China-Russia major alliance comes to fruition - Experts predict dollar has 7 years left

[Han Patriot]

No. Gold can never replace THE CONCEPT of Money. Not just fiat currency.

There are two issues with gold.

1.) There are only Limited Amount of Gold in the world.
2.) 70% of gold are owned by private individual like you and me

You cannot peg gold to any currency because of 1, and You cannot control the value of gold because of 2. And that's the reason why gold felt out of favor in 1970.

In case you are too stupid to even realise. You cannot peg gold into any currency because you can technically do it only once and every subsequent time you change the exchange rate you will need to redistribute that gold to expand the use, to otherwise you can be limited to how many golds you have in your government procession and how many were exchanged to the value. IE. You cannot say today gold worth 1 ounce to 1000 dollar (or any denomination today and 1 ounce to 2000 dollar tomorrow without redistribution of the entire stock of the gold you are holding) You would have to wait until said value being exchange back into the bank before you issue another round of Gold Backing currency.

You cannot control the value of gold because of the 170000 tons of gold there are in the world, 90,000 tons were used in Jewelry and 40,000 are on commodity market being trade daily, only around 30,000 tons of gold were owned by government worldwide, which mean the private owned value are more than the government now, which mean unless you now go confiscate the gold in your mother's ring and grandma necklace. The government, ANY government, will not be calling the shot, it will be public who are calling the value.

How Much Gold Is in the World? | Republic Monetary Exchange

As a scarce natural resource, how much gold is in the world today? Read this article to learn how much gold exists by country.

rmegold.com

So no, My Oil and Gas, you cannot use gold as an exchange currency, aka money. You should stick with your han job.

Replace the concept of Money. Gold was used as money as recently as WW2 until fiat currency became the norm genius. Do you actually understand what is money or do you need me to lecture you, Mr LNG. Yet historically gold had been backing fiat currencies as recently as the 1970s. So stop bullshiting boy. Stick to radar Intelligence officer speaking English with taht thick Cantonese accent. 1 DOLLAAAR.

Read about the oil crisis in the 70s and why Nixon decided to abandon it. Omg.... You really can't teach a donkey to walk.

 

[gambit]

Replace the concept of Money.

Sure. China can lead the way. You first...

 

[jhungary]

Replace the concept of Money. Gold was used as money as recently as WW2 until fiat currency became the norm genius. Do you actually understand what is money or do you need me to lecture you, Mr LNG. Yet historically gold had been backing fiat currencies as recently as the 1970s. So stop bullshiting boy. Stick to radar Intelligence officer speaking English with taht thick Cantonese accent. 1 DOLLAAAR.

I like how you sidestep all my point by basically ignore them and go straight into your own fantasy.

Sure, you know why it cease to exist after WW2? Even after Banking Reform in 1933 and Executive order 6102?

Let me give you a hint, a 14 letters word start with R ends with N

And it has not been historically back fiat currency after the adoption of Bretten Wood system, which don't physically peg to gold but instead a value that attached to gold, which make that "Gold Standard" Fiat to begin with.

Dude, seems like you need a crash course on currency base transaction, a lecture won't do. LOL Mr Oil and Gas.

 

[Han Patriot]

Sure. China can lead the way. You first...

Your brother from another mother said gold cannot replace the concept of money. The problem was gold had already been used as money numbnuts. Lol

I like how you sidestep all my point by basically ignore them and go straight into your own fantasy.

Sure, you know why it cease to exist after WW2? Even after Banking Reform in 1933 and Executive order 6102?

Let me give you a hint, a 14 letters word start with R ends with N

And it has not been historically back fiat currency after the adoption of Bretten Wood system, which don't physically peg to gold but instead a value that attached to gold, which make that "Gold Standard" Fiat to begin with.

Dude, seems like you need a crash course on currency base transaction, a lecture won't do. LOL Mr Oil and Gas.

It did not cease to exist after WW2, it was transformed as a hedging tool for currencies as credit was expanded after WW2. So instead of having one gold coin, you can use that one gold coin to back 1000 pieces of paper. Understand numb numb. The US abandoned gold backing because of the oil crisis in the 70s,they were printing beyond their means and couldn't satisfy creditors if they ever wanted getting paid in gold. Tahts the reason why Ft Knox had not been audited since the 50s. And when Germany wanted their gold back, it was denied.

Seriously I am sick and tired of having to educate you with such a fundamental concept.

 

[jhungary]

numbnuts. Lol

@waz @LeGenD

I have been reporting this dude for insult for like 40 post now in the previous month, how long do you guys allowing this dude keep insulting people by calling them numbnuts or numb numb or dumb dumb. And @gambit didn't even try to provoke him in any way.

It's one thing to keep Lolololing but was insulting member strictly forbidden in this forum??

Sure. China can lead the way. You first...

That dude seriously argue Bretton Wood is a "Gold Standard" when he himself admitted later on it was backed by a piece of paper stating the value of gold.

Lol, backing a fiat currency with another fiat, and he is the one giving us the so called "Lecture"

Jesus, this guy is really funny.

 

[jhungary]

Awww come on man. I was just merely stating then fact. It's like you tried to explain to me about radars identifying 30 to 100k commercial ships without AIS. I was like okay, this guy is really dumb.

You know what, I am NOT GOING TO EVER REPLY to your post anymore, it's a giant waste of time.

You may think it's cool to call people numb numb or dumb, it wasn't, in fact, it makes you look stupid and your point not across. Make whatever little legitimate point you have just goes right out of window.

