...how'd that work out?
Posted on 06/26/2019 8:02:12 AM PDT by bananaman22
A dollar isn't worth a dollar anymore.
Legally, I believe a dollar is still defined as 371 and a fraction grains of fine silver. The piece of paper that we carry around that says "One Dollar" on it is not a dollar. Lawyers (liars) say these pieces of paper are "denominated in dollars." (The guy who first taught me this, Irwin Schiff, was sent to prison. I, myself, had some interesting exchanges with the State of New Jersey when I demanded that it tender - i.e. pay - a debt it owed to me in gold or silver coin. See Article I, Section 10, Clause 1 of the US Constitution. Madison said that this was included in the Constitution to protect the people from "the pestilent effects of paper money." )
ML/NJ
The ignorance of Economics is strong in this one. . . DUMB, DUMB, DUMB. If there was so much gold brought back from this asteroid, everyone would be driving on golden pavement, using gold for trivial things, and gold would be used for throw-away beverage containers. It would make only a few people billionaires, those who could figure out new uses for a very malleable metal that was available in gigaton quantities cheap.
LOL. If gold were as common as acorns, it would be worth just as much. This article is just plain silly.
If “everyone on earth” was a billionaire, a loaf of bread would cost at least 10 million dollars. What nitwittery.
When the supply of a substance increases the cost decreases. If gold and silver were as common as silicon they would not be so highly valued.
...how'd that work out?
Element 79 ~ Fred Hoyle
The Zimbabwean treasury made everyone there a quadrillionaire with their 100 trillion dollar bills. And you needed a stack to buy a loaf of bread.
That’ll drop the gold price to about 10 cents per ounce.
More likely, Gold would simply be worth $0.01 a lb
If everyone had a ton of gold, I could pave my driveway with golden bricks and not worry one little bit about any of them being stolen.
Uncle Scrooge #24 - The Twenty-four Carat Moon - December 1, 1958.
https://readcomiconline.to/Comic/Uncle-Scrooge-1953/Issue-24?id=57871#1
If it costs more to mine a pound of metal from the asteroid, than the metal is worth here on earth, then the value is zero. At least, until space travel gets much cheaper.
"If the Golden Asteroid that could make everyone on Earth a billionaire arrives...
...in five years the top 1% would STILL own $699 quintillion dollars, and everyone else will be poor.
-PJ
Talk about “Pie in the Sky”. This too shall pass.
Imagine solid gold wiring. For houses cars airplanes and the like. Conductive plates and tubing for air conditioners and freezers. All kinds of uses. Lots of modern worries would be mute.
If everyone is a ‘billionaire’ then nobody is a ‘billionaire’..................
Apparently no one is learning economics anymore. If EVERYone is a billionaire, no one is.
Who are you going to get to cook your meals our build your yacht or even mow your lawn- what are you going to offer them Gold? They have some.
When something becomes as abundant as water it has similar value. Would you go to work tomorrow for an ounce of water?
What it would do, though, is make advanced electronics possible on an unheard-of scale. Also medical devices would be cheaper. Advanced computer would be more powerful. etc etc...
We would ALL enjoy the benefits of gold (of which there are many), not just rich people.
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