Berkeley CSUA MOTD:2007:January:29 Monday <Sunday, Tuesday>
Berkeley CSUA MOTD
2007/1/29-2/1 [Finance/Investment] UID:45610 Activity:high
1/28    If US currency is not backed by gold, what is the purpose of
        spending money on upkeeping and protecting gold in Fort Knox?
        \_ Ha you saw the history channel special too.  ok im going
           to quit watching tv now.
           \_ Yay someone else besides me likes to watch the History
              Channel. It is the best! I like Modern Marvels and
              anything about Hitler. How about you?
        \_ It's a honey pot for evil geniuses
        \_ What are you asking?  They should just leave a few gazillion lbs
           of gold on the front lawn?  The gold still has value and IMHO
           provides an unofficial backing of our currency so debt buyers and
           cash holders know the USG has something of value sitting around
           just in case.
           \- this is pretty humorous.
           \- right on the "it has to be kept somewhere" part [and a number
              of monetary authorites agreed not to liquidate their gold
              reserves, even though it is sort of a loser investment],
              but i dont think your "imho" part is really true w.r.t. to
              the us. the total gold reserves are for example probably in
              the 1-2% of the us debt ... that's not really amaerica's
              collateral. the importance and exact reason for govts to
              hold gold has changed over time and i think it is fair to
              say the imp has generally declined. it's not reasonable to
              go much beyond this, but you might look up "special drawing
              rights" for what "replaced" gold [although we've sort of
              moved beyond SDRs too].
              \_ Only 1-2%?  Is that a real estimate or are you totally
                 guessing?  My totally random guess is that it would be
                 higher but I haven't had a chance to tour Fort Knox in
                 a while to count bars.
                   \- the us debt is approaching 9 trillion. why dont you
                      look up the price of gold today and calculate how
                      many tons of gold 1-2% is. note: gold isnt measured
                      in "regular" oz. if you dont even know there is more
                      gold at the ny fed than at ft knox, it's hard to take
                      your totally random guesses especially seriously.
                      your totally random geusses especially seriously.
                        \_ I said it was a totally random guess.  Why would
                           you take it seriously?
                           \_ So you are saying "you first impression of
                              me should have been 'i am dumb' and you should
                              have ignored me." ... ?  Can you sign your posts
                              with a unique identifier so we can file this
                              away for future reference?
                      BTW, what is your guess at the percentage?
                      note: this ignores the obvious fact that if you
                      note: this obviously ignores the fact that if you
                      had to sell any appreciable fraction of the gold
                      to cover a debt, the price would collapse. on the other
                      to cover a dept, the price would collapse. on the other
                      and a lot of indian women would be really happy.
                 \_ They're all accounted for and each room has a seal with
                    the amount of gold in it. The latest estimate of the net
                    worth in Fort Knox is about (in today's dollar)
                    100 billions.
        \_ I thought the lions share of the gold was removed (for the same
           reason you just mentioned, the US not needing it for money backing).
           Now the just store bullion cubes there (can never have too much soup
           imo). -mrauser
           \_ Mmmmm... soup!
        \_ "In volatile market, only stable investment... is PORN!" -- Avenue Q
2007/1/29-2/1 [Academia/Berkeley/CSUA/Motd] UID:45611 Activity:nil
1/28    Someone on motd suggested I leave the motd editor available on in case soda goes down. What do you guys think?
        \_ Why not?
           \_ Well it makes the front page look kind of messy, and besides
              a centralized place ( to blog generates
              more responses and more values than spreading them around.
2007/1/29 [Uncategorized] UID:45612 Activity:nil
1/29    Can someone please set up the wall logger?
Berkeley CSUA MOTD:2007:January:29 Monday <Sunday, Tuesday>