@Metal-Brain
DId you not understand the part where there is not enough gold by FAR to cover all the money? 8000 tons of gold in the US reserve is only worth about 300 billion.
20+ TRILLION dollar economy, near 100 times that so we would need near 800,000 tons of gold to cover that much.
You are incredibly dense.
@sonhouse saidDo you not understand that I did not promote a gold standard?
@Metal-Brain
DId you not understand the part where there is not enough gold by FAR to cover all the money? 8000 tons of gold in the US reserve is only worth about 300 billion.
20+ TRILLION dollar economy, near 100 times that so we would need near 800,000 tons of gold to cover that much.
You are incredibly dense.
I agree with you moron. Why do you think William Jennings Bryan was in the free silver movement? He wanted bimetallism and the people who had most of the gold did not want that.
Why do you want to argue with me when you are not even disagreeing with me?
I am against the gold standard and for crypto currency. Try reading sometime.
@fart said"it's illegal to have legal tender in safety deposit boxes."
I agree with you.
You should know that those coins are legal tender and it's illegal to have legal tender in safety deposit boxes. To get around it you should focus on coins from other countries.
They could easily be confiscated if it's legal tender from your country. Also, remember during COVID lockdowns the vaults stayed shut for long periods of time so I'd recommend a different location.
That is not true. You are contradicting yourself. You are saying it is illegal to have something legal in a safety deposit box. Perhaps you are thinking about when gold was confiscated by government when deflation was a problem. The only reason deflation was a problem was because we were on the gold standard back then. Now that we are not on the gold standard anymore the the central bank can simply increase the money supply as much as they want instead of confiscating gold from the common people.
Deflation is caused by fractional reserve banking. When they don't loan as much money the money supply contracts. Central banks can now simply inflate our way out of deflation by increasing the money supply. Nothing is backing our currency anymore.
Fiat currency is nothing. You can turn Bitcoin into paper too. Just write down the numbers on a piece of paper. Your computer can be completely destroyed and you still have your bitcoin. Worried about your house burning down? Put it in a safety deposit box or carve it into a granite stone and bury it.
@metal-brain saidGold is basically worthless. It’s a measurement we created for some or other reason, instead or salt.
@sonhouse
The reason we went off the gold standard is because they printed more money than they could (or wanted to) redeem for gold. They obviously printed more dollars than they had gold because they had no intention of staying on the gold standard.
Now they can increase the money supply as much as they want creating an inflation tax. That is because the money supp ...[text shortened]... ecentralized and there is a limit to the increase of Bitcoin creation. That puts a cap on inflation.
Personally, I would rather wear silver, for example, because gold is, well, gold coloured and I find it tacky.
The problem with using gold as a standard is exactly what’s just been pointed out to you: there are now so many people, it wouldn’t do.
And the problem without having a standard is complete fluctuation (it’s just numbers in a computer system).
So, instead of gold, it’s loosely based on an agreement that the numbers in a system actually mean something.
Which, naturally, they don’t.
It’s the main reason stockmarkets should be abolished. They have way too much influence over reality.
Basically, let loose greedy gamblers and base an economy on their “wisdom”.
Too stupid to comprehend.
Same with bitcoin.
@metal-brain saidYou haven’t addressed the issue of there not being enough gold in the solar system to support the kind of government debt that is a reality in todays world.
The entire world went off the gold standard because the USA did. The US dollar was the world reserve currency and the USA was and is the biggest economy in the world. It wasn't hard to get nations to give themselves the ability to tax their people with inflation after going off the gold standard.
The only purpose of a gold standard is to limit inflation. Once inflatio ...[text shortened]... ing the gold standard was obviously the end goal since they printed more dollars than they had gold.
Inflation is the result of a supply and demand imbalance much more than it is the result of no gold standard.
I wonder if you were alive to witness the poverty and deprivation poor people suffered on the gold standard, the idea that a return to it would be a panacea for inflation just sounds stupid.
@shavixmir saidYou are too stupid to comprehend I don't support a gold standard. Like sonhouse, you are arguing with yourself. Something is only worthless if people are not willing to accept that something for things of worth.
Gold is basically worthless. It’s a measurement we created for some or other reason, instead or salt.
Personally, I would rather wear silver, for example, because gold is, well, gold coloured and I find it tacky.
The problem with using gold as a standard is exactly what’s just been pointed out to you: there are now so many people, it wouldn’t do.
And the problem withou ...[text shortened]... edy gamblers and base an economy on their “wisdom”.
Too stupid to comprehend.
Same with bitcoin.
