-Nate- wrote

Straight-Edge wrote

Human wrote

Straight-Edge wrote

Brr2z wrote

Straight-Edge wrote Fort Knox is suppose to be filled with gold. It is suppose to be the foundation of our money. If the gold is gone, our money means nothing. There are sayings that the gold is in fact gone. No one has publically looked inside since like the 1950's or something like that. People who used to guard it say that they were issued guns but no ammo. They were told if someone ever got inside just lock it down. If it is gone, our economy will die.

You may have your facts mixed up a little bit. The US dollar hasn't run on the gold standard (basically means that our cash has gold value) since 1971. The US dollar has value because the people believe it has value. If Fort Knox were empty, it would mean the government was lying all these years. Nothing more though.

I apologize for what I got wrong, which was the year it was last checked. It was checked in 1972. If that gold is gone, our country would be worthless. In order for your country to have monetary wealth, you need physical or production wealth. We do very little producing so the gold is our wealth. It's suppose to be worth around 317 billion dollars. We have the monetary standard (which means most countries take US dollars) in the world so if we don't have that much value, we lose that title and countries would most likely stop selling to us, for we are worthless. We may not use gold anymore but it's the backbone for what we use.

America doesn't go by gold standard, so it wouldn't be worthless.

Fort Knox is the governments. If we were using the gold standard and we ended up losing it, we would be poor. If our government has it loses it, we lose our economy. That gold was bought and/or taken from Americans. The money handed out is what we go by today. It could be a reason why we have so much inflation on our dollars than we did when we had the gold standard and a little bit afterwards. Our economy doesn't make that much ouside of the United States. That gold is kept there for backup. If that is gone and we have no backup, other countries won't trust selling to us. Money means what it means to us, because we say it does. Our money means what it does to other countries, because they think we have that and are worth it. You have to think of it this way.

You have to think of it this way, Let's say you start your own country. You can't produce much or have much in terms of valuable resources. You then print 300 trillion dollars. You think it will be worth that because that is what you say they are worth. If you try to buy from another country with those, you will be denied for your country has no wealth, nothing to contribute in the present or future.

Our countries money is the monetary standard of most of the world. We can get away with not selling a lot of things to other countries because of that. If you take away the one major value we have, we are done. We would most likely loose that title then would have to sell a lot more to other countries in order for us to survive. It's all economics.

Not trying to flame, but you are 110% wrong. The value of the dollar is not based on gold. It's based on credit. Have you taken an economy or U.S. History class? You learn these things.

If you say so. I like to know where you think this credit comes from. If you have no answer to that then we are just throwing worthless paper at other countries.

From Wikipedia:

The gold standard is a monetarysystem in which the standard economic unit of account is a fixed weight of gold.... No country currently uses the gold standard as the basis of their monetary system...

2020202020

Straight-Edge wrote

-Nate- wrote

Straight-Edge wrote

Human wrote

Straight-Edge wrote

Brr2z wrote

Straight-Edge wrote Fort Knox is suppose to be filled with gold. It is suppose to be the foundation of our money. If the gold is gone, our money means nothing. There are sayings that the gold is in fact gone. No one has publically looked inside since like the 1950's or something like that. People who used to guard it say that they were issued guns but no ammo. They were told if someone ever got inside just lock it down. If it is gone, our economy will die.

You may have your facts mixed up a little bit. The US dollar hasn't run on the gold standard (basically means that our cash has gold value) since 1971. The US dollar has value because the people believe it has value. If Fort Knox were empty, it would mean the government was lying all these years. Nothing more though.

I apologize for what I got wrong, which was the year it was last checked. It was checked in 1972. If that gold is gone, our country would be worthless. In order for your country to have monetary wealth, you need physical or production wealth. We do very little producing so the gold is our wealth. It's suppose to be worth around 317 billion dollars. We have the monetary standard (which means most countries take US dollars) in the world so if we don't have that much value, we lose that title and countries would most likely stop selling to us, for we are worthless. We may not use gold anymore but it's the backbone for what we use.

America doesn't go by gold standard, so it wouldn't be worthless.

Fort Knox is the governments. If we were using the gold standard and we ended up losing it, we would be poor. If our government has it loses it, we lose our economy. That gold was bought and/or taken from Americans. The money handed out is what we go by today. It could be a reason why we have so much inflation on our dollars than we did when we had the gold standard and a little bit afterwards. Our economy doesn't make that much ouside of the United States. That gold is kept there for backup. If that is gone and we have no backup, other countries won't trust selling to us. Money means what it means to us, because we say it does. Our money means what it does to other countries, because they think we have that and are worth it. You have to think of it this way.

You have to think of it this way, Let's say you start your own country. You can't produce much or have much in terms of valuable resources. You then print 300 trillion dollars. You think it will be worth that because that is what you say they are worth. If you try to buy from another country with those, you will be denied for your country has no wealth, nothing to contribute in the present or future.

Our countries money is the monetary standard of most of the world. We can get away with not selling a lot of things to other countries because of that. If you take away the one major value we have, we are done. We would most likely loose that title then would have to sell a lot more to other countries in order for us to survive. It's all economics.

Not trying to flame, but you are 110% wrong. The value of the dollar is not based on gold. It's based on credit. Have you taken an economy or U.S. History class? You learn these things.

If you say so. I like to know where you think this credit comes from. If you have no answer to that then we are just throwing worthless paper at other countries.

This credit comes from 250+ years of international economic relations. We respect foreign currencies, and they respect ours in return. And its value is based upon how much is in existence. i.e. If more money is made, the value of each note or coin goes down.

-Nate- wrote From Wikipedia:

The gold standard is a monetarysystem in which the standard economic unit of account is a fixed weight of gold.... No country currently uses the gold standard as the basis of their monetary system...

2020202020

I know that info already. We as a country don't use it, cool. We have it there if things go downhill. It is our backup plan and backbone. If that gold is gone and our economy takes a serious plummet, our country has no type of backup. At least that gold would take care for a little while until maybe we get set up again. If we lose it and countries find out, they would get hesitant, especially since we are in extreme debt anyway. I understand we don't use it so it won't, at first, directly affect us, but it will come back to haunt us and then there will be nothing to do about it.

No. Read this, and perhaps you'll understand. (I suggest reading the summary at the top first): [ Register or Signin to view external links. ]

-Nate- wrote No. Read this, and perhaps you'll understand. (I suggest reading the summary at the top first): [ Register or Signin to view external links. ]

You should watch Brad Meltzer's Decoded. He is a very smart man. Anyway it could cause hyperinflation, where the money isn't worth the paper it's printed on. It's what I was saying before. You can't just print things with no money and assume it's worth that much, it has to have a backbone, the gold.

Straight-Edge wrote

-Nate- wrote No. Read this, and perhaps you'll understand. (I suggest reading the summary at the top first): [ Register or Signin to view external links. ]

You should watch Brad Meltzer's Decoded. He is a very smart man. Anyway it could cause hyperinflation, where the money isn't worth the paper it's printed on. It's what I was saying before. You can't just print things with no money and assume it's worth that much, it has to have a backbone, the gold.

This is going in circles, and I have things to do, so good luck with your valueless gold-backed paper money.