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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.
Like I said, we can adjust our outlook to deal with living with deflation, but the math and mindset is easier with inflation.
Also, with a commodity backed monetary system the ability to charge interest is problematic.
When we had sound money, before inflation took hold by removing the gold standard, the average person could pay off a home mortgage on one income in 5-10 years. Inflation insures that most people will remain faithful slaves of the banksters.
inflation is a way out for a borrower.
If you have a commodity based system which by nature would have to be deflationary.
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