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0 sats \ 6 replies \ @jgbtc 10 Jul 2023 \ on: Will gold pave the yellow BRICS road? bitcoin
I have a hard time believing these countries (or any others) can stick to a gold standard for long. Too much political pressure to print. I trust them only to the degree that their supplies are auditable.
Me too. That's why the devil is in the details. If this currency is not immediately convertible to gold on demand, and instead there's some suspect audit system, it's meaningless.
On the other hand, if it is convertible, that's the end of the US dollar.
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There will likely be a special "window" for nation states to redeem their physical gold at least for a time, otherwise there's no point and it's indistinguishable from current fiat/debt/oil/military backed money
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Probably will be convertible... until it isn't. People will undoubtedly fall for it. 1971 all over again. If they include bitcoin it will be interesting otherwise it's a complete joke. I think there is a small chance it will, especially with all the recent etf news, seems like a possibility. Fink probably has some inside info.
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You and I are obviously just speculating here, but if it's convertible for even a short time it will do substantial damage to the dollar. Russia, China, and Iran are really in an economic war with the US, and this would be the nuclear option. Last time this happened in Libya with Gaddafi just threatening a gold backed Africa coin, he wound up dead and the country is still a mess. The US would make it kinetic, I fear.
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Yeah people always seem to forget that Gaddafi was knifed in the ass for pretty much daring only to do this. The rest of his misdeeds were all entirely forgivable. Kind of telling that one of the first things the "rebels" wanted was a central bank system friendly to the West.
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Exactly
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