Catholic Info
Traditional Catholic Faith => The Greater Depression - Chapter I => Topic started by: Catholic Knight on July 08, 2023, 09:18:38 AM
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(https://ecclesiamilitans.com/wp-content/uploads/2023/07/IMG_1817.jpg)
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https://twitter.com/KimDotcom/status/1677561262786621445?s=20 (https://twitter.com/KimDotcom/status/1677561262786621445?s=20)
https://youtu.be/7EZD3PTtOjk (https://youtu.be/7EZD3PTtOjk)
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Yes- BRICS to start issuing Gold-backed currency in August. All of the dollars being held around the world will come back to us (US)and further dilute the dollar 's value. The inflation will be like Zimbabwe. No one will take our worthless currency overseas and we don't manufacture anything here.
All thanks to the Zionist Judaic money changers that Jesus warned us about.
Of course the Jєωs will foment WWlll as they have been attempting before they give up their money power- they would rather burn it all down than let someone else have it. Samson option.
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So, if I have $1,000 worth of BRICs currency, will I be able to walk into a bank in one of those countries and demand my gold?
If not, it sounds like a scam (kind of like how the USD was supposedly backed by gold held in Fort Knox, but Fort Know was empty).
Better to have actual gold/silver coinage in hand.
The move away from that to (allegedly) gold-backed currency was the beginning of the end:
The banksters discovered that since no more than 10% of depositors ever demanded their gold at any one time, they could loan out 90% more than they had backed by gold, and still cover demands.
That grew Jєωιѕн greed, and soon we had a fractional reserve currency system, backed by nothing, with currency being “originated” into existence with a simple ledger entry (fraud on a grand scale).
But the move from gold/silver coinage to gold backed notes was the shift that made it possible.
In theory, yes, a gold backed currency could be limited to actual gold reserves, and audited to ensure fidelity to that policy, but who could anyone trust to do that?? Certainly we could not trust politicians and banksters!
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(https://ecclesiamilitans.com/wp-content/uploads/2023/07/IMG_1817.jpg)
(https://ecclesiamilitans.com/wp-content/uploads/2023/07/2023-07-08_100908.png)
https://twitter.com/KimDotcom/status/1677561262786621445?s=20 (https://twitter.com/KimDotcom/status/1677561262786621445?s=20)
https://youtu.be/7EZD3PTtOjk (https://youtu.be/7EZD3PTtOjk)
If anything that new global reserve currency will be based on data.
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Once you saw Kim Dotcom it was already possible to dismiss it out of hand. The world needs cheap credit and only the US dollar is inflated and in supply enough to meet this demand. Any hard metal standard would ruin the fragile BRICS economies, which are in a worse state than even the Western ones. It's dedollarization propaganda and it would take a real war and further destabilization for a real alternative, but these same people are already working to implement their own digital currencies.
If anything that new global reserve currency will be based on data.
Indeed, central bank digital currency (CBDC) enables a granular degree of control that authoritarians of previous centuries couldn't dream of at their worst. The system that they are building would be a wonder if it weren't meant to enslave all of us. In the Middle Ages it might be the case that you couldn't use your currency in the neighboring city, and certainly you could not depend on weights and measures to be fair, but the security of the modern world has come at a terrible cost.
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So, if I have $1,000 worth of BRICs currency, will I be able to walk into a bank in one of those countries and demand my gold?
I doubt it, not in practice. Gold backing just means that the amount of currency in circulation is limited.
Gold of course is closer to having more "intrinsic" value than paper currencies, but if you think about it, it's just a shiny rock and therefore has only the worth that is agreed upon by convention.
To me, the best "currency" would be tangible goods: food, and, yes, even toilet paper. Probably the best currency you'll find in SHTF scenarios would honestly be cigarettes. Whether in war time or in prisons, those seem to be the closest thing to actual "currency" in circulation. When people are starving, you'd rather have a 99-cent can of Pork-N-Beans rather than a shiny gold rock (that you can't eat).
But that's not what this discussion is about. It's about the fact that gold in theory would prevent currency inflation. See, with the new Fed system, the currency is backed by the American people, whatever that means. With gold backing, it just gives people more confidence that there's something real to "back up" the currency, rather than some concept.
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The world needs cheap credit and only the US dollar is inflated and in supply enough to meet this demand.
