports necessary to value or devalue the present monetary system. The economy is based upon a system that doesn't have any real substance - so I for one have no faith in it. It seems a system destined for failure to me. I hate sounding pessimistic but I don't know of any failsafes in place to prevent it.

But do you still use money, i mean think of it in a real way, like paying for a can of beans, you must have the faith that money can buy these beans

Actually the U.S. money isnt backed by anything anymore, its just a piece of paper of metal as you put it. It used to be backed by Gold and Silver when the U.S. Treasury was in control of it. But the Federal Reserve controls it and that is owned by a private corporation based in Delaware Known as The Federal Reserve which is not a part of the U.S. government. The Federal Reserve never has been and never will be a part of the U.S. government. Then why does the money have U.S. Treasury on them you may ask, well the treasury dept. still prints them but they do not control it. Basically the Federal Reserve just tells them how much they need printed. The Federal Reserve even charges the government iterest on the amount of notes that they borrow. This is why the U.S. is so far in debt. Heres a link if you would like to read more about this www.bikernews.net..." target="_blank" class="postlink" rel="nofollow">U.S. money

Originally posted by DipSchnit
Actually the U.S. money isnt backed by anything anymore, its just a piece of paper of metal as you put it. It used to be backed by Gold and Silver when the U.S.

Your wrong, US currency is backed by something.
It's called the "Military Standard". Sad isn't it.

bigdan,

you are right on man.

follow the money and find the source of a lot of the control system.

wait till everyone finds out that all governments are so far in debt that they can never pay it back.

Originally posted by THENEO
bigdan,

you are right on man.

follow the money and find the source of a lot of the control system.

wait till everyone finds out that all governments are so far in debt that they can never pay it back.

finally someone understands what I am getting at!
The aspect is FAITH in the currency, the fact that its not backed by anything means even more faith.