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Re: Global economic collapse for dummies.....

By: DigSpace in ALEA | Recommend this post (0)
Wed, 06 Jun 12 12:36 AM | 90 view(s)
Boardmark this board | The Trust Matrix 		Msg. 08333 of 54959
(This msg. is a reply to 08331 by faul)
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This is an old memory, but I thought there was about an ounce of recovered gold on the planet per person, and as we make more people, we tend to find more gold.

This could be totally bollocks, but at an ounce a person, and at US$1500 an ounce there is some 9 trillion in gold out there.

Global GDP is something like $10kper person, (again just ballpark stuff) or some 60 trillion.

So, to switch to gold and to allow there to be enough gold to represent one year of global GDP, gold would need to appreciate by something like 10-fold.

Given that gold has real industrial applications, it would be presumably devastating to those industries.

Presumably folks would return to things like brass for wedding rings, and somehow in the end, because gold supposedly has real value, the world would somehow be better, more stable and so on.

I can't paint the path from here to there on that. It seems gold's value would become arbitrary, based on monetary needs (rationalizing economic output)... just a shiny fiat currency. Where is the magic in gold?


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The above is a reply to the following message:
Global economic collapse for dummies.....
By: faul in ALEA
Tue, 05 Jun 12 10:02 PM 		Msg. 08331 of 54959


http://www.youtube.com/watch?feature=player_embedded&v=1qoq9jIjpNM


Gold imports to China up 785% the first 4 months of
2012......

"Gold imports by mainland China from Hong Kong climbed 65 percent to a record in April, advancing for a third straight month as investors sought a hedge against financial-market turmoil and an economic slowdown. Shipments totaled 103,644.5 kilograms (103.6 metric tons) in the month from 62,913 kilograms in March, according to export data from the Census and Statistics Department of the Hong Kong government today. In the first four months, imports were 239,174 kilograms from 27,114 kilograms a year earlier, according to Bloomberg calculations. China doesn’t publish such figures." In other words: in the first four months of 2012 Chinese purchases have increased by an unprecedented 782% over 2011."

Doma.

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