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/biz/ - Business & Finance

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17796529 No.17796529 [Reply] [Original]

What would happen if the US goes back to the Gold Standard?
What would this imply for the Economy and for the rest of the world?

>> No.17796597
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17796597

>>17796529

>> No.17796616

>>17796529
It would grind to a screeching halt. Check out how the fractional reserve system works. Effectively, fiat currency allows the banks to loan out money that doesn't exist, and when the borrowers use that money to create something of value and pay it back, that money suddenly exists.

>> No.17796624
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17796624

>>17796529
We don't need a currency. Go back to the bartering age.

>> No.17796639

>>17796529
Economic retraction and stabilization probably. Though confidence in positive economic outlook generally frees up liquidity, so it could mean expansion as well.

Also, far less inflation, you're now exchanging labors etc for something actual that doesn't exactly value over 1.7% every year, and so on and so forth. A baselined currency is only good in the long term. Don't be surprised though if people try to corrupt actual value etc though.

>> No.17796655

short term problems
Long term stability

>> No.17796679

>>17796529
>What would this imply for the Economy and for the rest of the world?

The following crash of the whole economy would make the crisis from corona seem like a breeze.

>> No.17796683

>>17796597
nice /pol/ post
if there were a hint of truth to that they wouldn't be fucking posting it on here

>> No.17796687

>>17796529
oh noo printer doesn't go brrrrrr :^(

>> No.17796779
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17796779

>>17796529
there is 190,000 tonnes or $9.3trillino of gold in the world
the us debt is $22 trillion

even if all the gold in the world is hidden away in fort knox the best peg they could do is $3616 meaning every dollar would lose 60% of its value.

The reality is they claim to 4583 tonnes or $225 billion (which has never been audited) meaning a peg at $150,000 an ounce a 99% devaluation of the dollar.

the reality again is that a gold standard is what allows debasement in the first place and the peg will just be reduced again by the next government at the next crisis

the real solution is denominate price in gold and currency can be whatever the seller is willing to accept.
Gold standard is as unconstitutional as the fed https://constitutionus.com/

>> No.17796883

Which implications would this have for LINK?

>> No.17796897

>>17796529
Be great for the 99%
Not so much for the 1% elitist cunts who got us into shit led Raynd , Greenspan , Bernanke, Yellen
Not to be racist but what are the odds they are all Jews ???

>> No.17796916

>>17796597
Pure horseshit. Also anyone who thinks trump has the iq to do something like this is retarded

>> No.17796923

>>17796897
oy vey shut it down

>> No.17796924

>>17796779
Gold would have to be revalued at 10k-50k/oz

>> No.17796925

>>17796883
Bullish

>> No.17796927

>>17796597
>this is the most trafficked board
How this site has fallen.

>> No.17796934

>>17796897
>99% of people lose 99% the purchasing power of any wealth they held in usd
>people think trump's great because he went back on the gold standard
>2032 new new deal reduces peg another 40%

>>17796924
did you even read what i wrote

>> No.17796936

>>17796597
>implying the world would trust the US to maintain a pegged currency after Breton Woods
Fool me once... I won't get fooled again.

>> No.17796944

>>17796624
Based.

>> No.17796953

>>17796597
this is pure fantasy

>> No.17796965
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17796965

You people are like children.
Last time Gaddafi wanted gold backed trade he got rekt.

3 month ago China tried same shit and look what happened.

>> No.17796967

>>17796924
But could this be done just like that?
This would be insane.
And wouldn't it mean, that the Dollar becomes more and more valuable as well? If I get it right, it means a fixed supply of Dollars. And if they print more dollars, they get worth less?
Basically the same thing what we have today. I am really a brainlet

>> No.17796978

>>17796923
Fuck off back to /pol/ you faggot
We only care about $$$ gainz here btch!

>> No.17796982

>>17796967
no. they do not have the gold to peg it at anything less than $150k and they probably don't even have that

>> No.17797000
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17797000

>> No.17797034
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17797034

>>17796934
You utter fucking stupid retarded faggot /pol/ wannabe
The average US citizen is $72 000.00 in DEBT——pic related
Now fk off back to pol you incel FKN AOC faggot
Fuck , why are these virtue signalling faggots allowed to stink up our boards!??
Jannie faggots do your job..btchs!

>> No.17797065

>>17796982
You are literally the definition of faggot.
KYS fkn /pol/ pseudo intellectual faggot.

>> No.17797092
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17797092

>>17797065
>you don't need gold to have a gold standard
you are literally the result of central bank consumerist eugenics.
The kind of the retard that will applaud having his wealth taken from him because he can't even handle multiplication

>> No.17797093

>>17797000
>''If I die, Europe will be black'' - Ghadaffi
He was right :<

>> No.17797098

>>17796529
Have you heard of the great depression? Yeah that.

