MAMEWorld Forums - The Loony Bin - Hey Kick, can you let me have $50,000?

Just move some numbers from your bank account to mine... you won't miss it... they are only numbers.

> You really need to read the whole thing.
>
> Our currency isn't backed by tangible assets like gold anymore. Once we dropped the gold standard, the rules changed.

OMG, that was soooo painful to read, because the entire thing hinges on the single false assumption that the US dollar is imaginary, and the government merely needs to change numbers in a bank account to pay for stuff.

Again, "intangible" doesn't mean "not real". Each US dollar, while not backed by a tangible asset like gold, is Fiat Currency... backed by the intangible "assets and good will" of its issuing country. The value of gold rises and falls, and likewise, the "assets and faith" of the United States rises and falls. They used to be linked, but now they are independent, but each no less real than they were before. Doubling the amount of circulating notes will necessarily devalue each note by about half, no different than if it is backed by a tangible asset like gold, or backed by an intangible asset like the "assets and faith" of the US people.

How do we pay off China's trillions in dollars of loans? Well, he says it's simple:

I'll tell you what they would say next... that the US dollar is worthless, and stop accepting the bullshit US dollar under that imaginary system, and our dollar would collapse, and our country would suffer an economic collapse like Zimbobway, Greece, and many other countries that tried that same BS. It's not monopoly money... it's not pretend currency.

(Edit: that's not just my guess what China would say... it's what they did say when the US tried just that, see the AP quote)

A quote from the AP

It's lunacy... which is why you posted it here, in the Looney Bin, where it belongs.

As I previously stated "Sadly, however, this is why the price of precious metals is through the roof and our currency is being devalued to the brink of a currency collapse, because the government is doing just that... creating more money by just changing numbers in their account instead of raising actually money, which isn't very funny at all."

Why do you think that paper doesn't even get to it's substance until page 9? Because, just like a work of fiction first must help the reader "suspend disbelief" in order to accept the story, so to does this fairy tale spend most of the first eight pages on testimonials and praise trying to help you suspend disbelief and accept this fantasy as reality.

(Edit: ok, I'm being overly harsh here. Don't mean to be mean. But it is just that kind of thinking that pervades Washington right now... which is spiraling up our debt and printing more money devaluing our currency.)

Edited by Gatinho (04/11/11 01:36 AM)