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Gold/Mining/Energy : Gold Price Monitor
GDXJ 93.98+0.6%Nov 21 4:00 PM EST
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To: Bob Dobbs who wrote (26952)1/24/1999 8:28:00 PM
From: ali  Read Replies (1) of 116764
 
Bob and Ron,
you two are quite smart fellows with theory.But what do you know about practical life with a disabled currency? I do!! Going back to the years 1945-48 before Germany got their new Deutsche Mark.
A measuring unit was an American cigarette and/or a pound of butter,a silver coin or a piece of gold (for the more sophisticated ones).It is a mote point to even argue about fiat currency as it is here to stay if we like it or not(I don't).But that does not mean that we have to put all our earnings into any government papers(fiat,t-bills,bond...).
Any prudent person should split his chances of loosing it all by putting it into tangibles which may be desirable in the future by very many people, easy to keep and do not deteriorate too fast in time.This brings me back to gold and silver and other PM's,as these have a proven track record.The problem I see with fiat currency is, that it is handled by greedy people.What we should have is a plebiscite anytime the money issuers want to print more money.Only the
margin of the vote should be more than half and the people who have a vote on this should have to have proof of at least $ 5000 in their bank account to give them a small reason for the soundness of their currency.Theories....
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