Posted on 04/06/2021 5:09:21 AM PDT by EBH
Physical gold or silver would not help because you have to trade it or sell it into cyber currency.
If the store doesn’t take it, it is worthless.
You cannot pay property a tax or income tax with gold or silver.
Things are going to get very rough for those who refuse this system. But, it will be a while yet as things will operate side by side for a bit of time.
Just like credit cards and the introduction of the chip cards, people will adapt and adopt this system without batting an eye.
Digital currency may make it possible for “prison reform”.
If you commit a crime, they empty your virtual wallet instead of sending you to prison.
If they empty your virtual wallet to zero and freeze it so no further funds can be deposited it would be the equivalent of a death sentence.
Nasty, nasty stuff.
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That idea is only one degree of separation away from a Neil Stephenson book, “Diamond Age”. In the book, there is a scene where someone commits a crime and is sentenced to death. The judge triggers a self-destruct sequence in the nanites the person carries and the nanites shred the person to death.
Yikes. It’s an even more insidious - backdoor - kind of wealth tax.
What would this do to the precious metals market? To me - and I’m hardly any kind of financial authority - it sure seems like it would inflate the value of gold & silver, particularly in the western economies.
But, that could be wrong. IDK.
So if your social score is too low, or you post the wrong thing on social media, or even misuse a prepositional phrase, how long does it take until the chicoms simply inactivate every last virtual penny in one’s account? Can’t hide these under the mattress.
Of course the Chinese people will be compelled by fecal chicoms to use this.
Sounds about as attractive a proposition as reverting back to “Continentals” or perhaps adopting “Cruzados” and “Cruzeiros”.
Actually, several states have recently passed laws making gold and silver currency in those states once again.
Texas, my beloved state, created a Texas state gold depository where you can store your precious metals. Also made gold and silver legal tender.
Not sure how that would work if there was a economic collapse or dollar collapse...but hey, gold, silver, copper, pewter as well as precious stones have been used as currency since the beginning of time.
Food, ammo, water, medicine and a lil gold and silver put back for hard times. Cover all the bases...lol
OK, thanks.
Funny thing, most all nations show that same rise. “The game’s afoot.”
I wonder how it works when the power goes out.
Will make those hurricanes more interesting now.
Tax collection.
First digital. Then eliminate cash. Then the government has total control over your money. It takes what it wants and gives you what it wants. Your social score went down? they take a chunk of your money.
Coming here too.
A digital Yuan won’t ‘shake’ anything.
A Yuan explicitly backed by Gold will change the world.
If the government tried to take it that far I believe that even the most normalcy bias-blinded soccer mom would finally rebel, and all of those firearms in citizens’ hands would finally be out to the purpose intended by the Second Amendment. That’s why dems are hell-bent on taking away guns.
I believe you are comparing, completely different things, in your two graphs.
What I am noticing is nobody currently is talking about the value of precious metals.
Bitcoin blah Yuan blah Dollar blah.
Nobody is saying a word, about history’s single longest store of value.
Weird.
A World Bank centralization
That is because it is going to be outlawed and confiscated as best as they can do it. Over the last decade countries have been collecting and hoarding it. Better yet, what if China backs its digital yuan with gold?
News Bites
China clears the way for a massive amount of gold imports
https://www.kitco.com/news/2021-04-19/China-clears-the-way-for-a-massive-amount-of-gold-imports.html
EXCLUSIVE China opens its borders to billions of dollars of gold imports - sources
https://www.reuters.com/world/china/exclusive-china-opens-its-borders-billions-dollars-gold-imports-sources-2021-04-16/
China owns a lot more gold than it’s letting on – and here’s why
In a world awash with money-printing, a currency backed by gold would have great credibility. And China – with designs on the yuan becoming the world’s reserve currency – has a lot more gold than anyone else. But how much?
https://moneyweek.com/investments/commodities/gold/603131/how-much-gold-china-owns-yuan-reserve-currency
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