I was pondering the possibility of a US currency revaluation. Do any of you think its possible? Seeing how they just did it to the Swiss Franc an all, it does not seem to be an impossibility.
I welcome your thoughts on the subject.
I had CNBC on for just a few minutes early Friday morning. I wanted to see the gathering on Wall Street. CNBC said that the average salary on Wall Street is 72K. That is BS. It is a lot higher than that.
Isn't our currency undergoing downward "revaluations" on a continual basis? I find it deplorable when Chuck Schumer, Hillary Clinton, as well as other politicians publicly lambast China for artificially "manipulating" their currency lower while we debase our currency on a grand scale both monetarily (the printing press vis a vis the Federal Reserve) and fiscally through deficit spending and unfunded promises. Why would China want to debase it's currency as fast as the U.S. debases theirs?
And our mindless politicians forget that most of our ability to manufacture free money and fund our huge appetite for debt comes about so easily due to the "reserve currency" status of our dollar. Once that reserve currency status evaporates due to the abuse we pile on the dollar, things will really start falling apart in America and probably worldwide.
And then guess what? Our elite bankers and connected politicians will accuse China and other countries of destroying the dollar as well as our economy...and they'll probably get away with it since Joe Sixpack doesn't have a clue. Ahhhh....nothing like starting a nice little war to get revenge on those that do America harm. If the trade war doesn't get us some good results (and it won't) then perhaps we just start firing a few shots over their bows.
Absolutely and it will be done via a reset of the value of gold vs. the dollar which will be a doozy. Dollar holders will be wiped out. We never left the gold standard, we are just in a looooooong (40+ year) delay between revaluations. How did Congress get away with this since 1971 ... well technically there was no TIME requirement on the valuation of gold vs. the dollar:
Article I Section VIII
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
Ah, but the word "coin" is a verb and the Article serves as an explicit stipulation of authority, in other words nothing more or nothing less.
We've been screwed royally by the illicit notion of "implied powers", first fostered by the traitor Hamilton, that clear and precise words mean something other than that which they say.
Article I, Section X serves as judge and jury and we are merely awaiting the execution to be carried out in the defacto course of events set in motion by the fraud itself. True justice, albeit on an unfriendly timetable, will reign eventually.
How did they get away with what? In 1970 gold was $36 per oz. That means relative to gold todays dollar is worth $0.02 (two cents) of a 1970 dollar. Can we call that resettint the value of the dollar or currency revaluation.
No chance. Because the way things are set up it would look like a revaluation of the other currency. Anyway gold is the real currency and it never changes value. The value of gold does not go up but the value of the dollar goes down.
Actually, the purchasing power of gold was appreciating over time here. It was reflecting the growth of productivity as represented by declining prices. Other than in niche instances, because of the inflationary impact of the fiat system run amok, Americans seldom get to appreciate that productivity growth in the form of lower prices.