Poll of the Day > Is the dollar real?

(+) Yeah! (+)

How many of you get direct deposit, use a card, and never use cash?

Lol, if you think every dollar is backed by gold...I mean the federal reserve has all the gold!

i always use cash at the bars and casinos. Its easier to tip with. I also enjoy throwing down cash at a restaurant and leaving without having to wait for a waitor/waitress. not all restaurants have a self check out payment device. also doesn't leave a paper trail of where iv been/what im doing

Ironic that paper money is the one that doesn't leave a paper trail, no?

Kamala-Harris posted...

Lol, if you think every dollar is backed by gold.

No one thinks that, the gold standard hasn't been used in almost 90 years.

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It's an open secret. The dollar is only marginally more "real" than dogecoin at this point. The stimulus checks were essentially just digital currency if you had direct deposit

Dikitain posted...

No one thinks that, the gold standard hasn't been used in almost 90 years.

As a moderator of this site, do you think that statement could be a bit hyperbolic? I wouldn't say NO ONE, as there is a lot of ignorance (willful for not) around the world.

I appreciate you citing that it hasn't been used in almost a century for clarification and transparency.

Kamala-Harris posted...

How many of you get direct deposit, use a card, and never use cash?

Lol, if you think every dollar is backed by gold...I mean the federal reserve has all the gold!

In 1971 I think, Nixon removed the US from the "Gold Standard" "temporarily which essentially means US paper money is worthless because there's no collateral to back it up which is what Gold was used for.

If I owed you money but didn't have the cash, I'd give you gold instead. Well, that all went out the window in 1971.

The world has been slowly moving towards cashless society for a long time now.

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Kamala-Harris posted...

As a moderator of this site, do you think that statement could be a bit hyperbolic? I wouldn't say NO ONE, as there is a lot of ignorance (willful for not) around the world.

I appreciate you citing that it hasn't been used in almost a century for clarification and transparency.

If you have an elementary school education, then you were taught about the gold standard and learned that it is no longer used. That said, you weren't necessarily taught about how fiat money (the current monetary system used by most countries in the world) works because that is WAY more complex than what would probably be taught at that level.

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I was just stating that I have had discussions around currency, and "But the dollar is backed by gold" has come up more than once. The whole reason I put lol in the initial message was that I know it's no longer backed by gold.

I suppose we could alter the discussion a little. Do you feel the current fiat model is sustainable? If so, how do you feel about advancements in technology that are set to challenge this model?

Dikitain posted...

No one thinks that, the gold standard hasn't been used in almost 90 years.

youd be surprised how many people think it is still used

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Kamala-Harris posted...

Ironic that paper money is the one that doesn't leave a paper trail, no?

It's like that on purpose. It's one of the very important uses of national debt. Y'see, there's more material and product in the world being traded than there is fiat currency in the world... if there was ever a global margin call the entire system would collapse.

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Dikitain posted...

No one thinks that, the gold standard hasn't been used in almost 90 years.

Then thats when the problems started. Also, inflation began in 1913.