US Gold Reserve Act
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US Gold Reserve Act
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Re: US Gold Reserve Act
#2I used to be Keynesian and thought that inflation was a free tax that was also good for investment and growth.
Now I understand that it leads inexorably to ruin. It creates a situation where you have to invest in markets, which removes the link to value, e.g. "the market always goes up." Growth investing is an oxymoron and just a variation of a Ponzi Scheme.
We're at a watershed moment in modern history. In the coming months and years, countries will have to return to a gold standard and when they do, they will have to either limit gold sales, deeply penalize it, or just like in 1934, confiscate it. This has all happened before.
Re: US Gold Reserve Act
#3Anyone have any details on what the exceptions were:
A year earlier, in 1933, Executive Order 6102 had made it a criminal offense for U.S. citizens to own or trade gold anywhere in the world, with exceptions for some jewelry and collector's coins.
--
Like how much jewelry?
Re: US Gold Reserve Act
#4Anyone have any details on what the exceptions were: A year earlier, in 1933, Executive Order 6102 had made it a criminal offense for U.S. citizens to own or trade gold anywhere in the world, with exceptions for some jewelry and collector's coins. -- Like how much jewelry?
Any amount. The idea was that owning wasn't really the problem, they just didn't want you easily trading it. So you could have a huge statue of solid gold and it wouldn't be a problem but a handful of 'junk' Krugerrands -- yeah, that would be a big problem. The former is an asset, the latter is currency.
Re: US Gold Reserve Act
#5I used to be Keynesian and thought that inflation was a free tax that was also good for investment and growth. Now I understand that it leads inexorably to ruin. It creates a situation where you have to invest in markets, which removes the link to value, e.g. "the market always goes up." Growth investing is an oxymoron and just a variation of a Ponzi Scheme. We're at a watershed moment in modern history. In the comin…
> In the coming months and years, countries will have to return to a gold standard...
Care to put a number of years on that?
I asked you for a concrete prediction, so I'll give you mine. On January 1, 2040, the number of countries that have adopted the gold standard since 2021 will be either 0 or 1.
Re: US Gold Reserve Act
#6I used to be Keynesian and thought that inflation was a free tax that was also good for investment and growth. Now I understand that it leads inexorably to ruin. It creates a situation where you have to invest in markets, which removes the link to value, e.g. "the market always goes up." Growth investing is an oxymoron and just a variation of a Ponzi Scheme. We're at a watershed moment in modern history. In the comin…
> In the coming months and years, countries will have to return to a gold standard... Care to put a number of years on that? I asked you for a concrete prediction, so I'll give you mine. On January 1, 2040, the number of countries that have adopted the gold standard since 2021 will be either 0 or 1.
I agree. There is no way any major economy will switch back to the gold standard unless there is some highly unlikely earth shattering event.
Re: US Gold Reserve Act
#7I used to be Keynesian and thought that inflation was a free tax that was also good for investment and growth. Now I understand that it leads inexorably to ruin. It creates a situation where you have to invest in markets, which removes the link to value, e.g. "the market always goes up." Growth investing is an oxymoron and just a variation of a Ponzi Scheme. We're at a watershed moment in modern history. In the comin…
> In the coming months and years, countries will have to return to a gold standard... Care to put a number of years on that? I asked you for a concrete prediction, so I'll give you mine. On January 1, 2040, the number of countries that have adopted the gold standard since 2021 will be either 0 or 1.
> Care to put a number of years on that?
I'm not a soothsayer; I'm not trying to time anything. I'm saying the steering wheel and pedals have come off the car and it's going 80 and so in the coming months and years, this won't end well.
It seems to me that the discussion is the car, not what day of the week it will hit the wall.
Re: US Gold Reserve Act
#8I used to be Keynesian and thought that inflation was a free tax that was also good for investment and growth. Now I understand that it leads inexorably to ruin. It creates a situation where you have to invest in markets, which removes the link to value, e.g. "the market always goes up." Growth investing is an oxymoron and just a variation of a Ponzi Scheme. We're at a watershed moment in modern history. In the comin…
Bitcoin. You think people want to deal with the transfer of physical gold etc in this modern age?
Re: US Gold Reserve Act
#9Earlier quoted context omitted.
> In the coming months and years, countries will have to return to a gold standard... Care to put a number of years on that? I asked you for a concrete prediction, so I'll give you mine. On January 1, 2040, the number of countries that have adopted the gold standard since 2021 will be either 0 or 1.
> Care to put a number of years on that? I'm not a soothsayer; I'm not trying to time anything. I'm saying the steering wheel and pedals have come off the car and it's going 80 and so in the coming months and years, this won't end well. It seems to me that the discussion is the car, not what day of the week it will hit the wall.
And my answer is, no, the car won't hit the wall - not in any amount of time that would make it reasonable to conclude that your prediction was correct.
(Or at least, we won't hit that wall. There are other walls that we are likely to hit before 2040, but the gold standard isn't one.)
Re: US Gold Reserve Act
#10Earlier quoted context omitted.
> In the coming months and years, countries will have to return to a gold standard... Care to put a number of years on that? I asked you for a concrete prediction, so I'll give you mine. On January 1, 2040, the number of countries that have adopted the gold standard since 2021 will be either 0 or 1.
I agree. There is no way any major economy will switch back to the gold standard unless there is some highly unlikely earth shattering event.
Like a major economy defaulting