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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: shades who wrote (42670)12/13/2005 3:22:54 AM
From: 8bits  Read Replies (1) of 116555
 
"A visa card is money too"

Is it when it has expired or cancelled...? Not it is not, it is similar to a check, ie an iou or promise to pay.

In fact a Visa is an iou (cardholder) on top of an iou (Visa) on top of an iou (Merchant Bank) on top of an iou (US Currency). It works until it doesn't, IT is one reason consumerism has grown so dramatically. Basically a way to easily facillitate the transfer of money, but it is not money in and of itself.

The majority of the world's population in the last century experienced rapid devaluation of their currency. The US experienced slow depreciation (About 95% in 80 years..) I think it is prudent to keep some gold around. I of course still have a credit card.

Does SI Bob or Raja accept cash..? Probably not that either. Credit/Debit cards expedite transfer of capital. It works as long as the "Full faith of government" holds. It is becoming increasing apparent that the faith in the US Government in terms of not printing money, isn't holding...it's just a slow process... slower than your hair growing... but it is happening.

When the US was on the gold standard, people accepted checks and cash much more often than physical gold was still available to individuals until 1933 and to countries until 1971. Not it's just a promise to pay. Groovy.

Gold is not only money, it is also insurance. The difference between gold insurance is that the policy doesn't expire with gold.
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