of course you can....when it is controlled (purchased) by a small group, they will be able to control any supply out there. It will yield the same results we currently have, or at least moderately similar
And exactly how does that small group corner the entire, or even a significant portion, of the gold supply? Such 'cornering of the market' is a myth. As they bought it and supply in circulation dropped it would command a commensurately higher price for one, making buying up the entire supply an impossible goal, especially since as the price goes up sellers will become more scarce. Second, unless they have the legal authority to stop people from using other means of exchange then once it becomes useless in that regard other metals and/or commodities can be monetized at will. Or in other words, the idea that one group will control the supply of gold assumes government control where none is being proposed, and seriously misunderstands the nature and origins of money to begin with.
And even if they managed it, unless they used that gold for something, there would no use in having it to begin with. So it would have to be recirculated, unless of course these hoarders plan to eat it instead of corn or meat, or drive it to work instead of a car, or use it to whack off with. Their needs would eventually force the recirculation of the metals anyway, because it's only useful as money if it's
used as money. If they manage to hoard it and then swim in it like Scrooge McDuck, it gets spontaneously demonetized anyway.
Based on your thoughts...let's think.....what happens when the supply is purchased in its entirety? Who has control?
See above. How do they get control over the whole supply? With the government that's easy: The Fed. That's what it's for. Without legal authority to force sellers to sell and to control the price there's no way to corner a market on a specific commodity, and then one would also need legal authority via legal tender or other laws to stop any competitive product from being used. Not to mention that even with a controlled price there would be a black market and this would spur production of more gold anyway. So this worry is largely a load of crap.
Markets are born of interaction, one party never gets to dictate terms unless they're holding a gun to the other party's head. Consequently if a whole bunch of rich people bought up all the gold, so what? We can use silver. Or copper. Or palladium. Or ****ing artichokes if we need to. Money is merely a third commodity used to facilitate exchange. And if gold is money and someone hoards it all, unless they can stop everyone else from using something besides gold, all the hoarders just did was ensure a solid supply of gold teeth for themselves.
I guess it can't be true because you wouldn't want it to be.
A simple look at their voting records and what they have and have not done while in office shows Romney is a statist war mongering prick, so is Obama, and Paul is a legitimate believer in peace and small government. So to the extent you ignore reality and evidence, yeah, they're the same.
That's fine you think I am wrong on the Austrian school based on our CURRENT situation. There re countless economists on both sides...so take your pick
I have. I used to be one on the other side in a manner of speaking. Like I said, Austrians have an annoying tendency to be right way more often than not. And opinions may vary but there is this annoying thing mentioned previously called reality that you do occassionally have to check your opinions against in order to gauge their worth.