Posted on 02/24/2021 4:01:44 AM PST by gattaca
The seeds of sound-money destruction were sown at the 1944 Bretton Woods Conference, which established that US dollars could be held as central bank reserves and were redeemable for gold by the US Treasury at thirty-five dollars an ounce. This was the so-called gold exchange standard, but only foreign central banks and some multinational organizations, such as the International Monetary Fund (IMF), enjoyed this right of redemption. The system depended upon the solemn promise by the US that it would refrain from issuing unbacked dollars. The watershed event that ushered in a new malignant, pure fiat money era occurred on August 15, 1971, when the US abandoned the gold exchange standard in order to stop the drain on the US gold stock.
American money printing had begun in earnest in the previous decade in order to finance Lyndon Johnson's "guns and butter" policy. The Fed monetized government debt to fund LBJ's Great Society welfare programs while the government fought a war in Southeast Asia at the same time.
(Excerpt) Read more at mises.org ...
Sounds like we’re bankrupt. Will we go full Zimbabwenzuela?
Buying precious metals (Gold, Silver) should be a critical component of FReeper prep.
Buy some to keep some in your hand, and some to keep in allocated vaults in Switzerland or Singapore. Not (alas) Hong Kong any more.
(Disclaimer: my NW is heavy on precious metals).
The World needs a Gold & Silver backed Dollar.
The Ukrainians felt food was more important during the Holodomir. If a person has land and can grow and raise their own food, they have currency
I’ve got a considerable stock of Whiskey. It keeps well and I figure it will be in demand and keep up with inflation. That ammo seem to some of the best hedges.
I’ve got a considerable stock of Whiskey. It keeps well and I figure it will be in demand and keep up with inflation. That ammo seem to some of the best hedges.
It will be gold in the coming years
This guy is obviously prepping folks for the quantum system. The central banks including the US are bankrupt. Its supposed to roll out this year. From what I have read about it its going to be incredible. Hold gold, silver and land.
In order to protect your gold, silver and land, you may need some brass and lead.
Yes that too. 😉
Tether aka USDT cryptocurrency is backed by gold and so it’s not volatile like most crypto.
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