Russia returns to Gold standard
COMEDY GOLD
https://gettr.com/post/pxya2e29ae
The government will abolish the VAT (tax) on bullion. This Bill will go to the State Duma on March 4. Going forward - when purchasing gold bars or other precious metals from a bank, the 20% current tax on top of its value will not apply.
This is a way to ensure people can invest securely in something other than the dollar (usually people hold their cash in dollars as the ruble is volatile.)
- Counter sanctions commission. t.me/Whiplash347/94331
UPDATE: Links added
https://mobile.twitter.com/KingKong9888/status/1499010224744644609
It’s a complicated problem. There’s not enough gold to back the dollars in circulation. You’d have to issue a new currency, which could have a devastating effect on most countries …
...or you can let the price of gold go to where it should be at well over 10k / oz.
I’m just glad someone smarter than me is working on it.
100k
No, the Fed cannot be based in reality
Well technically we're holding Fed notes not US Dollars to begin with.
Correct. Fiat. It’s fake, going back to real money, when every country backs their currency to ours, will be tricky.
There's the potential of a depression flushing trillions of dollars down the drain. But that would wreck havoc on just about everyone.
I’m not smart enough to know the right answer - it’s going to be painful whatever the process.
Not true. That's the feds own spewing. Gold is under valued and whatb Harm does removing something with zero value already. Zero. It will effect nothing to get ridnof the dollar.
“Not enough gold to back the dollars......”
Maybe not at $1900/oz.? What if the price of gold was significantly higher?
Could be
THIS ^^ Hence the price suppression and manipulation. I suspect this is why they now turn to attempt to destroy Bitcoin
Missing the concept. Issue a wholly-new gold "dollar" in coin and certificates and let them exchange with now-discontinued federal reserve notes in a free market. If you want "new dollars," buy gold, submit it to the Treasury, and receive back coin or convertible certificates. (This used to be possible.) It's just another currency. Eventually, all the old fiat currency will have been used to purchase gold on the open market (at increasing prices, so better get to the conversion soon).
Oh, yes. By law, allow the public to opt for being paid wages in old dollars or new gold dollars. Eventually, the gold currency will drive out the paper currency according to how fast the public wants to make the change.
I'm not too worried about "trillions" of dollars disastrously vanishing. Will workers vanish? Will factories vanish? Will resources vanish? No. All that will remain. Billions of stock valuation can vanish in a market adjustment, but we don't see any sudden disappearances of goods or services or assets.
The trick is to start from the gold itself. Let people buy the gold with whatever currency they like, then exchange it for coin or certificates. Let the free market settle the exchange rate between gold and fiat dollars by the pricing mechanism. Keep the government out of that. Similarly, let goods and services have a price in fiat dollars and a price in gold dollars, and let the market sort out which currency will be in preference. Put on this basis, people will rapidly figure out how they want to go.