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Why would going to a gold backed currency imply that debt would be wiped out? I can see the machiavellian reasoning for spending trillions of debt financed doll
by neltnerb 7y ago
Why would going to a gold backed currency imply that debt would be wiped out? I can see the machiavellian reasoning for spending trillions of debt financed dollars if you know you're going to default, but I don't get how the gold standard helps.
I could believe that Trump wants to do one or both, but I don't see them as connected in a coherent way.
- deleted 7y ago[deleted]
- Fjolsvith 7y agoDestroying the petro-dollar was critical to breaking the central bank rule. You can't back money with oil right now. What's the current price per barrel of oil again? Selling off the US petroleum reserve helped force the glut of oil on the market. Trump unloaded it when oil was high, and now he's refilling the tank with super cheap crude. Heck, every tanker in the world is trying to get their oil into the US petroleum reserve right now. What do you back money with if not gold? You all think Trump is a bumbling idiot but you are going to feel gut punched after he's played his hand. And, he hasn't even broken suit to trump his opponent yet!