Digital Currency, Cryptocurrency, and Deflation: Will You Be Able To Get Cash From Banks In A Crisis? Mike Maloney – May 5, 2020,
Under the Obama administration the shakedown the Iranian government did to Barack Obama was that he had to send the Iranians physical U.S currency in cash! The Iranians didn’t want digital money, that they couldn’t print, they wanted the real stuff.
The Iranians could have easily request Gold or some other bartering tool, but instead, they opted for U.S currency, why? Because in the here and now USD has value and it’s liquid, during periods of history anything that is liquid has been considered a currency, anything that’s illiquid at best is considered an asset.
In order for Iran to finance their wars, they need a bartering tool that could get them what they wanted when they wanted it. Digital USD and physical cash are still two completely different things. Mike Maloney does a good video below, but I think the argument he’s trying to present to people is flawed in that, there’s a demand for liquidity, I own Gold and I own gold as my retirement income, I plan to cash out my gold as I retire, now I’m hoping I won’t have too, but I hoard gold for the reason that I expect that fiat currency or a derivative of it, will be in existence in the future.
I personally don’t want a GOVERNMENT gold standard, I do not want government currencies to be backed by gold, as long as my fiat dollars can buy gold why in the hell would I want the governments stamp of approval? I’m okay with government funny money circulating through society, because there’s a demand for it, as long as the government stays out of my personal life, why should I care what the government does.
Of course our current financial rule of law is illegal, but I don’t see much of anyone fighting back against it? Why? Because currently the system is working and when it doesn’t work, who really cares! A law is only a law if it’s enforced or enforceable, the USD world reserve status isn’t being enforced, it’s been accepted, because most countries, most people in most countries prefer USD.
Why do people prefer USD? Because America similar to Switzerland and other Western countries is a symbol of freedom! Of course, it’s not perfect but it’s all we got. Now, whenever a Democrat is in the White House, it’s a symbol of returning to the old world, a democrat symbolizes Socialism, bad economics, depressions, and boring big government existence, but worst of all a Democrat equates to money confiscation and money registration, this is why I don’t want a Gold Standard!
Eventually in a democracy idiots will be idiots and they’ll vote for a politician who openly wants to use the force of government to take from one group and give another group while at the same time oppressing the job creators! sure Trump has done some registrations, but he hasn’t punished people for being productive! To date, he’s been the best U.S President in my lifetime, and yet he’s exploded the National debt? But hey, at the very least the national debt isn’t backed by Gold!
I like Mike Maloney but I think Gold bugs are rather short-sighted, let’s be happy the government isn’t coming for our gold! As I’ve stated America can still default on its debts! Sure there are repercussions for default, but good luck to the investors who think that their money is better used in China or the regressively taxed European Union, with their small army and dependence on Russia and China! Yea, Good luck with that!
Interesting times ahead
