Posted by trucker40 on January 09, 2009 at 09:24:52 from (69.155.104.208):
In Reply to: OT/Gold posted by Tractor,Tractor on January 09, 2009 at 08:06:58:
If all of the money was backed by Gold again the value of an ounce of gold would be worth $2000.00 dollars.This is from Wikipedia.
This is a simplistic way to look at it but here it is.We went bankrupt,the whole world went bankrupt,due to inflation,caused by us taking our money off of the gold system.England was bankrupted by WW2.
Nobody has money backed by gold now.
It gets real complicated after that.One thing I know is the crops we raise and sell to other countries is some of our worth,that amount of gold in Ft Knox,if its still there is some,natural resourses,and people in the workforce.
Besides that I dont know.Im sure illegal activity figures in too like drugs and just plain stealing.So its way out of my understanding as what is figured nowdays.I know its painful on us when we change ways of doing things.There was way less inflation when it was backed by gold.We have been sold out for the most part,and now they are spending the GDP before it even comes in for the year,that means more inflation and higher interest rates most likely for years to come,unless we can get something to raise our worth to where inflation doesnt hit so hard,which would be a big rise in the economy for everybody,which raises wages to where inflation doesnt matter.Not likely to happen.If this doesnt happen people on the low end will be in real bad shape when the price of everything more than doubles or triples,and nobody,not even rich people will be doing good.
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