Posted on 05/19/2023 12:19:09 PM PDT by RomanSoldier19
“We no longer are on a gold standard.”
Now no shit.
Cant get it can you..
OMG!
pretty much...
Exactly...
Whenever I need cash I just sell some of my rare earth elements to my next door neighbor.
What I am saying is, the new competing standard, may be a true competitor.
Maybe.
Not for us it wont.
The USA and any of its citizens will be banned from it.
Any of its LEGAL citizens that is.
“btw, if the BRICS currency is “backed” by gold, what’s to stop someone from just exchanging it for the gold?”
A gold standard without convertibility isn’t a gold standard. During the gold standard era bullion was constantly shuttling between countries.
Silber’s “When Washington Shut Down Wall Street” will give you can idea of how it worked.
The Deutschmark went to a gazillion slotniks per peace of paper. I don’t think there is a limit on how worthless a worthess currency can get.
They are doing exactly what I predicted to you 5 months ago - building an alternative currency based on a basket of commodities. They are commodity rich nations.
I would offer a SWAG that it is priced based on that basket value, but not redeemable for a basket.
It remains to be seen whether they make it workable in reality.
The advantage they have is that they are commodity rich and can easily transact trade among BRIC nations if they all agree.
That's what you think. We are just a dingy part of the world who no longer trusts the dollar because of US government thieves. Just like Putin said over a year ago and it's coming to pass. Everybody is afraid to hold dollars now, we might even steal their money if they don't go along with the gay homo agenda! That's been in the news lately, too.
.
Biden is doing a great job destroying our country. Losing reserve currency status is horrible for this country. People underestimate Putin because they hate him but he isn’t stupid like Biden and his handlers. Our debt is like 135 times GDP. England’s is similar. Russian debt is 14 times GDP. We are heading for a cliff with a demented old fool at the wheel.
“Doesn’t matter if there is or isn’t gold, someone will figure out a way to scam the thing, and make off with the gold.”
Storing Lithium could be interesting. Better keep it dry.
The Deutschmark went to a gazillion slotniks per peace of paper. I don’t think there is a limit on how worthless a worthess currency can get.
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Agree. But the USA is going to produce a couple more industrial and agricultural revolutions that are simply unimaginable right now.
There likely will be a couple of rough years ahead but on the other side are things that you wouldn’t believe.
Right now it looks like social security will be insolvent and the USA will go down the drain.
But the USA in 10 years is going to throw off wealth on a scale people can’t imagine right now.
We are not.
And Russia is VAST.
That country will steamroll us. All they have to do is invite international corporations into there to develop those resources.
If Putin hadn’t lied, then invaded Ukraine he might still have a shred of credibility. His lying and barbarism were his undoing. It is why Russia was expelled from first world organizations.
Not zero, according to Milton Friedman. Historically, large finds of relatively cheap gold produced inflation. Notable after S African fields discovered. Admittedly harder to make affect total gold supply now as we’ve dug out a lot and through a way very little. But that history WOULD apply to a (falsely) ‘rare’ earth based money if we would just treat the American ‘environmentalists’ sad they deserve and unleash their potential American supply.
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