Testing The Financial Apologists

A $100 bill isn't credit. It's money.Credit is when someone gives you a $100 bill today and expects you to pay back $110 in future. When they sell their goods to other countries the majority of those payments will be in US dollars. The only reason gold has value is that it can be traded for fiat currencies. If you couldn't trade gold for fiat currencies then people wouldn't buy it in bulk.

Did you read the article? Your question will be answered if you actually read the article or just the headline.
Provide evidence about China and India and explain relevance. Also, explain is what is meant by fiat currencies losing value relative to hard assets. Does any of this mean anything or is it word salad?

if gold was money you'd be able to slice a piece off a bar and use it to buy groceries. Gold is simply a shiny metal.

Explain your plan to

1. Implement a gold backed currency.
2. Transition to a gold backed currency.
3. Determine actual cause of loss of value of investments
4. Compensate for losses incurred by the change.

I have no plan (nor have heard of any) to implement a gold backed currency in the United States. We may need to re-institute backing our money with the 8133.46 tons of gold that we purportedly hold. There will be no compensation for the losers of this reset. Empires rise and Empires fall. Ours still has a ways to go, but our easiest years are behind us.

After reading this article, The Gold Standard: Facts and History (Updated 2024) I saw where the author agreed with you and challenged the ideas of Jim Rickards, one of the people I have heard talk.

Nasdaq.com:

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Some analysts such as Jim Rickards believe in the return of the gold standard and have suggested that the BRICS nations are in the process of creating a new gold-backed currency, as evidenced by bulk purchases of gold by the Chinese central bank.

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While a reserve currency for the BRICS nations may seem like a logical step for the bloc to facilitate trade between member nations, the likelihood that it will be backed by gold seems nonsensical to most analysts, as CPM Group Managing Director Jeffery Christian told Investing News Network...

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As an investment and a part of a balanced portfolio, gold remains a wise choice.Hard telling which direction the world economies will go...

There you go again, trusting what someone says on the Internet. In this case you've somehow chanced across someone with correct information, but what are the odds of that ever happening again? They cannot go to the gold standard because the world money supply is around $50 trillion while the world supply of gold is around $3.5 trillion, and that includes confiscating everyone's jewelry.What is it about there not being enough gold in the world that you don't understand? How do you not get that this is just one of the things gold sellers make up so as to send people into a state of hysteria so that they buy gold. It is amazing that you have even a single asset left because you are a scam just waiting to happen. Given your recent posts, I'm betting your A1C is off the charts again.--Percy

I agree. A mix of stocks, commodities, and bonds is a good mix for a dependable return. My retirement is all stocks, but that is because I am playing the long game (although 65 is only 15 year away now) so I'm not worried about short term fluctuations. Once I start withdrawing in retirement I will seriously consider commodities like gold and bonds. For many aspects, that is true. However, it isn't hard to figure out that the gold standard is dead in the water. Gold could play a minor role in specific trades between specific nations, but there is no chance that gold is going to replace fiat currencies across the world. Gold simply can't physically replace fiat currencies.

That would wipe out about 95% of wealth in the entire country. Why would you do that?Current US dollar supply is 20 trillion. Our gold reserves are 500 billion. The quickest way to collapse the US economy would be to institute a gold standard. 95% of money gone in an instant.

How can you advocate for something that you have no plan for?
You really should learn a little about economics and finance before you spout shit.

You and I share a bit of kinship in one regard here at EvC. The peanut gallery is full of elitists who imagine themselves as well educated and imagine us as a bunch of trolls or hillbillies. I have grown to love them (or like them at least ) whereas you are notably getting frustrated and angry with them. Therefore, let the record show that I am directly engaging with you on this topic and that any comments from the peanut gallery will center on points raised during our (LNA & Phat) conversation. That being said... Before I address your post, allow me to share with you one of the people whom I listen to and who, in my opinion, teaches me a primer on macroeconomics.
The Experts Aren't Telling You This About The DollarGeorge Gammon is a 38 year old macro-economist from Puerto Rico. (Im sure that Theo will feverishly google him to expose some flaw in his credentials, but I am sharing this link with you and not him.) Gammon explains global economics and trends in a way that I can understand. He is not trying to sell me anything, though he does have a product known as Rebel Capitalist Live and is comfortable talking about economics and having people pay to listen to him and a host of other speakers...all counter cultural and non-progressive. I have grown to trust much of what this guy says because of how he explains it and how it fits in with the global narrative regarding changing economic and financial trends both in the United States and globally.
Give the video a listen and tell me what you think. For others who are not so inclined, I will explain (and share) part of the transcript if asked.

Please post his credentials. You claim he is an economist. What is his education? What is his economist employment history? Is he of Puerto Rican heritage or just born there? Where does he live now?
What makes any of us elitists? How do you define that term? Why are you such a troll?
For the record, I will comment on anything I damn well please.

Nope, but we see YOUR behavior as increasingly irrational due to uncontrolled diabetes. I would love to see you define elitists and show how everyone at EvC who disagrees with you fits that definition. Yep, and we watch you feverishly take every opportunity to demean people who ask you to actually show you understand what you're talking about.You have a long, long, long list of unanswered questions about just about every single thing you post about finance and economics.After years of reading your crap, the only thing I can think of that was accurate was that you gambled away your retirement savings.

Im not going to go very far into the internet to learn anything about credentials. What you dont seem to understand is that there are many smart people who have no degree at all. I am unsure of his heritage or birthplace. According to Josh, his assistant, he lives in Medellin, Colombia. Good question. Im looking it up. I will try and honestly answer your questions, but I wont play this whole game of what defines credibility. There are many people with relevant degrees that are horrible humans.
AddbyEdit: According to The way that I use the term is progressive elitists...which are upper middle class as a group and opposed to the "other" group of upper middle class folks who are conservative, populist and/ not as educated (as a rule) but who are usually a hell of a businessman as a group. Elitist progressives, in my mind, are pro American in the sense of Democratic party line values. As a group, elitist progressives are more likely to be secular humanist than Christian, though this is not a rule. They are people like you who appeal to authority (of a relevant degree in a field of study) and who seemingly look down on self taught individuals be they rich or poor. I will admit a degree of bias in my opinion of progressive elitism, but my observations led to coining the progressives at EvC as my beloved "peanut gallery."

Definitions for how you're using these words:

• Elitist: someone who thinks he knows what he's talking about and has the evidence to show it
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• Hillbilly: someone who thinks he knows what he's talking about but hasn't a clue nor any evidence nor the ability to interpret evidence presented to him but nonetheless insists his opinions deserve equal consideration

--Percy