Not sure what you mean by "cheap" credit, but to me true credit would be interest-free credit, i.e. without the Jєω middle-men collecting money for nothing. Printing more money is not the same as "cheap" credit, and everyone pays for it by inflation. Only reasons the USD hasn't hyper-inflated are 1) it's the world reserve currency and petro dollar and 2) Chinese have pegged to the US dollar to keep their goods affordable by US consumers. Once USD's status as reserve currency and petro dollar become less and less essential, you're going to start seeing the inflation.
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If anything that new global reserve currency will be based on data.
It'll be based on Jєωιѕн fiat.
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If it is true, this could be interesting. Where can I stock all the gold I will claim?:trollface:
I doubt the Jєωs will allow it though.
I think that it was that Gaddafi fellow who wanted Libya to adopt the gold standart. This is shown in that "In the name of Zion" docuмentary. We all know what happened to him and to his country.
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So, if I have $1,000 worth of BRICs currency, will I be able to walk into a bank in one of those countries and demand my gold?
If not, it sounds like a scam (kind of like how the USD was supposedly backed by gold held in Fort Knox, but Fort Know was empty).
Better to have actual gold/silver coinage in hand.
The move away from that to (allegedly) gold-backed currency was the beginning of the end:
The banksters discovered that since no more than 10% of depositors ever demanded their gold at any one time, they could loan out 90% more than they had backed by gold, and still cover demands.
That grew Jєωιѕн greed, and soon we had a fractional reserve currency system, backed by nothing, with currency being “originated” into existence with a simple ledger entry (fraud on a grand scale).
But the move from gold/silver coinage to gold backed notes was the shift that made it possible.
In theory, yes, a gold backed currency could be limited to actual gold reserves, and audited to ensure fidelity to that policy, but who could anyone trust to do that?? Certainly we could not trust politicians and banksters!
I would think there would be a gold to currency ratio- like maybe 1 gm is worth 50,000 equivalent dollars. That would realign the value of all other fiat currencies to dust and disallow the gold back currency to print money out of thin air as there would have to be SOME gold to back it. .(Always better to have physical metals on hand)
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All of the dollars being held around the world will come back to us (US)and further dilute the dollar 's value. The inflation will be like Zimbabwe. No one will take our worthless currency overseas and we don't manufacture anything here.
Though perhaps not the "manufacturing powerhouse" it may have been "back in the day" (though I'm nearly positive it has always lagged behind Europe), the U.S. is the third largest manufacturing nation in the world, after China and the European Union (so, not including Great Britian), and those entities both have much larger populations.
Manufacturing represents 12% of total U.S. GDP (gross domestic product), contributing $2.3 trillion to the economy, and there are certain areas where the U.S. excels, such as airplanes. It is not always easy to source products manufactured in the U.S., electronics especially, but we still make a lot of stuff. I recently purchased Royabi toolboxes made in the USA. Craftsman tools and accessories (once a Sears house brand, now owned by Black and Decker) are often made in the USA. There is still clothing made here (especially socks it seems), but when cotton items are imported the cotton was very likely grown in the U.S. The U.S. is #2 in the world after India for cotton production, but I've read that U.S. cotton is preferred due to its higher quality. The U.S. is the world's third largest producer of wool (after China and #1 Australia, New Zealand and Argentina are #4 and #5 respectively) ... I always prefer natural fibers for my vesture.
I've worked in agriculture my whole life (though now also in funeral service in "semi-retirement"), and the United States is THE absolute world powerhouse for food and fiber production. Over 20% of agricultural products grown need to be exported as we produce WAY more than we can consume. The U.S. mostly produces what is needed for buildings, though some forest products come in from Canada, I consider them "first cousins".
In the grand scheme of things, when a country can feed and house itself (and there are still enough small-town machine shops and forges here to make any needed fasteners and gadgets, I can think of lots of local-to-me sources for that) it can survive. While not meaning to depreciate the skills of "coders" (an occupation two of the forums more prominent posters practice), I've lived over half my 72 years without electronic and digital "services and tools". I'm very capable with using a physical library card catalog, "old fashion" handwritten address books, calendars, and to-do lists, or mailing a postcard/envelope.
Bottom line, I don't see the U.S. economy "sinking" anytime soon ... periodic downturns is another issue.
I'll close with these words from William Jennings Bryan's "Cross of Gold" speech at the Democratic National Convention on July 9, 1896, coming from my perspective as an agrarian rural person. At the U.S. presidential election of 1896 Bryan was defeated by William McKinley.
You come to us and tell us that the great cities are in favor of the gold standard. I tell you that the great cities rest upon these broad and fertile prairies. Burn down your cities and leave our farms, and your cities will spring up again as if by magic. But destroy our farms and the grass will grow in the streets of every city in the country.