I can buy cannabis seeds from Europe with Bitcoin without leaving Michigan. Can you do that with gold? Wearing silver is great if you want to attract electricity like a lightning strike. Gold does not corrode which makes it good for jewelry. Gold is not worthless since it has manufacturing uses just like silver.
https://geology.com/minerals/gold/uses-of-gold.shtml
I agree with you about a gambling based economy. FDIC is gambling insurance. Now that government is going to cover all deposits no matter how much it is the gamblers (gambling with other people's money) can gamble all they want and never risk losing. Would you tell someone headed to the dog tracks to gamble that you would cover their losses yet let them pocket any winnings? That is what insuring deposits do for banks.
The solution is simple. Raise reserve requirements for banks. Banks will fight that tooth and nail though. Profiting from other people's money is what banks are all about. Reserve requirements would limit their gambling so it would be less profitable. They would rather assassinate someone than let them raise reserve requirements. That is why such a simple and common sense solution has not happened. Corruption.
@kevcvs57 saidI never said there was. Why do all of you idiots think I support a gold standard? Can't you all fargin read?
You haven’t addressed the issue of there not being enough gold in the solar system to support the kind of government debt that is a reality in todays world.
Inflation is the result of a supply and demand imbalance much more than it is the result of no gold standard.
I wonder if you were alive to witness the poverty and deprivation poor people suffered on the gold standard, the idea that a return to it would be a panacea for inflation just sounds stupid.
Why do you think there used to be a free silver movement? And why do you think the robber barrons fought that tooth and nail? Because they had the gold. They did it out of self interest. I am against the gold standard. Have been throughout this whole thread.
@metal-brain saidLol because you keep framing the dropping of the gold standard as some sort of conspiracy to allow inflation as if inflation didn’t happen on the gold standard.
I never said there was. Why do all of you idiots think I support a gold standard? Can't you all fargin read?
Why do you think there used to be a free silver movement? And why do you think the robber barrons fought that tooth and nail? Because they had the gold. They did it out of self interest. I am against the gold standard. Have been throughout this whole thread.
So you started the thread to warn about a few republican halfwits trying to return to the gold standard like Dorothy returning to Oz?
@kevcvs57 saidSTOP LYING!
Lol because you keep framing the dropping of the gold standard as some sort of conspiracy to allow inflation as if inflation didn’t happen on the gold standard.
So you started the thread to warn about a few republican halfwits trying to return to the gold standard like Dorothy returning to Oz?
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@metal-brain said“ The entire world went off the gold standard because the USA did. The US dollar was the world reserve currency and the USA was and is the biggest economy in the world. It wasn't hard to get nations to give themselves the ability to tax their people with inflation after going off the gold standard.
STOP LYING!
The only purpose of a gold standard is to limit inflation. ”
No you STOP LYING, you started this thread to push a conspiracy theory about coming off the gold standard but the simple, not very exciting, truth is that the global economy out grew the gold standard
@kevcvs57
STOP LYING!
I opposed the gold standard in the opening post of this thread.
I am for Bitcoin and other cryptocurrencies. The gold standard is outdated.
@metal-brain saidDude, you calling someone else stupid is like a dwarf calling Legolas stubborn.
You are too stupid to comprehend I don't support a gold standard. Like sonhouse, you are arguing with yourself. Something is only worthless if people are not willing to accept that something for things of worth.
I can buy cannabis seeds from Europe with Bitcoin without leaving Michigan. Can you do that with gold? Wearing silver is great if you want to attract electric ...[text shortened]... erve requirements. That is why such a simple and common sense solution has not happened. Corruption.
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@metal-brain saidIt depends on the bank and the lease agreement.
"it's illegal to have legal tender in safety deposit boxes."
That is not true. You are contradicting yourself. You are saying it is illegal to have something legal in a safety deposit box. Perhaps you are thinking about when gold was confiscated by government when deflation was a problem. The only reason deflation was a problem was because we were on the gold standard ...[text shortened]... our house burning down? Put it in a safety deposit box or carve it into a granite stone and bury it.
JP Morgan Chase prohibits storing currency or coins in safety deposit boxes. Those gold eagles and maple Leafs are legal tender. Not collectibles. That's why they have the 50 dollar face value. Each bank has a lease agreement and you would have to read the fine print for each one. As to your comment about storing legal items in a box...well, Gasoline and Gunpowder are legal items...do you think you can store those legal items in a safety deposit box?
Nope. Each bank has a lease agreement.
Also, a new gold confiscation law could happen within an hour and banks would be ordered to stay closed while the contents are inspected.
Anyone keeping gold or silver in banks is taking a risk.
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Anyone saying their isn't enough gold is wrong.
The price of gold would just go up, by force, and become fractional. You could also implement silver into the mix.
The new prices would be very high but it's still possible.
One ounce has 31 grams and one gram has 15 grains. So the currency could be backed by gold in fractional ways.
BRICS currency is trying to do this I think to make it more real than the global currency, the American dollar.