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Thomas Pierce's avatar

Once, a few years ago, I flew home from Ukraine, and I stayed in a motel by the airport because I was meeting friends the next day instead of going straight home. That evening, I turned on the TV to watch for the first time in years. After flipping through the channels for a couple of hours, I had to get a grip on reality. I had become insane in two hours. The world I knew wasn't the world anymore. It's a package collective madness appearing on a tube near you. Suddenly, it felt like I'd gone through the looking glass, and to be truthful I had. I turned the TV off and sat in the room for a short time and realized that it was all okay.

If everyone is walking toward the cliffs and you turn around and walk the other direction, they assume that you are insane.

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Thomas Pierce's avatar

Gold is a fiat currency too. It's all based on belief. An ounce of gold would have to worth millions in order to facilitate global commerce at this time. Utterly impractical. Can you imagine? You have to take gold coins to the supermarket to buy groceries. On the way there, you'd get robbed. I like paper money. I shudder when I see these young tech types buying food with their wrist watches and smart phones. A smart phone is simply a surveillance device, designed so that governments can track your every movement and everything that you buy. Even real estate has a fiat value. What if nobody wants to buy your small chunk of soil? It's then worth nothing unless you can grow something on it. It's all based on demand. If there's demand, then whatever it is has value. Without demand, it's worth nothing. I have a friend who bought five apartments in Kyiv as an investment. What are they worth today? Nada, zilch. Paper is just the medium of exchange. It's all based on belief. Everything. I give pieces of paper to somebody once a month in exchange for my living in a cozy warm flat while snow falls outside the window. That person exchanges those pieces of paper for bog rolls, other pieces of paper. Nothing has value unless we give it value.

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