Olympic FRNs

[Sparky]

I didn't want to de-rail my own olympic thread, so I thought I'd bring this up separately.

The Japanese mens' gymnastics team put in an inquiry for a scoring challenge. Evidently, in order to do that, you need to post cash to the officials. If your inquiry is accepted, you get your cash back. If not, the Olympic committee keeps it. It seemed very strange.

But..

The Japanese coach approached the judges' area with a fistful of cash. Japanese Yen? No. British Pounds? They are in London, right? Nope. Special Drawing Rights (SDRs) issued by the IMF and made available for exchange by the Olympic Committee? Nope. The Japanese came fully prepared with a fistful of Benjamins.

True, the buying power of FRNs will continue to erode away as we continue to print them. But this was a vivid reminder that we have a LOOOOOONG way to go before the demise of the US dollar. The rest of the world treats FRNs like gold. The USD isn't going away until every other crap fiat currency in front of it goes down like a bunch of dominoes. It could happen eventually, but it's not going to sneak up on anybody. If the SHTF, those FRNs are going to become super valuable before they become worthless.

[Horn]

Appeared as a bribe at first, strange rule on how it would be taken only if the complaint were not accepted.

This just shows how soaked the world is with them, and used less they are, the judge didn't even want to touch the dirty paper.

What's with the Gold fascination, anyways? In this example it was only to purchase a Silver metal http://gold-silver.us/forum/images/smilies/smiley.gif

[Sparky]

Appeared as a bribe at first, strange rule on how it would be taken only if the complaint were not accepted.

This just shows how soaked the world is with them, and used less they are, the judge didn't even want to touch the dirty paper.

What's with the Gold fascination, anyways? In this example it was only to purchase a Silver metal :)

Yes, it looked exactly like a bribe, and the commentators even pointed out that it looks fishy as they were trying to explain what was going on. However, I did not see the judges refuse the payment as you say.

And yes, the world is soaked with so much paper, but they still rely on the USD as the go-to paper for the foreseeable future. If TSHTF, you'd better have some of it along with your precious metals and weapons and food.

[Horn]

Oh yeah, the judge refused and accepted the complaint immediately, probably because it looked so much like a bribe on all the cameras...

I know if SHTF here, they will be tossed. Even now they only give me $18.00 worth of change in local currency when handing them a $20.

[Twisted Titan]

Good.............

It means the Silver window will stay open a while longer

Anyday you can take phoney money and trade it for reall money ............and they are glad to take it.

Its a dam good day.

[Skirnir_]

Paper fetishism, particularly USD paper, is in my interest, as I am able to accumulate more metals.

[Horn]

Think he would have had that same problem as that canadian at the bank, handing them 4 of these?

http://4.bp.blogspot.com/-dPw1ErBlBiw/T--iTfai-dI/AAAAAAAAIgg/87V-d-PlAsU/s1600/Canada+Loonie+25th+anniversary+coin.jpg

[Glass]

Isn't there something fundamentally wrong with having to pay for an umpire's adjudication?

[Twisted Titan]

Not in the eyes of central planners............if the had their way they would make you pay a daily fee for breathing.

Wait a minute..........what are Carbon Credits?

[JohnQPublic]

Yes, it looked exactly like a bribe, and the commentators even pointed out that it looks fishy as they were trying to explain what was going on. However, I did not see the judges refuse the payment as you say.

And yes, the world is soaked with so much paper, but they still rely on the USD as the go-to paper for the foreseeable future. If TSHTF, you'd better have some of it along with your precious metals and weapons and food.

The Japanese probably felt the same way about the corrupt rule, and wanted to embarrass the olympic committee.

[Sparky]

...
I know if SHTF here, they will be tossed..

Not at first, they won't. It will take a little while (days? weeks?) after TSHTF for most people to lose faith in the money system. They've been trained for 100 years. They'll abandon credit cards and checks first, but hold FRNs dear in the same way that we think about gold and silver.

If TSHTF, this is how it will go down: There will be a growing realization about the importance of accumulating stuff, particularly food. During this period, FRNs will buy stuff, because nobody's hungry yet. When the dust settles, shortages will develop, and supplies will dwindle. At that point FRNs will lose their exchange value.