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1. Disinformation Purveyor :verified_think: (thatguyoverthere@shitposter.club)'s status on Friday, 06-Oct-2023 23:50:32 JST Disinformation Purveyor :verified_think:
   https://www.congress.gov/bill/118th-congress/house-bill/2435/text
   • cool_boy_mew likes this.
   • cool_boy_mew (coolboymew@shitposter.club)'s status on Friday, 06-Oct-2023 23:54:25 JST cool_boy_mew

     in reply to
     @thatguyoverthere Seems crazy to be reading this from the gov in current year
     Disinformation Purveyor :verified_think: likes this.
   • ロミンちゃん (romin@shitposter.club)'s status on Saturday, 07-Oct-2023 00:00:52 JST ロミンちゃん

     in reply to

     • cool_boy_mew
     @coolboymew @thatguyoverthere we've been in very crazy times for a while now, and the craziest is yet to come.
     cool_boy_mew and Disinformation Purveyor :verified_think: like this.
   • Disinformation Purveyor :verified_think: (thatguyoverthere@shitposter.club)'s status on Saturday, 07-Oct-2023 00:02:16 JST Disinformation Purveyor :verified_think:

     in reply to

     • feld
     @feld you are probably right. The way I understand it, foreign holders is the primary excuse we got from the Nixon administration in 71. The bill was introduced in march and hasn't moved. It probably won't go anywhere.
     
     A point will come when the world will not need the USD for reserve currency, and we need to have some way to preserve it's value at home when that happens or it will be just as useless here.
   • feld (feld@bikeshed.party)'s status on Saturday, 07-Oct-2023 00:02:17 JST feld

     in reply to
     I applaud them for starting the dialogue but:
     
     This 👏 will 👏 never 👏 fucking 👏 happen 👏
     
     We will not go back to gold. There's no way.
     
     What's the plan when a foreign currency holder like China demands the gold we would owe them for all the dollars on their balance sheet? Could we even produce that much gold and deliver? Doubtful.
     Disinformation Purveyor :verified_think: likes this.
   • feld (feld@bikeshed.party)'s status on Saturday, 07-Oct-2023 00:54:28 JST feld

     in reply to

     • feld
     Also we are talking about 2 years of mass panic and extreme volatility in the gold markets leading up to this going into effect. It would be crazy.
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   • feld (feld@bikeshed.party)'s status on Saturday, 07-Oct-2023 00:54:29 JST feld

     in reply to
     > By the late 1960s, it was unmistakable that U.S. gold reserves, which had been falling relative to U.S. dollars since 1957, were inadequate to fund convertibility of dollars into gold at the fixed price of $35 an ounce.
     
     > In August 1971, French president Pompidou sent a battleship to New York harbor to remove France’s gold from the vault of the New York Federal Reserve Bank and to transport it to the Banque de France in Paris. Soon thereafter, gold accounted for 92 percent of French reserves. On August 11, the British requested that the Treasury remove the $3 billion of gold from the U.S. depository of Fort Knox to the New York Federal Reserve vault, where the gold of foreign governments was stored. As Paul Volcker, who was then treasury undersecretary for monetary affairs, put it: “If the British, who had founded the system with us, and who had fought so hard to defend their own currency, were going to take gold for their dollars, it was clear the game was indeed over.” When Nixon spoke on August 15, 1971, the U.S. held less than 10,000 tons of gold, less than half of what it once had.
     
     https://scholarship.law.columbia.edu/cgi/viewcontent.cgi?article=3545&context=faculty_scholarship
     
     
     edit: as to why the USA has gold owned by foreign governments in the NY Federal Reserve vault: gold was moved to UK and then to NY from western EU countries because of WW2 to protect it. We also just had gold in the bank vault as part of international trade. You don't move gold across the ocean unless necessary; pirates will come for it, and it's too slow. It's easier to keep a bunch of gold in the bank of the country with whom you're trading with and have people juggle it between vaults when trades are made. Obviously this is incredibly inefficient and stupid. Buy Bitcoin.
   • Niclas Hedhman (niclas@angrytoday.com)'s status on Saturday, 07-Oct-2023 22:50:27 JST Niclas Hedhman

     in reply to

     • cool_boy_mew
     • feld

     @feld

     Of course they can deliver. Price is a trillion dollars per ounce. No problem.

     Discussing which underlying medium of exchange is used, is frankly quite pointless. The real issue is "How much do you need to contribute to society for the living standard you enjoy?"

     Focusing on the medium of exchange, you play into the hands/strengths of the banksters and protected elites.

     "I won't sell food to you.", "I won't work for you", "I won't let you steal from me"

     @thatguyoverthere @coolboymew

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