"We should go back to the gold standard, not digital currency payment systems".

[Assembler]

Rep. Marjorie Taylor Greene

We should go back to the gold standard, not digital currency payment systems.

Hard pass.



Long-awaited Fed digital payment system to launch in July

https://www.cnbc.com/2023/03/15/long-awaited-fed-digital-payment-system-to-launch-in-july.html

The Fed just announced it will introduce its “FedNow” Central Bank Digital Currency (CBDC) in July. CBDCs grease the slippery slope to financial slavery and political tyranny.

While cash transactions are anonymous, a #CBDC will allow the government to surveil all our private financial affairs. The central bank will have the power to enforce dollar limits on our transactions restricting where you can send money, where you can spend it, and when money expires.

A CBDC tied to digital ID and social credit score will allow the government to freeze your assets or limit your spending to approved vendors if you fail to comply with arbitrary diktats, i.e. vaccine mandates.

The Fed will initially limit its CBDC to interbank transactions but we should not be blind to the obvious danger that this is the first step in banning and seizing bitcoin as the Treasury did with gold 90 years ago today in 1933.

https://cnbc.com/2023/03/15/long-awaited-fed-digital-payment-system-to-launch-in-july.html

 

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[opalboy]

Gold yes!
CBDC no!

 

[Peyton Manning]

It would crash the economy
There isn’t enough gold to back the paper money

 

[Assembler]

It would crash the economy
There isn’t enough gold to back the paper money

How about silver and platinum as well?
Of course the paper bank notes could just be printed more to out strip anything.
How about a trillion printed notes for a loaf of bread anyone?

 

[Assembler]

It would crash the economy
There isn’t enough gold to back the paper money

What is the gold standard explained?

The Gold Standard was a system under which nearly all countries fixed the value of their currencies in terms of a specified amount of gold, or linked their currency to that of a country which did so.

https://www.google.com/search?q=gol...i60l2j69i61.8263j0j4&sourceid=chrome&ie=UTF-8

When did the US abandon the gold standard?

The government held the $35 per ounce price until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus completely abandoning the gold standard.

1914 - The gold standard collapses

After the outbreak of the First World War, most countries left the gold standard. Exchange rates floated against each other and inflation increased heavily. As the discount rate was not raised at the same rate as inflation, the speculation economy was encouraged.

Which countries are on the gold standard?

Core countries: Britain, United States, France, Germany. Western Europe: Belgium, Italy, Netherlands, Switzerland. Other countries: Canada, Japan, Sweden. Metallic money, minor coin, paper currency, and demand deposits.

What is the U.S. dollar backed by?

Today, like the currency of most nations, the dollar is fiat money, unbacked by any physical asset. A holder of a federal reserve note has no right to demand an asset such as gold or silver from the government in exchange for a note.

Is US currency backed by gold?

No, money is not backed by gold, nor by any other commodity. It hasn't been since 1971.Aug 11, 2022

Why isn't the dollar backed by gold?

The U.S. abandoned the gold standard in 1971 to curb inflation and prevent foreign nations from overburdening the system by redeeming their dollars for gold.

What currency is backed by gold?

As of 2022, none of the world's countries use the gold standard. However, several countries used it in the past. The gold standard was a monetary system in which the value of a country's currency, such as the United States dollar or the British pound, was tied to the value of a specific amount of gold.

During the first phase, in the spring and summer of 1933, the Roosevelt administration suspended the gold standard

What happens to gold if the dollar fails?

If gold and silver coins aren't used in daily commerce, we would expect for existing gold and silver exchanges to provide a necessary way to exchange your precious metals into the accepted form of currency at that time. Another possibility is that gold and silver coins will be used for bartering purposes.

 

[Assembler]

Which crypto will be used for CBDC?

Blockchain or Distributed Ledger technology (DLT) can be used to implement CBDC to execute and settle peer-to-peer transactions.Jan 16, 2023

https://www.google.com/search?q=cbd...i60j69i61l2.5381j0j4&sourceid=chrome&ie=UTF-8

What does CBDC mean in crypto?

