RFK Jr. Supports Moving the U.S. Back to a Hard Currency

[mikegriffith1]

Conservatives will love this: RFK Jr. intends to try to start moving the U.S. back to a hard currency by gradually backing the U.S. dollar and Treasury bills with gold, silver, platinum, and bitcoin. He also supports exempting bitcoin from the capital gains tax when it is converted to dollars. Conservative economists have long--and correctly--argued that removing all backing from the U.S. dollar has made it much easier for the government to inflate and devalue our currency.

RFK JR. ANNOUNCES BOLD PLAN TO BACK DOLLAR WITH BITCOIN, END BITCOIN TAXES

#Democratic #PresidentialCandidate Robert F. #Kennedy Jr.

www.linkedin.com

I've added this important position, along with a few others, to my article "What Conservatives and Liberals Would Each Get with Robert F. Kennedy Jr. in the White House":

PDF version

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[Oddball]

Backing the currency with Bitcoin, or any other crypto, is one step away from a CBDC.....All they'd have to do is declare some disingenuous "emergency" and that'd be it.

 

[JoeB131]

Conservatives will love this: RFK Jr. intends to try to start moving the U.S. back to a hard currency by gradually backing the U.S. dollar and Treasury bills with gold, silver, platinum, and bitcoin. He also supports exempting bitcoin from the capital gains tax when it is converted to dollars. Conservative economists have long--and correctly--argued that removing all backing from the U.S. dollar has made it much easier for the government to inflate and devalue our currency.

RFK JR. ANNOUNCES BOLD PLAN TO BACK DOLLAR WITH BITCOIN, END BITCOIN TAXES

#Democratic #PresidentialCandidate Robert F. #Kennedy Jr.

www.linkedin.com

I've added this important position, along with a few others, to my article "What Conservatives and Liberals Would Each Get with Robert F. Kennedy Jr. in the White House":

PDF version

HTML version

Bitcoin is a scam.

There isn't enough Gold in the world to back up all our currency.

 

[sparky]

or our debt.......~S~

 

[shockedcanadian]

Bitcoin? That's a bit much if you are looking to keep a global currency stable.

 

[Mikeoxenormous]

Conservatives will love this: RFK Jr. intends to try to start moving the U.S. back to a hard currency by gradually backing the U.S. dollar and Treasury bills with gold, silver, platinum, and bitcoin. He also supports exempting bitcoin from the capital gains tax when it is converted to dollars. Conservative economists have long--and correctly--argued that removing all backing from the U.S. dollar has made it much easier for the government to inflate and devalue our currency.

RFK JR. ANNOUNCES BOLD PLAN TO BACK DOLLAR WITH BITCOIN, END BITCOIN TAXES

#Democratic #PresidentialCandidate Robert F. #Kennedy Jr.

www.linkedin.com

I've added this important position, along with a few others, to my article "What Conservatives and Liberals Would Each Get with Robert F. Kennedy Jr. in the White House":

PDF version

HTML version

Hard currency - Bitcoin? Bwaaahhhaaaaa.....

But notice how it says again, converted to dollars. So the greenback still has to back the fake money.

If we just killed all the congress and senate who have created this crisis against the US, then we can get people who might actually cut back on the spending. If you cut spending by 50% then there would be a 1.5 trillion dollar surplus each year and in 20 years paid off the debt. Then we could go back to gold and silver coins again.

 

[JoeB131]

Hard currency - Bitcoin? Bwaaahhhaaaaa.....

But notice how it says again, converted to dollars. So the greenback still has to back the fake money.

If we just killed all the congress and senate who have created this crisis against the US, then we can get people who might actually cut back on the spending. If you cut spending by 50% then there would be a 1.5 trillion dollar surplus each year and in 20 years paid off the debt. Then we could go back to gold and silver coins again.

Um, yeah, tell me, what are you going to cut? The Federal budget is now at $6.3 TRILLION dollars. Tell me where you are going to find $3.15 Trillion in cuts.

Social Security? Can't cut that.
Medicare - Can't cut that.
Defense spending- Can't cut that, either.