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Not sure what you mean by "cheap" credit, but to me true credit would be interest-free credit, i.e. without the Jєω middle-men collecting money for nothing. Printing more money is not the same as "cheap" credit, and everyone pays for it by inflation.
I actually meant "easy credit." You were right to call me out that time. I'm not concerned about the ideal, but inflation can be more complicated than simply printing money equals inflation. As we know, the US has been able to largely export inflation, but Biden has been directly adding to the domestic supply and bringing it home in a direct manner.
1) it's the world reserve currency and petro dollar and 2) Chinese have pegged to the US dollar to keep their goods affordable by US consumers. Once USD's status as reserve currency and petro dollar become less and less essential, you're going to start seeing the inflation.
1. The petrodollar factor is of diminishing importance these days, and if not for Biden, the United States would likely be supply a lot more than 20% of the world's petroleum. Canada, too, has great potential and has made massive gains here, but this should also include Russia and some other contenders.
I think the real factor here is the US military and the NATO alliance. Pax Americana is enforced by the US military around the world and countries not only need dollars for oil, but to tap into the massive US market and US dollar supply among other factors. The dedollarization crew just doesn't come anywhere close to what the inflated dollar offers in both its availability and purchasing power (acceptance of dollars, etc.)
2. The China factor is a lot less important and Chinese investments in the US have largely been abrogated by the Federal Reserve's quantitative easing and the massive wealth transfer of the last three years especially. According to this view, a lot of what China held over us has been inflated away already and the Federal Reserve has become the most important lender and investor instead. It's a system that has unfortunately proven itself since 2008.
Inflation is here, it's thanks to Biden. Though it would appear that the Federal Reserve still has the last laugh here. Rather than their losing control of the money system in the sense that might be implied in your statements, I think it is becoming more and more clear that they are consolidating all of the wealth into private hands in a calculated manner.
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I doubt it, not in practice. Gold backing just means that the amount of currency in circulation is limited.
Gold of course is closer to having more "intrinsic" value than paper currencies, but if you think about it, it's just a shiny rock and therefore has only the worth that is agreed upon by convention.
To me, the best "currency" would be tangible goods: food, and, yes, even toilet paper. Probably the best currency you'll find in SHTF scenarios would honestly be cigarettes. Whether in war time or in prisons, those seem to be the closest thing to actual "currency" in circulation. When people are starving, you'd rather have a 99-cent can of Pork-N-Beans rather than a shiny gold rock (that you can't eat).
Only in the short term…..
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Once you saw Kim Dotcom it was already possible to dismiss it out of hand. The world needs cheap credit and only the US dollar is inflated and in supply enough to meet this demand. Any hard metal standard would ruin the fragile BRICS economies, which are in a worse state than even the Western ones. It's dedollarization propaganda and it would take a real war and further destabilization for a real alternative, but these same people are already working to implement their own digital currencies.
Indeed, central bank digital currency (CBDC) enables a granular degree of control that authoritarians of previous centuries couldn't dream of at their worst. The system that they are building would be a wonder if it weren't meant to enslave all of us. In the Middle Ages it might be the case that you couldn't use your currency in the neighboring city, and certainly you could not depend on weights and measures to be fair, but the security of the modern world has come at a terrible cost.
Imagine for a moment that internet protocols like HTTPS were monetized and that you could own a part of it and each query someone did would earn you a proportionate amount to your ownership.
Now think, how are CBDCs and current legacy systems going to be Interoperable with each other? If there were a system that could connect any input with any output....
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Based on published reports of U.S. gold bullion holdings and the U.S. money supply, if the U.S. were to go onto the gold standard, in order to account for all money currently in circulation, gold would have to be valued at nearly $70,000 per troy ounce.
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The Wall Street Journal
Why Is Inflation So Sticky? It Could Be Corporate Profits
https://archive.is/zq7Oq
Inflation rates also remain uncomfortably high in the U.S. (https://archive.is/o/zq7Oq/https://www.wsj.com/articles/europes-economy-grows-despite-banking-stress-98becb2a) and many other parts of the world despite a wave of interest-rate rises that have gone further and been delivered more quickly than at any time since the 1980s.
There have been good reasons for businesses to raise their prices in recent months. The supply-chain disruptions caused by the Covid-19 pandemic and the energy, food and raw material bottlenecks that followed Russia’s invasion of Ukraine (https://archive.is/o/zq7Oq/https://www.wsj.com/articles/ukraines-arms-industry-survives-russian-onslaught-to-hit-back-c5c168cd) have pushed costs higher.
