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So if Gold was the new money standard then how would you buy more gold, with GOLD?
The Federal Reserve, whoever owns it, has INFINITE purchase ability.
Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with a flick of a pen they will create enough to buy it back. - Josiah Stamp
You purchase gold with production of goods and services in a gold standard.
How do you buy dollars with dollars?You don't buy dollars, you earn or steal dollars.
The answer is of course, you don't and can't buy more Gold with Gold.
If the world had been on the Gold standard even to this day. We would be on WWV by now.
People do mine gold though. For a processing fee where the processor kept a portion of the gold, it was turned into coins.
There's no paradox here.
We wouldn't have had the civil war if Lincoln didn't force the use of the greenback. If people refused to engage in this bullshit, we'd all be better off.
In a Gold standard world the soon to be Ugandan immigrants would be most of our overlords.
LOL a very small percent struck it rich in the 1849 Gold Rush. Most non well connected people without muscle and protection... The saying was a fool and his Gold will soon part ways.
Besides most all of the easily available Gold in the world has already been recovered. If you ever watch any of the gazilions of Gold digger shows. It's a tens of thousands dollar a day operation.
The answer is of course, you don't and can't buy more Gold with Gold. It's a paradox that has led to Mans greatest sin. Murder and Plunder through War.
If the world had been on the Gold standard even to this day. We would be on WWV by now.
In a Gold standard world the soon to be Ugandan immigrants would be most of our overlords.
So the current centralization push started around the 1500's led by the bank of England. Now according to you that should have been around the time wars ceased to exist. Yet since then we've fought the bloodiest wars in world history, especially WWI and WWII, both under central bank fiat currency.
It is important to keep in mind that "Specie" means both gold and silver.
A federal reserve note is only worth what the makers say it is worth. Fiat money represents debt, corruption, and the enslavement of the American people.
It is important to keep in mind that "Specie" means both gold and silver.
Since Biden took office only 2 years ago, the Federal Reserve Dollar is now worth only 87 cents.
2) If people/banks/institutions suspected the fed was issuing credit without associated gold reserves, they would rapidly begin withdrawing their reserves in a form of "bank run".
3) This would lead to banks depositing far smaller amounts of gold with the federal reserve in the first place, to lower their risk of a "bank run" at the fed. The fed would revert to a function of transaction clearing between large institutions. Basically, maintaining a ledger of which gold belongs to who, and in which regional vaults.
"Let us not crucify the United States on a Cross of Gold."
Would they? Why would they? Nobody flinched when run away spending ramped up on Carter's watch and continued through Reagan's watch.
What would that kind of bank run look like? Are you suggesting there would be a long line at the Wels Fargo bank at the entrance door, and people exiting the exit with their black bag of gold dust and arm full of bullion?
If you have a commodity based monetary system, it leads to deflation as "money" is removed from the system by people "saving" it.
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