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Posted

If our incompetent evil doing government ever choose (more likely are forced) to revert back to a gold standard then what percent of our currency will be backed by gold? Has any modern country ever been 100% gold backed? And what would this mean for silver, I believe central banks hold a lot of gold but no silver? What effect will this have on the silver price too?

Posted (edited)

Depends on what price China / Russia decide to put on gold. 
There are 100's of $trillions in the US - some people say there is no gold in Fort Knox.
How much gold in the BoE is actually English? Whatever the amount the answer is very little of the currency could be gold backed.
Where is this gold going to come from? The West has sold nearly all its gold to Asia at bargain prices. The West is bankrupt so couldn't buy the gold even if it wanted to.

To imagine otherwise shows a lack of joined up thinking - gold cannot be printed, it cannot be pulled out of a top hat. Unless there is a secret stash somewhere, the UK doesn't have the gold to back the pound. The currency is a shadow of its former self and once the true Great Reset kicks in GBP will be trash.
This is the very reason people here should be stacking. 
Silver will revalue along with gold - the question is what will the gold silver ratio be. Most pundits think it will eventually be much lower - 30? 16? less than that? 

Edited by sixgun

Call a general election and then don't vote - https://petition.parliament.uk/petitions/700143

Disclaimer: Everything I post is for entertainment purposes only - it is not to be taken seriously. There is no intent to incite violence or hate of any kind, nor do I have any intent to incite any other crime or non-crime in any country in the world. It is not my intent to slander, harass or defame anyone dead or alive. 

Posted

Very true mate. It's probably anyones guess, but once the masses realise their currency is worth naff all how long until it's a total collapse and we have to go back to a gold standard? 

Posted (edited)

I think Gordon Brown sold off approximately half of the UK's gold right at the bottom of the long bear market and made a huge loss. 

https://www.bbc.co.uk/news/business-48177767

 

On the other hand,  The Bank of England currently holds 400 000 gold bars in it's vault, although I'm not sure who it all belongs to. If it all belongs to the UK then I assume that's how much we could use to back our currency...🤔

https://www.bankofengland.co.uk/gold

 

But...   according to this article there is now no currency which is fully backed by gold anywhere in the world ...

https://greeneryfinancial.com/gold-backed-currency/

 

...and the introduction of CBDC is now not very far off at all - Gov.UK website is already advertising for civil service CBDC management jobs

https://www.civilservicejobs.service.gov.uk/csr/jobs.cgi?jcode=1835241

 

Edited by flyingveepixie
Posted
22 minutes ago, flyingveepixie said:

...and the introduction of CBDC is now not very far off at all - Gov.UK website is already advertising for civil service CBDC management jobs

https://www.civilservicejobs.service.gov.uk/csr/jobs.cgi?jcode=1835241

 

Yes but as i pointed out on another thread the top London salary for the Head of the BoE CBDC is £66.5k. 
What calibre of candidate are they going to attract with a London salary at that level for that sort of job?

They don't even appear remotely serious about CBDC from that showing.

Call a general election and then don't vote - https://petition.parliament.uk/petitions/700143

Disclaimer: Everything I post is for entertainment purposes only - it is not to be taken seriously. There is no intent to incite violence or hate of any kind, nor do I have any intent to incite any other crime or non-crime in any country in the world. It is not my intent to slander, harass or defame anyone dead or alive. 

Posted
10 hours ago, Dom said:

If our incompetent evil doing government ever choose (more likely are forced) to revert back to a gold standard then what percent of our currency will be backed by gold? Has any modern country ever been 100% gold backed? And what would this mean for silver, I believe central banks hold a lot of gold but no silver? What effect will this have on the silver price too?

I am not sure I would want them to, I much prefer gold to live in the free market and don't really want it pinned to anything. The gold and silver ratio fluctuates but does Pass the 60 to 1 ratio every now and then if it was to be pinned to a currency then would gold come down or silver go up? 

Have a guess on the chart when gold was last pinned to a currency. 

Screenshot_20230130-185745-797.png.e9ce088c1a18668afb169b507acccdd8.png

Posted
10 hours ago, Dom said:

If our incompetent evil doing government ever choose (more likely are forced) to revert back to a gold standard then what percent of our currency will be backed by gold? Has any modern country ever been 100% gold backed? And what would this mean for silver, I believe central banks hold a lot of gold but no silver? What effect will this have on the silver price too?

 

5 hours ago, sixgun said:

Depends on what price China / Russia decide to put on gold. 
There are 100's of $trillions in the US - some people say there is no gold in Fort Knox.
How much gold in the BoE is actually English? Whatever the amount the answer is very little of the currency could be gold backed.
Where is this gold going to come from? The West has sold nearly all its gold to Asia at bargain prices. The West is bankrupt so couldn't buy the gold even if it wanted to.

