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May 4, 2011 at 5:45 PM #692434May 4, 2011 at 5:52 PM #693045
Eugene
Participant[quote=walterwhite]No intrinsic value? What does have “intrinsic” value, if not gold. It’s a nice thing.[/quote]
Anything that can perform labor, or increase the efficiency of labor, has intrinsic value. Coal has intrinsic value, because it can be burned in a power plant and the resulting energy can be used to do work. A truck has intrinsic value, because it can greatly decrease the amount of labor needed to transport a load from point A to point B (if you need to transport 5000 lbs the distance of 20 miles, you could hire fifty laborers for one day, or you get the same job done in 20 minutes with one pickup truck, one driver, and a quantity of gasoline).
In this sense, gold has no intrinsic value that I can think of.
May 4, 2011 at 5:52 PM #692367Participant[quote=walterwhite]No intrinsic value? What does have “intrinsic” value, if not gold. It’s a nice thing.[/quote]
Anything that can perform labor, or increase the efficiency of labor, has intrinsic value. Coal has intrinsic value, because it can be burned in a power plant and the resulting energy can be used to do work. A truck has intrinsic value, because it can greatly decrease the amount of labor needed to transport a load from point A to point B (if you need to transport 5000 lbs the distance of 20 miles, you could hire fifty laborers for one day, or you get the same job done in 20 minutes with one pickup truck, one driver, and a quantity of gasoline).
In this sense, gold has no intrinsic value that I can think of.
May 4, 2011 at 5:52 PM #693542Participant[quote=walterwhite]No intrinsic value? What does have “intrinsic” value, if not gold. It’s a nice thing.[/quote]
Anything that can perform labor, or increase the efficiency of labor, has intrinsic value. Coal has intrinsic value, because it can be burned in a power plant and the resulting energy can be used to do work. A truck has intrinsic value, because it can greatly decrease the amount of labor needed to transport a load from point A to point B (if you need to transport 5000 lbs the distance of 20 miles, you could hire fifty laborers for one day, or you get the same job done in 20 minutes with one pickup truck, one driver, and a quantity of gasoline).
In this sense, gold has no intrinsic value that I can think of.
May 4, 2011 at 5:52 PM #693191Participant[quote=walterwhite]No intrinsic value? What does have “intrinsic” value, if not gold. It’s a nice thing.[/quote]
Anything that can perform labor, or increase the efficiency of labor, has intrinsic value. Coal has intrinsic value, because it can be burned in a power plant and the resulting energy can be used to do work. A truck has intrinsic value, because it can greatly decrease the amount of labor needed to transport a load from point A to point B (if you need to transport 5000 lbs the distance of 20 miles, you could hire fifty laborers for one day, or you get the same job done in 20 minutes with one pickup truck, one driver, and a quantity of gasoline).
In this sense, gold has no intrinsic value that I can think of.
May 4, 2011 at 5:52 PM #692444Participant[quote=walterwhite]No intrinsic value? What does have “intrinsic” value, if not gold. It’s a nice thing.[/quote]
Anything that can perform labor, or increase the efficiency of labor, has intrinsic value. Coal has intrinsic value, because it can be burned in a power plant and the resulting energy can be used to do work. A truck has intrinsic value, because it can greatly decrease the amount of labor needed to transport a load from point A to point B (if you need to transport 5000 lbs the distance of 20 miles, you could hire fifty laborers for one day, or you get the same job done in 20 minutes with one pickup truck, one driver, and a quantity of gasoline).
In this sense, gold has no intrinsic value that I can think of.
May 4, 2011 at 5:56 PM #693050Arraya
Participant[quote=briansd1]According to Ed Wallace
1. There is no shortage of oil. No peak oil yet.
[/quote]No, peak oil is pretty much here, but it has nothing to do with price. Yes, the constant battle of explaining prices as due to geological forces or monetary will be with us for a while. Lots of moving parts in the issue and people wanting assign blame. But the fact of the matter is we have been on a production plateau since early 2005 with massively fluctuating prices. In a normal market increased prices should increase production. But it did not happen.
