The inflation went down!

"States have claimed the right to manipulate money for thousands of years. The results have been disastrous, and this is particularly so with the repeated experiments with inconvertible or fiat paper currencies such those of medieval China, John Law and the assignats in 18th century France, the continentals of the Revolutionary War, the greenbacks of the Civil War, and, most recently, in modern Zimbabwe. All such systems were created by states to finance their expenditures (typically to finance wars) and led to major economic disruption and ultimate failure, and all ended either with the collapse of the currency or a return to commodity money. Again and again, fiat monetary systems have shown themselves to be unmanageable and, hence, unsustainable."

- from v32n2-11.pdf (cato.org)

 

China has already stockpiled a massive reserve. How massive is disputed, but most analysts say China holds more gold than any other nation.
A fixed amount of currency is both the beauty and the beast of the gold standard. I would argue that the governments and the banks should not have the ability to manipulate currency. It would require a balanced budget both on govt and individual levels. The Federal reserve is a scam. It charges the govt interest to borrow its own money.

 

Hey, @JonC, is this a photo of you back years ago?

 

fyi, the gas rate is down only because biden is sucking up our reserve fuel. Its not that fuel actually went down.

Some people have also stopped or lowered the tax.

I was in texas this week when flying home, It was 2.30 there..

when I was in Vegas and utal it was almost 5.00/gal

in ohio right now it is 3;30 a gallon.

fuel prices are a scam..

 

That was on an "Andy Griffith Show" episode about a truck with $7 million of gold that was to come through Mayberry on the way to Fort Knox, and, of course, Barney let it slip out and much of the town turned out to greet it.

 

True. It was sand. Which also led Barney to spill the beans again.

 

I watched them all from episode one forward back a couple of years ago and now the Pluto app on my Roku has a dedicated channel to "The Andy Griffith Show" so I can open it and watch whatever happens to be playing. I saw the gold one yesterday and I thought about you.

 

I don’t think that the Gold Standard is possible without crashing the economy or mining asteroids … there is more “virtual money” generated by the banking system than there exists Gold to cover it. So you need staggering amounts of new gold or staggering deflation and a collapse of the modern banking/credit system.

I read an economic theory once that stated that the Government could eliminate the banking system as the method of generating cash for the economy by replacing it with a system that “printed money” to spend on infrastructure improvements to drive the economy through “construction” rather than “banking” as the injector of capital into the economy. What politician is going to stand up and advocate turning the world economy on its head?

 

"The fiat currency does not only cause financial and economic crises; it is also highly inflationary. The relentless expansion of the quantity of fiat money causes the purchasing power of the money unit to decline over time. What is more, increasing the quantity of fiat money creates winners and losers, it is not a win-win game: The early receivers of the new money benefit at the expense of the late receivers. It leads to an unjust and unsocial distribution of income and wealth within society. Last but not least, fiat money makes the economies run into ever-higher levels of debt.

Governments, in particular, take advantage of their basically unrestricted access to credit and money provided by central banks. Their financial empowerment makes it possible to fund all kinds of policy extravaganzas—welfare and warfare spending—making the state ever larger and more powerful at the expense of liberties and freedoms of the individual."

- rest at Fiat Money Economies Are Built on Lies | Mises Wire