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Niall Ferguson Predicts The Collapse Of Fiat Money?

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He's a history buff isn't he, it would appear he's been reading about the past and realised this always happens.

If he is correct, does that mean my savings will become worthless? How soon could this happen? What should I do?

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If he is correct, does that mean my savings will become worthless? How soon could this happen? What should I do?

Buy a tin foil hat.

What happens when fiat collapses in a global system is anyones guess.

In the past it's always ended in war. Storing your savings in that scenario won't by your highest priority.

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Buy a tin foil hat.

What happens when fiat collapses in a global system is anyones guess.

In the past it's always ended in war. Storing your savings in that scenario won't by your highest priority.

He should start stock piling stockings and chocolates. He'll have the ladies queueing up when the fighting starts.

Edited by Minos

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He speaks the truth.

No. He's a nutter that has re-invented history. He's widely disliked amongst his own profession - historian. He is popular with the wingnuts at the minute as he lends some "credibility" to crazy outlandish ideas.

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No. He's a nutter that has re-invented history. He's widely disliked amongst his own profession - historian. He is popular with the wingnuts at the minute as he lends some "credibility" to crazy outlandish ideas.

that pretty much sums it up.

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He should start stock piling stockings and chocolates. He'll have the ladies queueing up when the fighting starts.

that what you regret not doing in 1938 old bean?

modern day equivalents probably Jimmy Choos and Rampant Rabbits...

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that what you regret not doing in 1938 old bean?

modern day equivalents probably Jimmy Choos and Rampant Rabbits...

:lol: No, I'm a great listener. You can learn a lot about people if you listen to the wrinklies.

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laugh.gif No, I'm a great listener. You can learn a lot about people if you listen to the wrinklies.

how very decent of you sir!

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No. He's a nutter that has re-invented history. He's widely disliked amongst his own profession - historian. He is popular with the wingnuts at the minute as he lends some "credibility" to crazy outlandish ideas.

So a nutter can't occasionally speak the truth?

Are you also saying we should only listen to popular people who move with the herd?

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No. He's a nutter that has re-invented history. He's widely disliked amongst his own profession - historian. He is popular with the wingnuts at the minute as he lends some "credibility" to crazy outlandish ideas.

Oh ok.

Where specifically is his analysis wrong?

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Guest Noodle

I must say, money (cash) is still very popular out here. Up here they simply can't get enough of it.

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If he is correct, does that mean my savings will become worthless? How soon could this happen? What should I do?

Traditionally people buy property to protect from this kind of thing...

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That's why my sister has just bought a flat to rent out, she was worried about having substantial savings and did not want to risk it on stocks/bonds/PMs....

Traditionally people buy property to protect from this kind of thing...

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....

Where specifically is his analysis wrong?

We're discussing his predictions not his analysis do try to keep up dear - I know you like to be a tit at times.

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We're discussing his predictions not his analysis do try to keep up dear - I know you like to be a tit at times.

I kep tup fine.

You dismissed his predictions because of his analysis.

Where is he wrong, specifically?

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I kep tup fine.

You dismissed his predictions because of his analysis.

Where is he wrong, specifically?

he is predicting an event (global collapse of fiat money), which has never actually happened in the past. That's not to say it can't happen, but one cannot find any historical evidence one way or another. What he is doing is pulling together a bunch of circumstantial evidence, ignoring the body of circumstantial evidence against his case, and then claiming history support his case, which it doesn't.

also, as you yourself point out injin all money is fiat, including gold.

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he is predicting an event (global collapse of fiat money), which has never actually happened in the past. That's not to say it can't happen, but one cannot find any historical evidence one way or another. What he is doing is pulling together a bunch of circumstantial evidence, ignoring the body of circumstantial evidence against his case, and then claiming history support his case, which it doesn't.

also, as you yourself point out injin all money is fiat, including gold.

Gold isn't fiat. It is not legal tender by decree nor is it deemed acceptable to satisfy tax demands.

All fiat money is a commodity, of course, but all commodities are not fiat.

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he is predicting an event (global collapse of fiat money), which has never actually happened in the past. That's not to say it can't happen, but one cannot find any historical evidence one way or another. What he is doing is pulling together a bunch of circumstantial evidence, ignoring the body of circumstantial evidence against his case, and then claiming history support his case, which it doesn't.

also, as you yourself point out injin all money is fiat, including gold.

At which point in history has there ever been a crisis like this? Unknown territory.

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No. He's a nutter that has re-invented history. He's widely disliked amongst his own profession - historian.

Not always a bad thing. I would appreciate it if you could say why you think he is wrong rather than the ad hominem.

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Gold isn't fiat. It is not legal tender by decree nor is it deemed acceptable to satisfy tax demands.

All fiat money is a commodity, of course, but all commodities are not fiat.

In 1792 Coinage act the Government "fiat" or decree defined a US Dollar as...

"DOLLARS or UNITS – each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver."

The Rothchild/Bank of England controlled the Global Gold trade/supply...And their plan was to put the world on a "Gold standard" and eliminate the silver or bimetalic standard that the rest of the world was on...

Why...simple...To take over control of the global monetary system.

The City of London backed the Gold republicans headed by William McKinley, Jr. to get the USA on the "Gold standard"

In 1900 the new government fiat or decree...the Gold standard act defined the US Dollar as...

"the dollar consisting of twenty-five and eight-tenths grains of gold nine-tenths fine ... shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard, and it shall be the duty of the Secretary of the Treasury to maintain such parity."

Fast forward to the United States $1 Coin Act of 1997

"The Sacagawea dollar, along with the Presidential Dollar series, is one of the two current United States dollar coins. This coin was first minted by the United States Mint in 2000 and depicts the Shoshone woman Sacagawea, a member of the Lewis and Clark Expedition, carrying her son Jean Baptiste Charbonneau. Artist Glenna Goodacre used a 22-year-old Shoshone woman named Randy'L He-dow Teton as the model for the young Sacagawea The 2000-2008 reverse side was designed by Thomas D. Rogers."

It's decreed to be

8.100 g (0.26 troy oz)

Diameter 26.5 mm (1.04 in)

Thickness 2.00 mm (0.079 in)

Composition Copper with manganese brass cladding:

88.5% Cu

6% Zn

3.5% Mn

2% Ni

Because a small group of men calling themselves "We the people" way back in 1783 gave a thing they created out of thin air called Congress the above power...to coin money.

and regulate the value...really...

All money issued by the US Government for its entire history...has been fiat or by decree.

The Government says...money is this...period end of story.

Banknotes...are not money...but they can be used like money since they are supposed to be backed by money.

Like carrying around a few 1000 dollar coins can be a problem...but 20 100 dollar banknotes can be put in a pocket.

Simple.

2. How money comes into existence.

All the "money" currently in existence came into existence by decree or fiat.

The required amount of power was acquired and money was decreed into existence.

Those at the top of the hierarchial power amassing pyramid decree what is money.

An example is the 1792 Coinage act where the US Dollar or uint was decreed into existence.

gold is fiat because we all believe it has monetary value. There is no actual reason why gold is valuable, its all in the mind, and thus fiat, just like paper and credit - all in the mind.

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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