Post: Gold Vs. Bimetalism
04-29-2013, 12:03 AM #1
(adsbygoogle = window.adsbygoogle || []).push({}); I am curious who prefers gold standard versus bimetalism
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04-29-2013, 02:58 AM #2
annakate
Bounty hunter
What is bimetalism?? I've never heard of it..
04-29-2013, 06:45 AM #3
Gandalf
Gandalf the Orange
In economics, bimetallism is a monetary standard in which the value of the monetary unit is defined as equivalent both[1] to a certain quantity of gold and to a certain quantity of silver; such a system establishes a fixed rate of exchange between the two metals. The defining characteristics of bimetallism are:
Both gold and silver money are legal tender in unlimited amounts.
The government will convert both gold and silver into legal tender coins at a fixed rate for individuals in unlimited quantities. This is called free coinage because the quantity is unlimited, even if a fee is charged.

The combination of these conditions distinguish bimetallism from a limping standard, where both gold and silver are legal tender but only one is freely coined (example: France, Germany, or the United States after 1873), or trade money where both metals are freely coined but only one is legal tender and the other is trade money (example: most of the coinage of western Europe from the 1200s to 1700s.) Economists also distinguish legal bimetallism, where the law guarantees these conditions, and de-facto bimetallism where both gold and silver coins actually circulate at a fixed rate.

So sayeth Wiki... Smile



Originally posted by annakate View Post
What is bimetalism?? I've never heard of it..
04-29-2013, 03:00 PM #4
Meatwad
Meatman
Well, for one there isn't enough gold on the Earth to back up the like $70 trillion in money (M3 up/down) Plus our money only really has value because someone says it does and you believe it.
04-30-2013, 12:36 PM #5
Keomo
Can’t trickshot me!
Originally posted by Meatwad View Post
Well, for one there isn't enough gold on the Earth to back up the like $70 trillion in money (M3 up/down) Plus our money only really has value because someone says it does and you believe it.


But that goes for most things in this age lol.

The things that really have value arent valued as much anymore...

I don't like the idea of gold, maybe Bimetalism/ Currency or whatever.

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