homeownership Posted May 13, 2014 Share Posted May 13, 2014 Nothing backs the Baht. It is 100% fiat. Same thing with the U.S. Dollar, British Pound Sterling, Euro, Yen, Yuan, Ruble, etc........................... We are living in the waning moments of the grand Central Banking experiment that is about to go BOOM, and then they will try and implement their world currency. It is going to get very interesting very soon! It is backed or not according to the amount of Thai baht debt and thailands ability to fund this debt. how does a country "fund" its debt? It doesnt, it just has to keep paying down the interest payments. Thats why the UK National Debt is around 1.9 Trillion Pounds. The US National Debt is 17.5 Trillion Dollars and Thailand is 175 Billion Dollars. When currencies ceased be backed by physical commodities such as gold and silver, but on the ability to repay interest, things have got a little out of control. Link to comment Share on other sites More sharing options...
celliluis Posted May 13, 2014 Share Posted May 13, 2014 hi,, Foreign exchange are not supported by any goods Link to comment Share on other sites More sharing options...
Naam Posted May 13, 2014 Share Posted May 13, 2014 Nothing backs the Baht. It is 100% fiat. Same thing with the U.S. Dollar, British Pound Sterling, Euro, Yen, Yuan, Ruble, etc........................... We are living in the waning moments of the grand Central Banking experiment that is about to go BOOM, and then they will try and implement their world currency. It is going to get very interesting very soon! It is backed or not according to the amount of Thai baht debt and thailands ability to fund this debt. how does a country "fund" its debt? It doesnt, it just has to keep paying down the interest payments. Thats why the UK National Debt is around 1.9 Trillion Pounds. The US National Debt is 17.5 Trillion Dollars and Thailand is 175 Billion Dollars. When currencies ceased be backed by physical commodities such as gold and silver, but on the ability to repay interest, things have got a little out of control. i'm not a native English speaker but i find both afore-mentioned definitions of "funding" quite "funny". Link to comment Share on other sites More sharing options...
Thai at Heart Posted May 13, 2014 Share Posted May 13, 2014 Nothing backs the Baht. It is 100% fiat. Same thing with the U.S. Dollar, British Pound Sterling, Euro, Yen, Yuan, Ruble, etc........................... We are living in the waning moments of the grand Central Banking experiment that is about to go BOOM, and then they will try and implement their world currency. It is going to get very interesting very soon! It is backed or not according to the amount of Thai baht debt and thailands ability to fund this debt. So the opposite of Pound Sterling and USD then. Why do you say that? Don't forget the USD and gbp have the advantage of being reserve currencies. The baht does not. It strikes me that if the strength of GBP were determined by UK debt levels and the ability of the UK to fund that debt, logically GBP would be weak at present, since the debt and deficit are at record levels and the economic recovery is being led almost exclusively by consumer spending. It's for that reason and others that I think the value of any currency is determined by multiple factors rather than just debt and repayment ability. Actaully what it really comes down to is confidence levels in a particluar economy, one that is growing will incur some inflation and interest rates will be increased accordingly, that makes for a strong and attractive currency. It is never measured in an absolute. Non comparison with 46 to the baht a year or so ago, it is weak. It is of course many factors, but a genuine crash is often caused when debt levels get out of whack. Thaikand , let's not forget has made the lone trip back from 1997 of 70,to the GBP, and has given back a little from its high last year of 46. Link to comment Share on other sites More sharing options...
Thai at Heart Posted May 13, 2014 Share Posted May 13, 2014 (edited) Nothing backs the Baht. It is 100% fiat. Same thing with the U.S. Dollar, British Pound Sterling, Euro, Yen, Yuan, Ruble, etc........................... We are living in the waning moments of the grand Central Banking experiment that is about to go BOOM, and then they will try and implement their world currency. It is going to get very interesting very soon! It is backed or not according to the amount of Thai baht debt and thailands ability to fund this debt. how does a country "fund" its debt? Governments borrow from the market over different time periods to fund deficits.One of the more startling stats that is rarely mentioned is the average term of British borrowing. I believe it is at an average of 25+ years. As a show of power the BofE borrowed over 100 years. In comparison with most EU countries with their debt, which is in Frances situation borrowed at less than 10 years. It is the continuous retirement of old and the financing of new debt that reflects the ability to "fund" a deficit. Of course the interest must be paid from somewhere, and that is where you and I come in with our tax. If the economy doesn't grow, how to fund more borrowing? It is after all just a rubber band. Borrow to much and it will snap. All of these factors contribute to the value of the currency. Edited May 13, 2014 by Thai at Heart Link to comment Share on other sites More sharing options...