As for how radars work, I have already answered your question before in the other thread, if you don't know what that is, I suggested you go back and look for it. And if you can't find it or don't even realise, I had already answer you then tell me who's dumb??

This is it, I will simply just ignore or report your post from now on.

@waz @LeGenD Can you please come here and take care of this. I have also made another thread on TT Forum addressing the issue

Thanks

 

[REhorror]

The indians themselves have switched to dealing with ruble and yuan.
The future is forming.

 

[LeGenD]

This guy makes some interesting claims and goes as far as to claim the gold has been begged against the dollar for the first time in 50 years.. Which is a major news that has gone unnoticed and fly under the radar

This is speculatory tactic to encourage investment in gold.

1. American gold reserves are greater than that of any other country by miles:

Gold Reserves by Country 2021 | World Gold Council

Gold reserves by country data compiled from IMF IFS statistics. Explore reported central bank purchases, sales and total world gold reserves.

www.gold.org

2. Chinese FCR in USD are the largest in the world.

Top 10 Countries With the Biggest Forex Reserves

Without adequate reserves, a nation’s economy can grind to a halt. Here are the 10 nations that hold the most foreign reserves.

www.investopedia.com

Why Are China's Foreign Reserves So Large?​

China is a net exporter of goods, with much of that foreign trade being conducted in U.S. dollars. Chinese companies thus receive U.S. dollars but must convert them into Chinese currency via the banking system. The banks then reconcile these with the central bank. The central bank then uses the dollars to purchase U.S. government securities, which are considered to be among the safest investments on the planet.

But USD is collapsing, right?

Why is the dollar so strong and what does it mean? | Fidelity

A strong dollar means the US's currency is doing well compared to other countries' money. Here's what that means for you.

www.fidelity.com

Why is the dollar strong?​

Many investors see the dollar as the safest asset to hold when stock and bond markets turn volatile as they have this year. That's partly because the dollar has a unique status as the world's "reserve currency." This means central banks and financial institutions around the world hold lots of dollars to use for international transactions. They do this because using a single currency rather than having to convert between currencies helps enable international investing and lending.

The dollar has also gained strength because the US economy looks healthier than those of many other countries where growth is slower and debt and inflation higher than in the US. Europe in particular is struggling with high inflation and slowing growth due to energy supply disruptions resulting from the war in Ukraine and may already have entered a recession.

The dollar's strength also reflects the markets' views on the policies of various countries' governments and central banks. The Federal Reserve is focused on slowing inflation and is raising interest rates higher and faster than are central banks elsewhere. Meanwhile, the UK, which is struggling with both high inflation and weak growth, has announced a package of tax cuts which has helped push the value of the pound against the dollar to its lowest point in decades.

I have pointed out before that American debt is of very different character than the same of developing countries.

Do you guys see US seeking IMF bailout packages like a developing country? Use your brain for once.

 

[nahtanbob]

Your brother from another mother said gold cannot replace the concept of money. The problem was gold had already been used as money numbnuts. Lol


It did not cease to exist after WW2, it was transformed as a hedging tool for currencies as credit was expanded after WW2. So instead of having one gold coin, you can use that one gold coin to back 1000 pieces of paper. Understand numb numb. The US abandoned gold backing because of the oil crisis in the 70s,they were printing beyond their means and couldn't satisfy creditors if they ever wanted getting paid in gold. Tahts the reason why Ft Knox had not been audited since the 50s. And when Germany wanted their gold back, it was denied.

Seriously I am sick and tired of having to educate you with such a fundamental concept.

the world economy has taken off since the 1970s even with oil shocks. Can you bother to say why ?

 

[Han Patriot]

the world economy has taken off since the 1970s even with oil shocks. Can you bother to say why ?

Because the oil supply stabilised? Due to the oil price rise, alot of offshore oil became profitable and was massively expanded especially in the 80s.no economy can function without a stable oil supply. Russia is key to our future, Iran and Venezuela too. Its the oil babe. Petrodollar doesn't work without petrol.

 

[nahtanbob]

Because the oil supply stabilised? Due to the oil price rise, alot of offshore oil became profitable and was massively expanded especially in the 80s.no economy can function without a stable oil supply. Russia is key to our future, Iran and Venezuela too. Its the oil babe. Petrodollar doesn't work without petrol.

Sorry the poor in the world would prefer $10 gasoline over $100 gasoline

 

[Han Patriot]

Sorry the poor in the world would prefer $10 gasoline over $100 gasoline

Then better stop the war matey. I see rednecks rising mate.

 

[lastofthepatriots]

Only 0.4% of the water on the Earth is drinkable. While you fools bicker amongst yourselves over dollar, gold, and silicon chips, China is silently buying out as much fresh water from as many countries as it possibly can.

In the not too distant future, we’ll see how much value your currencies actually hold...

Humans can live without oil, but not water...

Something to think about.

 

[Abdul Rehman Majeed]

There are two issues with gold.

1.) There are only Limited Amount of Gold in the world.
2.) 70% of gold are owned by private individual like you and me

There are only 2.5 Trillions dollars in circullation.

Surely there is more gold than that in the world.

World currencies could be pegged to the price of basket of commodities.

US dollars survives as Oil is traded exclusively in US Dollars only.

Once that peg is gone, US Dollar loses its crown.

 

[gambit]

I thought the China-Venezuela alliance was supposed to bring down the dollar.