Lux Lucet

Posted in Economics, Uncategorized | Tagged Bitcoin, Gold and Silver, Theory of Value | 9 Comments

9 Responses

1. on December 10, 2017 at 11:16 am | Reply Sean Gerety

   Reblogged this on God's Hammer.

   
   
   • on December 10, 2017 at 12:40 pm | Reply Steve Matthews

     Thanks, Sean.

     
     
2. on December 10, 2017 at 3:54 pm | Reply John Bradshaw

   Thx for this Steve. What you said was very new to me about Bitcoin, but made a lot of sense. And thankyou for explaining imputation so clearly.
   One thing you said caught my interest…. That we “should learn how to buy gold”. I would like to hear your reasons for saying this, in order to learn more. Would you have some references for this? Thx. JB

   
   
   • on December 10, 2017 at 4:37 pm | Reply Steve Matthews

     You’re welcome, John. Lord willing, I plan to do a video on this topic soon. As a short answer for now, I just say that you can buy gold and silver either through local coin dealers or online. If you don’t that any gold or silver, I recommend sticking with bullion coins, e.g. US gold and silver eagles, rather than older collectibles. For silver, I’d stick with the one once coins. For gold, that depends on your budget. One ounce gold coins aren’t cheap, but they are the best value. Another option to the one ounce gold coins is to purchase fractional gold coins.

     When buying gold or silver coins, you will pay a premium over what is called the spot price. The spot price of gold and sliver is the price quoted on the financial websites. For silver, typically you shouldn’t pay more than $3.00 US per ounce. For gold, a $50 premium per ounce is about average.

     As to the why, governments the world over are printing money – that is to say, they’re debasing their national currencies – in an effort to stave off economic collapse due to the crushing debt load they have taken on. This is not going to end well, and having wealth stored outside the banking system in gold and silver can provide some cushion when he economic crisis returns.

     
     
     • on December 10, 2017 at 5:22 pm John Bradshaw

       Thx Steve. I have not heard of buying these coins or bullion before. Certainly not in Australia. Perhaps I need to get out more! Maybe there are places here, but I wouldn’t know a “shark” from a real deal.
       As to the national currencies not being worth the paper they are printed on, I can see the point, since the currencies seem to have no tangible foundation just politicians and bankers words. Yet the lenders know that also, and I wonder why they keep lending?? Are the “lenders” places like China and the Middle Eastern countries and perhaps Germany and Switzerland? If they called in the money they are owed, how would they do that?
       I look forward to the future posts on the subjects.
       Do any of the puritans or reformers have essays on the subjects? Thx, John

       
       
     • on December 11, 2017 at 6:17 pm Steve Matthews

       You’re welcome, John.

       When I started buying precious metals 10 years ago, it seemed like the strangest thing to me. I think that’s the way it is for most of us. Really though, it’s not that hard once you know what to look for. If fact, it’s one of the simplest savings strategies there is. That’s one of the things I like about it. Lord willing, I’ll have a video or videos out soon about how to buy gold and silver.

       You’re right about the national currencies, there’s not a single sound one on the planet. Some are better than others, but none of them meet the Biblical definition of honesty. They are, in effect, varying weights and measures. The very thing the Lord says is an abomination to him.

       In the case of the US, the two biggest financiers of our enormous debt are China and Japan. Saudi Arabia is another big holder of US debt.

       China likely could crash the US economy by selling its treasury holdings, which top, I think, $1 Trillion US. Not that they necessarily will do that. Crashing the US economy likely would crash their own economy as well.

       As far as I am aware, the Puritans did not write that much on economics. The best stuff I know of if by our friend John Robbins.

       Here’s a link to a talk he gave on money and banking http://www.trinitylectures.org/MP3/Money,_Freedom,_and_the_Bible,_John_Robbins.mp3

       You can click here for his 18 part lecture series on economics, Intermediate Economics. http://www.trinitylectures.org/MP3_downloads.php?_ga=2.80971732.2147367232.1513033985-1498623152.1471110256

       The Trinity Foundation has several other papers on economics. Here’s one I wrote a couple of years ago on the Federal Reserve http://www.trinityfoundation.org/journal.php?id=316.

       
       
     • on December 11, 2017 at 8:45 pm John

       Thx very much Steve. I’ll go through all those soon.

       
       
3. on December 12, 2017 at 8:05 pm | Reply Bobby O'D.

   Hi Steve:

   New guy here. I viewed your video on the subject of intrinsic value/imputed value. With absolutely none of it do I have any disagreement. Would have loved it had you extended the imputation of value to labor, as people today believe that existence alone entitles them to a living wage, i.e., $15.00 / hour minimum wage.

   My question though, arose with the very last few sentences, ‘…and that’s the biblical (response?/answer?).’ In a nutshell, I don’t believe that biblical support for market driven economics can be made via a parallel to imputation of Righteousness. They are parallel concepts; they don’t necessarily make a connection. Where does the Bible imply directly or indirectly that a thing’s economic value is market driven? Our justification, i.e., imputed righteousness, is certainly not market driven, else we’d be lost, Is:55:1-5: “Come, buy wine and milk without money and without price.”

   Would’ve liked have to seen the biblical support for market driven economics made more forcefully.

   Thanks. Overall, good presentation.

   
   
   • on December 12, 2017 at 8:25 pm | Reply Steve Matthews

     Hi Bobby,

     Thanks, I’m glad you liked the video! New guy’s are always welcome.

     I agree that subjective (imputed) value does is not a complete argument in support market economics, but it is an important part of the puzzle.

     As to examples of market pricing, consider Genesis 23 where Abram haggles with Ephron the Hittite over the price of the field. No government imposed the price from the outside. Then there’s the parable of the workers in the vineyard.
     When they complained to the owner about the wages, his response was “Is it not lawful for me to do what I wish with my own things?,” implying, among other things, that the price of labor (i.e. wages) is not the business of the government to dictate. Other examples can be found.

     Lord willing, what I’d like to do is to make a series of videos on economics…including discussions of market pricing!

     
     

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