By Alex J. Pollock
According to an outmoded US law, the American government must account for the more than 8,100 tons of gold it owns at the now completely irrelevant price of $42.22 per ounce.
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40 sats \ 15 replies \ @Rothbardian_fanatic 21 Mar
If the dollar is going towards zero at such a high pace, why should we re-value the gold to any price anytime soon. Why not let it run. Once we discover who has been running the Magic Money Machines Doge has discovered, will we find that the unknown and unhooked dollars are 10X or 100X or 1000X the amount of dollars that are on the books circulating? What will be their worth then? Price gold in gold ounces, or in BTC, abandon the fiat. FTS
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10 sats \ 14 replies \ @Undisciplined OP 21 Mar
I'm sure there are already established accounting practices for this. Presumably, the value can be updated at regular intervals for accounting purposes.
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21 sats \ 13 replies \ @Rothbardian_fanatic 21 Mar
The problem is that nobody knew about these machines or what their operators were doing and how much they were pulling out of thin air to put into the economy. The fiat could also have been going out to somewhere like Switzerland or the Cayman Islands, so who would know? When those dollars come home it will be an unpleasant surprise for us.
BTW, there are no GAAP accounting practices that would account for anything purposely kept off the books and not noted anywhere else. It is somewhat like embezzlement, iIMO.
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20 sats \ 12 replies \ @Undisciplined OP 21 Mar
Sorry, I was just talking about the gold revaluation.
Yeah, who knows what's up with those machines. I'm eager to hear more.
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37 sats \ 11 replies \ @Rothbardian_fanatic 21 Mar
Why would gold need to change valuation if you were using gold as the standard. An ounce of gold 2000 years ago is still an ounce of gold today! It still usually buys about the same sort of value in goods, too. It reminds me of togas and suits.
I think everyone is eager to learn more about those machines and who was operating them. That way we can find out who has been bleeding us dry for so long. After all, inflation is just another fancy word for stealing.
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20 sats \ 10 replies \ @Undisciplined OP 21 Mar
One way or another, they have to make the different assets they're holding commensurate. There's gold, land, oil, and dollar denominated assets. Somehow they need to get them all in the same terms for accounting purposes.
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