What is the obsession with Gold?

[Mysstree]

 

[LawrenceChard]

2 hours ago, Mysstree said:

 

So, what is the obsession with gold?

😎

[Scuzzle]

2 hours ago, Mysstree said:

 

This Professor seems a bit of a walloper, he's blaming gold for the 1930s great depression but what's his explaination for the depression heading our way now we are not on the gold standard?  His "accounting practice" does not seem to mention the inflationary aspect of currency or how every single FIAT currency has failed where gold has protected wealth and purchasing power for thousands of years.

[LawrenceChard]

1 hour ago, Scuzzle said:

This Professor seems a bit of a walloper, he's blaming gold for the 1930s great depression but what's his explaination for the depression heading our way now we are not on the gold standard?  His "accounting practice" does not seem to mention the inflationary aspect of currency or how every single FIAT currency has failed where gold has protected wealth and purchasing power for thousands of years.

Thanks,

That has probably saved me from having to watch the video!

😎

[Joshua723]

I've been sent links to a number of that guy's videos from various well-meaning people over the last few years. The most charitable thing I can I say is that he should probably stick to his day job.

[ant1882]

I watched this, it came up on my YouTube recommended.

That guy needs to go and study history, and then understand it... clearly he hasn't and doesn't.

[Bratnia]

4 hours ago, LawrenceChard said:

Thanks,

That has probably saved me from having to watch the video!

😎

+1.

Haven't bothered watching the video so with that declared : Gold/silver as they're inert, solid rather than liquid/gas, fungible - better than sea shells, divisible (pieces of eight = easily cut a coin in half, then quarters then eighths). But even under the gold standard periodic 'revisions' are required. Fiat (US Fed) introduced glide paths rather than abrupt/sharp periodic revisions. Neither is perfect, of the two Fiat is commonly accepted as being the better of the two as hard/sharp (gold standard) revisions are more inclined to induce wars. The US does strive to keep the USD aligned with gold and otherwise periodic large steps. The easiest way for that is to buy/sell gold to align its price to the USD. Countries (BRICS) that are looking to revert to a form of gold standard/drop the USD will find that leads to conflict/wars, poorer BRICS member states will sooner or later find that all of their gold has been spent and have no other option other than to steal someone else's gold. Under fiat and debts can be restructured more peacefully.

[MartynC]

I wached this the other week. It's the usual argument of 'it's just a rock'. What does that even mean? Gold is as common as rocks and I can get gold from anywhere now, basically free? So what is money today? Base metal coins and plastic notes. Gold is rare enough. Costly to mine. It does not rust or oxidise and will out last us all. I am happy to own some and let the free market decide its value. 

Edited 29 minutes ago by MartynC
Correcting the auto correct