Posted on 07/10/2023 2:17:49 PM PDT by nickcarraway
If the BRICS introduced a truly convertible in demand gold certificate (as Federal Reserve notes were when initially introduced), it would be a global game changer and spell the end of the seigniorage that Uncle Sam has enjoyed by cheating (inflating) the currency used to settle international trade.
Given the currency controls currently enforced by the BRICS most significant members, I doubt they will create a truly convertible currency. They can create a unit of account for settling their own trade, and if the Saudis jump on board with allowing the BRICS to purchase oil with it you’ll see a decline in the value of the dollar and the trillions we’ve printed will start making its way back home.
“Stick a fork in the dollar, and the FED/IRS/DSC that it rode into town on.”
If you believed that, you would be at the bank right now after selling your home, cashing out all your investments, selling your house and converting every dollar into a ruble.
After all, the ruble will soon be pegged to gold and that makes rubles as good as gold.
Bingo
By increasing spending at hockey stick levels over what Obama spent?
Ah, but if we drilled our oil, we’d again be an energy exporter, if we brought industry back to the US, we’d be leading supplier. The problem is whether we have the self-respect and self-confidence as a national to be exceptional again. Too much of what we’ve seen over the past 30+ years is fatalism, defeatism, fear-mongering hysteria that is causing the US to shutdown, open our borders, and surrender.
Basically, you argument is that the U.S. has problems (yes), but that other countries around the world don’t have problems, act responsibly, and aren’t subject to the same parties you decry.
I would wait at least until who wins elections in 2024.
President, Senate & House are all volatile in 2024.
So the people you are decrying, are powerful enough to have complete control of the U.S., but somehow their influence doesn't extend anywhere else in the world. Seems like a pretty big oversight for such all powerful people.
From what I’ve read, the last true audit of the gold at Fort Knox was in 1953.
One argument against a new audit is that it would be too expensive. Not if you just do a count, then randomly check one bar out of every 50. Do that every five years or so. No big deal.
So I can’t see why cost would be a problem. There must be some other reason.
No it doesn’t. There are many examples where those holding fiat were out of luck at failed currency end-of-life, and transition to a new currency. I’d prefer to not have dollars NOR rubles.
Metals though a different story...
I think that “audit” was just a bunch of press going thru one or two of the rooms at Fort Knox, to get a few pictures.
Crude, but effective. I agree.
When enough of the world learns it can do with the City of London and Wall Street, the Fed and ECB, one game is up and another is begun.
As observed elsewhere, I repeat:
At the beginning of this still young century, the US National Debt was about 5 trillion USD. After wars in Iraq, Afghanistan, Syria, Lebanon, Libya, and the so-called "drone wars" much under Peace-Prize Obama, in Pakistan, Yemen, Somalia and Libya, some of them covert, and all under the somewhat nebulous "war on terror," the US National Debt is now over 32 trillion USD.
An increase of 27 trillion USD in 23 years.
What is assured is that this rapid growth in debt in part has paid for and continues to pay for military "projection of power," with as yet only abandonment of many of these areas, particularly Afghanistan and Biden's bumbling withdrawal. War materiel expended and abandoned in the billions of USD worth. What has been gained? Solidly won and consistently secured?
But without a doubt, the manufacturers of war materiel here have been highly profitable, and now stocks being expended in Ukraine show US materiel for our own defense degraded. Ergo the ramping up of munitions manufacturing to resupply. All in the context and frame of more than $32 trillion in rising debt.
The "war" on indebtedness is being lost. With it America weakens. Utterly avoidable.
Eisenhower foretold and advised: "In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist. We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals, so that security and liberty may prosper together."
It seems in this moment we are not "prospering together." And our "peaceful methods and goals" lie in tatters.
I am all for gold backed money......
Satisfied now?
should we buy rubles?....yuen?....
“I would wait at least until who wins elections in 2024.
President, Senate & House are all volatile in 2024.”
So, it is your view that in 2024, by electing a Republican president, House and Senate, who by the way have been controlled by Republicans at various times over the last 20 years, will save the dollar from crashing?
My point was the decoupling from China and onshoring more of our goods was what President Trump tried to get us moving towards.
Also, I think you are jumping to a huge conclusion that BRICS countries are going to have a gold-backed currency, despite what they say. I don't think it's as easy as you think.
If you just said the U.S. made some big mistakes, I's agree. But your implied belief that all the countries besides the U.S. are infallible, honest, ethical, trustworthy, and are without a myriad of other problems is where you lose me.
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