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6 minutes ago, woolley said:

Gold has its cheerleaders but nowadays it is just another investment and a very volatile one at that. It also has specific hangups being a physical entity. It needs secure storage and insurance.  

But the main issue is that it doesn't work as a modern currency. It's only a commodity. Like lavatory paper or pasta.

(In 1849 gold had its own version of something like expanded money supply.)

Edited by pongo

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2 minutes ago, pongo said:

But the main issue is that it doesn't work as a modern currency. It's only a commodity. Like lavatory paper or pasta.

(In 1849 gold had its own version of something like expanded money supply.)

What about oil or gas backed if that was feasible?

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7 minutes ago, Lagman said:

What about oil or gas backed if that was feasible?

Commodities are not modern currencies. Sure you can swap one commodity for another or use it as a means of payment. But a modern currency is much more than that - not only a means of exchange or a short term store of value.

Edited by pongo

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Google Triffin Dilemma to understand why fixing a reserve currency to gold or other commodities will result in paradoxical demands to restrain and provide liquidity.  It doesn't work.

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4 minutes ago, Chinahand said:

Google Triffin Dilemma to understand why fixing a reserve currency to gold or other commodities will result in paradoxical demands to restrain and provide liquidity.  It doesn't work.

Current currency doesn't appear to work very well either.

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1 hour ago, woolley said:

You have a UK sort code. Typical Manx fudge. 

All my bank accounts  have been migrated to IOM accounts over the last year.

There are island specific websites as well.

Regarding the UK sort code comment I assume you  do not bank  with Barclays.

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Personally I am torn between gold and crypto.One is a old world failsafe measure and the other is   new world thing.

But once you start thinking about the advances on things like 3d printing which could make many physical assets worthless, I can appreciate the reasons given by the crypto bulls.

 

So I am split between gold and crypto. 

Edited by mad_manx

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2 hours ago, mad_manx said:

 Because our money does not have  any value outside the IOM! 

 

Have you ever  tried paying with IOM money in the UK? 

Even the  banks in the UK cannot deal with your Isle of man bank account as they are not part of the same network. :-(

Huh ?

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29 minutes ago, Lagman said:

Current currency doesn't appear to work very well either.

Are you confusing currency with investment assets?  The stock market may be going through a historically volatile 20 years, but currencies on the whole have been pretty stable without major changes in value.  Overall these are not large percentage changes in value.

1934464812_GBPUSD.thumb.jpg.ea858c3c79bfd2c2286416dc68f43adb.jpg

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All food stores and others selling necessities need home delivery*. For all the obvious reasons.

The Island has taxi drivers.

The government have IT wallahs.

Just something simple and basic.

(It is near impossible to get a delivery from Tesco and they are booked up for 3 weeks anyway).

 

*or collect

 

 

 

Edited by gettafa
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6 hours ago, dilligaf said:

Huh ?

In the past it was possible to go to the UK branches of isle of man based banks if you wanted to do some banking related stuff while in the UK.

Its just not possible these days 

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