Why wait then?
Just dig your tins of baked beans up now, and start working your way through them.
"Bail In" v "Bail Out"
- Thread starter pred
- Start date
Why wait then?
Just dig your tins of baked beans up now, and start working your way through them.
Sponsored Links
For Gold to become the basis for money either a lot of value would have to be lost or the gold in circulation would have to become much more valuable.
The paper backed pound has a value of around £800 Billion, which in current money equates to 16 Billion grams or 16 million kilos, or 16,000 tons. Twice that of the US's national reserve. Or as much as the US, France, Germany and Italy put together.
A round guess is that gold would need to be worth something like 40x as much for us to be able to convert modern paper money into gold backed money.
And how would you get this gold? Someone already owns all the gold in circulation, no one is going to be happy to give it up just so Rupert Murdoch's estate is properly backed.
The paper backed pound has a value of around £800 Billion, which in current money equates to 16 Billion grams or 16 million kilos, or 16,000 tons. Twice that of the US's national reserve. Or as much as the US, France, Germany and Italy put together.
A round guess is that gold would need to be worth something like 40x as much for us to be able to convert modern paper money into gold backed money.
And how would you get this gold? Someone already owns all the gold in circulation, no one is going to be happy to give it up just so Rupert Murdoch's estate is properly backed.
Sponsored Links
Gold has risen to new highs lately, over £1,600 an Oz.
With the Central Banks printing money like it's going out of fashion it devalues, inflation is depreciation of the currency not inflation of the goods.
We are heading to what happened to the Reichsmark nearly a century ago in Germany and more recently in one of the south American countries recently and they have now done a deal with Russia and using gold.
I wouldn't be surprised to see prices reverting back to the 50s, just take a few 0s off the price
Further to my post this morning I've just stumbled across this item
I first noticed Poland buying 225 tons of gold a few years ago which drew my attention to what's happening
Here's why so many central banks are buying gold
Demand for gold has risen by 28% this year, primarily driven by a flight towards safer assets amid soaring inflation, according to the World Gold Council.
www.weforum.org
- Joined
- 22 Jan 2007
- Messages
- 14,465
- Reaction score
- 2,099
- Country
The Beeb beat you to it. Unless that's where you got it?
First Republic: Shares fall after more than $100bn of withdrawals
Shares in the US-based bank plunged by nearly 50% after it revealed the scale of the bank run during last month's panic.
www.bbc.co.uk
I don't watch the BBC, have they reported on Deutsche Bank yet?The Beeb beat you to it. Unless that's where you got it?
First Republic: Shares fall after more than $100bn of withdrawals
Shares in the US-based bank plunged by nearly 50% after it revealed the scale of the bank run during last month's panic.www.bbc.co.uk
Deutsche bank collapse risk grows as experts wait for next "domino to fall"
The German bank was the worst performer on the STOXX 600, an index of European stocks, on Friday.
www.newsweek.com
Sponsored Links
