Right Wing Libertarian Caller Really Likes Gold 

"Do you guys know the true meaning of what money is...?" Boy, this is gonna be good.

I'll bet this guy is super into NFTs today

lol. "I'm gonna do iron" you're growin on me Seder.

Summary... Caller: "Gold has intrinsic value, man." Sam: "LOL" The End.

"Money is labor." Comrade libertarian.

"The field of pseudoscience hasn't made much progress in recent years, except gaining access to the internet." Rofl that quote is brilliant. God damn brilliant.

I hope they actually make a mock libertarian society ...But i've already read this book when it was called Lord of the Flies...

What happens if a new vein of gold opens up? If you double the amount of gold, you have automatic inflation, which halves it's value.

These "Libertarian Caller" vids never get old

Sam pays the iron price.

Money is a promise in exchange for goods and services. To pretend gold isn't just another fiat currency is ridiculous.

6:50 If anything, potable water has much more intrinsic value than gold - at least to human beings.

I love how this caller didn’t realize Water is infinitely more valuable than gold because you need it to continue breathing.

Bring back the gold standard so mining companies can strip mine the whole country. YAY!!! A whole country of big holes and tailing ponds.

There is not enough actual gold to equal all the goods and services out there in the market. It inflates the price of gold, which is a necessary industrial resource. Using gold as currency sets a limit to the value of an economy, and that limit is the amount of gold. That is why they got off the gold standard, because there was not enough gold to cover everything.

II'll go with cookies myself. Think about it. No matter what happens to the economy, a person could always eat their cookie currency. Plus, everyone would have an incentive to use their cookies before the spoilage date. It would serve as a disincentive to manipulate the value of the cookie currency. Obviously this would eliminate the need for fiat currency and this change will make the average America even fatter, but would eliminate the evil fiat currency resulting in the most cookie millionaires in history. This was just one benefit cited by the Libtariian Institute of Higher Economic Thought. Before the trolls start, if you can't eat your currency, what good is it? Checkmate.

>"Money represents somebody's labor" I made that exact same statement to an ancap one time and he called me a communist.

All these libertarians talk in circles only they understand. Loopers!

I hate having dyslexia because evrytime I see one of these titles I think he is debating a librarian for a second before I read it the right way.

lol I love when Libertarians who come up with ideas that they think is is awesome and I have actually experienced what they want to do in other countries. like he said why I have to pay for trash. I should be able to choose. he needs to go to Vietnam. no one forced them to pay for trash so you're literally see trash everywhere because people dump trash next to their house. if you ask them why they don't pay so they can pick up their trash their response was their neighbors don't do that why should they. lol

I'm doing iron right now.

Another Libertarian spouting nonsense!

Sam convinced me. I'm doin iron now.

"Flake of gold for your thoughts."

I woulda asked this guy "why does your boss get a cut of your labor?"

1:55 That's basically what Karl Marx said.

Once you realize that the entire system that we live upon is man-made then you start to see what really has value. Love, Life, Friends and Family.

There was famously no inflation before they dissolved the gold standard

Gold standard? I'm taking it back to the Cacao Standard. At least you can eat and drink it like my ancestors did.

Whoa, what? A right-libertarian arguing that money is a representation of labor? I thought right-libertarians rejected the labor theory of value. Mud pies, bro. Mud pies! "Now, let us consider "B." "B" also has a bakery. He hires the same number of workers as "A," buys the best raw materials, and produces the finest mud pies in town. His costs, the interest on the money he has borrowed, the rent of the land he uses, and all of the other factors that enter into the equation make it possible for him to produce these mud pies and deliver them to your door for exactly the same price as the mince pies of his competitor, "A." Now whether "B" insists on a profit or not, the fact of the matter is that it is almost inconceivable to imagine a going business in mud pies. But, if Smith, Ricardo, and Marx are correct, then the product of "A's" factory, which costs 40¢ to produce, must be valued at precisely the value of the product of "B's" factory, since this product, also, costs just 40¢ to produce. If value is determined by cost, the mud pies and mince pies are of equal value if the sum expended to produce is equal. Certainly, this is ridiculous. But this is the labor theory of value, to wit: The cost of the human energy expended in the production of any commodity is the value of the commodity." -- Robert LeFevre; from "This Bread Is Mine" mises.org/daily/4103 Not that this contradiction in right-libertarian rhetoric is new, of course. They contradict themselves on the labor theory of value every time they condemn the labor theory of value in one breath, and then explain that productive capital is simply "stored labor" with the next. Well, if labor has no inherent value, whence the value of productive capital? It must be the case, at the very least, that while not all labor has value, and not all labor has equal value, nothing of value can be produced except that some amount of valuable labor has been applied.

I loved Seders initial response. Hilarious. Maybe the sarcastic in me, but pure gold.

"Paper money is worthless! It's only these shiny rocks that have *real* value!"

In this guys logic stealing is fine because it took "work" to get whatever I stole...

