John Smith wrote:
wrote:
Cecil Moore wrote:
...
How do you suspect that when a $1 silver certificates was exchangeable
for $1 worth of silver?
Unless you did the exchange a REALLY long time ago, the transaction
is break even.
I think he was simply pointing out that something still backs the
"worth" of a "silver certificate" (well, if it still existed, in reality.)
Since our currently issued dollar has nothing behind it than our
production, possibility of producing, and labor ... and with a
frightening amount of that having "gone over seas", it is virtually
worthless ...
However, no one realizes this, well, seems to realize this.
Or, to summarize this:
The dollar is worthless and only those who have replaced these with real
objects/matter of value have any real wealth.
Indeed, money has become a religion, only those who can make a leap of
faith as to it having real worth are believers ... at least here in the USA.
Regards,
JS
The "worth" of any medium of exchange is whatever the "worth" is
perceived to be, whether it be cash, checks, certificates of deposit,
stock certificates, money orders, bonds, gold bars, silver bars, or
shiny beads.
About the only medium of exchange that had any intrinsic value was salt.
The "value" of real objects is also whatever it is perceived to be; I
don't think my house is worth $500,000, but the housing market does.
Look up supply and demand and then tell me why diamonds are so "valuable"
and why no one is paid in salt anymore.
None of this is unique to the US, it is the way the economy works in
the modern world.
--
Jim Pennino
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