Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: shades who wrote (42805)	12/14/2005 10:49:11 PM
From: 8bits	Read Replies (2) of 116555

"Why did they lose faith - and what restored it - that is all that matters - answer me that" Well I did already, at least certainly your second question. Collective loss of faith: The story of the continental: "Virtually any metal would have made a desirable alternative for unsecured Continental paper, which rapidly lost its value with the onset of the chain of military disasters that nearly swamped Washing-ton’s forces later in 1776." oldcoinshop.com Another time when part of the US ended up with worthless paper money: csacurrency.com Restoration: The ease with which one could take paper money and easily convert it to physical gold or silver. IE Gold and Silver were money up 1933 and 1964 respectively. "why did you ever have faith in the US currency or other us currency based virtual systems or debit cards and such?" I have never had faith as an adult or even as teenager that US currency would hold it's value over a long period of time. I still use credit cards, bank accounts, etc. but the bulk of my wealth is not in a convential savings. as you may know owing money to the bank if the debt is in a currency that rapidly weakens is a distinct advantage to the debtor. Debit cards, credit cards, home equitly loans are not the same thing as having money in the bank (or a CD etc..) although some people treat it as such. Generally a debtor benefits with rapid inflation a saver does not. "Are you afraid if you dont pay your taxes that is used to blow up brown people that maybe you might get in trouble with the gubbment?" What..? This appears to be a non sequitur. I was discussing the nature of money. "Now china wanted to buy some oil, they tried to buy it with US dollars, they got slapped down." What...? They buy oil on a daily basis. What are you talking about..? Purchasing Unocal..? Irrelevant, it's possible Chevron will eventually sell some of the Asian Unocal Assets off anyway to China. Chinese oil companies have purchased rights and assets from plenty of western companies. The list is rather large in the last few years. Oil is highly fungible and will remain so. "In reality, the USA has nukular bombs, nukular aircraft carriers, nukular stealth bombers, nukular submarines." In reality so did the Soviet Union. And how much do you think the rouble depreciated when the Soviet Union fell apart...?

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