But there are signs that businesses are doing more than covering their costs.
According to economists at the ECB, businesses have been padding their profits. That, they said, was a bigger factor in fueling inflation during the second half of last year than rising wages were.
Jan Philipp Jenisch, chief executive officer of construction materials maker Holcim (https://archive.is/o/zq7Oq/https://www.wsj.com/market-data/quotes/HCMLY), said on a recent earnings call: “We are in that inflationary environment already for almost two years now…We have done the pricing in a very proactive way, so that our results aren’t suffering. On the contrary, they are improving the margins.”
One puzzle is why consumers have played ball. Usually, economists would expect any business that raised its prices to lose customers to competitors that don’t, or not by as much.
But these aren’t normal times. In rare situations—such as an economy’s reopening after a pandemic—widespread knowledge that costs are rising allows businesses to raise their prices knowing that their competitors will act in the same way, according to a paper by Isabella Weber, assistant professor of economics at the University of Massachusetts, Amherst, and her colleague, Evan Wasner.
That is a pattern the two economists said has played out in an analysis of recent earning calls in which executives at U.S. businesses present their financial results to analysts.
“We do have to think about pricing differently,” said Ms. Weber. “A cost shock, or bottlenecks can create an implicit agreement among firms that raise their prices, so they can expect others to act likewise.”
[ . . . ]
Elsewhere, the desire to boost margins, rather than just cover increased costs, appears to be one reason why food prices have continued to rise rapidly in Europe (https://archive.is/o/zq7Oq/https://www.wsj.com/articles/food-prices-are-new-inflation-threat-for-governments-and-central-banks-969e7483).
Much of the surge in food prices since the middle of last year is due to higher costs, particularly for energy, since most food production is quite energy intensive. But economists at insurance giant Allianz (https://archive.is/o/zq7Oq/https://www.wsj.com/market-data/quotes/ALIZF) have calculated that about 10% of the rise reflects the search for higher profits. They suggest that is possible because key parts of the food-supply chain are dominated by a small number of firms.
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Dumb question, here, maybe, but how would the gold standard work with an exponentially increasing population?
Assuming a finite amount of gold in the treasury (or in the world for that matter), wouldn't that depress prices and wages?
Or would the value of the dollar in gold be ratcheted back, in order to put more money into circulation?
The latter seems to have the same pitfalls as fiat money.
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Dumb question, here, maybe, but how would the gold standard work with an exponentially increasing population?
Assuming a finite amount of gold in the treasury (or in the world for that matter), wouldn't that depress prices and wages?
Or would the value of the dollar in gold be ratcheted back, in order to put more money into circulation?
The latter seems to have the same pitfalls as fiat money.
Well, if there were an infinite supply of gold, it wouldn't have very much value. It's precisely because it's a precious metal available in limited quantities that it would serve as a backstop to inflation.
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The Wall Street Journal
Why Is Inflation So Sticky? It Could Be Corporate Profits
Yep. This is well known. Not only do corporations raise prices to make sure they pass along increased costs to customers, but they see it as an opportunity to squeeze a little more out of them. Consumers see prices going up and so they don't blame any given corporation for price increases, since they're everywhere. This allows the corporation to sneak in a little extra under the cover of inflation. Inflation is 8%. Let's increase our prices 10%.
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Well, if there were an infinite supply of gold, it wouldn't have very much value. It's precisely because it's a precious metal available in limited quantities that it would serve as a backstop to inflation.
And that is precisely my point. If the quantity is limited, and if population growth takes place, or alternatively, if hitherto undiscovered gold can't be mined as quickly as the population increases pari passu, then the end result will be that there will be less gold per person. And what then?
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Yep. This is well known. Not only do corporations raise prices to make sure they pass along increased costs to customers, but they see it as an opportunity to squeeze a little more out of them. Consumers see prices going up and so they don't blame any given corporation for price increases, since they're everywhere. This allows the corporation to sneak in a little extra under the cover of inflation. Inflation is 8%. Let's increase our prices 10%.
Quite right. It's hard to believe that some amorphous thing called "inflation", or supposed increases in production expenses created by COVID, is the only thing driving the increase in prices of food and other things.
In the meantime, I've simply begun buying cheaper foodstuffs and couponing even more aggressively than I did. I watch for things on sale. I only buy name brands where there is some real difference in quality, such as Mott's or White House applesauce versus store brands. I buy cheap no-name laundry detergent which gets my clothes and towels just as clean as the name-brand stuff.
There are ways to get by.