Posted on 10/23/2020 7:17:28 AM PDT by Kaslin
I am not alone, I’m sure, in thinking that the upcoming presidential election will be decisive for many issues. With the election looming, the Senate is focusing on the federal courts, and the media are prioritizing health care and immigration. Oddly, though, the media barely discuss our monetary system’s future, other than acknowledging that, in response to the panic, most developed nations have ramped up their “quantitative easing,” the bizarre euphemism for printing money. In fact, this election will decide our monetary system going forward. And truly, I cannot think of any other issue (aside, perhaps, from health care) that affects every single person’s daily reality, well-being, and existence more than money.
So far, as of this writing, the following nation-states have already implemented a digital currency pilot project:
On October 20th, Bahama is set to circulate the Sand Dollar and DXCD Caribe Network’s Digital Eastern Caribbean Dollar is poised for launch.
(Excerpt) Read more at americanthinker.com ...
This election will be decisive for the world!! A possible 1000 years of darkness face mankind. If not us, who? If not now, when?
If the dollar ceases to be the world currency then the price of imported goods will skyrocket.
I read this article earlier this morning. It’s dealing with an issue of great importance that has received little attention. I’m not sure about the author’s point regarding bitcoin (I don’t think any sovereign state will allow bitcoin to replace their currency). However, the concept of virtual currency becoming a means of control and rationing is a very real concern.
The other concern is that the Chinese have been dreaming of the yuan replacing the dollar as the world’s reserve currency. That would be a catastrophe; the only way we are getting away with the massive deficits is world demand for dollars to settle their international transactions. If the reserve currency shifts away from dollars, the demand dries up. Hello Weimar-style turbo inflation and bankruptcy.
The Chinese know they can get Biden to do their bidding, and he will allow this to happen. He’s too stupid to realize what he would be doing, and too corrupt to refuse the crumbs they will offer as payment.
Anybody got the feeling it’s all been one big Ponzi Scheme since we went off of the Gold Standard in 1971?
Asking for a friend...
This is one of the most significant movements in our times and it is getting absolutely zero coverage. Our monetary system was first defined by the Bretton Woods agreement after WWII (https://bit.ly/2HrFiZH). There is now a push by the globalist (IMF) to implement a new Bretton Woods agreement with the outcome of being a global digital currency. The IMF wants a “reset.” Does anyone remember that term from a few years back?
Digital currency is coming but having the IMF in charge of our currency is lunacy. If you want to get an idea of what they want, read this manifesto — https://bit.ly/37yLuJX. Of course, it includes fighting climate change, poverty, racism and every other Marxist agenda. Having a digital currency where your every transaction is tracked, where you can be directly taxed and socially “controlled” (did you take your vaccine, are you a racist, etc.?) is where this is headed if our country signs up for this!
The dollar in question is the ‘Fed Dollar’ and it’s no longer important because the US is energy independent.
Before the ‘Fed Dollar’ there was the Treasury-issued US Note Dollar backed by Gold.
That’s where we’re headed.
America is going to enter a Golden Age.
“The other concern is that the Chinese have been dreaming of the yuan replacing the dollar as the world’s reserve currency.”
I think this statement might need to be clarified. The Yuan as it stands today would make a horrible reserve currency. The reason is that China makes a regular habit of “messing” with it—adjusting the value to make off shore exchanges more beneficial to China. No one in their right mind would use a reserve currency that is so “flexible.”
That said, there HAS been talk for years of a Gold Yuan. This is where the Chinese tie a “new” external currency to the value of gold. This would “appear” one day and the value would be “set.”
For example (pure hypothetical) the Chinese Bank would say, “Here is a Yuan that is worth an ounce of gold set at $3,000.”
It would be backed by the gold reserves of China. Establishing a “set point” would allow the value to fluctuate with the value of the hard asset held in their reserve. It would not necessarily be exchangeable for gold—so no “gold window.”
This would automatically reset the gold market and would make the “hard asset” backed currency more “reliable” than a fiat currency such as the dollar.
I am not sure how the world would react—but some of the largest gold markets are now in China—challenging London and New York.
I guess it would not hurt to own some gold. I am pretty sure I would not trust the Chinese Central Bank as far as I could throw them—they lie ALL the time.
a youngling in the office was extolling the value of Bitcoin. I asked him to bring me one....result was a deer in the headlights look.
If the dollar stops being the reserve currency one of the things that happens is EVERYONE sells the dollar overnight. That means the “price” of holding the dollar will drop like a rock. The price of gold skyrockets (more dollars chasing the same ounce of gold) and the price of all external goods skyrocket.
This is why it is ESSENTIAL for national defense that we remain energy independent. The holders of US Debt get screwed BIG TIME.
The issue is what takes its place? Right now there isn’t much on the Table.
My guess is the IMF will try to peg an international basket of currencies—the SDR. It won’t work. In the end, something that “mimics” a bitcoin type thing—which is not backed by anything but can be automatically converted to local currency at a common “value.”
The bad news is that the average Joe is not going to be able to to do much to protect themselves.
“a youngling in the office was extolling the value of Bitcoin. I asked him to bring me one....result was a deer in the headlights look.”
Okay. How about bringing me an email, a tweet, a Facebook post, or even a quote here on FR. I don’t mean a printed copy, but the actual comment. It is apparent you don’t understand bitcoin.
Take a few minutes and watch this CEO of a public company describe his journey to invest all of his company’s cash into bitcoin ($500M). https://bit.ly/34punYY
It’s long but quite interesting.
I’ll never forget my first real introduction to bitcoin. It was a couple of years ago. It was a very young 20 something young girl working at the Apple store who had made a gazillion dollars trading/buying bitcoin over the previous few years. She was “retiring,” bought a motorhome, and was set to travel the country — even though she did not have a coin in her hand!
So much for that idea :-). I didn’t buy/trade and here I am still slaving myself away at a day job :-).
Money can be made trading bitcoin for sure. But it’s not money.
It can never be in your possession. It’s on some server somewhere. Someone else controls it, and your access to it. Just like a bank account or a brokerage account.
Gold is money, and nothing else.
It absolutely is a fraudulent scheme and it began with the creation of the “Federal Reserve” and the income tax. Social security is part of it and it goes on and on. The only bright light I see is that some of the very youngest people I know seem to fully understand that their parents and grandparents have been taken in by a crooked scheming government which is little more than an organized crime family.
“ Gold is money, and nothing else”
My guess is you did not watch the video I included. That guy is smarter than you and I put together. With multiple degrees from MIT he has built from scratch and headed a multi-million dollar public tech company for over 20 years. He absolutely destroys your gold obsession.
By the way, please don’t tell tha 20 something young girl I mentioned her bit coin is not money. She retired in her earliest 20s with Bitcoin.
I guess you may still believe the dial telephone is the greatest invention of mankind :-).
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