Texas would hold gold backing the currency

[91Eunozs]

Y’all are over complicating this.

Bottom line for me is that an ounce of gold buys about what you could get for an ounce of gold 100 years ago…hell, 1,000 years ago. Fluctuations up and down, for sure, but it still works well as a backstop (hedge against inflation) for my needs.

Invest in what you think holds value.

For me it’s relationships with close friends/family (and that’s damn few people these days), arable land (need a lot more of that…hence the friends), productive businesses that don’t rely on the dollar to support demand (farmers, energy production, healthcare workers like doctors, nurses, and dentists, etc.), and precious metals like gold and silver…and copper, lead, and brass. LoL

 

[Hobo Hilton]

And the reason we will never go back to the gold standard is there’s not enough gold in the world to cover the amount of Fiat US dollars floating around this country and every other country…….

I have given your statement some thought.
Of course there is enough gold in the world to back every form of currency being traded.... worldwide.

For an example, I will use Bitcoin.

The Bitcoin hard cap is the maximum number of bitcoin that can ever be created, which is set at 21 million BTC. Bitcoin's supply limit, known as the hard cap, is a key feature of Bitcoin's monetary policy, designed to create scarcity and prevent inflation.

We have seen a Bitcoin valued at $66,617.10USD, today. I remember when I could have bought a Bitcoin for less than $20 each. So, a "finite" number of anything can increase in value against the USD. As we are seeing today in the gold market. Bitcoin, like gold is divided into fractional amounts in order to buy or convert to another form of currency.

Gold could be measured in nano-grams.... and probably will be in the future.

 

[Hobo Hilton]

When Powell announced they were going to do a CBDC pilot program I took time to read their white paper. If you have some down time this weekend give it a read. If you think of it and are so inclined would be great if you could ask your friend where the board collectively stands now after the pilot program ended it's 12 week test last summer.

https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf

Today, the FED Reserve has major issues on it's hands. To allow the FED to sidestep these issues and simply create more issues is insane.

insanity​

Insanity is a mental illness or disease that prevents a person from fully understanding their actions.

Tom Emmer’s Anti-CBDC Bill Getting backed by “Coalition Support”

Tom Emmer has been garnering support from varied stakeholders this week over his take on the Anti CBDC bill with over 120 cosponsors. Questions and

coinpedia.org

Sen. Cruz Introduces Legislation to Ban Central Bank Digital Currencies | U.S. Senator Ted Cruz of Texas

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas), joined by Sens. Bill Hagerty (R-Tenn.), Rick Scott...

www.cruz.senate.gov

Ted Cruz leads Republican senators in resistance to CBDC bills

Spearheaded by Texas Senator Ted Cruz, Republican senators are making concerted efforts to restrict the ability of the Federal Reserve to launch a CBDC.

crypto.news

 

[Maggot]

I have given your statement some thought.
Of course there is enough gold in the world to back every form of currency being traded.... worldwide.

For an example, I will use Bitcoin.

The Bitcoin hard cap is the maximum number of bitcoin that can ever be created, which is set at 21 million BTC. Bitcoin's supply limit, known as the hard cap, is a key feature of Bitcoin's monetary policy, designed to create scarcity and prevent inflation.

We have seen a Bitcoin valued at $66,617.10USD, today. I remember when I could have bought a Bitcoin for less than $20 each. So, a "finite" number of anything can increase in value against the USD. As we are seeing today in the gold market. Bitcoin, like gold is divided into fractional amounts in order to buy or convert to another form of currency.

Gold could be measured in nano-grams.... and probably will be in the future.

You might want to re think that one.

www.33rdsquare.com › how-big-is-a-ton-of-gold-aHow Big is a Ton of Gold? A Detailed Look at Gold Tonnage and ...​

Sep 30, 2023 · So in summary, my friend: A ton of gold refers to a metric tonne, equal to 1,000 kg of pure .999 fine physical gold. One tonne contains 32,150.7 troy ounces of gold. At today‘s prices, 1 ton of gold is worth approximately $59.7 million.

• 3.8/5 (4)

 

[Hobo Hilton]

You might want to re think that one.

www.33rdsquare.com › how-big-is-a-ton-of-gold-aHow Big is a Ton of Gold? A Detailed Look at Gold Tonnage and ...​

Sep 30, 2023 · So in summary, my friend: A ton of gold refers to a metric tonne, equal to 1,000 kg of pure .999 fine physical gold. One tonne contains 32,150.7 troy ounces of gold. At today‘s prices, 1 ton of gold is worth approximately $59.7 million.

• 3.8/5 (4)

Paper currency backed by gold.... or...... Holding physical gold.
Either way a "Gold Standard"....... The USD is now backed by Biden, US Military and a country with a growing debt that will never be paid off.
Perhaps we will see a ton of gold worth $59.7 trillion........... IDK
The future will tell.

https://www.usdebtclock.org/

 

[Maggot]

Paper currency backed by gold.... or...... Holding physical gold.
Either way a "Gold Standard"....... The USD is now backed by Biden, US Military and a country with a growing debt that will never be paid off.
Perhaps we will see a ton of gold worth $59.7 trillion........... IDK
The future will tell.

https://www.usdebtclock.org/

Or an oz.

 

[Hobo Hilton]

Or an oz.

When that little 1/10 ounce Eagle will buy a top of the line F-250...... The reality of the purchasing power of a USD will be disappointing.

 

[Hobo Hilton]

I think the price of gold is disconnected from the interest rate.

Gold has has performed well despite high interest rates and a strong dollar, Boockvar said. This is largely due to the world’s central banks buying an enormous amount of gold after the U.S. and E.U. confiscated $300 billion of Russia’s foreign exchange reserves in the wake of Moscow’s invasion of Ukraine, he said.
“You can imagine the mentality of China, Saudi Arabia and other countries saying, ‘Do we really want to have all of our assets in U.S. Treasurys?’” Boockvar said.

Gold rises above $2,100 to highest level ever as traders bet on interest rate cuts

The gold contract for April gained $30.60, 1.46%, to settle at $2,126.30 per ounce, the highest level dating back to the contract's creation in 1974.

www.cnbc.com

 

[Hobo Hilton]

As mentioned, gold is rare. It also does not corrode. If I acquire an ounce of gold, in 100 years it will still be an ounce of gold... It will not corrode or degrade. It stays what it is.

You can amass a quantity of it and not worry about it rotting, rusting, or being eaten by vermin/insects.

A handful of gold discs is also a bit handier to transport than a cow or a cord of wood.

Mike

Commodities Watch:

March 7 – Bloomberg (Sybilla Gross): “China’s central bank added gold to its reserves for a 16th straight month in February, extending a long buying spree that’s helped to support the precious metal’s surge to a record high. Bullion held by the People’s Bank of China rose by about 390,000 troy ounces last month… That takes total holdings to 72.58 million troy ounces, equivalent to about 2,257 tons… Central banks bought 1,037 tons of gold last year, just shy of the all-time high of 2022, according to the World Gold Council. There’s a strong case for record buying by countries including China and Poland this year, the council said in January.”

Credit Bubble Bulletin

- Chronicling History's Greatest Financial Bubble

creditbubblebulletin.blogspot.com