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They've been asking this question since before 2013. The writing has been on the wall since the US started demonstrating that it thinks debt monetisation is an
by roenxi 7mo ago
They've been asking this question since before 2013. The writing has been on the wall since the US started demonstrating that it thinks debt monetisation is an acceptable strategy.
- gchamonlive 7mo agoHave outlets like Deutsche Welle been speaking like this since 2013? I don't really think so. Not to defend the past administrations, but that the question is starting to hit mainstream media does in fact tell a huge lot about this current one.
- _heimdall 7mo agoFrance was back in 1971, though it was less about safety and more about whether we actually had enough gold to delivery.
- gchamonlive 7mo agoWhich is ironic given it was once a huge colonial power
- raphman 7mo agoThis has been a topic of continuous debate since at least ~2000 in Germany. The German Wikipedia has a whole section covering it¹. Obviously, the debate gets more intense every time the relationship between Germany and USA gets strained. ¹) https://de.wikipedia.org/wiki/Deutsche_Goldreserven#Diskussion_um_die_Lagerung_im_Ausland https://de.wikipedia.org/wiki/Deutsche_Goldreserven#Diskussi...
- gchamonlive 7mo agoSovereignty is a matter of constant maintenance, but only recently has the discourse been affected by lack of trust in the admin itself, not only for transparency or logistics.
- swed420 7mo ago[flagged]
- delichon 7mo agoIt's hard to look at the judges nominated by the last two administrations and believe that they are the same.
- swed420 7mo ago[flagged]
- alsetmusic 7mo ago> think there is substantial difference between the two sub-parties You said something close enough. Yes, they're both terrible. Biden's admin allowed a genocide to take place in Gaza while pretending to give a damn about it and repeating propagandist lies from Israel. But the Trump admin is openly looting everything they can get their hands on. The real answer is something HN doesn't like so I won't advocate it openly, but it involves society paying to take care of people to provide homes, provide medical access, things like this. Neither party is interested in that. But only one is brazen about harming peopler and making content from it or unashamedly posting AI-generated memes. Seems kinda different to me.
- swed420 7mo agoYou're justifying evil using lesser-of-two-evils reasoning and then confused why evil remains. Consent.Manufacture();
- imjonse 7mo ago> The real answer is something HN doesn't like so I won't advocate it openly, but it involves society paying to take care of people to provide homes, provide medical access, things like this. Neither party is interested in that. There are enough people on HN who think working social democracy is a great option; not everybody here is a libertarian cryptobro, an eastern european with decades-long PTSD or a hardcore conservative.
- NicuCalcea 7mo agoEarliest I can find is 2017: https://www.dw.com/en/germany-repatriates-gold-reserves-ahead-of-schedule/a-40208045 https://www.dw.com/en/germany-repatriates-gold-reserves-ahea...
- gchamonlive 7mo agoRadically different tone
- raincole 7mo agoThey physically moved 300 tons of gold from the US to Germany during 2013~2017. I think actions weight more than words.
- gchamonlive 7mo agoActions don't happen in a vacuum, you have to take context into consideration
- pjc50 7mo agoDebt monetization is not happening. There's been significant expansion of the money supply, which got the US through COVID at a one-off cost of about 10% inflation in one year, which I think was a reasonable cost of covering the crisis (especially compared to the GDP response in less generous countries!) What's happening is a much simpler, more drastic concern: does the US respect its international commitments?
- input_sh 7mo agoThe US stopped respecting its international commitments in Trump's first term when it single-handedly withdrew from the JCPOA (singed by way more countries than just the US) without a single valid reason to do so. Since then, it flip-flopped on the Paris Agreement, single-handedly put tariffs on goods imported from literally every single country in the world, withdrew from WHO and so on and so on. Not only does the US not respect the commitments it already agreed to, it hasn't done so for the past 10 or years.
- mbac32768 7mo ago> Not only does the US not respect the commitments it already agreed to, it hasn't done so for the past 10 or years. These commitments were commitments by the administration in the White House at that time. They were not accords or treaties ratified by Congress. Agree with them or don't, they should have been understood as what they were: limited in legitimacy and free to be canceled by the next administration with no discussion. This isn't a matter of arcane political skullduggery, it's spelled out in the US Constitution's definition of treaty, Article II, Section 2, Clause 2. The people were not formally heard.
- 1718627440 7mo agoThe administration is administering the USA. It's the USA that commits. To other countries it does not matter what your internal rules are to what your country does.
- throw0101d 7mo ago
- AnimalMuppet 7mo ago"Debt monetization" and "seizing other countries' gold" are somewhat orthogonal.
- roenxi 7mo agoWell I can't speak for all the people who own gold, but I expect the order of actions they'd generally prefer is move the gold to a vault somewhere they think is financially stable first and then engage in a relaxed debate about the merits of storing gold here or there second. It doesn't cost that much to move a bit of metal around. If countries enter the lunatic phase of money printing you never quite know what they're going to do next. But it probably isn't going to be good for asset owners and it may well already be too late to get things out of well known vaults. Better to be a bit early.
- alex43578 7mo agoIf your neighbor was taking payday loans and pawning silverware, would you trust him to hold onto your jewelry?
- Spooky23 7mo agoIt a little different now. POTUS may not be put to bed before the sundowners hits and decide to order his minions to seize the gold on truth social.
- declan_roberts 7mo agoIf there's anything the last 16 years have taught us, it is that the USA seems especially resilient to leaders with cognitive decline.
- freejazz 7mo agoWhat a bizarre conclusion
- jkubicek 7mo agoI’m learning the opposite lesson. The US is surprisingly fragile and a single president with no morals or ethics can do far more damage than anyone could have imagined.
- nxor3 7mo agoAs if the US was different pre Trump.
- conorcleary 7mo agodon't be mad at the coin because it's laying the wrong way down
- nxor3 7mo agoWhat does this even mean? The US was not different pre Trump. I live here.
- conorcleary 7mo agothat's what I'm getting at ;-)