Michael Phelps and other American athletes are bringing back loads of Gold, Silver, and Bronze Medals from the Beijing Olympics. A young libertarian economist asks if it was worth it.

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by Jake, the Champion of the Constitution
Sunday, August 24, 2008.  Originally posted at http://www.nolanchart.com/article4585.html

I confess that due to being an athlete and loving competition myself, I greatly admire the athletes.  Their abilities represent the human potential, and in a way every world record set pushes at our limits.  However, surely a darker way of looking the Olympics is similar to Dan Clore’s article "A Libertarian View of the Olympics" as just a nationalized bread-and-circus event or an opiate for the masses.  Surely some of the events are graded in a subjective manner – while one can run a marathon with a certain indisputable time, the same cannot be said of diving or synchronized swimming, or this jump-rope-tossing-and-dancing event I saw.

Here in China, they absolutely LOVE to show the medal count, primarily since they have had the highest number of gold medals throughout the competition.  This led me to start thinking what exactly is in the gold, silver, and bronze medals.  It turns out that there are enough details online to estimate the intrinsic value of the metal in the medals.

A Gold Medal (mostly silver with 6 grams of gold) is worth about $570.

A Silver Medal (mostly silver) is worth about $403.

A Bronze Medal (mostly copper) is worth about $11.

An Olympic gold medal made of pure gold would weigh about 4 pounds, about twice as much as a silver medal.  A pure gold medal would be worth about $50,000.  Now THAT would be closer to a worthy prize for an athlete training for their whole life to be the best in the world!  Michael Phelps would be taking home $400,000 in gold instead of a few measly grand!

Many are unaware, but the origin of the Olympics medals do not go back to ancient Greece, only to the first Olympics in Athens during 1896.  But it does go back to a time when gold and silver were used by the entire world as money.  Honest money.  Unfortunately, in today’s world, we have forgotten honest money.  Our governments have stolen its very meaning from us.  It has led to far more wars, sadness, and theft than a world with gold would have had.  Did you know that even today the Constitution of the United States clearly specifies that only gold and silver coinage should be used as money?  How did this happen?

Would you like to learn a little more?  Please try the Money Matrix series I am working on below.

In Liberty!

Jake, the Champion of the Constitution

www.CampaignForLiberty.com

The Money Matrix Series

The Money Matrix - Prelude (PART 1/15)
Published: August 1, 2008
Prelude and Source List to a Series on Global Monetary Policy of Control and Explaining Big Government's Finances

The Money Matrix - What is a Dollar Bill Worth? (PART 2/15)
Published: August 2, 2008
"Living so free is a tragedy when you can't see what you need to see!" - Powerman 5000 'Free'

The Money Matrix - What Makes Money Money? (PART 3/15)
Published: August 3, 2008
A quick history of money per Rothbard followed by the properties of money per Ron Paul

The Money Matrix - If You Don't Know Who the Sucker Is, Then It's You! (PART 4/15)
Published: August 7, 2008
The Money Matrix series rolls on by asking 'What are the Types of Money?' and 'What is the "Best" Currency and Why?'

The Money Matrix Explores Seigniorage - Do not give in to evil, but proceed ever more boldly against it. (PART 5/15)
Published: August 24, 2008
The Money Matrix explores Seigniorage as Legalized Silent Plunder with an introduction into medieval and modern banking.

We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

As always, unlike the NFL, the author grants full permission to allow any accounts of, rebroadcasts, retransmissions, repostings in part or full of this article to your blog or anywhere else in order to promote the Restoration of our Republic.

Veritas numquam perit. Veritas odit moras. Veritas vincit. Truth never perishes. Truth hates delay. Truth conquers.