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Frankinca
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A Salvo in the Battle for the Gold Standard

- Keith Weiner - Monetary Metals

Sort of written for a PHD in economics, which gold believers (myself) are not often that well educated, have difficulty following. The definition of money and currency to me is the crux of the logic of the discussion. My belief is that the dollar is a currency which the US government wants us to believe is money, having an intrinsic value place on it by the US Federal Reserve who dictates it's value by the interest rate it imparts on the use of that currency to do business. Gold is money in the storage sense and is independent of the federal reserve and its power to assign a value of for its use. There needs to be new words to define "money", " currency" and their interdependence. Since we use the word money in everyday transactions that the word money and US Dollars are the same because of use, not of definition. The example of bartering gold for a car using gold is typical of any profit making transaction. One buys something and later changes it for something of greater value , with the resulting capital gain is taxable. Since most well to do people are seeking capital gains through the use of their "money", I as a lower middle class person, say this is a way to benefit the government (the general population is paying for) since those have much more than they need for daily requirements. It is the same as taxing ones income when doing a job for a company. Since people who have more money than the need, than they use trading things for increasing their holdings and a tax seems to be as fair, as a workers income tax. Elimination of taxes in a modern economic entity is not possible, as we well know, and thus taxes are a way of paying for our/their general good and protection.

Commented 3358 days ago

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Beginning of the headline :I wrote what I thought was a fairly simple article for Forbes on Tuesday. I noticed that some people really got it, and they were very excited. However, others were skeptical or asking questions that went into the weeds. The former tells me that I said something important, but the latter says that I said it in a way that not everyone could relate to. I started with the observation that many people argue (vehemently) that money should be defined as the medium of exchange. In the US, the dollar is... Read More

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