Comments on: The Big Payback of Nonexistent Money http://dailyreckoning.com/the-big-payback-of-nonexistent-money/ Entertaining Ideas on the Economy, Markets, Gold, Oil and Investing Strategies. Sat, 11 Feb 2012 01:59:47 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Lost & Found http://dailyreckoning.com/the-big-payback-of-nonexistent-money/#comment-21517 Lost & Found Mon, 31 Aug 2009 18:10:44 +0000 http://dailyreckoning.com/?p=18056#comment-21517 @ O'Grady I share your opinion. Maybe the Mog does hit butt kissing of (in fact) alcoholism in order to attract sympathy from what Mr. Bonner would call the yahoos. Getting emotionally too involved into something usually leads to decreasing brain power and probably to bad judging when it comes to investments. So, better buy gold, silver and oil, now, ya drunkyards. Or better not? @ O’Grady

I share your opinion. Maybe the Mog does hit butt kissing of (in fact) alcoholism in order to attract sympathy from what Mr. Bonner would call the yahoos. Getting emotionally too involved into something usually leads to decreasing brain power and probably to bad judging when it comes to investments. So, better buy gold, silver and oil, now, ya drunkyards. Or better not?

]]> By: Simulation Training http://dailyreckoning.com/the-big-payback-of-nonexistent-money/#comment-21507 Simulation Training Mon, 31 Aug 2009 16:54:06 +0000 http://dailyreckoning.com/?p=18056#comment-21507 This year I plan to pay my taxes in Mogambo Bucks (MB). Printed on the same worthless paper as the dollar - but much better looking! This year I plan to pay my taxes in Mogambo Bucks (MB). Printed on the same worthless paper as the dollar – but much better looking!

]]> By: Gravelly O'Grady http://dailyreckoning.com/the-big-payback-of-nonexistent-money/#comment-21407 Gravelly O'Grady Sun, 30 Aug 2009 16:04:28 +0000 http://dailyreckoning.com/?p=18056#comment-21407 I do not understand the need to go into this pantomime regarding drunks, including the author presumably, in a filthy bar. Why not get to the point and write it. If this is a weak shot at some kind of gonzo journalism intended to boost the authors credibilty it is, imho, way off the mark even if it were to be pure fiction. Suggest you socialize in places where people know what they are doing and saying, and do so by way of sobriety. There is nothing pretty about "sloshed". I do not understand the need to go into this pantomime regarding drunks, including the author presumably, in a filthy bar. Why not get to the point and write it. If this is a weak shot at some kind of gonzo journalism intended to boost the authors credibilty it is, imho, way off the mark even if it were to be pure fiction.
Suggest you socialize in places where people know what they are doing and saying, and do so by way of sobriety.
There is nothing pretty about “sloshed”.

]]> By: Sprite http://dailyreckoning.com/the-big-payback-of-nonexistent-money/#comment-21221 Sprite Sat, 29 Aug 2009 06:18:14 +0000 http://dailyreckoning.com/?p=18056#comment-21221 Mark, I think Mogambo's point about scrip is it worked for folks when no one owned their own home printing machines. Now that everyone owns such really nice printing machines, scrip won't work. Besides, it's just the company store's way of getting something for nothing. If I take my corn to the co-op, they aren't going to give me the price in scrip that it costs on their price list. They will look at the price per bushel and give market price. I am then buying some oats with their scrip, but they aren't going to look at the market price, they will want the price on the board. So, maybe I sold my corn for $4.50 per 50lbs, but I'm buying oats at $7.50 per 50lbs. Then, the co-op sells my corn for cash and takes my profit. Before scrip, they had to trade grains at market price. Scrip is just another form of theft. You may know a little bit about arranging articles in a magazine, but you shore don't know nuthin' 'bout farmin'. You're gonna' starve to death when hyper-inflation hits, or some slick talkin' co-op manager is goin' to steal all your corn! Sincerely, Valerie L. Price Mark,
I think Mogambo’s point about scrip is it worked for folks when no one owned their own home printing machines. Now that everyone owns such really nice printing machines, scrip won’t work.
Besides, it’s just the company store’s way of getting something for nothing. If I take my corn to the co-op, they aren’t going to give me the price in scrip that it costs on their price list. They will look at the price per bushel and give market price. I am then buying some oats with their scrip, but they aren’t going to look at the market price, they will want the price on the board. So, maybe I sold my corn for $4.50 per 50lbs, but I’m buying oats at $7.50 per 50lbs. Then, the co-op sells my corn for cash and takes my profit. Before scrip, they had to trade grains at market price. Scrip is just another form of theft.
You may know a little bit about arranging articles in a magazine, but you shore don’t know nuthin’ ’bout farmin’. You’re gonna’ starve to death when hyper-inflation hits, or some slick talkin’ co-op manager is goin’ to steal all your corn!
Sincerely,
Valerie L. Price

