Martin Hash wrote: Fri Jul 03, 2020 9:19 am
The Gold Standard had been abandoned decades before but the government was forced into making more money available for the world economy, plus pay for the debts of the Vietnam War & Great Society. 1971 can be viewed as the birth of Globalism.
The dollar was still exchangeable for physical gold until 1971.
Dude, Google 1st. 1933.
p.s. I have a nice collection of Gold & Silver Certificates.
Hanarchy Montanarchy wrote: Fri Jul 03, 2020 10:44 am
The dollar is still exchangeable for physical gold. It is called buying gold.
Of course, but there’s no government ‘peg’ price. It’s completely manipulated by ‘authorized dealers’ and cartels.
There is no inherent, stable value to the dollar. They deliberately destroy its value at a stable rate now, to favor debt.
There is no inherent stable value to magic rocks.
There is though. They have a finite scarcity, and utility, which gives them a theoretical value in trade. Unlike fiat currency, which is infinite and thus worthless.
This is why every historical fiat currency has ended in hyper-inflation and collapse.
Martin Hash wrote: Fri Jul 03, 2020 1:25 pm
Hyper-Inflation REQUIRES consumption > production. As long as there’s 12 eggs & 12 customers, the price of eggs will remain the same.
We’ve printed $60 trillion, and another couple hundred $trillion through fractional banking and derivatives - no inflation beyond that programmed in.
Keep the Lockdown going much longer and there WILL be inflation.
There are 12 customers, and one of them has roughly 10,000x the buying power of the other 11. That’s how societies fall apart, and is most definitely a recipe for hyper-inflation.
That 60 trillion went directly to an infinitesimal portion of the population.
