Should money be based on a new standard?

[Bagpuss]

Money is funny, cash is an IOU and
the majority of deposits don't exist as cash. That's why the government shat itself over Northern Rock, everyone drawing out their savings = collapse of the banking system.

Money is funny

[TimberWolf]

Where do you get this idea that money should have a constant value? What is the meaning of that idea?

You then go on to propose that money should have a constant value in terms of one commodity. What you are really saying is that the price of one particular commodity should be fixed. OK, might be nice, but in what way is that a "fix" for the "problem" of variable "value" of money?

Because if money were unified with the laws of physics it would always do the same amount of work and be worth the same, forever. One unit of it anyway (a slave for a day). You could also convert money directly into heat etc.

[VectraMan]

You could also convert money directly into heat

You can easily do that with today's notes.

[TimberWolf]

You can easily do that with today's notes.

Just goes to show how little they worth then eh?

[ratewhore]

Didn't Rothschild say this:

I care not what puppet is placed on the throne of England to rule the Empire, ...The man that controls Britain's money supply controls the British Empire. And I control the money supply.

Replace puppet with muppet and throne with parliament and you're not far wrong...

[IR35 Avoider]

If you want asset-backed money, set up an investment fund, issue shares/units/notes in exchange for investment assets, e.g. shares and property. You will then have a currency that is inflation-proof and appreciates in value, even if you keep your holdings in cash under the matress.

However I'm not sure there is any point. If the British pound became worthless tomorrow it wouldn't make much difference to me, as most of my money is in real assets anyway. It would just mean that when I sold assets I would demand payment in some other currency, which I would hold for only as long as it took me to reinvest the money in some other real asset, or spend it.

[gingerjedi]

Because if money were unified with the laws of physics it would always do the same amount of work and be worth the same, forever. One unit of it anyway (a slave for a day). You could also convert money directly into heat etc.

Money and relativity...

If I took a pound and travelled away from the earth at near light speed when I returned it would still be only worth a pound …However if I left the same pound in a high interest account whilst I went on my near light speed trip I could return as a millionaire.

Boomed...

[TimberWolf]

Money and relativity...

If I took a pound and travelled away from the earth at near light speed when I returned it would still be only worth a pound …However if I left the same pound in a high interest account whilst I went on my near light speed trip I could return as a millionaire.

Boomed...

Not if use use a proper physical unit. On the outward journey your money would appear to be worth less but dilate on the way back. Its proper value (measured in a frame of reference at rest wrt the Money unit) remains the same always. Intergalactic trading would ideally be done in an inertial frame, otherwise relativistic adjustments need to be taken into account.

[gingerjedi]

Not if use use a proper physical unit. On the outward journey your money would appear to be worth less but dilate on the way back. Its proper value (measured in a frame of reference at rest wrt the Money unit) remains the same always. Intergalactic trading would ideally be done in an inertial frame, otherwise relativistic adjustments need to be taken into account.

That explains why I never progressed from 'Mostly Harmless', I should have left my cargo on a planet and just darted around the universe instead of taking it with me.

[TimberWolf]

That explains why I never progressed from 'Mostly Harmless', I should have left my cargo on a planet and just darted around the universe instead of taking it with me.

Orbited Lave.