-----Original Message-----
>From [EMAIL PROTECTED]
>> Almost all of the world uses non backed fiat currency. The
>> world has never seen this before Brenton Woods in 1971. Fiat
>> currencies are fraud and theft.
>I've heard statements like this quite a few times now, and it all
sounds a
>bit like hot air to me. It doesn't quite make sense. Would you care
to
>explain why you think fiat currencies are inherently and completely
bad, as
>opposed to non-fiat currencies? Such as gold-based ones, I presume?
....<major snippage>....
>My opinion is therefore that any bashing of "fiat currencies" a
priori is
>largely unsubstantiated. It may be true that a gold-backed currency
would
>survive an economic recession better than an economy-backed currency;
but on
>the other hand, an economy-backed currency is resilient to changes
which
>cause depreciation in the value of gold. The two types seem to be
>complementary rather than adversary.
Hi Denis,
It is easy to draw incorrect conclusions and formulate incorrect
opinions if you do not have the necessary knowledge to adequately
assess the situation. For instance, can you give me an opinion on
which is the better or more secure encryption algorithm, blowfish or
Triple DES? As you can see, unless you are a cryptographer who has
studied the two (which appear to do the same job), you will not be
able to give a valid analysis. Of course you may have an opinion, but
it is meaningless unless backed by adequate knowledge.
What I am saying is, your comments indicate that you need to spend a
LOT more time researching and learning about the subject of fiat
currencies before your opinion is valid. Do yourself a favour and
spend some time researching the subject. You could do a lot worse than
read the book "Money" by James Ewart. Once you understand the
fundamentals of money and economics you may be horrified to know how
you have had the wool pulled over your eyes. One consolation... you
are not alone, and possibly the vast majority of people would agree
with your current assessment. Unfortunately just because the majority
of people believe something does not necessarily make it right/true.
Best regards,
Sidd.
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