GOLD STANDARDS SUCK! Investing & Monetary System With Mike Maloney

[pttike1981]

The bernanke animal watched it twice

[MrSizzlingsilver]

Shame on the 2 Elitists that disliked this video!

[KnowledgeISpower789]

Thanks, makes sense. i meant going back to sound money (going back to gold and silver).

[funnyclaw]

I understand why he would think gold standard wouldn't work but I think it would do better than the current system. The government would be required to be able to redeem gold with whatever currency we are at. It encourages the government to control the printing of money

[redmatrix]

Here's a question I have that don't see answered anywhere:

What is Leverage when it comes to your investment? Someone says pay X amount into a gold/silver vault program, and leverage it 3 to 1, or 3X. What does this mean? How does it work, and is it like an ETF?

[Lassemalten]

He don't know what goldstandard is.

Gold standard means that once the standard is put up. Then 100 USD would be allowed to be exchanged for gold from the centralbank. If they start to print up money then everyone go and exchange there USD for gold from the centralbank.

And there would be no gold left in the bank only paper.

I don't understand why this guy have put up a movie telling everyone he doesn't understand.

[FGTBOGSAT]

Comrade President Obama wants your gold and silver!

[sithjedi71]

@FGTBOGSAT He can't have it.

[pep1player]

Isn't that still inflating gold if you have money units that are atomic?!

[stockman1963]

Tax requirements sales over $600.0 will get recorded. Gold at its price will force tax records. Silver can be sold off in small amounts avoiding tax form next year.

[rolficus]

the hardest thing for me will be to cash in my silver and gold im not interested in bartering my bullion for goods i want to trade it for the hyperinflationary money value that it is adjusted to .or will it be easier to purchase with bars rather than cash im a big investor in silver both bars and coins

[bjarnet3]

I like Ron Paul's proposal,, free currency competition.... Great video Mike!

[andrewada]

Here's my "thinking for myself".

As an investment I'm scared of gold because it is *ultimately* of abstract value, and I don't understand it enough. I like real assets. I think America will be a great place to invest in when its economy truly bottoms out (currency implosion), though I would to invest in their real assets. Until then, I'll keep my wealth in real assets but in [more] stable economies.

[whygoldandsilver]

@andrewada Uh oh. Gold is *ultimately* of intrinsic value, not abstract. Abstract value is what the pieces of paper we call currency have. Able to be created out of thin air, in unlimited amounts...that's abstract. Please watch the free version of the Why Gold & Silver film when it comes out...it will help big time.

[andrewada]

Extended: ....except that we could waste massive resources mining the stuff - better to create 1,000,000,000 dollars that can never be retracted or expanded? It would need to be legally enforced but so does EVERYTHING need to be legally enforced

[whygoldandsilver]

@andrewada But that's the way we always open the can of worms throughout history. You're right, it should work in theory...and has done so for short periods of time. But we always cheat the system. Mankind simply isn't ready for this type of trust. We are fresh from the jungle, stealing our best monkey friends bananas when we get hungry.

[andrewada]

@whygoldandsilver You write very well. It's rare to read a comment that isn't "hard work" to interpret.

[whygoldandsilver]

@andrewada Thank you!

[andrewada]

The value of Gold as a currency is based on the fact that it is hard to extract, and therefore essentially static. The idea that there is "not enough" is indeed nonsense, as he states. Less gold just means that it is valued more highly per-unit. Actual quantity means nothing...

[misterfortran]

With the chosen running the federal government, of course the gold has been stolen. We Americans are very very vulnerable since the enemy inside our gates is so very clever. There is no lawful way for the gold to be gone since only gold and silver are lawful payment constitutionally, and the country has not been paying for anything in gold for a long time. HAPPY CONSTITUTION DAY. For what little worth it may have, since in high places law breaking (constitution ignoring) is the norm.

