And silver. At one time not so long ago you could go down to your local bank and exchange a ten dollar bill for a roll of shiny 90% silver quarters. But no more.
Posted on 04/16/2021 9:55:52 AM PDT by SeekAndFind
Maybe they are trying to destroy crypto
(and of course the USD, but our country is doing a great job of that right now) but I think they are trying to destroy crypto since it is the biggest competitor right now
There was a time the US Dollar was backed by gold. All that got thrown out the windows in the 1970’s.
Gotta wonder if there is anything in Fort Knox....
Anything to help them and hurt us. And our administration will do nothing but help them. Trump had them being a little more fair. Now they helped biden and the dems steal the election because it benefited them.
Revelation 17:4
The woman was dressed in purple and scarlet, and was glittering with gold, precious stones and pearls. She held a golden cup in her hand, filled with abominable things and the filth of her adulteries.
maybe my gold stocks will go up?
1) There’s good and bad with being the reserve currency.
2) No other country has the reserve currency yet they manage to survive.
3) Other countries might not like us...but how many would trust China???
By Richard Millstone Nixon.
Is this the same Chinese who get caught every couple of years selling gold on paper but never actually have the real stuff? I think the last one I heard of actually tried to pass off painted gold bricks when the inspectors came to check their actual holdings. The ChiComs are notorious for selling exotic metals on paper without actually having any true assets
And silver. At one time not so long ago you could go down to your local bank and exchange a ten dollar bill for a roll of shiny 90% silver quarters. But no more.
There’s not enough gold to run a world economy.
Wars and feared/actual recessions destroy the discipline needed to have fiat currency stability.
Biden and his team so fear a stock market crash that they are going to sink the dollar, whose declining value will encourage foreigners to sell their shares of American companies. I suspect a stock market crash is only being delayed.
The Chinese are pretty good at counterfeiting gold bars. They usually use tungsten because its density is very close to that of gold. Then they give the tungsten bar a thin gold coating.
I read a couple of years ago that you can even buy these fake bars directly from the Chinese manufacturer, “for entertainment purposes”. (Seriously, that’s how they are marketed. Wink, wink.)
Gold notes from Nevada, Utah, New Hampshire.
$1 has 1/1000 oz. of gold in it
$50 has 1/20 oz. of gold embedded.
Pricey for the amount of gold and not really ‘legal’ tender.
https://www.providentmetals.com/gold-coins-bullion-bars-rounds/gold-notes.html
Also last week, Peter Thiel warned “Bitcoin should also be thought [of] in part as a Chinese financial weapon against the US... It threatens fiat money, but it especially threatens the U.S. dollar.”
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China is also where the majority of crypto currency is generated.
Ultimately the value of a national currency is determined by the economic output and the rationality of the government issuing the currency. If the real production of goods and services declines or the printing of currency increases beyond reason, the value of that currency declines.
China will never be a strong international currency because their government, financial policies and banking laws are simply not trusted. Heretofore the US constitution, traditions, laws that respected property rights real productivity, innovation and rational government financial policies made the UD dollar the world benchmark currency. Things seem to be changing quickly .The CODID economic rebound will mask the detrimental effects of Biden’s anti capitalist and bizarre monetary policies for about a year, but eventually the piper will be paid. Gold has already begun its climb.
America is something like $30T in debt. And, so far, that doesn’t seem to be hurting us all that much, because we are the big dog and everyone trusts our money more than they trust anything else. But I bet that is about to change.
If China becomes the big player in digital currency, and also moves toward currency backed by a basketful of precious metals (not just gold), then the US dollar will lose its position, and when it loses that, people might start to worry a lot more about the $30T debt. I’m guessing the US economy might implode.
China is at war with us on many fronts. They aren’t firing bullets, but they seem to be winning in a big way.
3) Other countries might not like us...but how many would trust China???
If China ties gold to its currency, there will be great pressure for others to do the same.
That’s the story I was looking for. I couldn’t remember the base metal they used.
“Trust China?”
.
Exactly.
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