Precipice is very soon. This is so bad it's hard to imagine.
(media.greatawakening.win)
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Who decides what gold and silver are worth?
The people that hold it.
If you have something I want or need I decide how much I am willing to give you for it. People will negotiate prices as they have for thousands of years.
Prices might fluctuate wildly at first until a free market value is reached but a free market value will ultimately be reached.
What if I deem gold to be worthless?
Then you will have less bartering power and will have to trade inferior forms of exchange.
I know you think you are being clever but you are being foolish. You will have to learn the hard way I guess. :)
Wouldn't barter and trade be better? Trade one thing with intrinsic value for another, whether it be a product or service. You help me weed and pick vegetables and fruit from my very small farm (I don't really have one), and you can keep as much as you want as compensation for your time and labor.
No one "decides." Gold and silver have been worth approximately the same throughout history. Silver is starting to gain on gold because it's being used up in disposable goods.
100 years ago, an ounce of gold was $20 and could buy you a really good men's suit. Today, the dollar value of that same ounce of gold can still buy you a really good men's suit.
When I was a child, a silver dime could buy a loaf of bread. Today, the dollar value of a silver dime can still buy a loaf of bread.
The value mainly depends on scarcity.