 

[Moonglow]

Conservatives will love this: RFK Jr. intends to try to start moving the U.S. back to a hard currency by gradually backing the U.S. dollar and Treasury bills with gold, silver, platinum, and bitcoin. He also supports exempting bitcoin from the capital gains tax when it is converted to dollars. Conservative economists have long--and correctly--argued that removing all backing from the U.S. dollar has made it much easier for the government to inflate and devalue our currency.

RFK JR. ANNOUNCES BOLD PLAN TO BACK DOLLAR WITH BITCOIN, END BITCOIN TAXES

#Democratic #PresidentialCandidate Robert F. #Kennedy Jr.

www.linkedin.com

I've added this important position, along with a few others, to my article "What Conservatives and Liberals Would Each Get with Robert F. Kennedy Jr. in the White House":

PDF version

HTML version

Bitcoin is not hard currency

 

[Moonglow]

Hard currency - Bitcoin? Bwaaahhhaaaaa.....

But notice how it says again, converted to dollars. So the greenback still has to back the fake money.

If we just killed all the congress and senate who have created this crisis against the US, then we can get people who might actually cut back on the spending. If you cut spending by 50% then there would be a 1.5 trillion dollar surplus each year and in 20 years paid off the debt. Then we could go back to gold and silver coins again.

And a dead economy

 

[jwoodie]

There isn't enough Gold in the world to back up all our currency.

Only at current prices. What if a new gold backed dollar was issued at a 1:10 exchange rate?

 

[mikegriffith1]

Bitcoin is not hard currency

One, I'm guessing that nobody who has replied so far bothered to read the article linked in the OP.

Two, I'm seeing a lot of uninformed comments about bitcoin. True, literally speaking, bitcoin is not like gold or silver, because you cannot physically handle it, but it offers many of the same advantages as gold or silver:

By giving back to individuals the possibility of saving, Bitcoin emulates what gold did for a number of centuries and provides a much-needed solution to the interference of governments in the money market. The Bitcoin standard will provide for much higher levels of social development, because it will incentivize and facilitate savings as well as the exercise of proper economic calculation. (View of Hard Money and Time Preference)

A huge advantage of bitcoin is that it cannot be inflated.

Three, Kennedy has explained that the backing of dollars with bitcoin would be extremely small and experimental and would only be expanded if it proved reliable.

Four, Kennedy has also explained that he would use precious metals--gold, silver, and platinum--to begin restoring our currency to hard currency, not just bitcoin. This is discussed in the linked article in the OP.

Five, here are more links on bitcoin:

Why Do Bitcoins Have Value?

Bitcoin is touted as a private, decentralized digital currency. But what gives the leading cryptocurrency value?

www.investopedia.com

Chapter 16: Bitcoin and the Theory of Money | Mises Institute

In a modern primer on money mechanics, it is necessary to provide at least an introduction to Bitcoin.1 Consequently, in this chapter we will first give a basic

mises.org

What Gave Bitcoin Its Value?

Mises’ regression theorem explains why Bitcoin is real money and where its value comes from.

fee.org

 

[Moonglow]

One, I'm guessing that nobody who has replied so far bothered to read the article linked in the OP.

Two, I'm seeing a lot of uninformed comments about bitcoin. True, literally speaking, bitcoin is not like gold or silver, because you cannot physically handle it, but it offers many of the same advantages as gold or silver:

By giving back to individuals the possibility of saving, Bitcoin emulates what gold did for a number of centuries and provides a much-needed solution to the interference of governments in the money market. The Bitcoin standard will provide for much higher levels of social development, because it will incentivize and facilitate savings as well as the exercise of proper economic calculation. (View of Hard Money and Time Preference)

A huge advantage of bitcoin is that it cannot be inflated.

Three, Kennedy has explained that the backing of dollars with bitcoin would be extremely small and experimental and would only be expanded if it proved reliable.

Four, Kennedy has also explained that he would use precious metals--gold, silver, and platinum--to begin restoring our currency to hard currency, not just bitcoin. This is discussed in the linked article in the OP.

Five, here are more links on bitcoin:

Why Do Bitcoins Have Value?

