Would the END of the US Dollar as the World's Reserve Currency be a GOOD THING or a BAD THING for u?

u serious ? the thing you are typing on right now uses gold.. it can't use paper bills.
you can't eat a wheel , sleep under it or use it for fuel , but wheels are usefull
no the fact it is used for many things makes it usefull

useful
- of practical use, as for doing work; producing material results; supplying common needs.

the argument was why gold is usefull not if it is the best tool to use as a monetary storage device

Smokey, you make a good point

Now, lets discuss usefulness of money and I don't mean paper or whatever, I mean as a unit of trade and exchange.

Good monetary unit must be durable, divisible, non-inflationary, un-counterfeit-able, easily transferable.
Am I missing anything?

Fiat money don't fit this description well, They are durable but not long-lasting, they are inflatable and can be counterfeited.
Gold fits more into good monetary unit. Except its not very divisible, you can't transact well with atom amounts of gold safely without risk of loosing these atoms, its definitely un-counterfeit-able. BUT in modern world although it's transferable it adds additional costs and time delays. How can you make instant payments with gold in large distances - impossible.

We are going digital.

LOL at this thread, go back to gold. May as well bring back prohibition too.

Imagine an entire economy run on $1000. everyone has to use a share of the currency, because the currency is set to the $1000 worth of gold in fort knox. When the people create goods & services, that exceed the $1000 available in the economy, what happens? Refer to the great depression.

The Fed is the best we got. What we need is for our wealthy classes to step out of their bubbles. & realize globalism is working only for themselves. Only a catastophic depression that kills the bubble class will accomplish this.

Maybe we should go back to gold!

If true global economic collapse happened, gold will have regional value like before. The value of gold today will fall to a trade value. An area that can exchange it for something useful, will have value in gold. And area that can't exchange it for anything more useful than another rock, will have other things that are more valuable. Water, can easily be more valuable then gold.

Outside of that... China is as f'ed as America, in pretty much the same ways other than labor costs, which is now growing in China which has already created social costs from the Gov. They are a direct reflection of our Economy, an extension of our labor force. It's already becoming too expensive to do business with them, and with no social backing to fight off poverty, they'll fall into a pit of hell without us.

the most logical thing to replace out broken monetary system is with a pump and dump scheme run the by russian business network.

No, the original argument of thread was "lets go back to gold backed currency".
I posted counterarguments in my above posts.

Your usefulness of gold does not convince me that gold is optimal in today's monetary system, not gold itself and not currency that is virtually backed by gold.

as a unit of exchange paper money and gold aren't very good, i was just pointing out paper has little inherent value whereas gold has a much greater inherent value.

Digital is what we are using now, the digital is backed by paper which is backed by nothing.

I think people are suggesting have the digital backed by a solid item such as gold , not gold as an exchange item itself.

I say use marijuana as a solid item.. years ago i had a brainstorm about a bitcoin like service called "virtual apples" ,shoulda jumped on it.

i meant my argument not thread title , i should have been more specific. My post was not in support of using gold, just suggesting why it was better than paper backed by nothing.
I don't think gold is optimal either. We are already using digital but it is backed by nothing. In essence we are arguing the same point.

But just for sake of argument, if you don't believe gold is optimal then you must have something that is better than gold as an item to back a currency on.

Or you believe currency needs no backing.

In a nutshell you are saying the best way to crack an egg is to not have a shell. My point is if your egg has no shell it is something entirely different and cannot be compared. Your idea of an egg without a shell is a much much better way of getting to the egg, but isn't an optimal way to crack an egg

does it all matter as long as there's still pussy

yes, we are using digital now. the problem is not that it's even backed by nothing, beacuse even gold is backed by nothing else than faith in my view. the problem currently our digital is still fiat, I have very little trust in the system that can inflate zeros at the end at it's will, creating more value by devaluing current value =)
that is why I see bitcoins as an elegant solution which I don't mind being adopted on country/global levels. it can't be inflated and it is cost effective value transport system.

digital backed by gold - I can't see it happening and being an 'honest' system. it will be manipulated same way as fiat money or what we see with 'virtual' gold/silver markets - where you buy piece of paper which says you own some amount of gold but in reality that same gold was sold to 100s more people at the same time.

The problem isn't the USD, the EUR or some new world currency. The problem are legal tender laws. The problem is the fact that the government forces you to use a certain type of currency instead of letting the market do its work.

bitcoin ftw!

paper can't be trusted. backed by gold - how? are there any other options?

Wow, a theoretical discussion of the value of one virtual resource store over another on GFY, and the best bit is that there are some fantastically diverse yet relevant points.

Obviously the scholars amongst you will know that paper currency was introduced into France in the 1700's by a dubious Scot in what was little more than an elaborate parlour trick.

The said scoundrel convinced the King of France (the global super power of the day) to give him the rights to print paper promissory notes that would be used as currency instead of metal coin and plate. (gold and silver) in return he would be responsible for repayment of the enormous debt that the crown had incurred fighting wars and building palaces. The whole scheme would be backed by the original mlm/ponzi scheme, the South Sea Company.

It was a fantastic fraud which ended in disaster, the French revolution, and bloody war in Europe for decades.

So paper money started as a scam. As did the whole insurance industry. Do your research, the history of paper money as a virtual store of resource is absolutely fascinating.

Sorry if that takes the thread of on a tangent, but check out The South Sea Company, also othe Dutch bulb bubble, you will see that history is just a nasty cycle of disaster, the worrying thing is our current 7years of plenty are long overdue for crash, real crash....