tag:blogger.com,1999:blog-4490468598422095060.post3089890288045891629..comments2024-03-17T07:55:12.096-07:00Comments on FOFOA: Two!FOFOAhttp://www.blogger.com/profile/17152544684132776239noreply@blogger.comBlogger60125tag:blogger.com,1999:blog-4490468598422095060.post-66314406564903896842010-09-12T03:55:10.231-07:002010-09-12T03:55:10.231-07:00One question that I haven't seen addressed any...One question that I haven't seen addressed anywhere is how a hyperinflation of the USD will affect the rest of the world.<br /><br />My thoughts are that the effects will be somewhat related to the degree to which other countries currency is backed by USD, the degree they are covered by gold, and their own current debt levels.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-41990749793348537342010-08-29T05:16:23.399-07:002010-08-29T05:16:23.399-07:00Riba literally means increase. As a technical term...Riba literally means increase. As a technical term, it means usury and interest, and in general any unjustified increase of capital for which no compensation is given. Derivatives from the same root are used in other Semitic languages to describe interest. (1)<br /><br />The definition of riba in Islam also includes transactions that are based on deception and which give to the deceiver a profit,Ivo Cerckelhttps://www.blogger.com/profile/08872010074153913109noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-11369378642174913962010-08-26T23:03:52.825-07:002010-08-26T23:03:52.825-07:00SPAM
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elaborating on my comment quot...SPAM<br />ADVERTISEMENT<br /><br />elaborating on my comment quoted above by Ender<br />August 23, 2010 11:36 PM<br /><br /><br />1st World Conference on Riba<br /><br />Date : 1st & 2nd November 2010 <br />Venue : Tun Hussein Onn Hall<br />Putra World Trade Centre <br />Kuala Lumpur<br />http://www.worldribaconference.org/<br />SNIP<br />The global economic crisis continues to spread Ivo Cerckelhttps://www.blogger.com/profile/08872010074153913109noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-81584863747561438282010-08-25T04:55:59.117-07:002010-08-25T04:55:59.117-07:00@Sigo Plapal, Its my pleasure!@Sigo Plapal, Its my pleasure!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-68399462533136109332010-08-25T00:52:16.255-07:002010-08-25T00:52:16.255-07:00Paul said:
"I personally find it hard to imag...Paul said:<br /><i>"I personally find it hard to imagine popping down the shops with a bag of gold and silver coins. That's a gold backed currency."</i><br /><br />That's gold <b>as</b> currency.<br /><br />A gold backed currency is a currency redeemable for a fixed amount of gold, eg USD 1933-71 @ $35/oz.<br /><br />Two different things.<br /><br />Freegold is different again:<1.618https://www.blogger.com/profile/06506731982022036573noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-56745806900730572012010-08-24T21:05:35.963-07:002010-08-24T21:05:35.963-07:00I think we're getting freeGold confused with a...I think we're getting freeGold confused with a gold backed currency.<br /><br />I personally find it hard to imagine popping down the shops with a bag of gold and silver coins. That's a gold backed currency.<br /><br />Way I see it, we're headed for a shortish period of financial chaos, worse in some countries than others. The other side of that chaos, we'll still use fiat Paul Ihttps://www.blogger.com/profile/02325303090649114859noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-80307345538524044282010-08-24T20:39:31.905-07:002010-08-24T20:39:31.905-07:00Minting premiums are paid in fiat and can thus be ...Minting premiums are paid in fiat and can thus be ignored :)<br /><br />But seriously, if we are working at $50k as proposed here, 1/20th is still $2,500. Big chunk of value. While they cost a bit more, not having a shrapnel set is probably an error.<br /><br />I think silver will step up for lower values, a we will see smaller fractionals in silver, rather than even smaller fractionals in gold.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-10786137484315832092010-08-24T19:17:39.060-07:002010-08-24T19:17:39.060-07:00@Fauvi
I don't think speculative/bubble-style ...@Fauvi<br />I don't think speculative/bubble-style returns are better at all. Speculation typically misallocates capital from its best use, and distorts economies.<br /><br />But I am not trying to choose between two evils to decide which is lesser. I don't like fiat currency at all, I am certainly a gold bull, and I like the idea of a gold standard or freegold. But I do question whether Petehttps://www.blogger.com/profile/13424744710145557605noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-83058242811720657802010-08-24T17:54:40.609-07:002010-08-24T17:54:40.609-07:00Samix,
