Why Gold Always Has Value

http://www.investopedia.com/articles/investing/071114/why-gold-has-always-had-value.asp

If the modern paper-money economy were to collapse, gold may not have an immediate use as panic sets in and people fight for their needs. Yet, humans are group beings, and prefer company (on varying levels) over complete independence. It is easier to work in groups than attempt to live off the land on our own. This human traits forces us back to a barter system and finding ways of working together, which leads back to finding a way to exchange good and services easily and efficiently. Gold is the logical choice. If disaster strikes, gold is the metal we will revert to if paper-money, and the system that supports it, no longer exists. It is one of the only substances on earth with the qualities for the job.

Even if a gold has no intrinsic value to the person holding it (he or she can’t eat it or drink it), if an agreement is made that turns metal into coins which can be used for easy exchange of goods, that coin takes on a value. Because others believe it has value, you do to, and because they think you value it, they value it too.

The system works!

Oh wait, we left the Gold Standard…

£9k/pa students have begun holding teachers to standards!

http://www.dailymail.co.uk/news/article-2682268/The-death-lazy-student-Instead-dossing-plotting-Marxist-revolution-complain-boring-lectures-not-having-essays-marked-says-Tory-minister.html

Instead of clutching a copy of Karl Marx today’s students are more likely to be perusing the complaints procedure at their faculty, Mr Willetts claims.

Mr Willetts said: ‘My experience now going to meet students is that they are not, by and large, plotting Marxist revolution in Latin America.

‘They are instead frustrated that their seminars are too crowded, it takes too long to get an academic to resound to their academic work.

‘But overall they are more serious-minded than ever.’”

That sound in the background is the Guardian Media Group screaming.

The minister points out that in extreme cases the worst universities could end up in court for breach of contract.

‘Students do have rights: ultimately universities have to provide them with up to £9,000 of education.’

And if they don’t, the universities could find themselves being sued.

‘Ultimately there is a legal contract for the university to deliver services. That doesn’t mean we want lots of people pursuing universities through the courts.

‘But there is this body, the Office of the Independent Adjudicator, which will try to resolve student complaints if they can’t be done through the university.’”

Some students are now so fed up with the quality of their courses they have carried out analysis of the amount – and quality – of the tuition they receive to see if they are getting their money’s worth.

They can math. I iz impressed.

Economics students in Manchester are demanding fewer multiple choice exams – which are easier to mark – and more open-ended essays which will take more time for their lecturers to assess.

Some 35 per cent of students surveyed said it took more than three weeks to have an assignment marked and returned to them while a quarter complained about not always getting prompt feedback.”

Yeah. Teachers are lazy. That’s why they teach.
“Those who can, do; those who can’t, teach.” ~ George Bernard Shaw

According to the latest Graduate Labour Market Brief, the average salary for graduates with one degree is £32,000, compared to £20,000 for non-graduates.

Opportunity cost?
Three+ years of your life.  9k*3y+6k*3y living expenses = £45k. And opportunity cost.

They’re learning something alright: capitalism.

We call this market demand.