Naam Posted May 13, 2014 Share Posted May 13, 2014 Nothing backs the Baht. It is 100% fiat. Same thing with the U.S. Dollar, British Pound Sterling, Euro, Yen, Yuan, Ruble, etc........................... We are living in the waning moments of the grand Central Banking experiment that is about to go BOOM, and then they will try and implement their world currency. It is going to get very interesting very soon! It is backed or not according to the amount of Thai baht debt and thailands ability to fund this debt. how does a country "fund" its debt? Governments borrow from the market over different time periods to fund deficits.One of the more startling stats that is rarely mentioned is the average term of British borrowing. I believe it is at an average of 25+ years. As a show of power the BofE borrowed over 100 years. In comparison with most EU countries with their debt, which is in Frances situation borrowed at less than 10 years. It is the continuous retirement of old and the financing of new debt that reflects the ability to "fund" a deficit. Of course the interest must be paid from somewhere, and that is where you and I come in with our tax. If the economy doesn't grow, how to fund more borrowing? It is after all just a rubber band. Borrow to much and it will snap. All of these factors contribute to the value of the currency. Dear Sir, not only am i too modest to comment on your eggsburteese but i also do not understand the strange diction you are using. Link to comment Share on other sites More sharing options...
inthepink Posted May 17, 2014 Share Posted May 17, 2014 Yes, it is fiat. I tried that explanation somewhere on this forum and that's where I believe I got the Ron Paul assault. Folks don't accept that people can reach conclusions without opinion leaders. After the federal reserve act and later the gold standard changes around 100years ago, I believe, when money in us taken of silver and gold standard, and fractional lending approved, money became legal tender simply by coercion- the government declares it has value therefore you must use it or be subjected to law=coercion. There is reason many of Americas framers found a central bank repugnant and asserted the greatest lose of freedoms would ensue from a central bank, eating out our substance. I didn't want to dutifully respond to the Ron Paul assertion by another member because it was not valid; it was a pejorative to impugn me. But the fact remains, the Federal Reserve is not federal at all. It's a private banking cartel run by a small clique of families and they instigate and push international policies that have all economies functioning off a debt based model. It is unquestionably the most artificial thing ever, and it enslaves billions- I assert! There's simply no intrinsic value to us paper and the government that declares it valid is increasingly suspect of legitimacy. Nonsense. Go to a gold store and take all of your dollars and change them into gold. No problem. Takes a couple of minutes. So is the dollar worth gold? Sure you can exchange all the dollars you have for gold in a minute. Same with baht. You want a small gold bar? No problem give the dealer 20,000 baht and he gives you a small gold bar. "Nonsense?" Because you can buy gold with paper money does not make it intrinsically redeemable in precious metal. The concept was that people didn't want to walk around with large amounts of gold in their pocket, or travel the same. With a valid note that the money was deposited in London, they could tender the note in Paris and receive the gold in return- thus modern banking. But the gold sat there and hardly earned the bankers the interest they needed. Since everyone never came at same time, they began loaning money at interest. They still needed more, And thus was born fractional lending- for every dollar on deposit they could loan out 10. Decoupling the paper currency from the metal enabled them to stretch it. It's hardly true that because you can buy gold with paper money that paper money is redeemable in gold.Also, the amount of gold you could buy from a dealer will vary widely because the value of the currency is not pegged to precious metal, for which finite amounts give it the credibility to serve this purpose. The price of gold bars are the same everywhere and pegged to the dollar or any other currency you want to buy at that time of sale. I can buy gold in Thailand with dollars or baht or many other currencies no problem. All currencies are pegged to the price of gold at the time of the quote. You don't want to carry gold around? No problem. Gold exchange-traded products are exchange-traded funds (ETFs), closed-end funds (CEFs) and exchange-traded notes (ETNs) that aim to track the price of gold. Gold exchange-traded products are traded on the major stock exchanges including Zurich, Mumbai, London, Paris and New York. As of 25 June 2010, physically backed funds held 2,062.6 tonnes of vaulted gold in total for private and institutional investors. Currencies are not 'pegged' to gold and gold is not pegged to currencies. I can exchange GBP or USD for cheese but that doesn't mean that the value of the dollar is pegged to cheese. A currency's value is determined by how much faith the rest of the world has that the country which is responsible for that particular currency will remain a viable one, i.e. how much faith you have that the dollars you might buy with THB can be exchanged for goods at some point in the future. There is no magical formula to determine the value of a currency, involving GDP, interest rates, debt figures etcetera. If there were, there would be no opportunity to make money trading currencies. 1 Link to comment Share on other sites More sharing options...