Bitcoin is touted as a private, decentralized digital currency. But what gives the leading cryptocurrency value?

www.investopedia.com

Chapter 16: Bitcoin and the Theory of Money | Mises Institute

In a modern primer on money mechanics, it is necessary to provide at least an introduction to Bitcoin.1 Consequently, in this chapter we will first give a basic

mises.org

What Gave Bitcoin Its Value?

Mises’ regression theorem explains why Bitcoin is real money and where its value comes from.

fee.org

The industrial revolution needed to enlarge the currency base for investment and expansion which is the reason for fiat currency.

 

[Cellblock2429]

Conservatives will love this: RFK Jr. intends to try to start moving the U.S. back to a hard currency by gradually backing the U.S. dollar and Treasury bills with gold, silver, platinum, and bitcoin. He also supports exempting bitcoin from the capital gains tax when it is converted to dollars. Conservative economists have long--and correctly--argued that removing all backing from the U.S. dollar has made it much easier for the government to inflate and devalue our currency.

RFK JR. ANNOUNCES BOLD PLAN TO BACK DOLLAR WITH BITCOIN, END BITCOIN TAXES

#Democratic #PresidentialCandidate Robert F. #Kennedy Jr.

www.linkedin.com

I've added this important position, along with a few others, to my article "What Conservatives and Liberals Would Each Get with Robert F. Kennedy Jr. in the White House":

PDF version

HTML version

/------/ I've always favored a precious metal backing our dollar, but, I don't think it will ever happen.
“For every Federal Reserve dollar that was issued, the Reserve Bank had to have 40 cents worth of gold in its vault downstairs in the basement,” explained David Wheelock, vice president and deputy director of research.

And then the Great Depression hit. People hoarded gold instead of depositing it in banks, which created an international gold shortage. Countries around the world basically ran out of supply and were forced off the gold standard. The U.S. came off the gold standard for domestic transactions in 1933 and ended international convertibility of the dollar to gold in 1971.

Here’s Why the U.S. No Longer Follows a Gold Standard

Calls for the U.S. to tie its currency to the price of gold still occur. Here’s why going back to the gold standard doesn’t make much sense.

www.stlouisfed.org

 

[Cellblock2429]

Bitcoin is a scam.

There isn't enough Gold in the world to back up all our currency.

/---/ Gold reserves were only required to back up 40 cents on the dollar. And we are always finding new sources. The trouble is that other countries have more reserves and can control the price and our dollar.

 

[Cellblock2429]

Only at current prices. What if a new gold backed dollar was issued at a 1:10 exchange rate?

/----/ “For every Federal Reserve dollar that was issued, the Reserve Bank had to have 40 cents worth of gold in its vault downstairs in the basement,” explained David Wheelock, vice president and deputy director of research."

 

[JoeB131]

One, I'm guessing that nobody who has replied so far bothered to read the article linked in the OP.

Naw, we don't need to rehash ideas that were crazy 100 years ago. The whole world moved away from metal-based currency a long time ago.

Two, I'm seeing a lot of uninformed comments about bitcoin. True, literally speaking, bitcoin is not like gold or silver, because you cannot physically handle it, but it offers many of the same advantages as gold or silver:

Bitcoin is a scam, Mormon Mike. Almost a big a scam as Mormonism.

 

[Mikeoxenormous]

One, I'm guessing that nobody who has replied so far bothered to read the article linked in the OP.

Two, I'm seeing a lot of uninformed comments about bitcoin. True, literally speaking, bitcoin is not like gold or silver, because you cannot physically handle it, but it offers many of the same advantages as gold or silver:

By giving back to individuals the possibility of saving, Bitcoin emulates what gold did for a number of centuries and provides a much-needed solution to the interference of governments in the money market. The Bitcoin standard will provide for much higher levels of social development, because it will incentivize and facilitate savings as well as the exercise of proper economic calculation. (View of Hard Money and Time Preference)

A huge advantage of bitcoin is that it cannot be inflated.

Three, Kennedy has explained that the backing of dollars with bitcoin would be extremely small and experimental and would only be expanded if it proved reliable.

