> i probably didn't need to read all of that to say, "all of these entities have lost control" if that was the gist of what you were picking up, you have misunderstood. they haven't lost control, a crash is an implicit loss of control.  a metal backed currency is not going to work in this day in age as i've already wargamed scenarios of such happening. yes, central banks are acquiring gold. the question is this: will they allow you to redeem the currency for that gold? if no, it's fiat and it doesn't matter, if yes then the first people to adopt that system can be bankrupted of their gold overnight.  counterfeiters exist. currency arbitrage exists. if china wants to be the first to accept rmb/gold exchange, then the u.s. can use the time shortly after to exchange dollars for rmb and then immediately redeem it and take the gold. if china then says "no you can't redeem it" then their currency is worthless as it's still fiat. > this is why bitcoin makes perfect sense, because it turns the henhouse inside out instead of fox needing to guard or infiltrate it. you need to read the archives and search the federal reserve posts. crypto was discussed in the last one. don't use empty analogies please.
United States