The 2008 price spike there was a definite tight market. It’s not quite the same as today.
May 4, 2011 at 5:56 PM #692372Participant[quote=briansd1]According to Ed Wallace
1. There is no shortage of oil. No peak oil yet.
[/quote]No, peak oil is pretty much here, but it has nothing to do with price. Yes, the constant battle of explaining prices as due to geological forces or monetary will be with us for a while. Lots of moving parts in the issue and people wanting assign blame. But the fact of the matter is we have been on a production plateau since early 2005 with massively fluctuating prices. In a normal market increased prices should increase production. But it did not happen.
The 2008 price spike there was a definite tight market. It’s not quite the same as today.
May 4, 2011 at 5:56 PM #693196Participant[quote=briansd1]According to Ed Wallace
1. There is no shortage of oil. No peak oil yet.
[/quote]No, peak oil is pretty much here, but it has nothing to do with price. Yes, the constant battle of explaining prices as due to geological forces or monetary will be with us for a while. Lots of moving parts in the issue and people wanting assign blame. But the fact of the matter is we have been on a production plateau since early 2005 with massively fluctuating prices. In a normal market increased prices should increase production. But it did not happen.
The 2008 price spike there was a definite tight market. It’s not quite the same as today.
May 4, 2011 at 5:56 PM #693547Participant[quote=briansd1]According to Ed Wallace
1. There is no shortage of oil. No peak oil yet.
[/quote]No, peak oil is pretty much here, but it has nothing to do with price. Yes, the constant battle of explaining prices as due to geological forces or monetary will be with us for a while. Lots of moving parts in the issue and people wanting assign blame. But the fact of the matter is we have been on a production plateau since early 2005 with massively fluctuating prices. In a normal market increased prices should increase production. But it did not happen.
The 2008 price spike there was a definite tight market. It’s not quite the same as today.
May 4, 2011 at 5:56 PM #692449Participant[quote=briansd1]According to Ed Wallace
1. There is no shortage of oil. No peak oil yet.
[/quote]No, peak oil is pretty much here, but it has nothing to do with price. Yes, the constant battle of explaining prices as due to geological forces or monetary will be with us for a while. Lots of moving parts in the issue and people wanting assign blame. But the fact of the matter is we have been on a production plateau since early 2005 with massively fluctuating prices. In a normal market increased prices should increase production. But it did not happen.
The 2008 price spike there was a definite tight market. It’s not quite the same as today.
May 4, 2011 at 6:07 PM #693201Participant[quote=briansd1]
3. Republicans want to drill, but the demand is not there.[/quote]
Being that the majors have access to 96% or so of the deposits this is a red hearing. Coupled with the fact of how big the global oil market is and the negligible effect it would have makes the argument that it is a problem even more silly.
May 4, 2011 at 6:07 PM #693552Participant[quote=briansd1]
3. Republicans want to drill, but the demand is not there.[/quote]
Being that the majors have access to 96% or so of the deposits this is a red hearing. Coupled with the fact of how big the global oil market is and the negligible effect it would have makes the argument that it is a problem even more silly.
May 4, 2011 at 6:07 PM #692454Participant[quote=briansd1]
3. Republicans want to drill, but the demand is not there.[/quote]
Being that the majors have access to 96% or so of the deposits this is a red hearing. Coupled with the fact of how big the global oil market is and the negligible effect it would have makes the argument that it is a problem even more silly.
May 4, 2011 at 6:07 PM #692377Participant[quote=briansd1]
3. Republicans want to drill, but the demand is not there.[/quote]
Being that the majors have access to 96% or so of the deposits this is a red hearing. Coupled with the fact of how big the global oil market is and the negligible effect it would have makes the argument that it is a problem even more silly.
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