The Reserve Bank is actively researching central bank digital currency (CBDC) as a complement to existing forms of money. The Reserve Bank currently issues two forms of money: physical money in the form of banknotes, which can be used by households and businesses to make payments, and.

Will crypto survive CBDC?

Cryptocurrencies can survive the emergence of central bank digital currencies only if it remains an investment asset. But once its promoters insist on it becoming a currency, it will collapse because it cannot compete legally with fiat digital currency or CBDCs. Agur, I., Ari, A., & Dell'Ariccia, G. (2021).

Will CBDC replace cash?

2. Will a U.S. CBDC replace cash or paper currency? The Federal Reserve is committed to ensuring the continued safety and availability of cash and is considering a CBDC as a means to expand safe payment options, not to reduce or replace them.Jun 10, 2022

Will CBDC be mined?

The important feature of CBDC is that it cannot be mined like other private crypto currencies. In contrast to private crypto currencies, CBDCs are not mined in the sense of competing by anyone to mine and create them.Nov 16, 2022

Will XRP support CBDC?

It boasts that Central Banks can build trust using the XRP Ledger's proven technology, enabling consistent standards, privacy, and security. The XRPLedger will also enable CBDCs to build on it to create wholesale retail products that can come in handy for banks, fintechs, and members of the public.Jan 13, 2023

Is CBDC a good idea?

Not only will they lead to a loss of personal privacy, but governments will use them as tools of financial discrimination. Other risks of using CBDCs include potential data breaches, destabilization of financial institutions, and loss of security.Mar 13, 2022

What are the cons of CBDC?

One concern is that they could lead to increased surveillance of financial transactions, which could raise privacy and security concerns. Additionally, the implementation of CBDCs could be costly and complex, and there may be risks associated with the integration of CBDCs into existing payment systems.Feb 7, 2023

How safe is CBDC?

CBDCs would be able to accumulate sensitive payment and user data at an unprecedented scale. In the wrong hands, this data could be used to spy on citizens' private transactions, obtain security-sensitive details about individuals and organizations, and even steal money.

Today, like the currency of most nations, the dollar is fiat money, unbacked by any physical asset. A holder of a federal reserve note has no right to demand an asset such as gold or silver from the government in exchange for a note.

 

[Assembler]

Currency

 

[Assembler]

The Dangers Lurking behind a Digital Euro

https://mises.org/wire/dangers-lurking-behind-digital-euro

 

[Assembler]

gold standard

noun

Synonyms of gold standard

1: a monetary standard under which the basic unit of currency is defined by a stated quantity of gold and which is usually characterized by the coinage and circulation of gold, unrestricted convertibility of other money into gold, and the free export and import of gold for settling of international obligations

https://www.merriam-webster.com/dictionary/gold standard

 

[opalboy]

It would crash the economy
There isn’t enough gold to back the paper money

Looks like the price of gold could go up! A lot! There’s an awful lot of paper out there.

 

[Assembler]

Looks like the price of gold could go up! A lot! There’s an awful lot of paper out there.

It is likely to go up at least some in the near future.

 

[Assembler]

The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia’s invasion of Ukraine, and three years of COVID

https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023

The baseline forecast is for growth to fall from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3.0 percent in 2024. Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 percent in 2022 to 1.3 percent in 2023. In a plausible alternative scenario with further financial sector stress, global growth declines to about 2.5 percent in 2023 with advanced economy growth falling below 1 percent. Global headline inflation in the baseline is set to fall from 8.7 percent in 2022 to 7.0 percent in 2023 on the back of lower commodity prices but underlying (core) inflation is likely to decline more slowly. Inflation’s return to target is unlikely before 2025 in most cases.

 

[Assembler]

The Digital Currency Monetary Authority (DCMA) Launches an International Central Bank Digital Currency (CBDC)

https://www.prnewswire.com/news-rel...ral-bank-digital-currency-cbdc-301793163.html

WASHINGTON, April 10, 2023 /PRNewswire/ -- Today, at the International Monetary Fund (IMF) Spring Meetings 2023, the Digital Currency Monetary Authority (DCMA) announced their official launch of an international central bank digital currency (CBDC) that strengthens the monetary sovereignty of participating central banks and complies with the recent crypto assets policy recommendations proposed by the IMF.