To imagine otherwise shows a lack of joined up thinking - gold cannot be printed, it cannot be pulled out of a top hat. Unless there is a secret stash somewhere, the UK doesn't have the gold to back the pound. The currency is a shadow of its former self and once the true Great Reset kicks in GBP will be trash.
This is the very reason people here should be stacking. 
Silver will revalue along with gold - the question is what will the gold silver ratio be. Most pundits think it will eventually be much lower - 30? 16? less than that? 

There seems to be a lot of cynicism around!

😎

chards.png

Posted
On 30/01/2023 at 08:47, Dom said:

Has any modern country ever been 100% gold backed?

I would think the answer to that would be no.

Historically even countries on the gold standard didn't have 100% backing.

Imperial Russia between 1897-1914 actually had a surplus of gold backing as it exceeded the currency issue (except for two years in the 1900s). Generally their currency was back by 101% gold, although some years it was as high as 160-170% backing (see Money of the Russian 1917-1920 by Mikhail V. Khodjakov).

I can't imagine many countries were in that position even in the nineteenth century.

Posted

I think I read once that the reason currency can't be 100% backed by gold is because it wouldn't keep up with population increase, ie the amount of gold mined increases 2% every year but population may be more like 5+% a year, so to keep things stable money needs to increase at the same rate as population growth? But surely that is only if you want things to stay the same price? If gold supplies don't increase at the same rate as population growth that would mean things got cheaper in gold terms as the number of products/services being produced would outpace the amount of gold being produced, ie it would be the exact opposite of the corrupt impoverishing unstable fiat system we have now! 

Posted
5 hours ago, Dom said:

I think I read once that the reason currency can't be 100% backed by gold is because it wouldn't keep up with population increase, ie the amount of gold mined increases 2% every year but population may be more like 5+% a year...

Well despite all the noise made by Bill Gates and the rest of the Malthusian WEF crowd, population growth is not an issue. Only Elon Musk gives an honest answer, because as sure as eggs the rest of the elite know. World population is heading for a massive crash. Then we have the sterilising effects of plastics and oestrogens in the water plus those hideous injections which localise in the ovaries and testes. Population growth is not an issue - if you hear it in the media you are hearing a lie. This is why the UK has opened the door wide open to immigration, to get the population numbers up in the hope of paying pensions in the future. Whatever they migth say about curbing immigration, mass immigration is Government policy - this has been debated and decided in the House of Lords a few years back.

Call a general election and then don't vote - https://petition.parliament.uk/petitions/700143

Disclaimer: Everything I post is for entertainment purposes only - it is not to be taken seriously. There is no intent to incite violence or hate of any kind, nor do I have any intent to incite any other crime or non-crime in any country in the world. It is not my intent to slander, harass or defame anyone dead or alive. 

Posted
On 30/01/2023 at 16:04, sixgun said:

Yes but as i pointed out on another thread the top London salary for the Head of the BoE CBDC is £66.5k. 
What calibre of candidate are they going to attract with a London salary at that level for that sort of job?

They don't even appear remotely serious about CBDC from that showing.

Surely the point here is to employ someone controllable to help implement what will be the ultimate control of the ordinary people?  Why spend alot on someone clever enough to rebel against what they are being asked to do ... that might attract candidates who could have some moral reservations.

Posted
4 hours ago, PhilOdgny said:

Surely the point here is to employ someone controllable to help implement what will be the ultimate control of the ordinary people?  Why spend alot on someone clever enough to rebel against what they are being asked to do ... that might attract candidates who could have some moral reservations.

The members of SAGE have lots of titles and will all be earning decent amounts but they all went along with the injection programme and lockdowns - with no moral reservations. 

The more people are paid the fewer morals they tend to have - they have a nice fat pay cheque and benefits to lose by rocking the boat - so they don't rock the boat. They really don't want one of those tragic boating accidents.

Call a general election and then don't vote - https://petition.parliament.uk/petitions/700143

Disclaimer: Everything I post is for entertainment purposes only - it is not to be taken seriously. There is no intent to incite violence or hate of any kind, nor do I have any intent to incite any other crime or non-crime in any country in the world. It is not my intent to slander, harass or defame anyone dead or alive. 

Posted
On 31/01/2023 at 17:20, sixgun said:

Well despite all the noise made by Bill Gates and the rest of the Malthusian WEF crowd, population growth is not an issue. Only Elon Musk gives an honest answer, because as sure as eggs the rest of the elite know. World population is heading for a massive crash. Then we have the sterilising effects of plastics and oestrogens in the water plus those hideous injections which localise in the ovaries and testes. Population growth is not an issue - if you hear it in the media you are hearing a lie. This is why the UK has opened the door wide open to immigration, to get the population numbers up in the hope of paying pensions in the future. Whatever they migth say about curbing immigration, mass immigration is Government policy - this has been debated and decided in the House of Lords a few years back.

"if you hear it in the media you are hearing a lie"

... and everything you read on Social Media including TSF is absolute truth!