[aoMaldek]

We are in this crisis because of democracy. As long as the (poor and stupid) masses can vote to transfer (read: steal) your hard earned money into THEIR pockets - they will demand the goverment to do exactly that. They are many.

And yes it would help to have gold coins back...but not even that is secure under the above conditions. In ancient roman empire, when the empire could no longer fund their goverment from loot they did inflate money. How? Less gold per coin - same face value :O

[quadcatfly]

what was that dinging sound on the background?

[whygoldandsilver]

@quadcatfly Email alert =D

[Ganbareg]

remember folks this man sells gold&silver so yer think for yourselves.

[whygoldandsilver]

@Ganbareg Also remember folks that we ALL used to sell gold and silver. Because it was official money! So I say, be careful when you read this guys comment, he sells paper currency backed by nothing =) But yes, a great comment. Think for yourselves! If only people had done this, we wouldn't have been led into this mess. Think for yourselves about to how to get out of it, because nobody on tv is going to help you.

[lXlRIVERlXl]

@Ganbareg Yeah and he also sells gold and silver much cheaper than most people do. Selling gold and silver is a good deed today, he is providing people with a means to become insanely rich.

[cnow123]

The transmission bell!

[MsBusiness101]

"You shall not crucify Mankind upon a cross of gold," said inflationist William Jennings Bryan. But mankind, especially poorer and more vulnerable people, is oppressed by paper money, not by gold. It was for this reason that Thomas Jefferson and Andrew Jackson—the presidents who were our greatest defenders of the common man—were such unalterable opponents of paper money.

[Silverbuzzsuccess]

I guess you already read James Turk digital gold Chapter... Somehow, at this point in time, I don't believe in us going back to a gold or silver standard, and skeptical about Turks idea on digital gold like you described. If the collective group of fine economist and other financial intellects have not made our monetary policy work for decades, what makes me believe Turks idea or your statement about digital gold would work!!!...

[IWashMyOwnBrain]

currencys are security....the American military makes the dollar the most secure currency in the world....that is why the dollar is the worlds currency and will stay that way....money is worth what the buyer and seller agree it's worth that's true...We can all agree the dollar is the most secure because the U S military is the most powerfull manmade force on the planet....not true with gold.

[continuityofliberty]

@IWashMyOwnBrain

What you are saying is that the Dollar is "secure" because we have a strong military - the Government forces us (and those in other Nations) to use the Dollar on behalf of the Federal Reserve.

That fact deserves thoughtful and realistic consideration, rather than casual acceptance and blind faith.

Gold and Silver require no forceful coercion because their VALUE remains constant - that's why so many are flocking to them now.

[IWashMyOwnBrain]

@continuityofliberty Nobody is forced to use the dollar...the realities of life on a violent planet cause people to seek out the security of the dollar....The only constant i know of in the universe is the speed of light....the value of gold is dictated by fear.

[Cinnafury]

@Whygoldandsilver: @3.53 Who's the entity behind the 'they', you are referring to? Frankly, it's a plausible and respectable solution but implementing such a monetary system it would take a fair, independant and democratic party which i think is not possible.

[gooseCha]

How about legalizing competing currencies and forcing the Fed to have competition.... I didn't like what you said about serial numbers and digitalizing it...That would mean that some one group, organization, committee, government, would have the authority to set the rules for the world. In other words you are critical of having the US gov in charge of handling a GS because its too big and too much room for corruption and slowly getting off of it but some how a world wide one poses no threat?

[gooseCha]

@gooseCha Too much power in one place automatically creates corruption. It is the human condition. Who would be in charge of handling the "world wide currency" another central bank type of institution? nope. pass. That would only be setting up the entire world to succumb to what is happening in the US. As we can see it only took 234 years to forget about freedom and gold standards. After this collapse how long do you think it will take the next gens to forget about this one? World wide level? na

[HitomiKagewaki]

I looked at kitcometals site and I noticed uranium is on there. Myself I'm a silver bug and gold is too expensive for me(but I can afford the fractionals or 1-2 grams of it) but is there any way for the average joe to buy uranium or invest in it like say one of those evil ETF's?

