- 16 Oct 2017 16:16
#14852834
"It is when a people forget God that tyrants forge their chains. A vitiated state of morals... is incompatible with freedom."
- Patrick Henry
@Nonsense,
1. I never made the claim that the American dollar got its value from an actual physical reserve of oil that was or is actually possessed by the United States. That is a false accusation and is emphatically not what I said.
2. I generally agree with almost everything you said, but you word it as if it were a criticism, which I do not understand.
Well this is a tacit admission of my point, that the dollar "will become" a fiat currency only once its connection to oil is broken, but contra the points made by @SolarCross, and @B0ycey, it would be inaccurate to call the Petro-dollar a fiat currency, as it stands currently, it is not a fiat currency. I'm glad you agree.
1. I never made the claim that the American dollar got its value from an actual physical reserve of oil that was or is actually possessed by the United States. That is a false accusation and is emphatically not what I said.
2. I generally agree with almost everything you said, but you word it as if it were a criticism, which I do not understand.
Nonsense wrote:The US Dollar will be exposed as a fiat currency when oil reserve depletion exceeds demand for it.
The US Dollar will then NOT be 'pegged' to oil, it's status will then collapse, it will collapse because no other global commodity exist that requires itself to be traded by the US Dollar.
Well this is a tacit admission of my point, that the dollar "will become" a fiat currency only once its connection to oil is broken, but contra the points made by @SolarCross, and @B0ycey, it would be inaccurate to call the Petro-dollar a fiat currency, as it stands currently, it is not a fiat currency. I'm glad you agree.
"It is when a people forget God that tyrants forge their chains. A vitiated state of morals... is incompatible with freedom."
- Patrick Henry