Posted by RodInNS on February 27, 2014 at 07:46:03 from (216.118.158.123):
In Reply to: Re: Bitcoin posted by Traditional Farmer on February 26, 2014 at 18:43:40:
I think that suggesting that the Fed is just conjuring up billions of dollars a month at random is being disingenuous. They are printing money. Of that there is no doubt... but there is a methodology to what they're doing based on regulation and a lot of statistical evidence. My understanding of the subject is roughly... that if you want the economy to grow, it needs money. To get money you pry it from the hands of those hoarding money. If you can't do that... you print money. Even that's a simplistic description.... but basically to spur growth the money supply has to increase. So they print it. And yeah... that devalues what is already in circulation. If you were to maintain a gold standard then economic growth would then be limited to the amount of gold you could dig out of the ground.... and I don't think that would be a very desirable path for any of us. While many, seemingly you included.... seem to view a devalued dollar as a bad thing... it does tend to have an upside. Devaluing your dollars also devalues the dollars of the Gates and Rockefellar's and Rothschild's..... as well as devaluing the debt of the nation at the same time. The impact on those sums is far greater than the impact on you as an individual... The thing about the Fed vs something like bitcoin is that the fed is in essence basing the expansion of the money supply on things like inflation and economic growth. The value that is placed on the dollar will fluctuate relative to people's confidence and it's purchasing power relative to commodities, other currencies, etc. Ultimately it's the entire value of the nation's economy that backs the value of the dollar or any other Fed type of fiat currency. There again... I don't know what backs a bit coin. Thin air? The other thing I have little doubt about... is that we're never going back to any type of metal based currency. The reason we have the present system is for convenience. Even if the present system failed, we'd soon be back to some similar type of system. Currency is really only about facilitating trade in denominations rather than direct bartering of goods... not storing value in the currency. You could just a easily use wood chips or dried cow patties for currency if that's what someone wanted to use.
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