arjunadawn Posted May 17, 2014 Share Posted May 17, 2014 Inthepink- (great name!) "Currencies are not 'pegged' to gold and gold is not pegged to currencies. I can exchange GBP or USD for cheese but that doesn't mean that the value of the dollar is pegged to cheese. A currency's value is determined by how much faith the rest of the world has that the country which is responsible for that particular currency will remain a viable one, i.e. how much faith you have that the dollars you might buy with THB can be exchanged for goods at some point in the future. There is no magical formula to determine the value of a currency, involving GDP, interest rates, debt figures etcetera. If there were, there would be no opportunity to make money trading currencies. Arjunadawn I agree. This is the theory part that seems pretty simple to me. I admit regarding other money instruments, currency trading, etc., I am not educated. But I think it is true that when money is removed from any intrinsic connection to "cheese" the value of that currency is by sheer coercion- Government says it shall be used for all debts... there is no choice! I have said elsewhere, I get the theory of the problem, but my knowledge lapses when suggesting a solution. I've no doubt that great, great deceit and sorrow has stemmed from fractional lending from fiat money (perhaps it is arguable too that great things came; maybe. But the cycles of great and sorrow have scaled toward those with less to start, ending with less, and those with more- more). Link to comment Share on other sites More sharing options...
inthepink Posted May 17, 2014 Share Posted May 17, 2014 "What has government done to our money?" is a good read for anybody that wants a greater understanding of the subject and can be found for free on-line. I enjoyed it anyway. Link to comment Share on other sites More sharing options...
Naam Posted May 17, 2014 Share Posted May 17, 2014 Currencies are not 'pegged' to gold and gold is not pegged to currencies. I can exchange GBP or USD for cheese but that doesn't mean that the value of the dollar is pegged to cheese. A currency's value is determined by how much faith the rest of the world has that the country which is responsible for that particular currency will remain a viable one, i.e. how much faith you have that the dollars you might buy with THB can be exchanged for goods at some point in the future. There is no magical formula to determine the value of a currency, involving GDP, interest rates, debt figures etcetera. If there were, there would be no opportunity to make money trading currencies. Link to comment Share on other sites More sharing options...
SheungWan Posted May 18, 2014 Share Posted May 18, 2014 In the event of a cheese-based monetary system, I would vote for Gruyere. 1 Link to comment Share on other sites More sharing options...
