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dr ray

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Everything posted by dr ray

  1. There is societal collapse and starvation in many places in the world right now. Tell me, are those people starving because there is no food or because they dont have anything to buy it with. Food is so plentiful they feed it to cattle and make fuel out of it. It is the means to purchase it that is the problem.
  2. I hope you don't have to load it up on a mule or handcart when the collapse happens. I'll be the one cycling past you with a pocketfull of sovereigns.
  3. You know Injin, its the occasional post like this which make the rest endurable <<hugs>>
  4. Yes I agree it has taken on new roles which are little to do with its function as money. It is a measure of success or peer approval. It is a measure of status. It is a measure of savviness. How else would you explain why someone who could live very comfortably on what they have - like Warren Buffett - continue to strive to make money.
  5. I think I understand what you are saying. Certainly the items you list do not merit the value people place on them because they don't do what it says on the tin but a sandwch does and therefore must have a value. If we agree on this my next statement is that money - fiat or PM- is a proxy for the sandwich and can be exchanged for a sandwich. This is what gives it value - its fungiblity - not the metal itself. Both fiat and PM fulfil these roles so they do what it says on the tin. In local currency fiat does it better but then one has to consider what effect the passage of time has on the exchange. History tells us that PMs do this better than fiat
  6. How right you are. The panel that scores and decides who gets the bonuses in our Trust includes local businessmen and Government Approved members of various QUANGOs. There is a majority of medically qualified members but some of these have management aspirations and the others just want an easy life and agree with whatever everyone else agrees to. One of the local businessmen asked why only a 1/3 of Consultants applied for what is a sizeable amount of money (a full bonus is worth more than £1million over a working life for a 40 year old and pensionable) and he was astounded to be told that many Consultants objected on principle. Not a concept he understood.
  7. If you don't hold it you don't own it Looks like the amount of physical gold available to investors is less than we are told. If so will the price of gold fall when people realise that they are holding worthless fiat gold or will the price of the real thing rocket when people scramble to acquire the real McCoy?
  8. Medical profession had a bonus system imposed by government against the profession's advice. They held back some of our wages to pay for it. They use the system to direct medical activity towards political rather than medical targets. About 2/3 of the consultants in my Trust won't even put their names forward for a bonus (myself included the last few years) A bit rich that they now complain about the bonus culture. Look at what they do rather than what they say.
  9. Interesting how this thread has come round in a full circle. Whoever decides what is money and controls its supply already controls the population. Its already happened. You need to do as the State tells you in order to get money to get the things you need and if you do anything against the state they take the money off you again. Not satisfied with that the State is now also taking the money back even if you do what the State demands (in terms of increasing taxation and dilution of money) Just remember as you toil for a salary or wheel-and-deal for fiat money that the State only lets you have it to play with until they want it back. Its a bit like a loan. Not really yours at all.
  10. IIRC all the internet accounts were locked on the Friday before HBOS was bailed out. I have internet accounts with 4 major banks and they were all "undergoing routine maintenance" I suspect it was more likely the websites were overwhelmed than a diliberate switch off but just goes to show how unlikely you are going to be able to move your money, even with warning.
  11. Not at all. Injin would argue that at that precise time and place a hungry person would take the sandwich whether you offered £50, £500 or £5000. I would argue that a thinking person would take the money, forego the pleasure of food for a little longer - how long depends on how much money you offer and how hungry he is, and use the money in exchange for food as a later stage. The sandwich has immediate value because it fulfills a need. The money offers a method of fulfilling the need as a later time and therefore also has value Therefore money has value As that value is not realised until it is exchanged it offers a means of storage What the OP wanted to discuss is whether fiat money, PM, salt. shells or beads fulfills that purpose best over a longer time period To argue that value is non-existant because it is a human attribute to an object is like arguing beauty or green does not exist because these are also human attributes to objects.
  12. I see your point but you miss the point of this thread. If you ask a hungry person what he wants he might say a sandwich if he had a mental age of 3 or 4 or a chimpanze but anyone with human intellegence would take a gold coin or a £50 note if there was the means to exchange it for food and feed himself for the whole month. That is where humans differ from animals. They are able to assign relative values to objects both in the present and over time so that if they know they will need a sandwich in a weeks time they will take something which they calculate will be exchangeable for a sandwich in a week rather than taking a sandwich now and keeping it for a week. Hence the coin or whatever is a better store of value than the sandwich
  13. Easy. For the last 5000 years its been gold and silver. Of course thats no guarantee it will still be the same in future. [ Mises
  14. I'm suggesting we no longer talk about value. What do you think is the best store of purchasing power? ie if you wanted to put something aside now in the hope that your grandchildren will still be able to buy something with it in 50 years time?
