Testing The Financial Apologists

Where is Leon when we need him.

Really? So a guy who tells 1000s of lies on television that cost his fucking tv network 0.75 $billion+ is a journalist? His brand of journalism is found in the Russian State Press, where he regularly appears. He is continuously criticized by actual journalists for never knowingly telling the truth about anything in his whole miserable treasonous life! Go ahead, tell us just how justified Russia was in killing thousands of Ukrainians, not to mention 300,000+ Russian soldiers. Some governments hold stores of gold bullion now and every ounce of gold is now owned by someone.You seem to want the U.S. Government to buy gold from the hucksters on TV, or here's an idea, maybe they can create more gold (wouldn't that be great if you could turn shit into gold?). And we already know gold has intrinsic value, otherwise it wouldn't already be in the form of gold coins when they mine it.This is how crazed you sound.

Why do we need gold to play any role in how our currency works? Progressives care about facts and Conservatives don't. Carlson is a perfect example of Conservatives having their own set of facts that don't align with reality. The US was the last country with anything resembling a gold standard. The rest of the globe had already moved away from the gold standard. They opted for the US dollar as the de facto global currency because of the size and strength of the US economy as well as the stability and transparency of the US government. On top of that, the US has never been a large part of globalization which means the US has a much lower incentive to manipulate its currency in global markets. Compare this to the Chinese yuan which is one of the most manipulated currencies in existence, and comes from one of the least trustworthy and most opaque governments on the globe. What do you think this narrative is? What is this chasm? Do you think it is Ukraine's fault they were invaded? If you think Tucker Carlson is someone to be trusted, then your judgment is under serious question.

Phat doesn't believe the "progressive narrative" because it isn't a conspiracy theory. If it were put in a YouTube video full of earnest sounding questions that implied mysterious forces at work, then he'd buy it.--Percy

Steven Colbert on NPR about 2 decades ago:

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It is a well-known fact that reality has a definite liberal bias.

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And it's not a joke. Liberals are the ones who deal in reality (or at least deal with reality) even to the point of supporting "traditional conservative values" (like America, democracy, the Constitution, voting, the Rule of Law, national and international security, a strong economy, etc, etc, etc, ... ) while so-called "conservatives" now reject and even oppose vehemently all those "traditional conservative values" and continue to plummet into the depths of dystopian fantasy.

I have to ask, what does this mean? Who are you referring to exactly by the wealthy?Wealthy Americans? Wealthy foreigners?What do you mean by "backing their positions?" Do you mean their net worth?What currency do the wealthy use to buy things?What currency do they expect in payment?So, the wealthy are not part of the global economy?Which of the 10 richest people on the planet have abandoned the dollar and what evidence do you have that this is true? How about the 100 richest? Too bad your opinion is based on completely erroneous information.

he has no idea what it means. He heard it on a youtube video.

Yeah and he hardly ever responds because once you dissect one of his sentences even he realizes it has no substance, so he can't explain it, since it's just meaningless filler. On these finance subject I haven't figured out whether these are his words or his video mentors. He really uses vague generalizations a lot, the wealthy, progressives, etc. And on and on and on about "fiat money" as if it is unique compared all the rest of the money in use now everywhere on this planet.The sky is going to fall some day.

Forbes Magazine recently had a good article which I will share.
The Signs Are There: The Gold Standard Is Coming Back by Steve ForbesIt amuses me when the peanut gallery elitists tell me time and time again that I don't know what I am talking about. Maybe you can write Steve Forbes and tell him the same thing.
Some snippets:

Forbes:

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It’s hard to believe, but the world is beginning to lurch toward a gold-based monetary system. This, despite the fact that the historical gold standard is held in almost universal contempt by economists and financial officials.(...)The signs of change are here.

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One is that central banks in recent years have been pur­chasing gold at record levels. Buyers include China, India, Russia and a number of other nations such as Poland. These countries are reacting to growing doubts about the long-­term value of the dollar, which in turn is a symptom of the perceived decline of the United States.

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Another sign is the popularity of cryptocurrencies, origi­nally a high-­tech cry for help in the face of increasingly unreliable fiat currencies. The problem here has been that most creators of cryptos, notably Bitcoin, don’t under­ stand that a currency must be stable in value if it’s going to be used to conduct commercial transactions, espe­cially long­-term contracts. There are a handful of cryptos tethered to gold, but they haven’t yet achieved the credibil­ity or built the mechanisms to be widely used. Nonetheless, as governments flounder in their monetary policies, that will change.

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You maroons dont have any real clue about how the monetary system has historically worked and does work. Not that I will ever get any respect around here!

And this latest post only solidifies that feeling. Forbes has been sitting in your ancient failed economics rabbit hole for decades. I'm surprised you hadn't brought him in here earlier.

Ahhh yes. AZHumanistx3! You and your modern economic shamans are part of the problem.
You folks dare to back a system with people. When your system fails and falls..(and it shall within ten years) we will undergo the greatest reset since the Great Depression. The Far Left will get left behind.
Note this article:
What Is the Gold Standard? History and Collapse.

Investopedia:

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The gold standard is not currently used by any government. Britain stopped using the gold standard in 1931, and the U.S. followed suit in 1933, finally abandoning remnants of the system in 1973.12

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The gold standard was completely replaced by fiat money, a term to describe currency that is used because of a government's order, or fiat, that the currency must be accepted as a means of payment. In the U.S., for instance, the dollar is fiat money, and in Nigeria, the naira is.

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Let us examine facts. THE US is currently 35 trillion in debt, not even including unfunded obligations such as future social security and medicare payments. The real figure has been quoted by various sources as over 100 trillion in future unfunded liabilities. The world itself is 300 trillion in debt according to Forbes.It is beginning to become clear to me one glaring difference between our two political ideologies. While you guys trust the government to keep and maintain order, we look to the discipline of the shifting global markets to set the standard. And while we don't have a one-world government (Thank God!) we *do have* a one-world economy, one that is growing tired of Western Hubris. Keep this is mind. The West utilizes debt-based economies. The rest of the world (with a greater population and hard assets, is coming around to embrace a resource-based economic system. The handwriting is on the wall, o shaman. read it and weep.

The end is nigh! The sky is falling! Doom, doom, we're all doomed!It's all a bit pathetic Phat, apocalyptic thinking has never, ever worked for you guys. You never get the payday but you spend your life dreaming of it, needing it. Sad.

They largely use dollars of course. What they don't do is store their wealth as dollars. They may buy short term treasuries for liquidity, but the bulk of many of their fortunes is in hard assets like art, land, precious metals, other commodities such as oil and copper, and a few carefully chosen stocks.
​ Its not what currency they expect to be paid in. Its what they convert that currency into once they have the digits on their ledger.
​ Did I ever say that? All I am saying is that they are smarter investors than you or I. Being a liberal, you likely invest in people and bugs. Perhaps we will get to eat bugs someday. Your bugs may well hold more value than the dollars in the bank in the future.
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None of us need it yet few are doing anything to avoid it. The government fuels the madness by creating more and more money. I am surprised that you don't understand the fact that the more we print the less each dollar is worth.

It's bullshit Phat, it's not real, it's just your mindset - you want it all to collapse, but it won't. A 2,000 year old armageddon dream that you guys are still searching for.