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Pyramid scheme

Started by Bigguy, Feb 18, 2018, 04:59 pm

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Bigguy

If the bank relies on gold reserves to be able to print money...what happens when there is not enough gold to back up the money printed. Is this not the way it works. I'm just askin because of somethin I seen on the net about the economy and how terrible it was doing. ???

Bigguy

Seems like a bit of a scam to me.

Pwillie

If all countroes repatriated their gold from the states ( the stavates he to back all currencies as the had all the gold after wwII) they would not have enough gold to back all the money in print. The worlds economy would collapse. Its going to happen.
Ending a sentence with a preposition is something up with which I will not put .
 - Sir Winston Churchill

Bigguy

Feb 25, 2018, 07:29 am #3 Last Edit: Feb 25, 2018, 02:01 pm by Bigguy Reason: spelling
I wouldn't doubt it. Sounds about like what I heard.

Steve

Quote:

The Canadian Dollar is not physically backed by gold; it is a fiat currency, and underlying true backing is the confidence of its people. The Canadian Central Bank also possesses an insignificant amount of gold in foreign exchange reserves to back up the monetary system. Unquote

In the U.S., quote:

Since 1971, U.S. citizens have been able to utilize Federal Reserve Notes as the only form of money that for the first time had no currency with any gold or silver backing. This is where you get the saying that U.S. dollars are backed by the "full faith and credit" of the U.S. Government. Unquote
If you ever think you'd be brave at gunpoint, just reflect on how
you responded the last time someone aimed a rubber band at you.

Bigguy

So we're both screwed then, lol. Oh well. It had to happen sooner or later, lol.

Pwillie

Yes but not just both, all. It's just a matter of time unless something changes.
Ending a sentence with a preposition is something up with which I will not put .
 - Sir Winston Churchill

Bigguy

I don't see how anything will change when no one thinks anything is wrong.  :(

Skhilled

It's always has been a scam! I print the money and if I don't like the way things are going I can stop printing it (for others) and make it harder to come by. It's not rocket science. ;)

landyvlad

Most currencies haven't been backed by gold for quite some time.

It's not a pyramid scheme though.
Commander Vimes didn't like the phrase "The innocent have nothing to fear," believing the innocent had everything to fear, mostly from the guilty but in the longer term even more from those who say things like "The innocent have nothing to fear."  (Terry Pratchett)