reply on: Gold Is Back—And So Is Judy Shelton \ stacker news ~econ

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20 sats \ 6 replies \ @Undisciplined OP 31 Oct \ parent \ on: Gold Is Back—And So Is Judy Shelton econ

The idea Shelton is proposing here is pretty interesting and might even be something that could work for BRICS: i.e. contracts could be payable in either gold or local currency, whichever the recipient prefers. It's a nice little check on currency debasement.

89 sats \ 5 replies \ @Rothbardian_fanatic 31 Oct

Currency debasement happens no matter what! The people running governments want to spend freely and line their own pockets. Only when there is no way to be able to clip or dilute or create out of thin air, will money or currency or whatever become undebasable.

10 sats \ 4 replies \ @Undisciplined OP 31 Oct

That's certainly true in the long-run. In the short term, they may be looking for a sound money strategy to pull capital out of the dollar reserve system, though. They're also looking for mechanisms to increase confidence in the bloc amongst the members.

Once they have commitments from their members, I'm sure cheating will become rampant.

15 sats \ 2 replies \ @Akg10s33 31 Oct

If that is true, they first want to gain the trust and credibility of those who are there... I think that gaining Putin's trust and pulling Russia along must not be an easy task😅

6 sats \ 0 replies \ @Rothbardian_fanatic 31 Oct

Why do you say that? Is the Russian state any more or less trustworthy than the US state? They all look the same to me!

0 sats \ 0 replies \ @Rothbardian_fanatic 31 Oct

You’ll notice that he seems to be keen to put gold in as about half of the value of the units. It might not take a whole lot of trust.

4 sats \ 0 replies \ @Rothbardian_fanatic 31 Oct

Of course! People who lie and cheat, steal and kill, can only be expected to debase the money. it is nothing but a con-game by THEM, on us. With force, they can work it every time successfully, until they milk it dry.