  15. You are a wind up merchant, Injin. We keep coming back to the term "store of value" which you say doesn't exist. I think this is semantics. I agree value is a human attribute and can change over time - you give the example of religeous relics. How about we use the term "store of purchasing power". Do you agree there is such a thing? It doesn't need to be a perfect store. Over the years people, left to their own devices, have tried many different things but all over the world they finally opted for PM until government interfered with the process and convinced the gullible that bits of paper or an electronic record are better.
  16. Exactly, What I am on about is that people have argued that you can't give gold away or buy beans with it and therefore cannot be considered as money. Well the same is true for US dollars in Tesco and no-one is claiming that US dollars are not money. On a global level gold is more widely accepted than sterling. - that is why the SAS take sovereigns with them not £50 notes when in action
  17. Nail on the head. It was being discussed on R4 and the woman from RCN was going on about nurses being trained to decide treatments etc. Buried in a fog of jargon that even Humphries commented on but the direction is clear. Mind you the same occured in the 18C when barbers took over the role of medical practitioners and in a cruel twist of irony I noticed the barbers in the US all proudly display their hairdressing degrees.
  18. Wow- a mortgage payable for ever. The financial industry would be saved Except they would be paying out pensions for ever too :angry:
  19. What benefits the individual does not necessarily benefit society. Spending money on statins means less money spent elsewhere and, as you say, those people who had the statins will still need healthcare spending later, whether it is on cancer treatment, Altzheimer drugs or indeed coronary artery surgery at an older age. We are not allowed to use age as a grounds of treatment choice even though it is clearly madness to perform a procedure that has a statistical chance of increasing 5 year survival in someone who is 105 and is unlikely to see the benefit. The benefits of statins for most people are similar to a modest reduction in weight. A Martian would think we were totally bonkers spending vast amounts of money on statins when a vast number of people have insufficient to eat. The real fun will start when life prolonging medication (as opposed to disease prevention) is invented. Drugs that slow the aging process. Should the taxpayer provide these? Should only the vastly rich be able to buy them? Should the government ban research into age prevention? How much would you pay to stop aging. £100/month? £1000/month £10000/month?
  20. The driver is vested interest. The massive spending on screening and preventative medicine eg statins is largely going into profits for multinational companies and will even more so in future. They have either bribed politicians the old fashioned way (eg Alan Milburn got paid by a hedge fund owned healthcare company) or just bamboozled with pseudoscience. Even if the politicians bring medics in to advise they are more interested in self promotion than true reform.
  21. Healthcare is an interesting issue. Not just the comparison between US and UK. The reason the Chinese hoard rather than spend may well be the lack of a welfare state as we have in the UK and US. The propensity for the chinese to hoard has resulted in the global inbalances. I heard on the radio that an NHS trust in Durham is going to pay for gritting the roads in winter because they say its an economic way to spend healthcare money (bo11ox IMO) . From an economic point of view the money would be better spent on providing basic medical care for a village in China! I can't see healthcare spending ever being reigned back. I was trained to ration healthcare but we were accused of behaving paternalistically and rationing is now done on political grounds rather than medical grounds and no politician is willing to impose cuts in healthcare spending so it is basically out of control. The scientific basis of much of the increased spending is simplistic beyond words eg "preventative care saves money in the long run"- no it doesn't. It imposes new spending which would not have otherwise occurred and at best it might defer spending on the terminal event but most likely doesn't even do that. It all justified in terms of lifves saved by this or that procedure. No lives are saved-at best death is deferred and still costs as much (unless they nip off to Switzerland) .
  22. Nah - too pessimistic. There is plenty of private wealth in the UK. The government just needs to steal it without too many people objecting. How about reducing the value of bank deposits by 2-3% pa or forcing people to cough up a wad of money to "cover the cost of residential care" or to "counter global warming" Easy. Plenty of people on this forum think holding private wealth is evil and needs to be stamped out.
  23. How much would the average American pay for a Zim $100,000,000,000 note or indeed a UK £50 note? Gold is more easy to trade than fiat once you move into a global arena. . I could get £700 for a 1oz coin no trouble at all but I couldn't do my shopping in Tesco with a pocketful of US dollars. If someone came upto me in the street and offered me a $50 note for £5 I would be suspicious in the same way as I would be if someone offered an unfamiliar 1 oz gold coin for $50
  24. Might be important if there is no internet or TV Plenty of sheep to provide R&R too
  25. I can't find a link but it was in relatively recent times that banks were even allowed to become limited companies. Until then the shareholders were liable for unlimited recourse to their assets - much like Lloyds Names. That would certainly focus the mind.
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