Is Digital Gold The Solution To Democrats’ Digital Dollar?

[Kamaji]

Is Digital Gold The Solution To Democrats’ Digital Dollar?

Biden’s executive order gives away the left’s objective. It says digital currency has ‘profound implications for … the ability to exercise human rights; financial inclusion and equity; and energy demand.’

BY: CHUCK DEVORE
SEPTEMBER 15, 2023

Digital currency is already here in the form of Bitcoin. Governments don’t like that cryptocurrency’s transactions are virtually untraceable — potentially aiding criminal activities — and they see an opportunity to expand their control far beyond what is possible with cash via the establishment of a Central Bank Digital Currency (CBDC).

President Joe Biden’s March 9, 2022, executive order on digital currency gives away the left’s objective. The order says that digital currency has “profound implications for … the ability to exercise human rights; financial inclusion and equity; and energy demand and climate change.” That’s a lot to expect from a medium of exchange, and we can expect that the left’s plans for a CBDC would be even more ambitious.

Fear of a meddlesome CBDC is why Florida Gov. Ron DeSantis signed two bills in May that prevent CBDCs from being used in the Sunshine State.

But there are advantages to CBDCs, including increasing the efficiency of the financial system. This is why China and its BRICS friends are moving ahead on creating CBDCs.

But in China’s case, not only is it seeking first-mover’s advantage, but it is also attracted by the potential for absolute control that a centrally run digital currency could bring, with China’s nascent social credit system, now run by regional governments, potentially able to go national, then international.

A Possible Work-Around
The challenge in meeting the CBDC threat is that you can’t beat something with nothing.

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Source:  https://thefederalist.com/2023/09/15/is-digital-gold-the-solution-to-democrats-digital-dollar/

[mountaineer]

Wall Street Silver
@WallStreetSilv
The government knowing what you spend, when you spend (or do not spend), having the ability to restrict your spending...
What could go wrong?  🔥
8:30 AM · Nov 16, 2023

[DefiantMassRINO]

Government-backed digital curreny is a means for absolute Government control of the economy for the purposes of revenue enhancement, wealth confiscation, and wealth redistribution.

In such a situation an underground economy, barter system, or non-Government currencies would emerge to circumvent Government controls.

BitCoin arose out of the 2008/2009 Financial Crisis as an alternative to Government-backed and Government-controlled currencies and economies.  The intent of BitCoin was to be able to transact business circumventing Government controls.

"Digital Gold" would be another fiat currency of zero's and one's that exists only on electronic ledgers.

[DB]

Government-backed digital curreny is a means for absolute Government control of the economy for the purposes of revenue enhancement, wealth confiscation, and wealth redistribution.

In such a situation an underground economy, barter system, or non-Government currencies would emerge to circumvent Government controls.

BitCoin arose out of the 2008/2009 Financial Crisis as an alternative to Government-backed and Government-controlled currencies and economies.  The intent of BitCoin was to be able to transact business circumventing Government controls.

"Digital Gold" would be another fiat currency of zero's and one's that exists only on electronic ledgers.

Gold doesn't disappear into thin air. Digital ones and zeros most certainly can. It is an honor system where not everyone is honorable.

[DefiantMassRINO]

If I had spare time, one thing I would love to study would be the histories of monies and currencies, and how they intersect and diverge.

Precious metals have traditionally been used as stores of wealth because they are tangible, perceived to have more utility and value than other items, and can be fashioned into uniform units that could easily be exchanged, weighed, and scrutinized for authenticity.

An ounce of gold, silver, and copper, is still an ounce no matter the shape and form.

In the late Roman Empire, inflation took the form of using a lower percentage of precious metal for each unit of coinage.

In modern times, coins are minted with rigged edges to discourage coin clipping.

If the US Dollar was to collapse, it would be interesting to see what would replace it as an exchangeable store of wealth in the United States and Globally.

[Free Vulcan]

Is Digital Gold The Solution To Democrats’ Digital Dollar?

Not if you actually understand economics.

[catfish1957]

Hmmmmmm....

I know folks who feel comfortable with Gold Funds and fungible like ETF  indices as that as hedges...

What I want to convey is that in a SHTF scenario.....   those might become as transferable as confederate dollars.   

[DefiantMassRINO]

Monetary systems are built on trust.  Once people no longer trust paper and transient electrons, its back to some tangible items or services becoming units of new currency.

A 1oz US Gold Coin on-hand is always 1oz of Gold on-hand.  A carton of cigarettes or cans of tuna may also suffice.  It just needs to be tangible and have value to someone.

In post-Zombie Apocalypse America, an ETF ain't worth $h!t.

In 2008, cash became king and precious metals became gods.

[Free Vulcan]

Monetary systems are built on trust.  Once people no longer trust paper and transient electrons, its back to some tangible items or services becoming units of new currency.

A 1oz US Gold Coin on-hand is always 1oz of Gold on-hand.  A carton of cigarettes or cans of tuna may also suffice.  It just needs to be tangible and have value to someone.

In post-Zombie Apocalypse America, an ETF ain't worth $h!t.

In 2008, cash became king and precious metals became gods.

Exactly. Exchange roams from simple barter to e-currency. In a breakdown it will be more like barter until the local economy gets back going.

People ask about gold and silver. Old junk silver coins are the most attractive to me. Unless you have huge amounts of FRN's you don't want to see go worthless, I'm not sure gold is all that useful for exchange, but that's just IMO.

[Smokin Joe]

Hmmmmmm....

I know folks who feel comfortable with Gold Funds and fungible like ETF  indices as that as hedges...

What I want to convey is that in a SHTF scenario.....   those might become as transferable as confederate dollars.   

Actually, physical Confederate Dollars still exist and are worth something to collectors. Once those inconvenienced electrons get loose, they are gone.

[Smokin Joe]

Exactly. Exchange roams from simple barter to e-currency. In a breakdown it will be more like barter until the local economy gets back going.

People ask about gold and silver. Old junk silver coins are the most attractive to me. Unless you have huge amounts of FRN's you don't want to see go worthless, I'm not sure gold is all that useful for exchange, but that's just IMO.

Ditto. Gold will buy real estate or transport, but day to day transactions will need smaller units.

[roamer_1]

Exactly. Exchange roams from simple barter to e-currency. In a breakdown it will be more like barter until the local economy gets back going.

Another interesting interim exchange is bank notes and company money... where fiat goes totally local... Not saying its good or bad because it can be both.

[Free Vulcan]

Another interesting interim exchange is bank notes and company money... where fiat goes totally local... Not saying its good or bad because it can be both.

Back to the future. In a breakdown, that is definitely a possibility. If managed right and the necessary trust it could work again.

[roamer_1]

Back to the future.

The more things change, the more they stay the same. 

[berdie]

I hate to be Debbie Downer...but anything tied to the internet (and it all is) is going to be subject to government control.

[mountaineer]

China's social credit system is going full-bore.

Tencent, China's largest game company, has brought Social Credit System into its game platform. Now, players with a social credit score lower than 100 will not be able to use the speaking and social functions.

https://twitter.com/songpinganq/status/1757766831086125275