BRICS GOLD-BACKED CURRENCY: Vivek Points Out Value In Gold Backed Currency, Supports Gold Standard

[NeoMetallix]

Seems like no one in congress cares that the dollar is on a path of complete and total collapse which will kill the empire they so wish to profit off of. Surprisingly there are people who still understand this and know fiat currency always ends up at zero value. Other countries are trying to free themselves of the dollar in self-preservation. We need to end the Federal Reserve and stop creating currency as debt. It needs to be back by real value and not bombs.

 

[Webster]

So long as Russia is a part of BRICS, it'll never succeed.

That said, there's one factor that'll doom its rise. The American dollar.

Why? Just as English is the lingua franca of international language, the U.S. dollar is likewise such for currency. Look at Argentina; after decades of inflationary increases, they're dropping the Argentine peso and dollarizing - effectively adopting the dollar as its' currency across every sector of its economy.

 

[NeoMetallix]

So long as Russia is a part of BRICS, it'll never succeed.

That said, there's one factor that'll doom its rise. The American dollar.

Why? Just as English is the lingua franca of international language, the U.S. dollar is likewise such for currency. Look at Argentina; after decades of inflationary increases, they're dropping the Argentine peso and dollarizing - effectively adopting the dollar as its' currency across every sector of its economy.

History says otherwise. The dollar is the reserve currency now but is losing its dominance just as other reserve currencies in the past have. Before the dollar it was the British Pound.

The dollar is backed by no value and hasn't been since 1971. It is backed by the ability to create more debt and bombs. Our modern currency is a ponzi scheme and requires more and more debt to even work, once that debt stops being created it collapses but exponential debt will also collapse the system.

Hopefully Argentina is using that as a stepping stone and not a final stop because that would be stupid. They got rid of their central bank and replaced it with another central bank. The Federal Reserve is a privately owned bank with a monopoly on currency which funnels wealth from working people to the top. It needs to go and the dollar needs to be defined as 1/20th an ounce of silver like it used to be for a proper unit of account. 100+ years ago people knew central banks were not good for the working class.

 

[Webster]

The dollar is backed by no value and hasn't been since 1971.

You do realize why we dropped the Bretton Woods regime at the time, right?

https://www.wallstreetmojo.com/bretton-woods-system/

TL/DR: In 1944 the Allies agreed to set up a monetary system to help stabilize post-war economies by pegging the US dollar to the price of gold. In turn, the rest of the world pegged its' respective currencies to the US dollar. Over time, however, the balance began to skew heavily towards the US dollar because the US dollar was the world's reserve currency which gegan to give America an undue advantage over other countries. Eventually, thanks to both that and the growing costs of Vietnam, the U.S. dropped the gold standard.

And your comment is actually wrong because the US dollar is backed by the full faith and credit of the United States government; after all, why do you think so many countries buy US treasury bonds? Because they know, at the end of the day, they'll get their value out of them; heck, China of all countries, holds about 10 percent of the total amount of such bonds in its reserves.

Hopefully Argentina is using that as a stepping stone and not a final stop because that would be stupid.

Argentina's problems stemmed from a combination of bad political decisions and economic problems led to its' current issues with inflation and recession; simply changing currencies is a stop-gap. FWIW, I hope Javier Milei can get things turned around w./out the world's globsl elites knifing them at every opportunity.

 

[NeoMetallix]

You do realize why we dropped the Bretton Woods regime at the time, right?

https://www.wallstreetmojo.com/bretton-woods-system/

TL/DR: In 1944 the Allies agreed to set up a monetary system to help stabilize post-war economies by pegging the US dollar to the price of gold. In turn, the rest of the world pegged its' respective currencies to the US dollar. Over time, however, the balance began to skew heavily towards the US dollar because the US dollar was the world's reserve currency which gegan to give America an undue advantage over other countries. Eventually, thanks to both that and the growing costs of Vietnam, the U.S. dropped the gold standard.

And your comment is actually wrong because the US dollar is backed by the full faith and credit of the United States government; after all, why do you think so many countries buy US treasury bonds? Because they know, at the end of the day, they'll get their value out of them; heck, China of all countries, holds about 10 percent of the total amount of such bonds in its reserves.

Argentina's problems stemmed from a combination of bad political decisions and economic problems led to its' current issues with inflation and recession; simply changing currencies is a stop-gap. FWIW, I hope Javier Milei can get things turned around w./out the world's globsl elites knifing them at every opportunity.

I do know why we dropped Bretton Woods, and economists at the time of its start knew it would never last.

The full faith and credit of a country that can't even pay its own bills? Sounds like lunacy to me or parasitic. It was funny seeing politicians saying we always pay our bills under threat of shut down. No, no we do not! We have defaulted in 1934 when FDR made it illegal to own gold and confiscated it from Americans and in 1971 when we could no longer honor our worth and found a way to keep creating more and more currency.

WTF Happened In 1971?

"I don't believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can't take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can't stop." - F.A. Hayek 1984

wtfhappenedin1971.com

Do you know how modern currency is created? It's created as debt because it is borrowed into existence. It is created from thin air and is interest bearing. It's fraudulent and siphons wealth away from the working class to those on the top through inflation.

 

[Webster]

Do you know how modern currency is created?

I know how its' created, out of whole cloth but unless you want to go back to the days of the Nixon shocks...
And backing an alternative currency system, especially one with Russia's footprint on it? That'd be deader than a plate full of ----.