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I like to think about money this way: when the world ends and we are left in some of post-apocalyptic zombie epic society do you think that gold will still be v

I like to think about money this way: when the world ends and we are left in some of post-apocalyptic zombie epic society do you think that gold will still be valuable? Gold cannot feed you, protect you, or help you survive in any way. Besides being very resistant to corrosion and very malleable, gold really doesn't have that many special properties. Really the only reason gold is considered to be so valuable is because its rare. But if you really want to talk about money, then goods and materials have far more intrinsic value than gold. In fact, your post is totally wrong. Most currency was very nonstandard, with all sorts of alloys and rare metals being used.

illumin8 15y ago
How is my post wrong? Name one fiat currency in the history of the world that has not eventually been devalued and become worthless over time. Every currency that has crumbled has had one thing in common - it used to be backed by gold, silver, or some other precious resource, and then due to the need of government to print more money, the backing was removed. Why are we as humans destined to learn this lesson the hard way every few decades? Because people have a short memory and forget history. Once confidence in a currency has eroded no amount of it can be worth almost anything. See Germany during the Weimar republic - people carrying wheelbarrows full of paper bills to buy a loaf of bread. I'm not saying that's going to happen tomorrow in the US, but currency devaluation is a slippery slope and it is happening all around us.
- crxpandion 15y ago
  your post is wrong in its claim that all civilizations have used gold as currency. In fact most civilizations until recently didnt really have an official currency. Furthermore, raw materials such as food were far more commonly traded. Taxes, until recently, were collected in raw goods. Im not really sure why you want to go back to the gold standard so badly. Do you realize that the reason technologies like the internet have grown so fast is because we have a fiat currency? This allows people, especially small and new businesses, to borrow effectively.
  - illumin8 15y ago
    Gold backed money and borrowing are not mutually exclusive.
dereg 15y ago
In a post-apocalyptic world, will dollars, yen, or euro still be valuable? Your assertion is absurd because you're expecting gold-backed money to do more than fiat money does.

illumin8 15y ago

How is my post wrong? Name one fiat currency in the history of the world that has not eventually been devalued and become worthless over time. Every currency that has crumbled has had one thing in common - it used to be backed by gold, silver, or some other precious resource, and then due to the need of government to print more money, the backing was removed. Why are we as humans destined to learn this lesson the hard way every few decades? Because people have a short memory and forget history. Once confidence in a currency has eroded no amount of it can be worth almost anything. See Germany during the Weimar republic - people carrying wheelbarrows full of paper bills to buy a loaf of bread. I'm not saying that's going to happen tomorrow in the US, but currency devaluation is a slippery slope and it is happening all around us.

crxpandion 15y ago
your post is wrong in its claim that all civilizations have used gold as currency. In fact most civilizations until recently didnt really have an official currency. Furthermore, raw materials such as food were far more commonly traded. Taxes, until recently, were collected in raw goods. Im not really sure why you want to go back to the gold standard so badly. Do you realize that the reason technologies like the internet have grown so fast is because we have a fiat currency? This allows people, especially small and new businesses, to borrow effectively.
- illumin8 15y ago
  Gold backed money and borrowing are not mutually exclusive.

dereg 15y ago

In a post-apocalyptic world, will dollars, yen, or euro still be valuable? Your assertion is absurd because you're expecting gold-backed money to do more than fiat money does.