90 sats \ 23 replies \ @Satosora 8 Aug \ parent \ on: Let's Find A Scapegoat To Mask The Reason And Deflect The Blame econ
I guess that is true.
I just never got the idea of printing money and buying gold.
Seems counter intuitive.
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.
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I don't vouch for the time period in my statement.
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Me neither
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If it's there, why don't they allow Congress to audit it?
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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.
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Does India not hold lots of US Treasuries? Or, are you just saying that holding gold is unrelated to that?
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India holds multiple assets to back INR.
Actually unrelated. I think I should come up with a post on it, so as the world understands how does India do on this. What are the rules and can India print any amounts of notes or not?
Just give a few minutes.