/biz/ - Business & Finance

>>56865026
Seethe

>>56509458
It would have collapsed the government and spiked the price of silver, because there were WAY more silver backed notes in circulation than there was physical silver held by the government for redemption. France in the 60s took advantage of gold redemption and nearly cleaned out the USA, which is what made Nixon halt gold redemption and fully transition the dollar to federal reserve notes.

The problem with a PM backed currency, from the government's perspective, is that it makes money printing difficult, which is a pressure on maintaining sane budgets because the alternative is raising taxes which is unpopular.

In the end, the dollar will hyperinflate (it's already massively inflated, but as any shitcoin baholder knows the value can ALWAYS keep going down further). But the politicians' goal is to kick the can down the road to after they retire, ideally when their portfolio is asset heavy and they avoid dollar based assets like bonds.

You personally can position yourself to defend against this by holding assets, like gold silver bitcoin real estate stocks in companies that deal in real physical goods (ie, not financial firms), etc. Holding debt is also a good idea because inflation will chip away at the principle over time, even if interest rates go up (ie, yeah a mortgage today is like 8%, but real inflation is like 15% so you still come out ahead).

Women are dumb animals