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40 sats \ 15 replies \ @Rothbardian_fanatic 21 Mar \ on: The Price of Gold: A Woefully Outmoded Law Needs Updating econ
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
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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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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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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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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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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It comes down to the question: What is the unit of measure? The unit of measure could be anything that is most acceptable by the most people or even, if possible, a universally acceptable commodity. Which would you suggest? Gold and/or silver have been the most acceptable up until now. BTC is not quite as acceptable to most people, yet. Once that question is answered then people can decide the price levels they are willing to pay for goods.