Why is it that when it comes to financial strength libertarians say you’re on your own. But when it comes to physical strength and someone is at their door about to break in. All of a sudden the government coming to save you is fine.

This guy sounds like when a 4 year old tries to tell you a story about their day lol

Him: "Gold has inherent value." Sam: "Bet."

A ten year old MR clip of a libertarian debate shows up in my feed? Hell yeah brother

"This is why gold is going up in value" Yes in DOLLAR value, crazy

The moment we harvest an asteroid this system would completely collapse...

OK, so let's think about what this caller was proposing. I own a store that sells bread. You walk in wanting to buy a loaf. You have an gold ingot. How do I make change? "Oh," you say, "we'll make coins out of gold." Um, aren't we back to the same system we have now in that case?

Sam's point is valid. Gold has no intrinsic value. The caller couldn't get past that first step.

Right wing libertarian agrees with Labor Theory of Value.

Caller wants to create bubbles, seemingly unaware that bubbles pop.

Average gold fan VS Average iron enjoyer

I'm doing iron.

What does "money represents people's labor" have to do with "we need a different currency standard" in any possible way?

Money is a means in which to settle an obligation

I know I'm late to the party here, and I am not agreeing with Mr. Gold Standard, but gold, silver, and copper all have intrinsic value in industrial applications. So even if there was no want to use them as a currency there would still be interest in those metals as a commodity.

I only deal in Red LEGO blocks, at an exchange rate based on the number of studs on the brick and its thickness. If you can not accommodate me, I will take my goods elsewhere and we will not be doing business. Good day to you sir, *I said GOOD DAY!*

Does this guy know that even Gold does not have intrinsic value? Sure it's a commodity, but who puts the value on gold?

There are soooooooo many reasons why a fiat currency is better than trading gold. Like, the people who argue for a gold standard tend not to know what the hell they are talking about.

This guy was using Qanan language in 2012

Me being a former Libertarian I must tell that you are exactly right!

It's always fun to listen to Libertarians argue for supply-side economics in the age of computer software.

This guy took a massive bong hit before he called

This was definitely a troll call lol. No way this guy was for real

When I mine gold it comes with a price tag on it

After WW3 the currency will be porno mags.

You are absolutely correct.

Sam gettin' alchemical up in here!

Oh,Libertarians,they live in such a beautiful fantasy world

How stoned is the caller? My brother used to talk all broad grand thoughts when he was high.

gold's value goes up and down too.

I love how Sam uses the guy's "everybody can have THEIR OWN currency" logic against him. Libertarians want it both ways: they want to get rid of the government rules ("no government currency"), but then replace them with their own rules ("the currency has gotta be gold").

"Gold at $10,000, $20,000 man."

I 'made some water', how much does he want to pay for it?.....

Omg is this The Mooch calling in? It sounds JUST LIKE HIM.

Wow…just, wow.

Why are so many people in this country brain broken? 🤦

I looooooove goooooooooooold

What is the value of the dollar doing? Is it going up or down?

Wow. Just Wow.

Fuck it. Sam got me. I’m an advocate for the water standard.

I'm going to do Iron too

What about non trade tax? state and federal payroll etc?

Well said.

the statement that gold is more secure is itself a promise.

Sam's face at 3:03 is priceless

This one is special even among libertarians)

I'm in for Iron

It's now aug. 2017, as I type. Gold is not up. 😂

Can hear the RU-vid video education strongly in this one.

This caller has clearly never seen Goldfinger if he thinks gold can't be manipulated.

Sam's facial expressions crack me up.

oh,gold.when i saw the thumbnail i thought he really loved waffles...i need new glasses.

"i listen to them an d i juS T L A U H HHGH"

Sounds like the libertarian guy only half knew his stuff and was too confident about the little he knew. Which allowed Sam who knew even less to catch him out.

yup, totally true.

Bottle caps are my currency of choice.

Making a point that not all labor is equal; some skill sets have more value than others.

6:45 the dude almost said 'alchemy' ROFL

'were gonna do iron'! lol! sam u rock!

This is where modern money theory / neo-chartalism would help Sam out in better countering the caller. Sam usually dead on, but weak on what is money, and such missed opportunity to knock it out of the park.

I went from agnostic conservative to agnostic libertarian to atheist liberal as well, high five buddy

What's even funnier about this is that there would be gold markets that would be secondary markets, and some entities would be able to issue notes based on the gold they hold. It would be a clusterfart.

I was just thinking that. I did the same going from agnostic libertarian to liberal atheist.

I hope Sam doesn't still think this way. Gold does have some form of intrinsic value.

I think what he's trying to say is that it has value because it's finite and can not be printed at will like paper. It would be more valued then iron because it's iron is more abundant. What gives gold value is the scarcity of it.

He does know that one of the major reasons why we have banknotes (dollars) is that it's more convenient for everyone to use and trade for goods rather than gold. It also allows government to tax people easier as well to simplify the use of all types of metal-based currency as well as a host of other reasons too, right?

Prices fluctuate due to scarcity, not because of currency