I've got to tell you that I really appr...Samix,<br />I've got to tell you that I really appreciate your comments. The Islamic point of view is quite significant and you are most helpful in shedding light on things.Sigo Plapalhttps://www.blogger.com/profile/11777833271104239679noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-45681250836894418652010-08-24T17:41:07.489-07:002010-08-24T17:41:07.489-07:00Pete, as for your question about who would buy $10...Pete, as for your question about who would buy $10k gold, I think everyone will get a rapid education when the time comes. From what I see, most people can't view gold as anything other than a commodity. When their nest egg starts going up in flames, they'll have to quickly learn how to put out the fire. They'll start to see that gold is the best extinguisher. <br />Also, many Sigo Plapalhttps://www.blogger.com/profile/11777833271104239679noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-78919721772761400832010-08-24T16:27:11.413-07:002010-08-24T16:27:11.413-07:00Everyone, take a look at this video. Rare gold coi...Everyone, take a look at this video. Rare gold coin found in Isreal-- the coin was worth a 1/2 a years salary at the time. Was this Freegold?<br /><br />http://www.cnn.com/video/#/video/world/2010/08/17/israel.rare.coin.unearthed.cnnDavidhttps://www.blogger.com/profile/13514628815865334019noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-47908531355474531882010-08-24T13:21:11.549-07:002010-08-24T13:21:11.549-07:00Pete, do you think that a world with 30% returns i...Pete, do you think that a world with 30% returns is better?<br />Gold is money and VALUE!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-48626754190632133032010-08-24T02:14:59.887-07:002010-08-24T02:14:59.887-07:00There is a Hadith of Prophet Muhammed in the Sahih...<i><br />There is a Hadith of Prophet Muhammed in the Sahih Muslim which teaches:<br />“Abu Said Al Khudri reported Allah’s messenger as saying: “gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, and salt for salt. (When a transaction is) like for like, payment being made on the spot, then, if anyone gives more or asks more, he has dealt in riba (usury), the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-52241675291355144202010-08-24T00:31:04.405-07:002010-08-24T00:31:04.405-07:00Thanks for your response Paul.
I guess we'll ...Thanks for your response Paul.<br /><br />I guess we'll just wait and see what happens. Of course I want some 'wealth' or at least wealth preservation, hence the reason I am into PMs already. And I like the ideas put forward for gold, here and elsewhere.<br /><br />The thing I don't totally agree with is all of the assumptions we make. A world with $10,000 gold might not be a veryPetehttps://www.blogger.com/profile/13424744710145557605noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-41443866603543507842010-08-23T23:41:29.194-07:002010-08-23T23:41:29.194-07:00Continued …
A currency is not as simple as a date...Continued …<br /><br />A currency is not as simple as a date. The most important aspect is that the currency mainly gets its value from its function in the economy. As long as confidence can be maintained that the currency is managed reasonably, the people will use that currency as their medium of exchange. This calls in the credibility of the managers for if it’s managed poorly, the assets Enderhttps://www.blogger.com/profile/11823932849020536252noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-63626155477200704132010-08-23T23:40:18.797-07:002010-08-23T23:40:18.797-07:00Continued …
The second comment may make a little ...Continued …<br /><br />The second comment may make a little more sense if read within the context of the conversation (in other words, read the old postings in order).<br /><br />I have to admit that the foundation upon which I’ve built my understanding of the function of gold is definitely western. Both of these posts expose the concept from a different (non-western) angle which should not be Enderhttps://www.blogger.com/profile/11823932849020536252noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-87679991832969202702010-08-23T23:36:53.234-07:002010-08-23T23:36:53.234-07:00Reflections on an old conversation
