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Memo to Ron Paul: gold is a fiat currency (GLD, SLV)

http://community.nasdaq.com/News/2012-02/memo-to-ron-paul-go...

LOL!!!!!!!!!!!!! Its sad because this isn't satire



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Wow, what idiocy by the

Wow, what idiocy by the author. Every statement in the article contains fallacy after fallacy, starting with the author’s very use of the term “fiat.”

He should first look up the definition of fiat: by decree, order, mandate. A fiat currency is one mandated for use as currency by decree. That is in opposition to currency freely chosen by people for use in the marketplace as a stable medium of exchange. Where is the government mandating that gold be used as the currency for marketplace transactions? It’s not. Quite the opposite – government actively suppresses the use of gold through various mechanisms like legal tender laws, money laundering laws, regulatory reporting, taxation and accounting mandates, capital gains penalties, and more. That makes gold the antithesis of fiat. Gold survives as both a store of value and medium of exchange despite the efforts of government. For many thousands of years gold, and silver, have been freely chosen by individuals as the marketplace for use as stable medium of exchange and store of value. This is independent of and often despite the efforts all government of kingdoms that have come and gone.

Would have posted this to the original article, but did not feel like creating an account just to post.

Let it not be said that we did nothing.-Ron Paul
Stand up for what you believe in, even if you stand alone.-Sophia Magdalena Scholl