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Thread: Trade wars

  1. #31

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    The cost of printing money is being replaced gradually with digital currency, i.e bank accounts and debit/credit cards. We will in the future no longer be trading physical money which will be a point where all currencies will have the same value more or less.

  2. #32

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    Quote Originally Posted by SgtOddball View Post
    The cost of printing money is being replaced gradually with digital currency, i.e bank accounts and debit/credit cards. We will in the future no longer be trading physical money which will be a point where all currencies will have the same value more or less.
    I guess that is open to debate. Yes, currencies have basically gone digital, but they still have to be backed by something, or they are worthless. At the end of the day, the digital currency is still traded for tangible goods which are limited in quantity. So you still have the same conundrum - the total amount of digital currency cannot exceed the total value of the tangible goods. If one country "prints" more digital currency, they devalue everyone's currency. Tough one.

  3. #33

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    Quote Originally Posted by normalguy View Post
    I guess that is open to debate. Yes, currencies have basically gone digital, but they still have to be backed by something, or they are worthless. At the end of the day, the digital currency is still traded for tangible goods which are limited in quantity. So you still have the same conundrum - the total amount of digital currency cannot exceed the total value of the tangible goods. If one country "prints" more digital currency, they devalue everyone's currency. Tough one.
    It is really debatable but we on the way to that kind of transition, so we will see how it affects us all in the future assuming it does happen.

  4. #34

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    Currencies are no langer backed by real materials. In the current world economie that would be impossible. Apple went over the one billion dollar value. Where is that gold stored?

    By looking on the internet I found that only 4,6% of the US national debt is backed by gold. The rest is goodwill and trust that America will always pay back its debts.

  5. #35

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    Quote Originally Posted by Roland007 View Post
    Currencies are no langer backed by real materials. In the current world economie that would be impossible. Apple went over the one billion dollar value. Where is that gold stored?

    By looking on the internet I found that only 4,6% of the US national debt is backed by gold. The rest is goodwill and trust that America will always pay back its debts.
    You are right....sort of. The US dropped the Gold Standard in 1973 (Nixon), and most other countries have done the same. But the US did peg the dollar to oil, using Saudi Arabia as a lynchpin. Until very recently, if you wanted to buy any oil, anywhere in the world, produced by anyone, you had to pay in US dollars. So the dollar was (and mostly still is) backed by oil. When you know this little fact, it makes sense of why America goes to war with (or places sanctions/trade restrictions against) anyone who tries to reintroduce a gold standard, or not pay for oil in $US (Iraq, Iran, Venezuela, Libya, China, Russia, Brazil....the list goes on)

    I don't for a moment believe that the dollar is backed by trust. The only other thing the dollar is backed by is your future work. You are literally a slave to a giant tax machine. It's far too complicated to explain here, but I suggest you read "The Creature from Jekyll Island" which is about how the US Federal Reserve is privately owned (and always has been), and also that you research the truth behind Social Security numbers. They are not what you think they are.

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