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It really already did lose its reserve status, in a manner of speaking. There isn't ever going to be a gold standard again (even if there is, would the actual g
by jambalaya8 2mo ago
It really already did lose its reserve status, in a manner of speaking. There isn't ever going to be a gold standard again (even if there is, would the actual gold have the sort of real life uses it had when the gold standard was around? Not like people fill teeth with it anymore unless you are some sort of thug).
- unrented7977 2mo agoGold is a fantastically useful element. It's vastly more useful today as our knowledge and application of chemistry has improved. It's probably more in demand as a commodity today than it ever has been.
- jambalaya8 2mo agoI hear platinum is the way to go. Or iron.
- rhelz 2mo agoGold is a useful element, for sure, but there's no where's near enough of it to serve as a reserve currency. E.G. the U.S. reserves are worth about $1.2 trillion (changes each day, of course). Compare that to a national economy which has a GDP of over $30 trillion. All these old gold bugs just can't wrap their heads around what exponential growth really looks like. But we can grow our productive capacity far, far faster than we can grow the supply of gold.