thailiketoo Posted May 18, 2014 Share Posted May 18, 2014 Nonsense. Go to a gold store and take all of your dollars and change them into gold. No problem. Takes a couple of minutes. So is the dollar worth gold? Sure you can exchange all the dollars you have for gold in a minute. Same with baht. You want a small gold bar? No problem give the dealer 20,000 baht and he gives you a small gold bar. "Nonsense?" Because you can buy gold with paper money does not make it intrinsically redeemable in precious metal. The concept was that people didn't want to walk around with large amounts of gold in their pocket, or travel the same. With a valid note that the money was deposited in London, they could tender the note in Paris and receive the gold in return- thus modern banking. But the gold sat there and hardly earned the bankers the interest they needed. Since everyone never came at same time, they began loaning money at interest. They still needed more, And thus was born fractional lending- for every dollar on deposit they could loan out 10. Decoupling the paper currency from the metal enabled them to stretch it. It's hardly true that because you can buy gold with paper money that paper money is redeemable in gold.Also, the amount of gold you could buy from a dealer will vary widely because the value of the currency is not pegged to precious metal, for which finite amounts give it the credibility to serve this purpose. The price of gold bars are the same everywhere and pegged to the dollar or any other currency you want to buy at that time of sale. I can buy gold in Thailand with dollars or baht or many other currencies no problem. All currencies are pegged to the price of gold at the time of the quote. You don't want to carry gold around? No problem. Gold exchange-traded products are exchange-traded funds (ETFs), closed-end funds (CEFs) and exchange-traded notes (ETNs) that aim to track the price of gold. Gold exchange-traded products are traded on the major stock exchanges including Zurich, Mumbai, London, Paris and New York. As of 25 June 2010, physically backed funds held 2,062.6 tonnes of vaulted gold in total for private and institutional investors. Currencies are not 'pegged' to gold and gold is not pegged to currencies. I can exchange GBP or USD for cheese but that doesn't mean that the value of the dollar is pegged to cheese. A currency's value is determined by how much faith the rest of the world has that the country which is responsible for that particular currency will remain a viable one, i.e. how much faith you have that the dollars you might buy with THB can be exchanged for goods at some point in the future. There is no magical formula to determine the value of a currency, involving GDP, interest rates, debt figures etcetera. If there were, there would be no opportunity to make money trading currencies. Read what I wrote not what you imagine I wrote. "The price of gold bars are the same everywhere and pegged to the dollar or any other currency you want to buy at that time of sale. I can buy gold in Thailand with dollars or baht or many other currencies no problem. All currencies are pegged to the price of gold at the time of the quote." At the time of the sale, man or lady. At the time of the sale. Today at 12 noon the price of gold is the same for anyone wishing to buy it in this time zone. Link to comment Share on other sites More sharing options...
SheungWan Posted May 18, 2014 Share Posted May 18, 2014 (edited) Read what I wrote not what you imagine I wrote. "The price of gold bars are the same everywhere and pegged to the dollar or any other currency you want to buy at that time of sale. I can buy gold in Thailand with dollars or baht or many other currencies no problem. All currencies are pegged to the price of gold at the time of the quote." At the time of the sale, man or lady. At the time of the sale. Today at 12 noon the price of gold is the same for anyone wishing to buy it in this time zone. After two attempts you clearly do not understand the meaning of the word 'peg'. Edited May 18, 2014 by SheungWan Link to comment Share on other sites More sharing options...
Naam Posted May 18, 2014 Share Posted May 18, 2014 Read what I wrote not what you imagine I wrote. "The price of gold bars are the same everywhere and pegged to the dollar or any other currency you want to buy at that time of sale. I can buy gold in Thailand with dollars or baht or many other currencies no problem. All currencies are pegged to the price of gold at the time of the quote." At the time of the sale, man or lady. At the time of the sale. Today at 12 noon the price of gold is the same for anyone wishing to buy it in this time zone. After two attempts you clearly do not understand the meaning of the word 'peg'. and even a third attempt won't work Link to comment Share on other sites More sharing options...
Thaiberius Posted May 19, 2014 Share Posted May 19, 2014 Don't forget that if you go to the gold shop you won't be paying the going price for gold, there will be a premium to be paid on top because it has been worked. Link to comment Share on other sites More sharing options...
thailiketoo Posted May 19, 2014 Share Posted May 19, 2014 Read what I wrote not what you imagine I wrote. "The price of gold bars are the same everywhere and pegged to the dollar or any other currency you want to buy at that time of sale. I can buy gold in Thailand with dollars or baht or many other currencies no problem. All currencies are pegged to the price of gold at the time of the quote." At the time of the sale, man or lady. At the time of the sale. Today at 12 noon the price of gold is the same for anyone wishing to buy it in this time zone. After two attempts you clearly do not understand the meaning of the word 'peg'. Looking up pegged in google is a fun experience. But if you don't get what I mean and are just being pedantic (which I think you are) then good for you, maybe you understand the meaning of pegged better than I. I think pegged means linked. The price of gold is the same or linked or pegged at one price at the same time every place in the world. Link to comment Share on other sites More sharing options...
thailiketoo Posted May 19, 2014 Share Posted May 19, 2014 (edited) Don't forget that if you go to the gold shop you won't be paying the going price for gold, there will be a premium to be paid on top because it has been worked. Buy Sell Bar (1 Baht, 96.5%) 19850 19950 2014-05-16 09:22 Edited May 19, 2014 by thailiketoo Link to comment Share on other sites More sharing options...
