Posted on 09/04/2017 3:37:38 PM PDT by davikkm
You can’t go back to an asset backed fiat system.
An asset based currency is by definition not a fiat currency.
Once you have a blockchain tied to physical allocated gold, it becomes a competing currency, like bitcoin but with real assets tied to it.
In fact, a blockchain can be tied to any asset and used as a transactional mechanism.
Thus, it is not really about “applying” the gold standard. Instead Gold/Silver become a competing easily transactional asset via blockchain peer to peer.
The free market then will determine the value of each blockchain. My bet is that Gold/Silver will do much better than debt based money.
This is all coming soon. Just watch, it is game changing and the globalist hate it because the transactions are all peer to peer via blockchain technology. They will not give up the keys to the global banking transactional kingdom too easily.
IMHO, this is the real fight that the globalist banksters will eventually lose.
The last time National Debt was Paid off and we had a Surplus, in Real Money, Gold and Silver Coin as described in Article 1, section 10 of the US Constitution, was when Andrew Jackson abolished the 2nd Central Bank.
We are gonna need a lot more gold. A lot more.
If gold is $20,000 an ounce there is.
We have about $1.56 trillion of US dollars in circulation as of July 12, 2017We have about $180 billion of gold at Fort Knox, assuming it is really there.
Only a floating peg to gold is a possibility, which is different than a gold standard that implies dollars which can be directly converted to a specific amount of gold.
It appears that China, which has never had a gold standard that I'm aware of, is now working toward a peg to gold (not a gold standard). They intend to become the new global reserve currency.
(It is worth noting that gold has not always been used as currency. Sometimes it has been stones, seashells, etc. It is also worth noting that currency has not always been backed by gold. In Wiemar Germany, the runaway inflation was solved by backing the currency, not with gold, but with real estate. This was necessary because the inflation was caused by a failure of confidence in government. Backing the currency with tangible real estate stopped the runaway inflation by restoring confidence.)
... and the world would be screwed."
If gold goes to $40,000 dollars per ounce, it will be because there is a failure of confidence or collapse in the US government. Physical gold will be worth owning in that scenario, but you may or may not be able to buy what you want. We will have worse problems than gold.
How about BitCoin instead?
Block Chain? That’s just crazy talk here at FR!
(Seriously, I think it’s a good idea. But I have some of that electron tulip money.)
Well that’s a sure fire way to crash the world economy...
Check out
Which is what he more or less said.
Fine - representative currency then.
Geez.
The asset tied to the blockchain is the “money” or value, the blockchain is the means for peer to peer transactions. You may call it crazy talk, but it is coming and game changing.
Then I misunderstood his point.
Garth,
I misunderstood your post, so tried to provide a more detailed explanation.
In 1971 President Nixon made a terrible mistake when he made the decision to suspend the convertibility of the dollar into gold.
...
Nixon had no choice. France said they would convert all their dollars at the rigged price.
The US dollar is backed by our economy. That’s as good as it gets. Trump should continue fighting political corruption and making the economy strong. That’s the best way to have a sound dollar.
Maybe this is why we need to mine asteroids!
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