>> No.17797130
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17797130

>fed establish 1913 starts issuing more debt in bonds than usa has gold
>1929 great depression
>1933 new deal reduce gold standard by 44%. illegal to own gold

>>17797098
>the gold standard caused the great depression

>> No.17797163

>>17797130
Bernanke admitted the central banks did it. They stopped the flow of money.

>> No.17797212

>>17797163
they grew the economy with fake money issued by the fed to fund the war effort. All nations do this in existential war, fair enough.
then reduced the definition of the dollar to pay for it (meaning everyday people paid for it)
but we've just been kicking the can the road ever since 1971, 2000. It's like ww2 never ended or the fed would've ended.
I don't know if the whole thing is just corrupt now or if there's a plan to end it without a massive war

>> No.17797258

>>17797212
My father always says the USA needs to have a war every ten years so that they can stay in Business.
Is this true?
"They make money like that" he says.
I have no idea

>> No.17797351
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17797351

>>17797258
the quick rundown
other countries stored their gold in ww2 for safety
prior to 1971 people believed the usd had gold reserves to make 1 usd worth 1/35th an ounce of gold.
Other countries started to catch wind the US did not have this and started redeeming their usd for gold (like an international bank run)
turns out the US only had 5% of the gold they claimed and so nixon suspended the redeemability of the usd for gold https://youtu.be/iRzr1QU6K1o
Oil was previously negotiated in usd and now that the usd was defined by nothing oil prices went mad in the seventies on top of the fact middle eastern nations who had the majority of the supply were leveraging this with embargo's to attack israel who had been trying to expand.
Oil shocks were armageddon tier happenings where there literally wasn't any oil in some places the government was issuing tokens for rationing of oil and all kinds of shit
eventually the us negotiates Opec to only sell oil in usd this effectively made the usd backed by oil in that if you wanted to buy oil you first had to buy usd
everytime some middle eastern nation starts talking about selling oil in something other than usd the us goes to war to stop them

https://en.wikipedia.org/wiki/Six-Day_War
https://en.wikipedia.org/wiki/Yom_Kippur_War
https://en.wikipedia.org/wiki/1973_oil_crisis
https://en.wikipedia.org/wiki/Camp_David
https://en.wikipedia.org/wiki/Nixon_shock
https://en.wikipedia.org/wiki/Iran%E2%80%93Iraq%E2%80%93Syria_pipeline

>> No.17797372

>>17796529
Deflation, and no more printing dollars like toilet paper

>> No.17797382

>>17797351
Fucking based! Thanks friend

>> No.17797454

>>17797382
saddam, qadafi

is Xi next? https://www.pumpsandsystems.com/success-china-s-crude-oil-futures

>> No.17798514
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17798514

>>17796529
he doesn´t know

>> No.17798560

>>17798514
1oz = 1oz

>> No.17798609

>>17796616
But what happens to the non-existent money that was spent?

>> No.17798621
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17798621

>>17798514
Does this idiot don't know what fungibility means?

>> No.17798634

>>17798514
>The US dollar is a store of vallue
Doesn't he know what inflation is?

>> No.17798667

bitcoin is better

>> No.17798794

>>17798634
>>17798621
he is obviously an idiot by saying that. Anyone in BSV deserves to get rekt so hard by this fucking nobody

>> No.17798803 [DELETED] 

>>17796529
The official /biz/ discord link is
discord gg gJzCVP

Join, we are currently talking about this trash economy and crypto

>> No.17798809

>>17796597
Imagine actually writing this. Let alone believing it

>> No.17798829

>>17796779
There wouldn't be 22 trillion debt had we stayed on gold standard

>> No.17798931

>>17796639
>Economic retraction and stabilization probably.
Things Capitalism doesn't want.
>>17797212
>they grew the economy with fake money issued by the fed to fund the war effort.
Central banking and fiat currency boost the economy. At the price of a total collapse one day, but still. We wouldn't be sitting behind a computer posting on 4chan if the Gold backed dollar was still a thing.

>> No.17798942
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17798942

>>17797034
How can the state just take out a mortgage on behalf of every tax payer without consent

>> No.17798975

>>17798931
If there was a gold backed dollar there would be bases on the Moon by now

>> No.17799027

>>17798942
Because you, me and everyone else are cattle, to be taxed for our income and economic productivity

>> No.17799144
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17799144

>>17799027
Yes indeed

>> No.17799272

>>17796529
We shipped off all our gold to Jew bankers in France during era of ww1 fed reserve act 16th amendment etc