Naam Posted May 19, 2014 Share Posted May 19, 2014 Read what I wrote not what you imagine I wrote. "The price of gold bars are the same everywhere and pegged to the dollar or any other currency you want to buy at that time of sale. I can buy gold in Thailand with dollars or baht or many other currencies no problem. All currencies are pegged to the price of gold at the time of the quote." At the time of the sale, man or lady. At the time of the sale. Today at 12 noon the price of gold is the same for anyone wishing to buy it in this time zone. After two attempts you clearly do not understand the meaning of the word 'peg'. Looking up pegged in google is a fun experience. But if you don't get what I mean and are just being pedantic (which I think you are) then good for you, maybe you understand the meaning of pegged better than I. I think pegged means linked. The price of gold is the same or linked or pegged at one price at the same time every place in the world. "one price, same time, all over" is an incorrect statement, e.g. the price for fine gold 999.9 in India is presently ~21-23% above the offshore price and that applies pro rata to all lower purity versions. the expressions "linked" or "pegged" are misleading and not applicable. period! Link to comment Share on other sites More sharing options...
thailiketoo Posted May 19, 2014 Share Posted May 19, 2014 (edited) Read what I wrote not what you imagine I wrote. "The price of gold bars are the same everywhere and pegged to the dollar or any other currency you want to buy at that time of sale. I can buy gold in Thailand with dollars or baht or many other currencies no problem. All currencies are pegged to the price of gold at the time of the quote." At the time of the sale, man or lady. At the time of the sale. Today at 12 noon the price of gold is the same for anyone wishing to buy it in this time zone. After two attempts you clearly do not understand the meaning of the word 'peg'. Looking up pegged in google is a fun experience. But if you don't get what I mean and are just being pedantic (which I think you are) then good for you, maybe you understand the meaning of pegged better than I. I think pegged means linked. The price of gold is the same or linked or pegged at one price at the same time every place in the world. "one price, same time, all over" is an incorrect statement, e.g. the price for fine gold 999.9 in India is presently ~21-23% above the offshore price and that applies pro rata to all lower purity versions. the expressions "linked" or "pegged" are misleading and not applicable. period! The market determines the price of gold. If any one area gets higher or lower the market will adjust the price. Pedant away. The price of gold is the same the world over at the same time ( Of course given of course the same purity). If you think the word linked is confusing OK. I don't. Edited May 19, 2014 by thailiketoo Link to comment Share on other sites More sharing options...
inthepink Posted May 19, 2014 Share Posted May 19, 2014 (edited) Read what I wrote not what you imagine I wrote. "The price of gold bars are the same everywhere and pegged to the dollar or any other currency you want to buy at that time of sale. I can buy gold in Thailand with dollars or baht or many other currencies no problem. All currencies are pegged to the price of gold at the time of the quote." At the time of the sale, man or lady. At the time of the sale. Today at 12 noon the price of gold is the same for anyone wishing to buy it in this time zone. I read what you wrote, not what I imagined you wrote. Unfortunately, as Naam has already pointed out, you have no idea what you are saying. I don't think anybody is being pedantic. In the context of this thread, I fail to see the relevance of the fact that you can exchange dollars or any other currency for gold in a shop. Edited May 19, 2014 by inthepink Link to comment Share on other sites More sharing options...
thailiketoo Posted May 19, 2014 Share Posted May 19, 2014 (edited) I read what you wrote, not what I imagined you wrote. Unfortunately, as Naam has already pointed out, you have no idea what you are saying. I don't think anybody is being pedantic. In the context of this thread, I fail to see the relevance of the fact that you can exchange dollars or any other currency for gold in a shop. Edit When you can buy gold in India because of taxes or governmental regulations for more than Thailand the market is out of balance and will eventually right itself. Apologies to Nam as he was pointing out a market imbalance that I had not considered. I failed to understand the second part of what he wrote, " that applies pro rata to all lower purity versions" The relevance is the price of gold or an ETF gold fund is as a way to value currency. You want to know how much the Baht or dollar is worth; ask how much gold you can buy for one baht or one dollar. Paper currency has value in gold and other commodities. The price of gold is the same all over the world except India. Edited May 19, 2014 by thailiketoo Link to comment Share on other sites More sharing options...
