/biz/ - Business & Finance

>>25964496
you don't seem to understand
nations only want two things - the supremacy of their own currency and gold, this was proven when the IMF along with Jelle Zijlstra pushed SDR and tried to demonetize gold
the chinks are no different and will not allow bitcoin to drain capital from the Yuan
they will use it as a weapon against the dollar but once the dollar is in the trashbin of history they'll throw in bitcoin right with it

>"The intrinsic value of gold along with its romantic image has until the 1960s dominated the international monetary framework. It was perhaps a bit irrational anchor however a stable anchor. Eventually, this changed, not because old-fashioned understandings had been replaced by more modern, but because the United States of America found the role of the dollar threatened by gold. So long the dollar and gold, like a Siamese twin were linked to one another, the international monetary framework could be supported, [and] there was no problem. From the 1960s onwards however, there emerged a scissor like movement. Confidence in the dollar was waning, and the confidence in gold grew. Because of the Vietnam war, the US budget deficit got that much out of balance that the US balance of payments went into deficit. The outer world saw a stream of dollars flowing its way and under [Bretton Woods] system, foreign central banks could convert those dollars in the United States in gold. American gold reserves declined and Washington was displeased with that. A good solution would have been to drastically raise the price of gold. Since it was extraordinarily peculiar that in the post-World War II world, in which everything became more than three to four times more expensive than in the 1930s, the price of gold remained the same. Actually, two things had to be done. The official gold price in all currencies had to be raised (‘their gold content had to be reduced’) and, beside this, the official dollar price of gold had to be raised extra, to allow the dollar to devalue against all other currencies. However, the Americans found this idea like swearing in a cathedral. Because, by that, the dollar would in regard to gold become second, and the American ideal was and is to have the dollar central in its role on the economic stage. As a consequence, there was only one exit and that was cutting the tie between the dollar and gold."