Russia, China may be preparing new gold-backed currency, but expert assures US dollar 'safest' currency today

foxbusiness ^ | 10/29/2022 | peter aitken

[CoastWatcher]

I keep hearing that there is not enough gold in the world to cover our debt: Isn’t a function of the value of gold?

At one time the USA manufactured twenty dollar gold pieces; which were worth $20 at the time. They are now worth close to $2,000 today. The open market would quickly increase the value of gold so it covered the national debt.

What these people really dislike is: If we were on a gold standard they could not continually spend like drunken whores without a constant inflation.

[LegendHasIt]

Years ago I decided that a gold standard or a gold-silver standard would never again happen in the USA. But I want something real to back our money., even if it is backed by a “Market Basket of Goods”.

Each dollar (updated for current prices from what I figured out way back then) should be directly exchangeable for:
a quart of gasoline. or,
A pound of wheat, or dried corn, or,
four ounces ounces of copper, or 7 ounces of zinc, or 8 ounces of aluminum, or,
6 ounces of ‘government cheese’, or,
five gallons of purified water, or
two pounds of iodized salt,
etc. etc etc
at a federal government Treasury warehouse in each state capital.
Of course it would be a ponderous system, but it would be better than paper money merely printed on a government / Federal Reserve Private banker’s whim, or even worse, what they do now and just using a few electrons to make a computer entry in some banker’s account.

Plus, it would make it desirable for the government to back production of staple items inside the US, rather than offshoring the production of everything. like they want now.