[Breycor]

So there are 3335 other AgrippasNotebook's? Incredible!

[midwestcharm]

couldn't a fiat currency country just print money and exchange it for gold backed money and keep doing that over and over?

[inkey2]

@midwestcharm I have always wondered why the U S GOVT doesn't take all the worthless paper money they are printing and buy up gold with it. They would be trading slips of paper for gold.......probably they are doing it to some extent....they would be stupid if they didn't

[xy16644]

Mike

When will this DVD be ready to order?

I can't wait anymore for it to come out! ;-)

[felixdov]

I like the point regarding the digital age and the PM's... A different system becomes possible. With the grotesque amounts of Sovereign debts just now, something is going to give. And in the *Youtube age* I do not think the old skullandbonesnewworldorderBild­erbergpowersthatbe will be able to get away with another con...?

Anyway keep it real - keep it precious, Silverbugs!

Thanks Mike and Dan.

[passtheconstitution]

I'm glad you said that. Hopefully that idea of using gold digitally takes.

[bluedonkeyman]

good mike

for everyone else...just read fofoa

go back and read all the old posts from Another, FOA and FOFOA

FREEGOLD!!

[RuudDude1]

Hey MIke I read your book and finally saved up enough to buy the minimum100oz of silver (I'm 18 so I don't really have money pouring in hehe:p).

I went to your site and I see you don't ship to South Africa:( could you recommend another place from which I could order?

Thanks for everything.

[tembo8482]

Using physical gold in a digital format via a credit card is a phenomenal idea! That would be ideal, but of course for that very reason they won't do it.

This was an awesome Q&A!

[VegasRage]

Great information, I like the Q&A venue as well.

[MAJESTIC10110]

I believe there isnt enough gold in the word to go to a FULL gold/silver standard.

[AirelonTrading]

Good lord, look at the size of world GDP people. Returning to any hard asset standard would cause hyper-deflation the likes of which this planet has never seen. That should be linear enough for you.

It's delusional ... at BEST. A clear economic psychotic break would a more apt description.

1:50 on - dilution of purchasing power never happened. Dollar is soaring.

Good lord, I've tried for 4 years to wake people up.

[AirelonTrading]

@AirelonTrading It's even better when I hear "Gold isn't debt based"

WHAT?

Economies have been BOND based for the last FOUR HUNDRED YEARS. There was debt based economies LONG before the current central Federal Reserve system.

Jeez people are delusional.

[raymondk2005]

This is great

[rentonsentinel]

I love Mike's updates... still waiting on the DVD..!!

[bryanncampbellca]

What if you link the currency to the Country's population? Any thoughts on that idea?

[tedmortl]

Hi Mike,

Thank You for sharing your intelect!

When is "Investing in Gold and Silver 2.0" coming out?

(Current version sold out on Amazon.com)

Thanks Again.

[eddierisse1]

I would like 2 hear u talk more about the top and exit stratigy.When this starts to move big, how long will it stay there?Will we see large swings up down and up again or is it likely to move straight up.Will the banksters be playing dirty with larger manipulation? Your insight is valuable and im curious to your thoughts and how best to play this once in a lifetime move. oh, and how do we reconize the top? What should we be watching for?

[tirmen8er]

gold standards ARE GOOD! What would you rather have? A govt. printing endlessly, or the govt barely printing over their gold deposits?!

[feargus13]

Quick question whygoldandsilver, how much gold and silver do I need to have to buy real estate investments like suggested in your book?

[liveforever72]

when is the dvd coming out? i thought it was coming out months ago.

