General Discussion

no_hypocrisy

(49,886 posts) Mon Jan 13, 2025, 09:25 AM Jan 13

If Trump succeeds in selling gold reserves for crypto,

and crypto is used to pay down the Debt, wouldn’t that adversely affect bonds?

16 replies

= new reply since forum marked as read

Highlight:

If Trump succeeds in selling gold reserves for crypto, (Original Post) no_hypocrisy Jan 13 OP

Latin America went into further poverty when their precious metal coins got exchanged for paper currency. GreenWave Jan 13 #1

Crypto... 2naSalit Jan 13 #2

Right on! An unbacked fantasy should not be competing with sovreign currencies anywhere. SO STUPID! dutch777 Jan 13 #4

I don't care if it exists.... Happy Hoosier Jan 13 #6

Once he sells off our gold bullion, the dollar will no longer be the global currency? Irish_Dem Jan 13 #3

No Gold, Dan Jan 13 #12

Didn't we eliminate the gold standard? I think FDR proposed it and Nixon finalized it. LeftInTX Jan 13 #14

I know that China has been squirreling away tons and tons of gold. Irish_Dem Jan 13 #15

Yes, the cross of gold Dan Jan 13 #16

I don't care how you slice it, crypto is nothing but a Ponzi scheme William769 Jan 13 #5

Robbing thr treasury. Giving taxpayer real money for fantasy money. keithbvadu2 Jan 13 #7

Klepto, Gypto, Crypto. oasis Jan 13 #8

You mean if he and his mob steal the gold and replace it with worthless crypto malaise Jan 13 #9

How many GOLDEN Traildogbob Jan 13 #10

Might as well pack up, gold back the dollar not some mined convention Historic NY Jan 13 #11

Sell it to whom? n/t defacto7 Jan 13 #13

GreenWave

(9,969 posts)

1. Latin America went into further poverty when their precious metal coins got exchanged for paper currency.

Reply to no_hypocrisy (Original post)

Mon Jan 13, 2025, 09:27 AM

Jan 13

2naSalit

(94,850 posts)

2. Crypto...

Reply to no_hypocrisy (Original post)

Mon Jan 13, 2025, 09:29 AM

Jan 13

Should not exist.

dutch777

(3,797 posts)

4. Right on! An unbacked fantasy should not be competing with sovreign currencies anywhere. SO STUPID!

Reply to 2naSalit (Reply #2)

Mon Jan 13, 2025, 09:33 AM

Jan 13

Happy Hoosier

(8,701 posts)

6. I don't care if it exists....

Reply to 2naSalit (Reply #2)

Mon Jan 13, 2025, 09:42 AM

Jan 13

But it should not be legal to back any assets at all... and ESPECIALLY not as a reserve for the US.

Irish_Dem

(62,819 posts)

3. Once he sells off our gold bullion, the dollar will no longer be the global currency?

Reply to no_hypocrisy (Original post)

Mon Jan 13, 2025, 09:31 AM

Jan 13

This is what Russia and China want.
They want the ruble and yuan to be the global currencies.

Dan

(4,255 posts)

12. No Gold,

Reply to Irish_Dem (Reply #3)

Mon Jan 13, 2025, 10:21 AM

Jan 13

Then the nation’s resources used to pay the debt. That is what happen in Latin America when the World Bank lent money and they couldn’t repay after their leaders looted the country funds. That led to civil wars, wars fought in the shadows, etc.. And America funded and supported civil conflict in support of the banks. Plus the thieving leaders ended up in Miami living the good life.
Yes, it could happen here and our orange cult leader does’t care as long as he gets his cut.
And the MAGA crowd and the rest of us would be royally f—d.

LeftInTX

(32,030 posts)

14. Didn't we eliminate the gold standard? I think FDR proposed it and Nixon finalized it.

Reply to Dan (Reply #12)

Mon Jan 13, 2025, 10:35 AM

Jan 13

Not to be nitpicky. Anyway, crypto is a scam.

Irish_Dem

(62,819 posts)

15. I know that China has been squirreling away tons and tons of gold.

Reply to LeftInTX (Reply #14)

Mon Jan 13, 2025, 11:03 AM

Jan 13

They want to float the yuan and be the global currency.

It has to be backed by gold I think.

Dan

(4,255 posts)

16. Yes, the cross of gold

Reply to LeftInTX (Reply #14)

Mon Jan 13, 2025, 11:53 AM

Jan 13

The gold standard….but gold backs our currency reference international standards.

William769

(56,578 posts)

5. I don't care how you slice it, crypto is nothing but a Ponzi scheme

Reply to no_hypocrisy (Original post)

Mon Jan 13, 2025, 09:41 AM

Jan 13

Your first clue, trump wants it.

keithbvadu2

(40,915 posts)

7. Robbing thr treasury. Giving taxpayer real money for fantasy money.

Reply to no_hypocrisy (Original post)

Mon Jan 13, 2025, 09:49 AM

Jan 13

The big money return in crypto is:::
1. Starting it, hyping it, selling it, and getting out, leaving the
suckers holding the bag.
2. Handling/storing it for others.
...a. Not your own money/crypto. Someone else's money/crypto.
...b. Lots of fraud/money manipulation/theft/lack of regulation.
3. Backed by trust/faith/great promises/optimism... but no
real assets.
4. It can literally disappear and good luck with lawsuits.

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Every legislator approving this should be made to invest half their family's life savings/net worth in the very same crypto to show their confidence in it.
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