"This is trivially true (all civilizations end, the sun burns out, nothing is permanent) but the relevant timeframe is usually one's lifetime, and the stability of the currency over that timeframe is more important."
Not sure it is Trivially, fait can go to zero, gold for example can not as there are other uses for it... Perhaps, like good design, the more timeless option might be the better:-)
You're paying that "interest" in exchange for a more stable currency"
who pays for whom might be the better question with who is to benefit.
Well, a physical dollar bill has intrinsic value as well; if nothing else, you could burn it for energy. The intrinsic value is a minuscule fraction of the "official" value, but still nonzero.
The intrinsic value of gold is a lot greater, but probably still only a small fraction of its general market value; its very reputation as synonymous with tangible wealth serves to paradoxically inflate its value.
And the Deutsche Mark made great wallpaper. The intrinsic value of an object created for a lost purpose is worth less than the materials it's made out of.
Gold, on the other hand, has a naturally limited supply and has notable uses. It's reputation as a symbol of wealth is not only because of the cost, but also because there's not enough for everybody. If there was a limited supply of denim, we'd see a big comeback in Storm Riders.
It's like owning a Tesla - it's not just a $100k car, it implies that you're a somebody.
Agree, I liked/enjoyed those comments as well, was even wondering if they were talking about houses for a minute and not comment prices:-) I come here to exchange ideas. I'd be open to the experiment, besides if it doesn't work we can always put it back....
Agree...Also, from that link:
‘built the roads that got him to work each day’
and they built those roads without your consent like the stimulus package now, you will get it from your tax money regardless if you want it or not. How many cameras did those roads include so your government can watch you? How many $2,000 hammers? How many pay-offs to the political class were made for it to happen, behind closed doors? The argument you ‘owe society’ is false, what you owe is freedom within that society that let it happen and that is all. The greater the personal liberties are held foremost in society the greater the benefits that can be developed for your fellow man. How much good for society happened under Mao, Hitler and Stalin? The infrastructure that the Weimar Republic built centered on promising its citizens too much. This led to huge budget deficits that created inflation on a level the world had never seen before. I’d rather take my chances without everything the link says government gave me:-)
Not sure it is Trivially, fait can go to zero, gold for example can not as there are other uses for it... Perhaps, like good design, the more timeless option might be the better:-)
You're paying that "interest" in exchange for a more stable currency" who pays for whom might be the better question with who is to benefit.