Curmudgeonly & Skeptical presents Boned Jello: Bernanke: Gold isn't money

Wednesday, July 13, 2011

Bernanke: Gold isn't money

Bernanke Fights Ron Paul In Congress:

What is "money" Mr. Bernanke? Scrip backed by full faith and credit in ...what? Someone's "last dollar" bet on Obama not being a total worthless nincompoop? What?

Rodger the Real King of France 7/13/2011 02:01:00 PM 15 Comments

"If the number of Islamic terror attacks continues at the current rate, candlelight vigils will soon be the number-one cause of global warming. "
Argus Hamilton

15 comments:

Chuck Martel said...: Gold has no intrinsic value other than the fact that it's rare, doesn't rust, and women think it's pretty and shiny.; 7/13/11, 3:10 PM
Chuck Martel said...: And this "full-faith and credit" phrase people keep throwing around . . . .

As Inigo Montoya would say, "You keep using those words. I do not think they mean what you think they mean."

The "Full-Faith and Credit" clause of Article IV, Section 1 has absolutely nothing to do with America's FICO score.

It actually means each state shall give "full faith and credit" to the public acts, records, and judicial proceedings of every other state.

To repeat, full-faith and credit deals with governmental relationships between the states -- not credit ratings. It's about state laws and judgments, not federal money or credit applications.

Know it. Live it. Love it.; 7/13/11, 3:22 PM
Rodger the Real King of France said...: .
What Does Full Faith And Credit Mean?

"A phrase used to describe the unconditional guarantee or commitment by one entity to back the interest and principal of another entity's debt."

You're working on too small a canvas Chuck. Know it. Live it. Love it.; 7/13/11, 3:59 PM
JMcD said...: Gold...the cheese that binds our fondue dreams.; 7/13/11, 4:14 PM
Chuck Martel said...: I know that use has entered the modern lexicon much like the word "irregardless".

However, FF&C is specifically defined in the U.S. Constitution and it has nothing to do with creditworthiness.; 7/13/11, 4:17 PM
Anonymous said...: Isn't it the stuff that dreams are made of?

Casca; 7/13/11, 4:29 PM
Anonymous said...: And Gold's the only money whose value is not dependent on any government.; 7/13/11, 5:27 PM
Anonymous said...: silver

stig; 7/13/11, 5:46 PM
JMcD said...: When paper hangers
Squander and inflate
Buyers of gold coin
Will congregate.; 7/13/11, 6:27 PM
DougM said...: Gold is money if people treat it as such ... as they have, per the Constitution, and throughout history (well, up until Nixon).

Dollars are not money, but currency ... fiat currency at that. Dollars were money only when backed by gold & silver.; 7/13/11, 7:00 PM
I-RIGHT-I said...: The paper dollar has no "intrinsic" value either if we follow Chuck's reasoning. Oh wait, intrinsic means, "in and of itself". I think gold has intrinsic value, more so than the paper dollar. Just ax the Red Chinese.

The dollar bill used to be considered "as good as gold". Until we get rid of these ratbastards in government and I mean hang them, the dollar is only going to be good as these ratbastards. In the meantime I buy gold as a hobby. Contact me at I-RIGHT-I@ivotedforbush(another ratbastard).com when all you've got left is the wedding ring from your first marriage and your gold fillings I've got plenty of paper dollars of immense intrinsic value to trade.; 7/13/11, 8:05 PM
Rodger the Real King of France said...: JFC! All youse guys ought to be in congress. Bottom line - If I walk into a Porsche showroom with three pounds of gold will they trade me a $72,000 Porsche for it faster then they'll take your check? Yes. Sheesh.; 7/13/11, 8:08 PM
Anonymous said...: I-RIGHT, you're a bit late with your offer. I tossed the wedding ring for my first marriage out in the parking lot of the Brazos County, Texas court house, when the d-i-v-o-r-c-e was granted by the judge, considering it was of less than no value to me at that time. I guess you could go have a look, it might still be there. Yer welcome to it if you find it.

H @ thecomet dot com; 7/13/11, 9:55 PM
Fred Z said...: Soon, very soon, you'll all be deciding whether to pay and/or accept currency issued by MasterCard, Visa or Amex.

Because fiat money will be worthless and the moneylenders can be trusted a little bit and the government can't be trusted, at all, ever.; 7/13/11, 10:04 PM
Chuck Martel said...: Gold, paper currency, and credit cards have no intrinsic value. It's what they represent that causes them to be considered valuable.

And what do they represent?

They represent the accepted value to sellers of things that can be purchased with them by buyers.; 7/14/11, 7:57 AM

Wednesday, July 13, 2011

Bernanke: Gold isn't money

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