And if everyone in the US owned a personal copy of Action Comic #1 (Superman’s debut in 1938) then we could all sell them on ebay next week and be wealthy.
Or maybe Supply and Demand doesn’t work that way ...
You too...
Typical liberal mindset. No different from “Let’s flood the U.S. with illegal aliens, it won’t affect the wages of anyone who is already here.”
Reminds me of Hitchhiker’s guide. They land on a prehistoric world and invent money: Tree leaves. The problem is that because they are not scarce, it takes a boatload of tree leaves to buy a haircut.
Solution: Burn down the forests.
But, we would all have access to a nice, malleable, electrically conductive metal that doesn't corrode. Also, it's kind of pretty.
I was thinking the same thing.
If a precious metal was no longer precious or at least scarce, it’s value would deflate.
Nice to see some reality injected into an Oilprice article.
“The Golden Asteroid That Could Make Everyone On Earth A Billionaire”
...and, a Big Mac would cost $78,000.
Can the writer of that headline really be that obtuse? Scary.
Well, at least we could all get lots of bling bling to wear, even if it would be worthless.
Demand is not always static as the supply of an item increases. In your example of a rare comic book, it would because the comic book has limited utility. You can only enjoy so many copies of the same rare comic book, after all. However, gold has so many uses not practical now because of its limited supply, if the supply of gold were greater, its utility would expand balancing the demand side of the equation. Oil and aluminum are two examples of commodities which have maintained their value because of their utility - the article is from the Oil Price Journal - despite exponential increases in their historical supply.
So you already groked that if every single person on the planet had close to a trillion dollars, close to a trillion dollars wouldn't even buy a loaf of bread anymore.
Sort of like the gazillions in diamonds the russians have in a vault someplace? :-)
I was going to say that ... only no where near as well as you said it...
So gold would be worth a smidgen more than tin because it is prettier, and tin would be worth a little more than dirt if tin is one of those (semi)heavy metals in that asteroid.
"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
Spanish Price Revolution?