What is a dollar?
Submitted by 7thDayAdventist on Fri, 01/25/2008 - 20:50
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We want them. We earn them. We spend them. But what are they? What is a dollar?
This is the question I pose for the GOP candidates (clowns) in the next (circus) debate. http://dyn.politico.com/debate/republicans/VoteForQuestion.cfm
Please vote for this question after you register.
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"In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot." -Mark Twain
I voted for it.
I voted for it.
thanks
danoliram
my question is at #97 currently
(of most popular questions)
Better Idea: Vote at Politico.com
In the last New Hampshire Democratic Debate, the moderators shared with the candidates that the Funds for Medicare and Social Security run out of money and will begin taking loans in 2013 and 2017 respectively. David Walker, the comptroller general of the United States, says that by 2040, at our current spending and taxation rates, the money required to pay ONLY the interest on these loans will eclipse the entire federal budget...
Besides firing David Walker,
Would you:
a) Cut benefits?
b) Raise taxes?
c) Cut spending?
d) Do nothing and still fire David Walker?
Since we know you will all answer C, the follow up question is:
Where?
It is not a good question.
As someone pointed out, a candidate can just say that it is a unit of money. So many people in America are complete financial ignoramuses, they would never even understand the point of the question.
Ron Paul would do the question
well, and show the ignorance of the others.
These video links explain "money" in great detail - Ron Paul is
Featured in the first video
Fiat Empire (2 hours)
http://video.aol.com/video-detail/the-truth-fiat-empire-the-...
Money Masters (3.5 hours)
http://video.google.com/videoplay?docid=-515319560256183936
thanks for the links
...when I have the time, I'll check 'em out.
Fire Starter
It will be fire starter next week to many wall street loosers.
Deb
that's losers
not loosers :)
thank you, that is driving me crazy here
The goose is loose
I want to lose the blues...
c'mon people, you can do it
Answer:
It's sort of like an/a assignat/mandat right now:
http://www.mises.org/story/1504
delete my account!!!
Let's get it up!
It's at economy #27 now :(
A dollar is what you
give in increments of $2300 so we can have Ron Paul as President and Live Free.
I'm not maxed out, but if any want
to donate on my behalf, contact me!
the question is up to 109.
register and vote for it. thanx
A dollar is a specific amount of silver
Congress declared a dollar to be 371.25 grains of fine silver, plus a defined amount of other metals for durability.
The post below defines money in general, not the definition of a "dollar".
A FRN is not a dollar.
There is no gold dollar, gold is exchangeable for a certain amount of silver dollars.
Time is money
The value of any money is what it can buy.
Under the system of the division of labor (specialization), a "dollar" is simply a claim on someone else's time (the common input to all production) either directly as services, or indirectly as goods.
Time really is money. If the quantity of money is held constant (no inflation) - the value of money will increase as productivity increases. This is why, in a truly free, competitive market, prices will tend downward towards the cost of production; our money will increase in value and "all boats will rise."
Furthermore, it is the people engaged in *any* productive effort, over time, who determine the value of money, not the banks, they're middlemen. They are dependant on us.
Even our inflated fiat (faith) currency has some "value" - because people continue to produce real goods and services that others wish to buy in the market in terms of that currency, although as the people's faith is shaken, they will flee to better perceived stores of value, or they will barter directly.
This is why the deception of inflation is particularly nasty, because the central bankers discount our productive efforts, without our consent.
_______________________________________________________
"Let the good heart speak words of true peace, not inciting others to further war." -- B.I.S.
Yes well put
Our currency is backed by oil so when oil is in question and dollar is in question. The dollar used to be backed by gold and by this logic any monetary system could be back by anything participants are willing to say has value.
It seems energy is tied up in all this aswell. Even if you have time you still need to have energy to produce a product or service. Thus, we have oil.
But what if the power grid for the country or at least your own state had a way of delivering energy to the people that the people could put energy back into it? So if your bag is wind turbines and you produce more than you consume you feed it back into the system. Now if everyone is doing this to some degree and we are always producing more than we can use then that is that not a reliable asset? Coud we not sell the excess power to other countries?
"But, indeed, no private person has a right to complain, by suit in court, on the ground of a breach of the Constitution. The Constitution it is true, is a compact, but he is not a party to it."
Please VOTE for my question.
It was #121 of the most popular a minute ago. There are over 2100 questions now.
a few cent
a few cent
/Mike
Front Fell Off
http://www.youtube.com/watch?v=WcU4t6zRAKg
50 cent?
when a plural is a singular. huh?
that's a great question...
...to ask an economist, if you want to see confusion set in. :-)
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Get active NOW to put Ron in the general election. ronpaul.meetup.com
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What is begun in anger, ends in shame.
but EVERY American should know the answer
to this ECONOMICS 101 question!
Fantastic information
The dollar is a manufactured unit of measure that no longer meets its original definition.
You folks are great. There is hope for our counrty. Stay strong and educate people with compassion... beating people over the head is what our enemies do.
Logic and compassion... In quietness and confidence shall be your strength.
Be Blessed
wants are unlimited, means are scarce...
....where the Spirit of the Lord is, there is LIBERTY. 2 Corinthians 3:17(b)
***wants are unlimited, means are scarce...***
Hope for the country.
As long as we still have a 2nd amendment left.
double post... ignore
.
....where the Spirit of the Lord is, there is LIBERTY. 2 Corinthians 3:17(b)
***wants are unlimited, means are scarce...***
About 4 cents
compared to 1913.
Mathew 5:9 Blessed are the peacemakers: for they shall be called the children of God.
A dollar is
A dollar is a unit of money. Money is a medium of exchange and it can be anything. For the United States, congress has the power to coin money and regulate the value thereof, according to the US Constitution. But not the EXCLUSIVE power. Anything that people are willing to use as a medium of exchange is money. And according to Article I section 10 no state shall make anything but gold and silver coin a tender in payment of a debt. Which implies that REAL money, i.e. United States legal tender, should be gold and silver only. If it were, the dollar would be stable. The value of an ounce of silver in 1960 bought about 4 gallons of gasoline. The value of an ounce of silver in 2008 would buy about 5 gallons of gasoline. So if money were silver/gold the value would have actually gone up, not down..
That does not preclude you from trading something you think is of value, for something else you think is of value, i.e. you do not HAVE to use "legal tender" as your medium of exchange, if both parties are willing.
But in the real world of today, a dollar is a credit note, a bill of credit. Backed by nothing, with no intrinsic value, other than the small amount of paper and ink it is constructed of. The paper itself has been made "legal tender", and because we all accept it as a medium of exchange, it works for a while. But not forever, because it can no longer be tied to something specifically tangible. And since it is not tied to something finite, infinite amounts can be printed, sooner or later devaluing it to zero, or near zero.
I ask this: What good does it do if everyone made a billion dollars a week? I would now charge you $2,842,928.21 for a hamburger, so you would be no better off as purchasing power goes. There is no limit to the amount of paper than can be printed. But there IS a limit to the gold and silver available, so that's what makes it WORTH something.
To think that this changes, or that the people running the country are smarter than the founders, because "things have changed" is ludicrous.