One piece of bubblegum, please.................
ping
It is, and always has been, a universal store of wealth -- since long before the dollar existed.
BS story
If cash money gets to be worthless ... what do you redeem the solid gold for ?
In a way most people have never left the gold standard as only gold has been able to maintain its status as the store of value of choice.
The only further debasement of the currency possible is to reduce the physical size of a dollar bill to the size of a postage stamp.
If an economic apocalypse occurs I’d rather have guns and butter than gold.
One piece of bubblegum, please.................
Inflation is the only way out. Devalue a $1,000 Social Security check by 10% and now it only buys $900 but the actual check amount fools the recipient because it is still $1,000. Do that year after year and the $1,000 check will only buy a few hundred dollars in value. This happened in 1978 through 1983 when there was 50% inflation over those 5 years and grandma was eating dog food to survive. What if the inflation rate was 50% a year. That is the only way out of this mess. The unions have been too successful at getting retirement packages that are unaffordable and SS funds are stolen as they come in. Hyper inflation will take care of it though and grandma will move in with her kids or pitch a tent.
“A new Gold Standard would probably be based on a variant of the ‘Bancor’ proposed by Keynes in the late 1940s. “
Que the one world currency.
Gold may have replaced the dollar but if Obama is willing to destroy the U.S. Dollar,what’s to prevent him from banning the private possession of Gold in any form other than as jewelry?Nothing.
President Roosevelt did this already so there is a precedent.
As for the big US bank texting that silver would be worth 1/5th of gold, yeah, good luck with that. A twenty multiple doesn't even match with current metals trade.
But in the end, if we went to a metals backed US currency, we'd be much much worse off than we are today. We don't have the mining deposits available without years of reopening and starting up mines again, and it'd just be a constant downward spiral as we offer more and more greenbacks to purchase the metals we're going to back our currency with. The constant devaluation would just make international trade turn to another currency to do their trade in while we self destruct.
Feel free to hedge with metals - it just wouldn't work for backing our currency at this time.
It does take much to move the gold market higher these days. On July 1 gold was at an interim low of $1478.
In 8 trading days gold was at a new all-time high of $1595.
Those who already have gold are not selling and those who need gold are finally buying.
On July 14th last year gold was at $1207. Quite a runup in prices or quite a decline in the value of fiat currencies.
Hey people, think outside the box. If currency does become worthless in the future, what can you buy now for pennies that will be worth its weight in gold later. In an economic melt down, anarchy, etc., what would people want that they would exchange their gold for? I am thinking hybrid seeds, canning lids, water purification, and yes, freeze dried peas.
This isn’t gloom and doom, it is an investment opportunity. Did you know that Mountain House freeze dried foods is not taking any new orders until fall because they are sold out! Some folks are already ahead of us.
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Yo, this is utter BS because according to one of the most brilliant men Harvard has ever put out, Bernanke asserts that gold is not money. /s =.=
Obama’s Legacy, the death of the American Dollar as the world currency standard. For a hundred years the world has trusted America, now, they can’t.
Thanks OBummer.