[charlesfuchs]

Wow, it seems there are hundreds of silver lovers on here... add me up guys, I love to talk about silver and why its going to the moon. I can see this video will be huge once its releases :-)

[AgrippasNotebook3336]

First off Dan, thanks to you and Mike for answering my question! Now, as for his answer... you know, in a small way it bothered me. Yes, I do like the idea of returning to a system where exchanges would be backed by fractional amounts of gold or silver... but the problem is where he talks about using cards to make purchases/transactions (from one account to another). What he's essentially talking about is a paperless society (where the RFID chip would gain more ground and justified). Perhaps ...

[AgrippasNotebook3336]

@AgrippasNotebook3336

my fears are baseless, but the one great advantage of having physical currency that is handled is that it allows for anonymity, whereas a card would essentially make us walking GPS points. Nah, I think what he said in the beginning is by far better. We, the public, need to be able to have and handle real wealth that is universal -not because of some decree, but based on history. What a concept. lol

Cheers Dan!

[ShillBasher]

@AgrippasNotebook3336

I got the same feeling from that section of the answer. I think he mearly used that as an example rather than a solution.

[OzClawhammer]

@AgrippasNotebook3336 Yeah, this spun me too! The serialised gold atoms system is just as open to fraud as the current system. The whole problem is a lack of fiscal discipline by Govts, not the systems they're using. Fiat would actually work if they could just show some common sense and restraint. For the first time, Mike's answer swung me away from his argument.

[favorunmerited]

@AgrippasNotebook3336 I agree.

And if paper as a silver certificate is dangerous, why is the 'credit' card any different.

And as far as fiat currencies, a gov't sanctioned currency is denoted as fiat. Gold or silver coins or receipts, accepted when you pay your taxes, would then be the fiat currency. The solution is to create a non-debt based fiat currency. Look up Guernsey Island and the Bank of North Dakota. If only one, Guernsey island.

Until then, buy silver, buy it now.

[whygoldandsilver]

@PressForFreedom Thanks mate, yep your question has been answered and will make it on here soon. It's a real doozie.

[continuityofliberty]

Benefits of gold/silver as money:

- The money holds the value, and the value rests in your hands

- Increase in value occurs naturally as the economy expands

- Earning metals provides one the satisfaction of a physical reward for ones labor, which encourages saving and reduces frivolous spending

- Money can be saved without scrutiny

- Saving your metals alleviates the need to seek gains in banks or paper schemes controlled by others

- Increases in value could not be taxed

- It's Constitutional

[Oilbarron81811]

Thank you for your clarity Mike. You are a very clear thinker. I look forward to your video's and your posts. I wish they were posted daily. Try to do more. We need to have video's like these out there to awaken the masses.

[whygoldandsilver]

@Oilbarron81811 Thanks so much!

[whygoldandsilver]

@Oilbarron81811 Thanks, we're making more and more videos...make sure you subscribe to the wealthchycles and goldmikemaloney channels as well so that you don't miss them...

[vinny1010]

You would need Gold Standard plus audit to be worth while

[Doenietmeermee]

I love to see you talking about the fed next time, like people who takes the bull by the horns :) till next time

[Motoicon]

I totally agree. Too bad it will never be implimented.

[Cinnafury]

Nano Gold, every atom 1 serial number.. didn't even think of it yet. Still being able to facilitate transactions at high levels, with just the ownership of the gold changing while the actual gold still being there (a safe vault). It seems plausible to me. GET GOLD. GET SILVER. IT's NOT YET TOO LATE.

[sgwarrenb]

good idea but central bank is created to check and balance gov spending... :S anyway, when it come to money, human will corrupt.. regardless of forms, be it debt, gold, oil, stone, shell etc.

[mikebius]

I think we'd like to see videos posted more often!

[whygoldandsilver]

@mikebius subscribe to be alerted to moe of these q&a videos

[lextalionis2001]

what do you think of the current ratio of gold to silver versus the historic ratios ?

[whygoldandsilver]

@lextalionis2001 Simple - it's WAY out of whack.

[lextalionis2001]

@whygoldandsilver music to my ears

[gladiator1010]

@lextalionis2001 At one point a couple years ago it went to about 80:1...

