RIP America - Those who would give up liberty for (supposed) safety deserve neither

[Doomsday Dallas]

no I disagree 100%, in fact I think that is why BTC is flawed, it's finite...that means the rich can just hoard them all...and as soon as the mining is over, the poor and middle will have no access to any BTC, it's done.

disagree... it would be a system like XRP/Ripple, where the government has over half the volume (RIpple owns half of XRP)

this is kinda how it use to be with the Gold Standard. Getting off the Gold Standard gave the government the ability to write a blank check that it's citizens can't cash. Fort Knox use to back up our government's promises, but now they can make unlimited promises based off our GDP.

You assume the 1% wouldn't continue to supply jobs like they do know because there isn't an infinite amount of debt? They would just hoard it all? The 1% wouldn't be the 1% if they didn't create jobs and spend money.

[Doomsday Dallas]

Money should appreciate in value.... not depreciate. That's why the system is flawed. Ron Paul is right about this... and so was JFK.

Jim Marrs, in his book Crossfire, presented the theory that Kennedy was trying to rein in the power of the Federal Reserve, and that forces opposed to such action might have played at least some part in the assassination.[17][18][19] Marrs alleges that the issuance of Executive Order 11110 was an effort by Kennedy to transfer power from the Federal Reserve to the United States Department of the Treasury by replacing Federal Reserve Notes with silver certificates

https://en.wikipedia.org/wiki/Executive_Order_11110

In March 1964, Secretary of the Treasury C. Douglas Dillon halted redemption of silver certificates for silver dollars.

On June 24, 1968, all redemption in silver ceased

[~primetime~]

disagree... it would be a system like XRP/Ripple, where the government has over half the volume (RIpple owns half of XRP)

this is kinda how it use to be with the Gold Standard. Getting off the Gold Standard gave the government the ability to write a blank check that it's citizens can't cash. Fort Knox use to back up our government's promises, but now they can make unlimited promises based off our GDP.

You assume the 1% wouldn't continue to supply jobs like they do know because there isn't an infinite amount of debt? They would just hoard it all? The 1% wouldn't be the 1% if they didn't create jobs and spend money.

2500 tons of gold are mined every year on average, it inflates...poor people could go out and get some if they wanted to work toward that, and they did in the past

no inflation is bad...and deflation is the worst...when we deflate all your rent and debt payments are now bigger...

[~primetime~]

If money APPRECIATED in value every year, our salaries would get smaller over time, the price of goods and services would get smaller over time...while our rent and mortgage payments stay the same...it would cause recession, and that is exactly what deflation does.

[Doomsday Dallas]

So basically you are saying money should be backed up by nothing... instead of it being backed up by something.

JFK and I disagree.

[~primetime~]

So basically you are saying money should be backed up by nothing... instead of it being backed up by something.

JFK and I disagree.

Fiat is backed up by FAITH which is the exact same thing gold is backed up by...and the exact same thing BTC is backed up by...and the exact same thing almost everything is backed up by...diamonds, baseball cards, etc

If you have a Picasso Painting...and there are people in society that are willing to give you $millions for it...that means that painting is literally worth $millions...as long as society deems it worth millions and people are willing to give you millions...it is actually worth millions. You can say "it's just canvas and paint, it's worthless" all you want to, but as long as it holds the power of getting $millions, it is really worth millions.

That same concept holds true for gold/BTC/Fiat...as long as there are people who will give you goods/services/value for your Gold/Fiat/BTC, those things are literally valuable.

And what is the point of trying to convince society those things are worthless?...why go through that effort?...it's a worthless battle

[Doomsday Dallas]

And what is the point of trying to convince society those things are worthless?...why go through that effort?...it's a worthless battle

Dude, again you are saying I'm calling money worthless... all I'm saying is that the Federal Reserve has the power to print an endless amount... because it's backed up by nothing.

Do you think the Federal Reserve could just print an endless amount of these dollars?:

[Doomsday Dallas]

Also making a point that debt to GDP ratio is relevant... and will come back to bite America in the ass.

[~primetime~]

I think they should try to print 2% more every year...that helps society

If they have to go beyond that due to disaster then so be it...as long as we don't hit hyperinflation

[Stephonit]

Dude, again you are saying I'm calling money worthless... all I'm saying is that the Federal Reserve has the power to print an endless amount... because it's backed up by nothing.

You are wrong. It is backed up by the full faith and credit of the U.S. government. You know what that means? It is backed up by the government's power to tax Americans. That's what it is backed up by.

[falc39]

no I disagree 100%, in fact I think that is why BTC is flawed, it's finite...that means the rich can just hoard them all...and as soon as the mining is over, the poor and middle will have no access to any BTC, it's done.

Small amounts of inflation is healthy, this is proven...that's what makes a 30-year mortgage any even more sound investment...toward the end of that 30 years the payments will be small because a good amount of inflation over a couple decades helped. Inflation helps debt in general...over time your debt will get smaller due to inflation. In 1985 the National Debt was $2T, that's nothing now...it's like all that borrowing we did in the 80s is meaningless pennies thanks to inflation.

Hyperinflation is bad...Deflation is bad (a more of a threat right now)...moderate inflation is good

Recently, Switzerland experienced a period of deflation accompanied by economic growth. If deflation is bad, why would this occur?

[Doomsday Dallas]

You are wrong. It is backed up by the full faith and credit of the U.S. government. You know what that means? It is backed up by the government's power to tax Americans. That's what it is backed up by.

that's a good point.