Text 12231, 61 rader
Skriven 2008-03-10 19:24:50 av Robert Bashe (2:2448/44)
  Kommentar till text 12114 av Michiel van der Vlist (2:280/5555)
Ärende: Something of value
==========================
Michiel van der Vlist wrote to Robert Bashe on Sunday March 09 2008 at 12:08:

MV> There is nothing that compells the Arab oils sheiks to accept Dollars
MV> for oil.

Except for nearly 100 years of business. You don't change such things in a
week. However, it wouldn't surprise me if suppliers would ask for a currency
mix (Eur, $ and Yen or even Yuan, perhaps) in the future to avoid such swings
as we are presently experiencing.

RB>> Oh, the gold exists all right... but who in his right mind would
RB>> spend it when he can force people to take paper?

MV> How can the US oil buyers make the Arab oil sheiks force to take
MV> paper?

Because they pay in Dollars, and Dollars are not redeemable in gold.

MV> And what makes you so sure the gold is there> How do you know it has
MV> not all been spend yet?

Naturally I don't, but again, the probability of that being true is slightly
less than your aliens landing and turning everything into gold.

MV>>> But in todays real world "real money" is hardly ever used. If only
MV>>> for practical reasons. Gold is heavy, transport is costly and full
MV>>> of risks and the supermarket won't take it.

You probably know that a good deal of the world banks' gold reserves are held
in Ft. Knox, Kentucky, and when payments in gold are made, all that involves is
switching a label on a stack of ingots. Much easier than shipping the stuff.

RB>> Anyone with a head on his/her shoulders would kiss your hand if you
RB>> tried to pay a EUR 2 bill at the supermarket with a gold EUR 2 piece
RB>> (they exist, at least in Germany). But you'd be a fool to do it.

MV> Only if the EUR 2 gold piece was worth more in gold than the face
MV> value.

The ones made here cost around EUR 400 as collector's items (sorry, see below
on my mistake with the face value).

MV> I was thinking more in weighing out gold dust for an amount equal to
MV> the goods I purchased.

I think in that case you really would have problems paying in gold. For one
thing, who says that gold-colored dust isn't brass shavings? If you sell an
ingot at the bank, they assay it at your expense before buying. That's why
coins are more practical.

MV> Try paying with your gold coin at the supermarket. Without losing on
MV> the deal.

If you offered them a EUR 200 gold piece (sorry, I was thinking of something
else when I wrote EUR 2 above... the Germans issue EUR 100 and EUR 200 gold as
collectors' items) for a EUR 200 purchase, you'd definitely lose on the deal.

Cheers, Bob

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