Comments by "boz" (@BOZ_11) on "Gold Is God’s Money, Says Author Kiyosaki" video.

  1.  @matthewsolomon1919  "If the debt isn’t a problem why don’t we just borrow more!". The govt isn't borrowing any money. Federal taxes are removed from circulation, they're not used as revenue. Govt bonds are mere savings accounts held at the Treasury, which act as near term inflation control (because you're removing cash from the economy and replacing it with a less liquid (less liquid than cash!) instrument. Commodity backing of currency has never been sustainable long term, as evidenced by its complete absence anywhere in the world. It's always come undone, in every single case. Ask yourself this: if the fiscal deficit is a problem, where are its so-called ill effects manifesting? Inflation is low, unemployment is low, real median wages have been rising for 5+ years now. Where's the issue?
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  2.  @matthewsolomon1919  The economy is in great shape.
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  3.  @Sesamestreet9080  if u call a recession every year, you're not smart
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  4. this guy wants a return to the tried and tested gold standard failures of the past. The great depression happened during a gold standard
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  5.  @matthewsolomon1919  The fiscal deficit is not a problem, and hasn't been since 1971. Treasuries are paid for through money printing and are functionally equivalent to savings accounts. You have to remember that public sector spending = private sector income. You're either frightened of big numbers or you want the private sector's income to be diminished (which is lunacy)
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  6.  @doctorjunk9165  Nobody who knows what they're doing looks at a few months worth of data to gauge long term trends. Fact is, nobody manufactures more than the USA, barring China (and even then only marginally, valued in USD). Food has never been cheaper (as a percentage of income). Property price increases are more a function of there being more rich people looking to buy assets, which causes a problem in terms of housing affordability. Current conditions are nowhere near the doom and gloom estimates from quacks like Robert. Anybody who uses the term "fake money" hasn't got a clue, because there's no such thing, other than counterfeit money but that's not what he's talking about.
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  7.  @doctorjunk9165  "Fiat money is fake money dude" - You say it has no value and then you say as soon as people lose faith then it will lose value. Which is it? It can't lose its place as the national currency so long as its the only money there is for paying taxes. You can't pay your taxes in gold, buddy
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  8.  @doctorjunk9165  Fiat is backed, by govt. When it was a gold standard it was also backed by the SAME entity (government). Who the hell did you think was managing gold reserves if not the govt? I don't need faith if every time i spend dollars I get goods/services. Also you people need to stop calling the fiscal deficit a "debt", it's not a debt. Neither are treasury securities "debt" since those are functionally equivalent to savings accounts held at the Treasury; they are dollars with a term and a yield, nothing more or less. Gold and silver are useless metals whose primary usage in the world has always been to beautify women and adorn weak men with jewellery. Could you name a commodity backed money that didn't end in a total catastrophe??? They all died a horrid death. Meanwhile, we've just had the longest stock market rise ever, under fiat, despite all the doom and gloomers calling for a recession every single year. I find it amusing you link to a site associated with cryptocurrency. Another red flag
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  9.  @doctorjunk9165  “World reserve currencies have a 100-150ish year shelf life, and USD is trending to be no different” - It’s trending up, not down (for the time being). I stated facts about the #1 and #2 most prevalent uses for gold; they were not subjective opinions. “I'm quite aware that we are amidst the biggest economic expansion in history. I believe that's largely a product of QE” Money printing does NOT increase value by itself; earnings per share have largely with prices i.e it’s not a bubble, despite all the naysayers. “Don't you think it's odd that the economy is supposedly as strong as it's ever been, but the Fed is afraid to bring interest rates up anywhere close to normal historic levels?” You’re working under the erroneous assumption that interest rates have to be higher than they are; it’s plain dogma. Increasing the cost of credit is never a worthwhile strategy for getting credit delinquency down, only strong credit appraisal methods can do that. Moreover, credit delinquency is at near record lows. The establishment are nicely on top of credit, as they should be with the crash still fresh in the mind. “You can't have infinite growth on a planet with finite resources” and I never said you could, nor did I imply it. We’re talking very narrow timeframes here, and in said timeframes, there is nothing fundamental to preclude further growth in the short term. “Politicians are talking about negative interest rates now like it's perfectly normal.” Not in America they are not, only EU nations using that clown of a currency, the EURO. Euro currency nations have fiscal quotas imposed on them, so they’re forced to use treasury security issuances like a credit card, very much unlike the USA, where treasuries are nothing more than savings accounts for the private sector, with no risk of default. “I'd like to hear you explain fractional reserve banking” ALL money is created out of thin air; money is an abstraction. If it wasn’t printed out of thin air we would have none. I’m sure you’re not an advocate of a moneyless society. As for fractional reserve mechanics, it’s quite simple. Banks need to match 10% of their outstanding loans with central bank reserves, aka monetary base. It’s merely a regulatory requirement they could scrap tomorrow with no consequence. Just another vestige of the old world. “There have been bank runs in the past, such as in Cyprus around 2013” That was engineered by the ECB. Euro money supply tanked by 30% because of ECB policy, so of course, Greek GDP fell by 35%+. There was nothing natural or inevitable about the Greek crisis.
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  10.  @TobeornottooB  damn right on the first point, I can't lay war at the feet of gold though; we do that with or without gold
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