😎

chards.png

Posted
8 minutes ago, LawrenceChard said:

"if you hear it in the media you are hearing a lie"

... and everything you read on Social Media including TSF is absolute truth!

😎

Only true if i post it. You should know that by now.

Call a general election and then don't vote - https://petition.parliament.uk/petitions/700143

Disclaimer: Everything I post is for entertainment purposes only - it is not to be taken seriously. There is no intent to incite violence or hate of any kind, nor do I have any intent to incite any other crime or non-crime in any country in the world. It is not my intent to slander, harass or defame anyone dead or alive. 

Posted
On 30/01/2023 at 10:04, sixgun said:

Yes but as i pointed out on another thread the top London salary for the Head of the BoE CBDC is £66.5k. 
What calibre of candidate are they going to attract with a London salary at that level for that sort of job?

They don't even appear remotely serious about CBDC from that showing.

https://www.telegraph.co.uk/business/2023/02/04/digital-pound-possible-2030-bid-combat-falling-use-cash/

 

The Bank of England and Treasury will next week throw their weight behind a "digital pound" as they set out a roadmap to introduce a new central bank currency by 2030.

Andrew Bailey and Jeremy Hunt are expected to say it is "likely" that a new form of money will be needed as cash use continues to decline in an increasingly digital economy.

 

It is understood that any new state-backed digital currency – which has been dubbed “Britcoin” in the press - would sit alongside cash. However, the plans are likely to fuel fears that physical currency could one day be phased out altogether.

The decision by Mr Hunt and Mr Bailey to throw their weight behind the project comes almost two years after Prime Minister Rishi Sunak set up a taskforce as Chancellor to explore whether to create a so-called central bank digital currency (CBDC).

 

"On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future," the Bank of England Governor and current Chancellor say in extracts of a consultation paper seen by The Telegraph.

"It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified," Mr Hunt and Mr Bailey will say.

 

A CBDC would use blockchain technology currently used by cryptocurrencies to record transfers on a central digital ledger. 

The Bank of England already creates money digitally by issuing new reserves at commercial banks but a CBDC would theoretically allow the Bank to issue new currency digitally directly to individuals or businesses.

However, it is understood that the Bank is not exploring a route that would involve a direct relationship with the public where people could open an account at the Bank of England.

A CBDC would also allow people to hold digital currency on devices such as smartphones without the need for a bank account, similar to how physical cash can be held in a wallet.

It would be issued by the Bank of England in the same way as physical banknotes and have the same value as their banknote equivalent.

The Bank and Treasury will launch a four-month consultation in which businesses, academics and the wider public will be invited to share their views on the launch of a digital pound.

<continues in article>

The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary. - H.L. Mencken

Posted (edited)
2 hours ago, jultorsk said:

Andrew Bailey and Jeremy Hunt are expected to say it is "likely" that a new form of money will be needed as cash use continues to decline in an increasingly digital economy.

Does that make sense?
i mean most people are spending on cards and online bank transfers. The present system works fine. There is no new form of money needed. This is just a dumb statement.
i refute the idea that cash will disappear. There is always the tired line that it is to fight money laundering and terrorism when the biggest money launders and terrorists are agents of the State.
It is always about taxes and fines. Taking every penny off you they can.

Amid crypto winter, central banks rethink in-house digital currencies

In recent months, four countries that had previously initiated major CBDC pilot programs have scrapped their adoption plans altogether.

https://cointelegraph.com/news/amid-crypto-winter-central-banks-rethink-in-house-digital-currencies

Edited by sixgun

Call a general election and then don't vote - https://petition.parliament.uk/petitions/700143

Disclaimer: Everything I post is for entertainment purposes only - it is not to be taken seriously. There is no intent to incite violence or hate of any kind, nor do I have any intent to incite any other crime or non-crime in any country in the world. It is not my intent to slander, harass or defame anyone dead or alive. 

Posted
8 hours ago, jultorsk said:

CBDC would also allow people to hold digital currency on devices such as smartphones without the need for a bank account, similar to how physical cash can be held in a wallet

I think this is the key to whether it becomes a success or not. How easy is it to hold and use. If it's just a matter of downloading a wallet and off you go then it would do very well but unfortunately I don't think this will be the case. I have a feeling, to hold a cbdc would just be as complicated as opening a bank account and this maybe the reason it has failed in adoption so far in some countries. 

Posted
Just now, Bigmarc said:

I think this is the key to whether it becomes a success or not. How easy is it to hold and use. If it's just a matter of downloading a wallet and off you go then it would do very well but unfortunately I don't think this will be the case. I have a feeling, to hold a cbdc would just be as complicated as opening a bank account and this maybe the reason it has failed in adoption so far in some countries. 

For whatever reason, programmable currency MUST fail for the sake of human freedom.

Posted
2 hours ago, PhilOdgny said:

For whatever reason, programmable currency MUST fail for the sake of human freedom.

Can't think of a place on earth where freedom exists. So best to just learn and try and use it to your advantage. 

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