For those of y...Reflections on an old conversation<br /><br />For those of you looking to learn a little about my understanding regarding Freegold, I would point you to the comment sections of a couple postings that FOFOA made a while back. You’ll see my first comment here: http://fofoa.blogspot.com/2008/09/freegold.html. The following conversation with FOFOA expands upon the function of currency.<br /> <br />Enderhttps://www.blogger.com/profile/11823932849020536252noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-91241013681400844172010-08-23T19:24:35.021-07:002010-08-23T19:24:35.021-07:00Regarding the potential value of gold, I know I ha...Regarding the potential value of gold, I know I have struggled with the idea it could eventually trade at multiples of thousands of dollars.<br /><br />To most Westerners it just doesn't feel right. Who would pay that much? That's the reaction I always get from people I talk to.<br /><br />I guess for me a comparator "product from the earth" is oil. Just as oil is stored Paul Ihttps://www.blogger.com/profile/02325303090649114859noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-66997861212073160372010-08-23T19:02:05.705-07:002010-08-23T19:02:05.705-07:00@Pete
"won't people go 'gold crazy&#...@Pete<br /><br />"won't people go 'gold crazy' and start raping the land for gold?"<br /><br />Yes, probably. What's new? Ever heard of gold rushes? <br /><br />This planet is being, and has always been, raped by humans attempting to gain mineral wealth. Look at the Gulf of Mexico. Didn't see too many Governments stepping into the oil industry, attempting to stop Paul Ihttps://www.blogger.com/profile/02325303090649114859noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-27529249402372468442010-08-23T18:25:16.001-07:002010-08-23T18:25:16.001-07:00Thanks for the responses guys.
I still don't ...Thanks for the responses guys.<br /><br />I still don't think anyone has answered the question fully - won't people go 'gold crazy' and start raping the land for gold? And won't the Govt. then be 'forced' to step in and police it, even perhaps ban the private exchange of gold to keep order?<br /><br />I am definitely a gold bull and own some PM's myself, especiallyPetehttps://www.blogger.com/profile/13424744710145557605noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-10789907138952045592010-08-23T17:09:15.181-07:002010-08-23T17:09:15.181-07:00Where i work i have convinced 3 people out of doze...Where i work i have convinced 3 people out of dozens to buy pms....only 2 had pms that i know of....<br /><br />The ones that have bought have bought Silver - they view Gold as too pricey....<br /><br />Almost everyone is a slave to an overpriced mortgage....(here in Melbourne Australia - seriously stupid prices for homes - we have negative gearing for home investers - neg gearing is illegal in dojufitzhttps://www.blogger.com/profile/00687872625753864690noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-27165831236569754162010-08-23T16:01:49.194-07:002010-08-23T16:01:49.194-07:00I shake your hand and say, 'Well done my frien...I shake your hand and say, 'Well done my friend. Well done.'Indenturehttps://www.blogger.com/profile/01765884399143814933noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-24545276185131064562010-08-23T15:39:39.706-07:002010-08-23T15:39:39.706-07:00Pete
here is a comment i found by FOFOA in the co...Pete<br /><br />here is a comment i found by FOFOA in the comment section of one of his articles in May (Reflection) that might help you out.<br /><br />that is the great thing about gold, there isn't enough for everyone to have :) even though there is enough in oz's for each human to have one but most is unavailable hehe...<br /><br />est 160,000 tonnes are out there, est 30,000 tonnes Mikehttps://www.blogger.com/profile/17801046198211810990noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-35739363095547387772010-08-23T15:29:32.468-07:002010-08-23T15:29:32.468-07:00i agree stibot, i've heard this way to many ti...i agree stibot, i've heard this way to many times before as if everyone in the world will get rich in a revaluation of gold. <br />i only know a few people that have gold also more so with silver in fact, and the rest point and laugh and say real estate is king here.<br /><br />even if people do have them how many own 5% of their net assets in real gold?Mikehttps://www.blogger.com/profile/17801046198211810990noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-68097618214043136902010-08-23T12:15:33.723-07:002010-08-23T12:15:33.723-07:00Pete, where are all those people having gold in US...Pete, where are all those people having gold in US who are going to be rich then? Do you know them? Because even FOFOA or users putting comments here do not know buddies owning metal.<br /><br />Did you consider almost noone owns gold in US (in west)? Gold is being shipped to asia and ME.<br /><br />It is not allowed to be rich today? It is very common to be hundreds of thousands dollars in debt stibothttps://www.blogger.com/profile/04496901575312017807noreply@blogger.com