Gold is not the only asset
Some list of asset, including concrete and abstract asset: gold,
silver, building, land, cars, share of company, ... and many more...
(everything that is precious)
All of the asset value can only be backed by something abstract: currency.
On Tue, Mar 31, 2009 at 1:46 PM, Cumi Cabe Ijo <cumie...@gmail.com> wrote:
> Can anybody explain why did we abandon gold standard in currency?
>
> WARNING: Cumi-cumi mengandung 1,170mg kolesterol per 10 gr, sedangkan daging
> ayam tanpa kulit hanya 50mg saja.
>
>
> ---------- Forwarded message ----------
>
>
>
> Can anybody explain, why do the USA, Germany, France, Italy, Spain,
> Switzerland have their reserves mostly in gold while China, India, Saudi
> Arabia only a small fraction?
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> The USA only has 8,133.5 ton of gold. What will be the back up for their
> dollar printing? Military power (which can not even conquer the
> flip-flop-wearing Taliban) or their ability to tax their citizen (which now
> don’t have anything to be taxed)?
>
>
>
> If gold is priced at $900/oz and using 10 times fractional reserves, US’
> gold only translated to 8,133.5 ton X 32,151 oz/ton X $900/oz X 10 =
> $2,353,501,426,500.00 or $2.3 billion. As of December 2007, There was about
> $829 billion dollars of U.S. currency in circulation; the majority is held
> outside the United States. That is 353 times bigger than their gold
> reserves. Lately, the US want to bailout their failing companies by printing
> $700 billion. What will back this fiat money up? Only trust. Can you trust
> USA?
>
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