12 Comments on BRICs ditches that mighty gold-backed money for a currency basket
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iOTWreport.com ©2024 ----- iOTWreport is not responsible for the content of comments. All opinions in comments are solely the commenter's.
So just another color of Monopoly money. What idiots. They had a REAL CHANCE…but then THEY are ALL addicted to inflation and debasement of their currencies and citizens as a way to run their governments. Buy gold and silver (and lead/copper and brass).
@MrLiberty — Anyone today with any monetary and or fiscal authority will NEVER opt to go on a gold (or equivalent) standard. Everything they know how to do requires inflating fiat currency. The only ones who know anything about hard money are the Austrians (the economists, not the Europeans (I know YOU know that)) and they share the dank under-basement of official disdain with Flat Earthers, Vaccine Deniers, and worshipers of the Great Pumpkin.
It’s impossible for any group such as the BRICS to switch to a hard currency regardless of any minority clique that might give the idea lip service.
Right at this moment, I am (a) dismayed that the U.S. dollar has lost so much of its value that it takes 1,750 of them to buy an ounce of gold, and (b) delighted that I’ve got some of my limited wealth safeguarded in the form of Eagles and Krugerrands.
Apparently the advisors of these “leaders” were educated (brainwashed) in America with the same Keynesian and MMT horseshit that the evil bastards push here.
The entire worlds been on the Petro Dollar for a long time. Don’t think so? Wait and see what Trump does to the Russians, Chicoms, and middle eastern oil producers economy when we drill baby drill. And he’s done it once before.
@Bad_Brad. The problem being is that after we drill, baby, drill, and flood the market with oil, the price will collapse and we will cease to drill, baby, drill. I have been in the petroleum industry for 50 years. We need a stable oil price. Cheap oil will lead to expensive oil. A stable price, like we have had for the last few years, is rare but good for all.
Metal is too limited for the ambitions of the ruling elite. It would be like going back to looking at the Sears catalogue compared to fiat.
We are rapidly approaching the time when a piece of bread will buy a bag of gold or to put it another way, “… a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius (a year’s wages), and three quarts of barley for a denarius; and do not harm the oil and the wine.”
Does anybody remember all the stories of FAKE CHINESE GOLD BARS that were perfect in weights and size but once you cut them open they were a blended bullshit alloy?
@ 1harpazo,,, BS. As long as there is fiat it will never happen.
@ kcir,,,, so what? irrelevant.
I’ll predict that the bankers try to go to Bitcoin…..
rather than a hard metal or another commodity….
They’ll get their wish of a cbdc like currency…..
and when the music stops (internet) the world will stop.
@ Ed357. You are probably right. Bitcoin is no less fiat than the paper and ink type. Fiat purchased with fiat. Electricity goes off and poof, gone. Wild eyed uneducated crypto-heads just exploded. LOL.
KCIR – if that is your excuse for not buying Krugerands, Maple Leafs, or other certified national mint coins, then you really missed out.