I had to jump into the silver futures market at that point, it was a gimmie

Historically 20-30:1

[adventuresineurope]

Thanks Mike! D

[bowtie728]

never happen.

[silverfuturist]

In Russia! What a trip, what a DVD!

[whygoldandsilver]

@silverfuturist Yes it's been incredible! The first dvd is all based in New Zealand, but the next dvds will be asia, the usa and now europe...crikey!

[AgrippasNotebook3336]

@whygoldandsilver

Oooo! A series of DVDs! I thought you were shooting stuff for one big documentary...not for a series! That's some exciting news. : D

[eddierisse1]

oh, and how do we reconize the top? What should we be watching for?

[eddierisse1]

I know u said no more question responses, but I was hoping if it was a good enough question you may respond or a youtuber will. I would like 2 hear u talk more about the top and exit stratigy.When this starts to move big, how long will it stay there?Will we see large swings up down and up again or is it likely to move straight up.Will the banksters be playing dirty with larger manipulation? Your insight is valuable and im curious to your thoughts and how best to play this once in a lifetime move

[helpendthefed]

if there's a new way I'll be the first in line but it better work this time.

[GuildF40]

Great work and good questions.

Being OUT of a currency into metals removes you from the printing game to a point.

With the smell of Global Ink it is not a bad place to & I think more & more people are turning on to it. Far from a bubble though.

Well done apple scapple for getting this

& cheers Dan & Mike for your efforts.

[AgrippasNotebook3336]

@GuildF40

Cheers Guildylocks. : )

And a great big THANK YOU to Dan and Mike for taking the time to do these vids and enabling our addictions to the shiny. : )

[MrVegiita]

As long as the new fiscal system is honest where no entity can cheat or steal other people's money, I'm all for it. Digitizing gold and silver is a really interesting idea. Does Mike Maloney actually know how to digitize gold and silver as usable currency?

[Raycheetah]

@MrVegiita GoldMoney purports to do so, already: watch?v=z2cgkPtPIho

It appears to be a workable, if limited, means of transacting in digital gold. =^[.]^=

[xmenrus]

The US productivity and gold supply grow on average abouit 1.5% so a gold standard would work very well. As an assign I recall reading that Mark Twain had a plumber who spent all day working on a project. The total bill was $1.30; Mark Twain went through the roof! LOl...The more things change the more they stay the same. However, in the first 120 years of the USA prices stayed pretty level. The the Federal Reserve took over the money supply. $1.00 today is equal to 1 penny in 1913.

[silverjunky999]

Thanks Mike, Silverbugs on facebook

[1Talleyrand1]

Beautiful! If no country allowed paper currency, then the manipulators would be limited in their corruption.

[dowhatuwill]

Good ideas here. I can see how a gold and silver standard can work in the electronic age. The arguement that there is not enough gold and silver does not make sense since the value of gold and silver is whatever people set that value at.

[donaldsonb]

Right on Point.

[Austacker]

Great clip Dan, thanks for posting this up. I always love to hear Mike's thoughts on these issues.

[hamletundone]

like it

[Johnnybluejohn]

can't wait for the movie!

[whygoldandsilver]

@Johnnybluejohn me too, it's driving me nuts waiting!

[nld1960]

It sounds really good. It would be good to talk about it. The problem is that there is so much evil in the world. In poor countries as they do now the elite will steal all the gold and the people will have nothing. Larceny will be rampant. The cities in the US are ruled by gangs that are so powerful and dangerous and armed. What about them?

[metaltect]

I think Mike is great but he hasn't thought about a solution in depth. How are individual physical holdings effectively monitored via his idea of allocated serial#s being transferred via swipe card?

The Gold would need to be need to be physically centralised?

This would require 24hr inventory monitoring and regular / thorough auditing.

The solution to using physical Gold / Silver directly in this electonic age needs to be solved to synthesise the physical ownership required with portability.

