{"id":36411,"date":"2018-08-04T12:07:20","date_gmt":"2018-08-04T17:07:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=36411"},"modified":"2018-08-04T12:07:20","modified_gmt":"2018-08-04T17:07:20","slug":"gold-yuan-crypto","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=36411","title":{"rendered":"Gold Yuan Crypto"},"content":{"rendered":"
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Gold Yuan Crypto<\/a><\/h3>\n<\/div>\n<\/header>\n
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George Caleb Bingham The verdict of the people <\/b>1854<\/center>
<\/center>It\u2019s been a while since we last heard from Dr. D, but here he\u2019s back explaining why neither gold nor the yuan nor cryptocurrencies can or will replace the dollar as the reserve currency, but together they just might:<\/p>\n

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Dr. D: <\/b><\/i><\/span>\u201cSome debts are fun when you are acquiring them, but none are fun when you set about retiring them.\u201d \u2013Ogden Nash<\/b><\/p>\n

Over the last year or two there\u2019s been discussion about the U.S. Federal spending moving beyond $4 TRILLION dollars, and whether a $1+ trillion dollar annual deficit, on top of a $20 Trillion national debt \u2013 Federal only \u2013 is sustainable. It isn\u2019t.<\/p>\n

\u201cWhat can\u2019t go on, doesn\u2019t\u201d is the famous quote of economist Herbert Stein. Since a spiraling deficit of $1 trillion deficit on a $20 trillion debt can\u2019t go on, what will we replace it with when it very soon doesn\u2019t? Historically gold. Whatever gold exists in the nation\u2019s coffers, whether one coin or 8,000 tons, is used to as the national wealth, and fronted by paper to re-boot the currency. With some additions such as oil and real estate, this was the solution in Spain, France, Germany, and the Soviet Union among hundreds of fiat defaults. Why? Because at a time of broken promises \u2014 real goods, commodities that can be seen, touched, and used \u2013 are the tangible proof of wealth, requiring no trust, and from which the human trust system of paper and letters of credit can be rebuilt.<\/p>\n

But in these complicated, digital times perhaps that\u2019s too simplistic. Perhaps we have grown smarter than all our fathers and this time it will be different. Will it really be the same? Let\u2019s look at how the system works now.<\/p>\n

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\u2026click on the above link to read the rest of the article\u2026<\/p>\n

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Gold Yuan Crypto George Caleb Bingham The verdict of the people 1854It\u2019s been a while since we last heard from Dr. D, but here he\u2019s back explaining why neither gold nor the yuan nor cryptocurrencies can or will replace the dollar as the reserve currency, but together they just might: Dr. D: \u201cSome debts are […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[175,17358,195,1668,212,9721,374,1183,426,13924,679,5177,21099,1031],"class_list":["post-36411","post","type-post","status-publish","format-standard","hentry","category-economics","tag-credit","tag-crypto","tag-debt","tag-derivatives","tag-dollar","tag-fiat","tag-gold","tag-gold-standard","tag-inflation","tag-raul-ilargi-meijer","tag-reserve-currency","tag-the-automatic-earth","tag-weimar","tag-yuan"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36411"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36411\/revisions"}],"predecessor-version":[{"id":36412,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36411\/revisions\/36412"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}