SheungWan Posted May 19, 2014 Share Posted May 19, 2014 I read what you wrote, not what I imagined you wrote. Unfortunately, as Naam has already pointed out, you have no idea what you are saying. I don't think anybody is being pedantic. In the context of this thread, I fail to see the relevance of the fact that you can exchange dollars or any other currency for gold in a shop. Edit When you can buy gold in India because of taxes or governmental regulations for more than Thailand the market is out of balance and will eventually right itself. Apologies to Nam as he was pointing out a market imbalance that I had not considered. I failed to understand the second part of what he wrote, " that applies pro rata to all lower purity versions" The relevance is the price of gold or an ETF gold fund is as a way to value currency. You want to know how much the Baht or dollar is worth; ask how much gold you can buy for one baht or one dollar. Paper currency has value in gold and other commodities. The price of gold is the same all over the world except India. I guess that when you are in a hole there is a certain entertainment value to be enjoyed if you keep on digging. Link to comment Share on other sites More sharing options...
Thaiberius Posted May 19, 2014 Share Posted May 19, 2014 Don't forget that if you go to the gold shop you won't be paying the going price for gold, there will be a premium to be paid on top because it has been worked. Buy Sell Bar (1 Baht, 96.5%) 19850 19950 2014-05-16 09:22 This illustrates a buy and sell price but very little else. Are you disputing my contention that there is a small premium on worked goal? Link to comment Share on other sites More sharing options...
thailiketoo Posted May 19, 2014 Share Posted May 19, 2014 (edited) I read what you wrote, not what I imagined you wrote. Unfortunately, as Naam has already pointed out, you have no idea what you are saying. I don't think anybody is being pedantic. In the context of this thread, I fail to see the relevance of the fact that you can exchange dollars or any other currency for gold in a shop. Edit When you can buy gold in India because of taxes or governmental regulations for more than Thailand the market is out of balance and will eventually right itself. Apologies to Nam as he was pointing out a market imbalance that I had not considered. I failed to understand the second part of what he wrote, " that applies pro rata to all lower purity versions"The relevance is the price of gold or an ETF gold fund is as a way to value currency. You want to know how much the Baht or dollar is worth; ask how much gold you can buy for one baht or one dollar. Paper currency has value in gold and other commodities. The price of gold is the same all over the world except India. I guess that when you are in a hole there is a certain entertainment value to be enjoyed if you keep on digging. Is the price of gold the same in 98% of the countries in the world? Is the price of gold a method to determine the value of a currency? Nam pointed out an anomaly because that's the kind of person he is. Rather point out the untruth of the exception rather than the truth of the overwhelming majority. Google price of gold and see how many different prices you get. http://goldprice.org/ You can get quotes in USD or Thai Baht. Are they both the same if converted? Yes. Edited May 19, 2014 by thailiketoo Link to comment Share on other sites More sharing options...
thailiketoo Posted May 19, 2014 Share Posted May 19, 2014 Don't forget that if you go to the gold shop you won't be paying the going price for gold, there will be a premium to be paid on top because it has been worked. Buy Sell Bar (1 Baht, 96.5%) 19850 19950 2014-05-16 09:22 This illustrates a buy and sell price but very little else. Are you disputing my contention that there is a small premium on worked goal? No. Sometimes the unworked bars are a bit more. I don't know why. If you buy a bar today and sell it a month from now you get the action of the gold market minus 100 commission or so. I never buy the jewelry so I don't know much about that except it is better to buy and sell it at the same shop. Link to comment Share on other sites More sharing options...