[seekerofgod7777777]

After a year of collecting silver, believing the hype of $5,000 an ounce silver owing to its rarity and industrial value, Ive come to the conclusion that put simply, silver will not go to the moon in the event of a industrial turn down resulting from a economic collapse. In my mind the only way silver could hit the heights you've hinted at is if the world economy recovers in a very substantial way.

[itneverrains4me]

@seekerofgod7777777 ,silver ,has a value which can rise and fall,depending on the demand ,this is what will guide a price in the upwards direction due to minimal supply? paper money value normally will fall, but ,who is king (paper) money or goods? would 5000 us dollars have any value if like zimbabwe dollars? you buying silver was a better judgement,if you look at your gain.,but exchange it back to dollars and you have more paper than you had before.

[negadelph]

@seekerofgod7777777 Silver would shoot up when the world supply runs out and the only reason I see why Silver is being so manipulated is that the price for electronics would shoot through the roof....

but when silver runs out and we are forced into an alternative to silver, the price would shoot through the roof and to the moon because the supply would be too scarce for the demand to be satisfied...

[whygoldandsilver]

@seekerofgod7777777 Can I please buy your silver then? Dan

[krazykobe8]

Is there a confirmed date as to when the final DVD will come out? Please let us know Mike we are all eagerly waiting.

[whygoldandsilver]

@krazykobe8 The first dvd has been held up by the translation process. We are supposed to be set for July 5 (ish). Frustrating, but it will be here before we know it. In the meantime, we will be posting more of these q&a clips to help the knowledge spread

[HeartOutOfSeason]

I really like this guy for some reason. I think hes is very honest. I always like the fact he says things are his opinion, and that he could be wrong. He talks in a way you can relate to him. And if he doesnt know something, he doesnt just make up some bullshit. Thanks for posting more Mike Maloney videos.

[whygoldandsilver]

@HeartOutOfSeason Having worked with Mike over the last year, I can back up what you are saying. He's top shelf. Glad you are enjoying the vids. Dan

[HeartOutOfSeason]

@whygoldandsilver  I am enjoying the videos. Thanks. And yes, Mike is top form.

[Stealth0031]

Excellent Video! Personally, I didn't wake up to the FRN$ scam until 2 year's ago. If I can figure it out, anything is possible. ;)

Thanks to experts like yourself, "We the People" are waking up!

[whygoldandsilver]

@Stealth0031 Mike says 'Thanks'

[michielma]

Great stuff. Good information that I think many others can learn from. Mike - keep up the good work. More and more people are waking up to the grand scale of the money scam thats robbing us little by little. thumbs up.

[whygoldandsilver]

@michielma thanks for the thumb =)

[drutter]

Please pass on to Mike how much we appreciate him giving his thoughts on these subjects.

.

As for the answer, it's worth watching a second time. He knows his stuff SO well and explains it very clearly. Also, I loved how he yanks out some metal from his desk drawer, flashes it around, and tosses it back in. Reminds me of myself, Davinci, stellaconcepts, endlessmountain, etc etc :)

[whygoldandsilver]

@drutter haha yes these videos were cool fun to make. Will do bud, and stay tuned for your question on here in the next couple of weeks

[BackBurnerNews]

Thanks Mike.

And thanks Agrippasnotebook3336 for the question.

[whygoldandsilver]

@BackBurnerNews Cheers mate

[AgrippasNotebook3336]

@BackBurnerNews

Ta! : )

[sinterminator]

Thank you, Mike !

[charlesfuchs]

Great video.... too bad there are currently using fiat money and stocks to knock the price down of gold and silver.... they can be doing this forever until someone talks about it.....

[whygoldandsilver]

@charlesfuchs The wheel are falling off...

[ILovelisanova]

thanks for making these videos

[whygoldandsilver]

@ILovelisanova No sweat, I'm loving it

[HitomiKagewaki]

What are your thoughts on other precious metals such as palladium, rhodium and platinum? Also great video ^^.

