1 definition by Felipe Gaston
"Gold standard promoters"
Ron Paul is not a promoter of some "gold standard", he's a promoter of using tangible commodities for currency. Gold happens to be a commodity that has been widely supported historically, so it gets much attention from Paul and investors in precious metals.
"claim that all fiat currencies have failed."
The claim is that all fiat currencies *eventually* fail.
"There are very few countries in the world that don't have fiat currencies, and their currencies have not failed, making the claim prima facie false."
Either you're arguing against yourself, or "their" was supposed to refer to countries *with* fiat currencies. Regardless, your argument is as unsound as claiming that humans are immortal because many humans are alive today.
"Please do your own research into the matter."
Please help us get started. Cite a reference, give us something to google. Otherwise you're copping out and hoping somebody else can support your claim for you, when you apparently can't yourself.
Ron Paul is not a promoter of some "gold standard", he's a promoter of using tangible commodities for currency. Gold happens to be a commodity that has been widely supported historically, so it gets much attention from Paul and investors in precious metals.
"claim that all fiat currencies have failed."
The claim is that all fiat currencies *eventually* fail.
"There are very few countries in the world that don't have fiat currencies, and their currencies have not failed, making the claim prima facie false."
Either you're arguing against yourself, or "their" was supposed to refer to countries *with* fiat currencies. Regardless, your argument is as unsound as claiming that humans are immortal because many humans are alive today.
"Please do your own research into the matter."
Please help us get started. Cite a reference, give us something to google. Otherwise you're copping out and hoping somebody else can support your claim for you, when you apparently can't yourself.
Fractional Reserve banking is the banking practice of conjuring money from thin air by loaning out money the bank does not have. A small percentage (a "fractional reserve") of each loan typically comes from depositors who are misled to believe their money will remain available to them upon demand, and the bulk of the funds come from merely recording an asset to the borrower and a liability on the bank in a ledger or database. The term purestrain gold seems to be a red herring intended to marginalize supporters of sound money
by Felipe Gaston August 17, 2011