Is anyone else concerned about how our money is inherently worthless? 😂 imo it’s gold/silver or nothing

Why? @OggggO

It’s a borderless currency, you don’t have to convert it when you go abroad. It only inflates when we discover more of it. (Rather than the constant inflation of fiat currency).

@MrMonnyPenny It allows for literally no monetary policy except buying and selling the material used for it. It's extremely vulnerable to fluctuations in the international price of that material. And for all that loss of control, at the end of the day, it's no less arbitrary than fiat currency, it simply pretends it isn't.

But it’s not arbitrary because it’s what naturally emerged as a medium of exchange. Isn’t gold volatile in international trading because it’s not gold in specie but ETFs / promissory notes ?

I’m not sure I trust government to have that sort of absolute power over an economy, especially when we abandon cash and they can just block people they don’t like’s bank accounts.

@MrMonnyPenny [quote]But it’s not arbitrary because it’s what naturally emerged as a medium of exchange.[/quote]

Answer this: why is gold valuable?

Gold is valuable because its rare, has commodity and productive uses (Dentistry, Electronics, Jewellry), and because most people recognise its value, it’s become valuable as a medium of exchange. (I want to acquire gold now, not because I want jewellry but because I want to trade it for something else).
-There’s also the fact that it can easily be melted down into various sizes and is transportable


So whereas, discovering more gold causes inflation it’s still a benefit to society as it has productive/commodity uses. Fiat currency on the other hand doesn’t bring the same benefit to society when it inflates.

Also, I don’t necessarily care about gold - I just care about what has emerged as the go to commodity as unit of exchange. (Whether it be gold, silver, corn, salt, bottles of gin, cigarettes etc.)

@MrMonnyPenny The two more modern reasons are very bad for a currency. You don’t want to be hoarding something that could be put to productive use. The third is highly arbitrary, we use it for jewelry because we have decided it’s pretty and valuable, but it’s valuable because we think it’s pretty.

Also, your apparent fear of inflation is very I’ll founded.