]]> By: Mark Herpel http://dailyreckoning.com/the-big-payback-of-nonexistent-money/#comment-21152 Mark Herpel Fri, 28 Aug 2009 20:46:53 +0000 http://dailyreckoning.com/?p=18056#comment-21152 Wow, man, are you wrong about community currency. I don't know where to begin, all your great incorrect theories. Scrip works alongside national currency, it's not legal tender and has no application or equation where it even comes close to being any part of the Gresham's Law equation. Wow, and I really liked reading your stuff...disappointing. Mark Herpel Editor of Community Currency Magazine Wow, man, are you wrong about community currency. I don’t know where to begin, all your great incorrect theories. Scrip works alongside national currency, it’s not legal tender and has no application or equation where it even comes close to being any part of the Gresham’s Law equation. Wow, and I really liked reading your stuff…disappointing.

Mark Herpel
Editor of Community Currency Magazine

]]> By: jon http://dailyreckoning.com/the-big-payback-of-nonexistent-money/#comment-21144 jon Fri, 28 Aug 2009 20:08:20 +0000 http://dailyreckoning.com/?p=18056#comment-21144 i cringe whenever i read a phrase like "gold has intrinsic value" because this is so horribly untrue as to make a person go digging through another's guts looking for the intrinsic "steven" which lies inside of steven's body. generally however amongst austrians and even chicago school namby-pambys the word INTRINSIC is only used erroneously to talk about the HISTORIC value of a particular commodity, without mistaking the reality of functional and utilitarian decisions such as to buy gold, silver and oil, despite the fact that gary north and ludwig von mises and murray rothbard and many others have all written endless streams of words to elaborate on what the two words mean and what are their differences and why INTRINSIC describes an objective property in a systemic formal model and is therefore not ever an adjective that could be used to describe value which is subjective and can only be empirically verified. gold and silver and to a lesser extent oil have been tested by the market ("can i give you this for that?") for so many thousands, or in oil's case hundreds, of years that often times it seems like gold really does have some kind of magical power in it that causes you go to blind with greed and rage to get more of it and all of a sudden you're covered in steven's blood and entrails and you have to go call your mother so of course this is all just a big misunderstanding, your honor, because in fact it is this very history which gives these wonderful and literal life-saving commodities their historic (and not intrinsic) value. i cringe whenever i read a phrase like “gold has intrinsic value” because this is so horribly untrue as to make a person go digging through another’s guts looking for the intrinsic “steven” which lies inside of steven’s body.

generally however amongst austrians and even chicago school namby-pambys the word INTRINSIC is only used erroneously to talk about the HISTORIC value of a particular commodity, without mistaking the reality of functional and utilitarian decisions such as to buy gold, silver and oil, despite the fact that gary north and ludwig von mises and murray rothbard and many others have all written endless streams of words to elaborate on what the two words mean and what are their differences and why INTRINSIC describes an objective property in a systemic formal model and is therefore not ever an adjective that could be used to describe value which is subjective and can only be empirically verified.

gold and silver and to a lesser extent oil have been tested by the market (“can i give you this for that?”) for so many thousands, or in oil’s case hundreds, of years that often times it seems like gold really does have some kind of magical power in it that causes you go to blind with greed and rage to get more of it and all of a sudden you’re covered in steven’s blood and entrails and you have to go call your mother so of course this is all just a big misunderstanding, your honor, because in fact it is this very history which gives these wonderful and literal life-saving commodities their historic (and not intrinsic) value.

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