>>4960938 lb
Banks used to do this.
They would if we go back to the old system or something like it.
Might have to do exactly that when a gallon of milk costs 200 bucks.
Even back in the day they printed more notes than there was gold to back them. Remember the run on banks during the great depression?
Do what? I don't control the rate of inflation.
Fractional banking is part of the problem. It would probably have to start at 1:1 or close to it as no one will trust the banking system. I know I sure wouldn't.
It won't happen over night. The flipped switch, as it were, would need to be flipped in the situation you are describing. I think it will happen before that.
I've heard quadrillions in derivatives.
What gold backed yuan? Yuan is not gold backed.
I think I get it. You are referring to the shock in the world economy?
What do you suggest? We can't keep going as we are now, correct?
Suggestion as to how we get into a new monetary system and maybe even what the system is?
Sorry. Fake news. It's just like our system. Can buy oil in dollars. Can go onto exchanges and then buy gold with said dollars. Does not equate into gold backing.
Copper bullion has a high premium but you could go and get 1982 and before pennies. They are worth more than face value currently but by law can't melt them…. yet. I would not completely overlook gold. Silver, I think, is pumped too much. "Unsustainable ratio" "Silver is useful in tech" "God's ratio of 10:1" Rarity does not equal value. To quote a youtuber Smaulgld "I paint a picture. There is only 1 picture to all the Van Gogh's out there. Therefore it must be more valuable!"
No you didn't.
And the deficit and government debt?
I think they have to "seize" the deficit and just zero it out. If the system doesn't change we will just go into debt again but at least you are thinking about the problem.
I do know what I am talking about but the personal attacks mean you win the debate! Congratulations. What does Macau, the Vegas of China, have to do with anything?
Seized assets could go to pay the treasury bonds and notes in your scenario. The deficit is just the added money we printed over the years already paid through inflation.
I'm sorry. It's late and I really should go to bed. The seized monies would pay the foreign and private holders. The fed that holds the rest can go to hell.
What was your point again? The gold backed yuan right? How have you proved that it is gold backed?
We don't know the actual levels of debt but have you heard of the ghost cities? Belt and road initiative? The subsidized industries? Massive debt. Trading yuan for gold on an exchange (3rd party) does not equal gold backing or convertibility. There's no third party in converting.
You are asking me to prove a negative.
You are saying you can go on a Chinese exchange. Give yuan, get gold. I can do that with dollars here with bullion dealers. Is the dollar gold backed?
>Apples vs Oranges argument
Currency to currency - Currency for gold - Convert anything for dollars with the same price fluctuations. I think it is you that is wasting my time. You don't understand what gold backing/convertibility really means. Comex is a bad joke and hence why I didn't reply to it. Doesn't mean one still can't get physical gold in the U.S. Just can't get it from the government. Here or in China. No fixed rate anywhere.
Back at you anon.