thailiketoo Posted May 19, 2014 Share Posted May 19, 2014 This one minor discussion started because one poster said the Thai baht was not backed by gold and I said convert all of your baht into gold or gold ETF's and they it was backed by gold as you now have the gold or ETF's. Link to comment Share on other sites More sharing options...
watso63 Posted May 19, 2014 Share Posted May 19, 2014 just who in their right mind would invest in pounds! after scotland succeeds and switches to euro, pound is gonna lose just how much of its value exactly? good riddance.Have you been drinking? Leaving virtually the strongest currency in Europe to adopt the Euro? Yeah, makes great sense.Once you have independence then the English will breathe a huge sigh of relief and be considerably wealthier. you win. joke of the century A strong rebuttal can be made, but this requires an acknowledgement that English taxpayers have been losing out for years thanks to the Barnett Formula an issue, like Euroscepticism, where political leaders fear to tread. When the TaxPayers Alliance last examined the figures in Unequal Shares: The definitive guide to the Barnett Formula, by former Treasury economist Mike Denham, we found that identifiable public spending per head in England is £7,535 pa (2007-08). But in Scotland it is 22 per cent (£1,644) higher. Good riddance. Link to comment Share on other sites More sharing options...
Naam Posted May 19, 2014 Share Posted May 19, 2014 I read what you wrote, not what I imagined you wrote. Unfortunately, as Naam has already pointed out, you have no idea what you are saying. I don't think anybody is being pedantic. In the context of this thread, I fail to see the relevance of the fact that you can exchange dollars or any other currency for gold in a shop. Edit When you can buy gold in India because of taxes or governmental regulations for more than Thailand the market is out of balance and will eventually right itself. Apologies to Nam as he was pointing out a market imbalance that I had not considered. I failed to understand the second part of what he wrote, " that applies pro rata to all lower purity versions"The relevance is the price of gold or an ETF gold fund is as a way to value currency. You want to know how much the Baht or dollar is worth; ask how much gold you can buy for one baht or one dollar. Paper currency has value in gold and other commodities. The price of gold is the same all over the world except India. I guess that when you are in a hole there is a certain entertainment value to be enjoyed if you keep on digging. Is the price of gold the same in 98% of the countries in the world? Is the price of gold a method to determine the value of a currency? Nam pointed out an anomaly because that's the kind of person he is. Rather point out the untruth of the exception rather than the truth of the overwhelming majority. Google price of gold and see how many different prices you get. http://goldprice.org/ You can get quotes in USD or Thai Baht. Are they both the same if converted? Yes. it's a waste of precious time to discuss the beauty of a painting or the colours of a sunrise with an "overwhelming" blind man Link to comment Share on other sites More sharing options...
thailiketoo Posted May 19, 2014 Share Posted May 19, 2014 (edited) Is the price of gold the same in 98% of the countries in the world? Is the price of gold a method to determine the value of a currency? Nam pointed out an anomaly because that's the kind of person he is. Rather point out the untruth of the exception rather than the truth of the overwhelming majority. Google price of gold and see how many different prices you get. http://goldprice.org/ You can get quotes in USD or Thai Baht. Are they both the same if converted? Yes. it's a waste of precious time to discuss the beauty of a painting or the colours of a sunrise with an "overwhelming" blind man This discussion started because one poster said the Thai baht was not backed by gold and I said; convert all of your baht into gold or gold ETF's and they will be backed by gold as you now have the gold or ETF's. Today I can convert all of the baht I own into gold. The price at which I can convert baht into gold is posted on numerous exchanges in Thailand. So what is a Thai baht worth? Google the price of gold in Thailand. Is the baht backed by gold? I'll take as much baht in trade as you have plus slight commission and give you gold. No problem. Edited May 19, 2014 by thailiketoo Link to comment Share on other sites More sharing options...
Naam Posted May 19, 2014 Share Posted May 19, 2014 -India was the biggest but since recently (overtaken by China) only the second biggest consumer of gold. -2013 estimate is 1,150 tons which equals 30% of the global gold consumption. this is a free lesson concerning "truth, untruth, exceptions, anomalies" and last not least "98%" Link to comment Share on other sites More sharing options...
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