all this so you neoCONs could feed your blood lust in Ukraine.
That’s $511,943,680,000.00.
Half a trillion dollars.
Good for a pretty good party.
Just one weird trick will save us!
Not sure it’s inflationary at all. Half a trillion bucket against the need is about three months. But wouldn’t it be deflationary as this debt would be issued at a fair market value against a tangible. As our currency currently floats on the full faith and credit but is not pegged to a commodity, the fed can print money with zero collateral. That is inflationary. This would take 1/60th of our debt and drop it on a gold standard. That becomes quite a hard ceiling for that portion of the debt.
Ah....That's cute....the author believes the Treasure still has 8000 tons of gold in Ft.Knox.....
Obama stole that long ago, in his effort to undermine America.
Do an audit....Prove me wrong!
Anyone actually see that 8000 tons of gold lately? Maybe check
one of Joe Biden’s garages.
I only have a ton of gold, and no it has not been audited and no one has seen it, but can I get a secured loan?
I have a US $1 silver certificate from 1957.
It looks like a dollar bill, or should I say a dollar bill looks like it.
Paper certificates of federally held metal were once common.
The magical minds of Joe Biden PLUS Sen. Fetterman will solve this.
It will kick the showdown a few months down the pike.
If the US shows a willingness to part with Fort Knox gold, China will show an eagerness to insist on gold as payment for exports to the US.
“valuing the 8,000 tons of Treasury gold at $2,042 an ounce”
Well, how much is actually there in the Treasury Department?
Remember, Texas moved it’s state owned gold back to Texas. They have their own Gold repository. They did not move the gold from NY banks, but sold it and re-bought by more secure means. (from what I have read)
Tantamount to admitting the dollar has lost 99% of its value.
The Democrats’ vote buying must be reined in.
It is better to fight it out by peaceful means now than to have to use up your AR-15 ammo supplies in the future.
All Republicans have to do is to hold firm.
There will be great economic stress, but 90% will fall upon Democratic voters.
It’s better for a typical American businessman to lose 10% of his income in 2023 than to pay a 60% tax rate until his dying day.
alwillis on July 16, 2015 | parent | context | favorite | on: Bitcoin Trends in the First Half of 2015
>The USA golds 8000 tons of gold in Fort Knox (and in NYC’s Federal Reserve building). Why? Why does it do this? It must cost a lot to hold all that gold. The reason it does is because that gold implicitly (but not explicitly) backs the US dollar. If the dollar began crashing tomorrow, Obama could go on TV and say he was opening the vaults of Fort Knox and would exchange dollars for gold.
Seriously? Those 8000 tons of gold, priced at today’s price of 1144.45 as of a few minutes ago, have a value of $296,002,697,361.7893—a little under $300 billion. Sorry, but $300 billion just isn’t a lot of money in the grand scheme of things.
So today the $2,042 price per oz, is almost double the price in July of 2015.
So the dollar is likely worth 1/2 of what it was in 2015.
“Fed’s gold certificate values gold at $42.22 an ounce.”
Because that is how much Gold $42 is SUPPOSED TO BE ABLE TO PURCHASE! That is how much purchasing power the dollar should actually have! And by their own hand this ADMIT IT with THE CERTIFICATE VALUE.
How many times does this have to be repeated? The price of Gold did not go up or change. The value of the dollar changed and went down.
This “perspective” is he true reality of it. But we have been brainwashed into believing all the illusions, smoke, and mirrors.
I am one who believes in in holding form to the McCarthy plan.
The future is going to have some pain, “white flag” waved again or not.
What is going to happen after default?
1. Medicaid payments will be irregular and reduced, requiring states to lend the federal amounts to the hospitals and doctors
2. government paychecks will be delayed longer and longer, so a soldier might get October pay in December
3. Medicare will have to pay using Treasury bonds now held by its trust fund, which the hospitals will have to sell at a slight discount to face value for ready cash
4. Social Security might pay by Treasury bonds to your bank (which might insist on recipients opening a monthly fee account)
5. Social Security might not get paid to some recipients, in which case family or a state government might lend the recipient the monthly amount
6. discretionary payments may not come for many months after their currently expected date
In the mid-1930s, Great Britain and France could have shown resolve and all of Europe would have benefited.
In the 1930s the Nazis were the danger.
In May 2023, we have to stand firm against Democratic vote buying to avoid becoming a nation totally run by Democrats for Democrats.
Standing firm is risky. Short term pain is very possible.
Waving the “white flag” this time will be painful to your dying day, since the Democrats will be able to buy votes until American dollars won’t buy a Chinese-made wheelbarrow.
Make sure you can fund your parents if their Social Security doesn’t come on time and they have insufficient liquid assets.
The federal government may pay out on Social Security lowest benefit recipients first.
The Democrats will fund the hospitals since Democrats tend to be sicker than Republicans and most hospital employees are Democrats (~85%).
If you want a doctor appointment, Medicare beneficiaries may have to pay cash in full upfront.