Posted on 01/02/2022 5:21:37 PM PST by jcon40
I was the son of a VERY small town bank branch president where over the years my dad tucked away a few of largest bills for me and my siblings.
I would swear he emphasized that they were not to be 'spent,' not because of the collector's value but because you would land in trubble.
Someone here will likely know better than I.
The reason I ask is that if we went to a gold standard overnight, the price of gold would be about $10k, and your non-gold dollar purchasing power would be decimated. It would thrust the US into what used to be called a “Panic.”
If you owned gold, it would be confiscated. And that would suck.
There is not enough gold mined in the country to cover our debt.
I understand the desire to be on a sound money basis. But it won’t happen until after “the revolution.”
$500 bills are legal tender, but probably are worth more to collectors.
A teller told me that if $500 and $1000 bills come into the bank she works at, they send them to the nearest Federal Reserve Bank, presumably for destruction.
1/2/22
“FDIC Chair Resigns, Warns Democrats Launching ‘Hostile Takeover’”
Laughable error in first sentence: FAIL!
Regards,
That's like arguing that a heroin addict should simply continue injecting himself with heroin, because the "shock" would otherwise be too great.
Regards,
Woe
I believe it. They’ve definitely taken them out of public circulation.
I miss them but I never have much money anymore anyways.
A “panic” is in quotes because it denotes an economic event of that name; not because of the normal meaning of the word.
Look up Panic of 1873.
Just for fun I converted our gold holdings and annual budget (in very round numbers) to gold.
We own 8133 Metric Tons of Gold.
There are 35,274 ounces per ton.
This means we own 286,883,442 ounces of gold.
The national Debt (rounded) $30 Trillion.
Annual Budget (rounded) 1.5 $Trillion.
Converting to a gold standard (where we HAVE to own the gold to back our debt) would have to cover $31.5 Trillion.
This puts the price of an ounce of gold at $109,800. Roughly.
The current price is $1,800. This is 1/61th of what the price would have to be.
This is a strict interpretation of a gold standard.
I don’t think any economy, anywhere, is going to handle that kind of inflation.
Think again. Research carefully. Much leaking out on the push for a cashless society…just one article on the cashless society being instated worldwide. Keep in mind, MIT and three other powerhouses began their research on how to do it back in 2017/18, the bill is now in closed door finance committee discussions. It will come quickly, especially when we have the next flurry of sovereign debt crisis’s.
I suggest the skeptical read Scripture, and as confirmation one just has to look at the current fear being peddled with the C flu….the sheep will line up for a cashless system the next financial crisis, especially when it is a US sovereign debt event. May God Help America.
Which is why I expect a Ka-Boom
How long can this go on?
Well they’ve juggled and mostly kept the balls in the air for awhile.
For now...
The bitcoin paper (which is essentially what this is) was published in 2009. The first blockchain block was created on this date in 2009.
The problem is getting the central banks to retain control over their version of currency.
The Chinese have been field testing this for a while—and I imagine they will promote the bejeezus out of it during the Olympics.
The problem isnt the tech. The basic tech is actually “old” now. It appears to me the problem is going to be convincing the current generation of knuckleheads running the Fed to understand/accept what is going on. I know they are not all fools—but they are all politicians.
Its coming. But I don’t have any faith in our Federal Reserve Banking system’s management. They are too political and not really interested in whats best for the country.
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