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Message
re: Three Congressmen Introduce Gold Standard Bill to Stabilize the Dollar's Value
Posted on 4/6/23 at 8:33 am to the_truman_shitshow
Posted on 4/6/23 at 8:33 am to the_truman_shitshow
quote:
DOA
Yeah, I know. Just thought I'd post it anyway.
0
Posted on 4/6/23 at 8:34 am to SlowFlowPro
attempting
Lord knows it will be a cold day in hell before I quit yapping
Lord knows it will be a cold day in hell before I quit yapping
This post was edited on 4/6/23 at 8:36 am
Posted on 4/6/23 at 8:36 am to SlowFlowPro
quote:
Russia and China will implode before a BRICS currency can get 10% worldwide usage, which will in no way "unseat" USD
Unless they traded in gold and not paper yuan
Posted on 4/6/23 at 8:43 am to SlowFlowPro
quote:
The gold standard led to incredible volatility and inflexibility.
Do you have data to support this?
The data I have seen, there were booms and bust before the Federal Reserve Act of 1913 but the booms and bust were short, low and shallow and concentrated. Inflation was also not an issue. Mal and misinvestment was worked out of the economy quickly. Subsequent to the 1913 FR Act the booms and bust have become high, deep, long and global leading to inflation and middle class wealth degradation.
At the end of the day regardless of the system, economics follow natural law. The question is for individuals is how can you shield yourself from degrading wealth. IMO you leave FR fiat as quickly as possible and transfer FR fiat into hard assets with land being the biggest part of your portfolio. PMs should be about 5-10%.
Posted on 4/6/23 at 8:45 am to ezride25
***see SPR for why the gold has disappeared
Posted on 4/6/23 at 9:05 am to GumboPot
Bitcoin standard makes much more sense in the 21st Century.
Posted on 4/6/23 at 9:36 am to GumboPot
quote:
Three Congressmen Introduce Gold Standard Bill to Stabilize the Dollar's Value
its not even possible if they wanted to, because they have printed around 10x more paper than can have real value based on gold.
if gold standard was restored, then they would have to burn $10 for every dollar that exists today, and even that is a huge underestimate of how much money has no value at all.
it would crash the economy to great depression levels, and if you had $1 million dollars, it would become $100k overnight.
now all that said, the amount of gold reserves the USA has is unknown but it hasnt gone up since the gold standard stopped being used, so it is very likely every bit of gold we have, it wouldnt cover 6 months of government expenses like SS
This post was edited on 4/6/23 at 9:41 am
Posted on 4/6/23 at 9:54 am to GumboPot
quote:
Do you have data to support this?
Basic math.
We import more than we export.
That means we are exchanging currency to make up the difference.
Tie your currency to gold. In time, you will be almost out of gold and instability occurs and disrupts business to find a balance.
In 2022, our trade deficit was $948.1B.
How much gold do you think we have?
Posted on 4/6/23 at 10:06 am to mtntiger
Get some silver. I heard some electronics hold silver.
Common man gold.
Common man gold.
Posted on 4/6/23 at 10:20 am to GumboPot
Condolences on their upcoming tragic but accidental deaths #askJFK
Posted on 4/6/23 at 10:28 am to SlowFlowPro
quote:
quote:no details, no surprise
What details do you want?
The gold standard led to incredible volatility and inflexibility. That is exactly the opposite of why USD has become the world's reserve currency. Even with all the post-Covid bullshite, the USD was affected less than all other major currencies, making it stronger in the face of worldwide chaos.
Yes, decoupling from the gold standard gave our reckless politicians and corrupt Federal Reserve/Global Fiat Banking Cabal the flexibility to rack up nearly $33 trillion in government debt......that's the flexibility the American people truly need.
Posted on 4/6/23 at 10:43 am to GumboPot
We have given the masses the power to vote more money for themselves. Once the LBJ floodgates opened, any true fiscal responsibility was gone.
Not until a complete meltdown and rebuild will a good standard rise again.
But it is not just the 50 year anniversary of the break from gold. The unwinding of true banking regulation since the Clinton administration has been the fuel for a nation that imports way too much and a population that demands monetary satisfaction with no or little economic input.
We are in a mess - look at the Federal Reserve - if they were treated like a standard bank, they would be shut down immediately.
Also, the perverted Fed / Treasury relationship has to be broken - but with so much liberal political pressure, it has been weaponized for a party’s gain rather than true independent function.
Not until a complete meltdown and rebuild will a good standard rise again.
But it is not just the 50 year anniversary of the break from gold. The unwinding of true banking regulation since the Clinton administration has been the fuel for a nation that imports way too much and a population that demands monetary satisfaction with no or little economic input.
We are in a mess - look at the Federal Reserve - if they were treated like a standard bank, they would be shut down immediately.
Also, the perverted Fed / Treasury relationship has to be broken - but with so much liberal political pressure, it has been weaponized for a party’s gain rather than true independent function.
Posted on 4/6/23 at 11:41 am to SlowFlowPro
quote:
Russia and China will implode before a BRICS currency can get 10% worldwide usage, which will in no way "unseat" USD
I think this Taleb tweet captures it:
Posted on 4/6/23 at 11:45 am to GumboPot
quote:
the U.S. Treasury and the Federal Reserve are given 24 months to publicly disclose all gold holdings and gold transactions
Just wanted to let everyone know the main reason this will not be allowed to pass
Posted on 4/6/23 at 11:47 am to cwill
"My barber was just telling me about the collapse of the Dollar..."
Posted on 4/6/23 at 11:55 am to SlowFlowPro
You are way to programed!
Posted on 4/6/23 at 11:58 am to GumboPot
quote:
Do you have data to support this?
The data I have seen, there were booms and bust before the Federal Reserve Act of 1913 but the booms and bust were short, low and shallow and concentrated. Inflation was also not an issue. Mal and misinvestment was worked out of the economy quickly. Subsequent to the 1913 FR Act the booms and bust have become high, deep, long and global leading to inflation and middle class wealth degradation.
He did not even know that the USA Federal Gov was funded by Tariffs and excise taxes before income taxes and FDR's push.
He is too Programed
Posted on 4/6/23 at 12:11 pm to GumboPot
While I love the idea unfortunately this ship has likely sailed barring a major revolution. Powers that be will never allow us to do this
Posted on 4/6/23 at 12:15 pm to Bass Tiger
quote:
decoupling from the gold standard gave our reckless politicians and corrupt Federal Reserve/Global Fiat Banking Cabal the flexibility to rack up nearly $33 trillion in government debt
I didn't say it was perfect.
We also have become the world's single hegemon and the richest society in the history of Earth.
None of this could be possible without the USD being the world's reserve currency, and being on the gold standard eliminates that option.
Posted on 4/6/23 at 12:17 pm to SlowFlowPro
You are right....but going back to the gold standard sounds good. There are logical and real reasons why it is a bad idea.
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