There's a saying about glass houses and throwing stones.
A hyperinflationary event like Zimbabwe or the Weimar Republic cannot occur in the United States. Can not.
Weimar happened because the Germans had to pay WWI reparations in a hard currency, not their native Marks. This depleted their gold supply, so they had to buy gold with freshly printed Marks, which obviously devalued the currency. The debt of the United States is owed in Dollars, not gold or Euro or Renminbi, so the same inflationary pressure does not exist.
Zimbabwe is a 3rd world country with no economy to speak of who printed their own currency. Do you honestly think the economies of the United States and Zimbabwe are comparable? A weak currency is only a problem when you are 100% reliant on foreign imports. A weak currency is an advantage when you have an export economy.
The fact of the matter is that T-Bills pay a negative return when inflation is factored in, and the Treasury still has to fight off buyers, even with the reduced credit rating of the US. The US Dollar is, and will be, the reserve currency of the world for a long time to come.
Also, bread used to cost 9 cents in the '30s. We've already experienced, by the percentages, the doom and gloom inflation rates you're afraid of, and we're still fatter than ever. What happens is that people make more money in salaries.
There will come a day in the distant future when asteroids are mined for their resources, and gold and silver will be as common as aluminium. Probably not in our lifetimes, but it will happen.
I'm on my phone, and your video didn't show up, but I'm gonna bet it was Money as Debt, right? I agree that banks should have less leverage in their lending, but going back on the gold standard would be disastrous to the economy unless you already had a massive gold supply.
Can we try to have a more reasoned discussion without the inflammatory rhetoric?
Every paper currency; every single one has failed. I gave two examples. There are thousands upon thousands of fiat currenceis that have all failed. The ones that exist today have simply not failed yet; but history shows that no fiat currency has ever lasted more than 50 years. That makes the US dollar an aging currency. The "gold stanard" would not destroy the economy, it would simply reveal that the economy of debt and leverage is already rotted to the core. The question is this: If the Titanic is sinking, how long do you wish to go on believing that nothing can sink the Titanic? Well, the US dollar is sinking. And it is going to the bottom of the ocean. And there is nothing that can be done about it, and this has grave consequences. I wish it were not so, but I accept reality for what it is. To deny what is real is to welcome your own destruction.
"Can we try to have a more reasoned discussion without the inflammatory rhetoric?"
Bullshit. If you want to have a reasoned discussion, you need to cut out presumptive and belittling statements such as:
"the doom and gloom inflation rates you're afraid of."
"There's a saying about glass houses and throwing stones."
And let's not forget, your entire first post, which presumes I know nothing of what I speak about and you must educate me about it:
"You know that gold and silver are commodities, just like cash, right? Their market value goes up and down, just like currencies? And that if the United States government gets to a point where their currency is worthless, you're going to have bigger concerns than holding wealth?
The only people making money on precious metals are the people cultivating the fear of collapse. The sky is not, in fact, falling. If you feel it's a good investment, then go for it. But don't put everything you have into it. Commodities go through booms and busts, just like houses and oil and corn and peanuts.
If you would like to have a more reasoned discussion about this, then I suggest you start the trend. But somehow I get the feeling that you just won't, so maybe we need to just end this discussion here and now.
I know that DL has sexual ties for some, but my undserstanding of AB's (I'm not one, yet,) is that it is typically non sexual. I find that they make the connection between AB's and sexuality to be disturbing. Haven't read the whole article yet though.
Yikes. It's not like I called your mother ugly or anything.
I'll just add one last thing, then I promise not to interfere with your precious (pun not intended) thread. Inflation is part of a healthy economy. Period. Inflation discourages you from hoarding money. Money sitting stagnant is not productive in a working economy. So, the game is set up that you lose a portion of your wealth for just letting it sit around.
Nothing offends me more than people who speak as if they know the truth but are ignorant to the facts. I'd rather you call my mother ugly than spill misinformation about the nature of what you call "money" in response to a thread that I started.
Inflation is a natural part of a natural economy, where commodity money is produced. Gold and silver experienced inflation when the America's were discovered, due to mining and production increases. But this was balanced over time when production waned and the production of goods and increased trade caught up to the supply of new gold and silver.
The inflation I speak of as bad is the printing of paper or electronic money to save a slowing economy; such as what the Fed is doing right now with QE3 and promises to continue. Zimbabwe went through this already, back in 2007, and destroyed their currency thorugh hyperinflation. This also occured in Germany, and was a major factor leading to Hitler's rise to power and WW2.
Don't believe that line that inflation is part of a healthy economy. What will you say when a loaf of bread is $20? Or $50? That is not good inflation. Gold and Silver can only experience limited inflation because the laws of nature (physical supply available) will curb the inflation. Paper money has no limits, except the moral standards of men. And history shows that men in power cannot be trusted.