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123 sats \ 29 replies \ @Satosora 8 Aug \ parent \ on: Let's Find A Scapegoat To Mask The Reason And Deflect The Blame econ
I remember making labels when I was younger.
Took forever changing them all out!
It's been a long recognized friction in price inflation. Usually referencing restaurant menus, rather than store tags, but it's the same idea.
The inflation scam is that they get new money to their cronies before prices have time to adjust.
Faster adjusting prices directly undermine that scam.
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I guess that is true.
I just never got the idea of printing money and buying gold.
Seems counter intuitive.
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Who's buying gold?
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China, russia, india, the us.
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Is the US buying gold?
Those other countries are trying to protect themselves against US inflation. Most of their currency reserves had been US Treasuries.
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US is always buying gold.
Just not massive amounts like India and China.
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We don't know if they're holding onto it, though. Every attempt to audit Ft. Knox over the past 80 years has been denied.
As far as I'm concerned, all we know is that they claim to have gold.
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I didn't see your reply! I just said the same thing, but my years were off.
Some citizens, but not the government. They haven't even audited Ft Knox in like 50 years.
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Not true for India.
India buys Gold for two reasons. One because our woman love it too much. We have exceptional demand for gold. Second, which is important, India still follows Gold Standard partially.
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I think he meant governments are buying gold, plenty of American citizens buy gold, too.
Does India have a gold reserve requirement?
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Those other countries are trying to protect themselves against US inflation. Most of their currency reserves had been US Treasuries.
This was a reply to your comment.
I remember Zimbabwe stories where prices get changed on the blackboard while you're shopping in the store.
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It's complete madness.
People think Bitcoin is volatile.