One thing that looks apparent in much of the rest of the world from the Saudis to China and Russia is that many nations are now buying all the gold they can in massive quantities.I suppose some currencies will wind up being backed by gold,I hope we are one of them.
I’m very confused on the monetary system that suggests our currency will be eliminated.I just don’t see how that will work? There are several opinions on what will happen. I’m not sure at all what we will wind up with in the end.
One thing that looks apparent in much of the rest of the world from the Saudis to China and Russia is that many nations are now buying all the gold they can in massive quantities.I suppose some currencies will wind up being backed by gold,I hope we are one of them.
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yeah.
“the full faith and credit of the USA” doesn’t count for much these days
what’s bizarre is that it wasn’t all that long ago that chyna was still using a barter system as they didn’t have a real banking system
(h/t: poppy bush, bubba clinton & moctar riady for changing things)
Looks to me like the goal is to have no more physical cash that can not be tracked. Easily done. All they have to do is say that the circulating currency is worthless after a certain date and that all further transactions must be digital. You will have a chance to convert and a deadline after which possession of greenbacks will be illegal.
All your income will go into a digital wallet replacing your bank account. All your expenditures will be via your smartphone, card or other device. Everything will be trackable and ultimately subject to government approval....
Of course this digital currency is completely made up out of thin air. A fiat in the truest sense of the word. That's why other countries are moving into gold. They see the US$ is worthless.
Locally, we are already using silver, gold and other forms of real money and barter items to a limited extent. It will surely be illegal to conduct any "Off book" transactions like that.