[whygoldandsilver]

@HitomiKagewaki I can't speak for Mike but here's my 2c: These metals may increase in value over time, but they will underperform comared to gold and silver. The reason being that they are not money, have never been money, and most likely will never be money. They're industrial metals dependent on a strong economy, and considering the storm we are heading into I won't be touching them. Why bother with with a dicey 100 year track record when gold and silver have conquered for 6000 years?

[Raycheetah]

@HitomiKagewaki The PGMs (platinum group metals) you mention simply don't have the "name recognition" of silver and gold. Some folks might know what platinum is, but fewer than even OWN silver and gold could tell you what palladium and rhodium are. Even if the PGMs could overcome their primarily industrial value, they just don't have the "romance" of gold and silver, despite higher rarity. And rhodium, as manufactured for investment, is a dull grey powder in a bottle. Not shiny! =^[.]^=

[tesskansas]

I doubt silver will ever be part of the daily coinage. Maybe as a trade dollar for use in International Exchange. The common man will be discouraged to buy and hold PM's - Gold included. --Thats my opinion, from the little old lady that left Pasadena, CA to live in Kansas.

[Airave]

Germany a few decades away,

and Zimbabwe today. A mound of paper

won't buy you your daily bread. A few shavings

of Gold will. Always been that way. Best, All!

[whygoldandsilver]

Hi folks, what do you think about this? This video is the first in a series of answers to questions posted by YouTube users. Please post your thoughts below, be great to hear what you think. Cheers, Dan

[bdc03]

@whygoldandsilver good video but the guy sname should be pronounced, uh-grip-uh's notebook lol not ag rip ass loll

[AgrippasNotebook3336]

@bdc03

lol

I've always pronounced it as: ah - greep -ah

Whichever, I'm just honored that he took time to answer my question. : D

[Raycheetah]

@whygoldandsilver Great that Mike can take some time to answer the questions we all want answered. He manages to clarify even complex issues so well that they are easy to understand. =^[.]^=

[Seano71]

Mike Maloney is nuts, its official. Everyone can have an atom of gold? What's the point then?

[drutter]

@Seano71

Actually, that part made the most sense to me.

[TheHolySpirit]

@Seano71 Mike was trying to show the people who say there is not enough gold in the world that it just needs to be split up into small enough units - technically, it would be possible to split up all the gold into small chunks, catalogue each chunk with a serial number and distribute it accordingly. He mentioned atoms to demonstrate that even one ounce has enough individual gold atoms to share out across the whole world, so even if only one single ounce existed on the planet it would still work

[Seano71]

@TheHolySpirit why bother using gold at all in that case? It might as well be fiat, but with more constraints.

[TheHolySpirit]

@Seano71 Because gold is a precious commodity. You cannot just print more out of thin air like you can with fiat money - it needs to be physically mined if you want more, which isn't as easy as printing a bit of paper (or more likely creating it digitally).

Gold is real. Fiat money is backed by nothing but blind faith.

[Seano71]

@TheHolySpirit yeah I know that, but its not very practical in today's modern world. To start a new business requires capital, but with a gold standard that would become far more difficult to require, plus in a capitalist society the world will end up with oligarchs with the most amount of gold. Those with the most gold becomes masters of the rest of the population.

[Vertedism]

I think the bit you were saying about digital gold is a really good system - I would like to see that. James Turk's GoldMoney (dot) com already has this system, and it would be nice to see that grow. All of their vaults are regularly audited so it couldnt be abused and it doesnt even have to be controlled by any government.

[whygoldandsilver]

@Vertedism We did an interview with James Turk in Frankfurt last week...stay tuned!

[Breycor]

I've learned a lot from Mr Maloney.... thank you.

[prparimbici]

very well explained!

[managarm1349]

nice to hear from mike again :)

[partyhouse88]

first

[whygoldandsilver]

@partyhouse88 good onya mate