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RE: US to introduce new dollar gold standard? Bill HR5404
This is bleepin brilliant, but it makes me worry, sorry I am hardened skeptic of any bill that gets any support in the federal r(ackete)erserve. Does it not worry anyone they are making a token gesture like this, which won't even be debated or introduced after they basically gave themselves another blank check to spend their brains out again until October? I would support it surely but it would never happen, that's why I also think cryptos have elbowed their way in to the conversation as a much more tradable commodity in between fiat and precious minerals (directly). Great post@unclehermit I am glad you brought it to light!
A gold standard with a much increased value of gold (i.e. gold priced at market prices rather than suppressed exchange prices) would significantly reduce the impact of the US national debt as the US assets would increase massively. In theory the US still holds by far the largest amount of gold. So maybe moves are afoot to make the US great again.
Great point, i think the massive buildup of the dollar maybe the only way to pay down the national debt significantly. By paying debt holders off in a settlement form say for example, it could be greatly decreased with a powerhouse currency, which yes a currency backed by gold would be about as strong as it can get. The problem is that right now the US Dollar is backed by the full faith and credit of the most well armed military force on the planet. It's easier for them to keep inflating the currency, with centralized autocrats have no restriction on spending. I totally agree it would be phenomenal policy for the people to pursue that approach, the thing is a process like that is very hard, and would be better done if there was no proclamation of trying to do this, but picking up the dips in the market over a longer period of time until they held a larger portion of the supply, which unfortunately as of right now China holds a great deal of at the moment, so we would be pumping up their interests right now which would be worst case scenario for natl security right now, in my opinion.
Wouldn't it be interesting if China, Russia, Europe and the US were found to hold more or less that same amount of gold. A global gold standard would then become possible without disadvantaging one nation or another.
Yeah that would be funny. I think we (the US) may be caught with our pants down in that regard. Right now we can barely afford the printers that are jacking out all the fiat paper. That would be intriguing, and that is why I think when more people understand cryptocurrency basics, distributions, and the nuances that can be achieved that when the game changes, and I think it will happen very quickly.