[quote=markmax33]Yes every time. The average currency has lasted 27 years. The other ones that haven’t busted aren’t old enough. Name a currency that’s lasted since the 1800s. EVERY TIME. Please go find one.[/quote]
I keep thinking about this and it bugs the crap out of me…
You’re claiming that the average currency lasts 27 years. I’m assuming you’re talking about fiat currency, and not gold back currency.
The US dollar went off the gold standard in 1934. That’s 77 years ago. 77/27 = 2.85… or almost 3. In other words, we’ve lasted almost 3 times the average since we went off the gold standard.
This would seem to be an argument for continuing what we’re doing – since it means we’ve performed 3 times better than average.
And as for old /long lasting currencies – as mentioned the British pound… That went off the metal standard around the same time (1931) that the dollar did… So it’s also beating your 27 year average.
I actually don’t have strong opinions on fiat vs gold standard. I’m fine with sponging off my kids in my advanced years… especially since I’m currently housing my in-laws… It’s what families do…. work together.
You’re passionate MM – but you are quick to make sweeping statements and disregard counter arguments. That’s not name calling, that’s just a statement of fact.
Oh… and I probably won’t vote for Ron Paul or start hoarding gold. But like Jacarondoso – I’m curious about the future price of tomatoes… my plants are still producing this year and maybe that will be worth something if hyperinflation takes off.
Edited to correct: I misstated the US dollar converting to full fiat in 1934. That was only a partial move. It moved to full fiat in the 70’s.
Gold bugs feel free to flame my mistake.
