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Originally Posted by TheDoc
Before the fiat currencies, we traded anything and everything. Historically, not everyone put value on gold. You could be wealthy and not own a lick of gold, back then just like today. As you said, not many 'people' held physical gold back then, however they did business and wealth was produced
Gold is used in damn near every electronic produced in the world today. From your TV, to your Stove, to your phone, to the smoke detector, your car and lots in your Computer and monitors. Under water and space exploration use gold heavily, many major industries (oil) use gold.
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I said Gold didn't have any significant industrial uses. Whenever it's used, it's a miniscule amount.
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We have so much gold... you throw it in the trash when you're done with it.
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Yea, I will never do that. If you look at the Romans, the Greeks, the Persians, the Assyrians, gold was the one thing they all traded, and they all at one point had financial collapse when they tried to use an ancient form of fiat currency.
And yes wig, the great depression was a deflationary depression but it had a lot to do with the Gold Standard they switched to after WW1.