REPORT COPYRIGHT VIOLATION IN REPLY
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Message Subject
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COULD OBAMA BAN/CONFISCATE GOLD?
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Poster Handle
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asiriusfriend |
Post Content
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gold has gone totally international, how do you prevent trading in something that other countries have based part of their economy on? china and the saudis would freak!
No it isn't. China, Saudi Arabia, and other countries DO NOT base their economy or currency on gold.
Foreign currencies are valued based on the U.S. Dollar (as it is the world reserve currency). The dollar used to be backed by gold, thus all currencies were ultimately backed by gold as they could exchange their currency for dollars which was then exchangeable for gold.
However, America left the gold standard and went to a full fiat currency; the U.S. dollar is backed by absolutely nothing! All foreign currencies are based on the dollar (which is based on nothing), so they are in fact worthless fiat currency also. That is why the world tanks when America goes into recession/depression.
You have the entire world's currency (and thus economies) based on completely worthless pieces of paper; just as the banking elite planned many years ago.
Quoting: Anonymous Coward 670060 their currencies are not based on gold, they have however invested heavily on speculation. and they are both pillars of support to the U.S. Americans in any case would simple create a black market and cross the boarders.
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