Four, Kennedy has also explained that he would use precious metals--gold, silver, and platinum--to begin restoring our currency to hard currency, not just bitcoin. This is discussed in the linked article in the OP.

Five, here are more links on bitcoin:

Why Do Bitcoins Have Value?

Bitcoin is touted as a private, decentralized digital currency. But what gives the leading cryptocurrency value?

www.investopedia.com

Chapter 16: Bitcoin and the Theory of Money | Mises Institute

In a modern primer on money mechanics, it is necessary to provide at least an introduction to Bitcoin.1 Consequently, in this chapter we will first give a basic

mises.org

What Gave Bitcoin Its Value?

Mises’ regression theorem explains why Bitcoin is real money and where its value comes from.

fee.org

Of course in Bitcoin, if the internet is shutdown by our government, how do you access your fortune? Gold and Silver are tangible assets, that means who buy it, you store it where only you know where it is, you protect it, and if the "SHIT HITS THE FAN" you own it, not some bank, not some crypto thief, only you...

 

[mikegriffith1]

The industrial revolution needed to enlarge the currency base for investment and expansion which is the reason for fiat currency.

You've been duped by fake history. U.S. dollars were still convertible into gold long after the industrial revolution. Until August 1971, a dollar could be converted into gold, even though the dollar was no longer officially pegged to gold, but then Richard Nixon suspended this convertibility, and at that point our currency became a totally fiat currency. And since then we've piled up more debt than we did from 1781 to 1971.

FDR began the move to fiat currency by formally revoking the gold standard in 1933, yet the Great Depression did not end for at least another eight years, and dollars were still convertible to gold until August 1971. England operated under the gold standard for decades after the industrial revolution was in full swing.

The major advantage of a hard currency is that it makes destructive inflation impossible because governments can't print tons of unbacked papery money to fuel reckless deficit spending. You can increase the supply of hard currency, but you cannot do so in a way that fuels severe inflation.

Have you been to a grocery store lately? The price of many grocery items has gone up by at least 50% since 2021. Why? Because the effect of printing literally trillions of unbacked dollars finally made itself felt. This would be impossible if we had a hard currency.

Why Gold Is Such an Effective Weapon Against the Government's Monetary Schemes

As Ron Paul remarked: “Because gold is honest money it is disliked by dishonest men.”

fee.org

The Gold Standard and Fractional-Reserve Banking

The problem lies in the law declaring paper to be legal tender.

fee.org

The Gold Standard: Myths and Lies | Mises Institute

The gold standard is more politically relevant than it has been in decades — so now the falsehoods spread.

mises.org

The Myth of the Unchanging Value of Gold | Mises Institute

Many economics textbooks claim that a function of money is to measure the value of goods. In fact, the value an individual attaches to a given sum of money or

mises.org

Economics of a Pure Gold Standard

Early in his marriage, Ludwig von Mises told his wife that despite writing prolifically about money he was never likely to earn a great deal of it. Mark

fee.org

One, I'm guessing that nobody who has replied so far bothered to read the article linked in the OP.
JoeB131: Naw, we don't need to rehash ideas that were crazy 100 years ago. The whole world moved away from metal-based currency a long time ago.

Oh, look, our resident Marxist "There Was No Such Thing as Free China" Mao-Stalin lover once again explains why he won't read anything that he knows disagrees with his far-left views.

What little history you've read has all been from far-left sources, so you are in no position to be talking about historical issues. Just a few weeks ago, you once again said that Mao Tse-Tung, one of the worst mass murderers in human history, deserves "admiration." And you once again denied that Stalin murdered tens of millions of people because, gee, gulp, Soviet census reports don't show a marked decrease in population.

 

[LA RAM FAN]

Conservatives will love this: RFK Jr. intends to try to start moving the U.S. back to a hard currency by gradually backing the U.S. dollar and Treasury bills with gold, silver, platinum, and bitcoin. He also supports exempting bitcoin from the capital gains tax when it is converted to dollars. Conservative economists have long--and correctly--argued that removing all backing from the U.S. dollar has made it much easier for the government to inflate and devalue our currency.

RFK JR. ANNOUNCES BOLD PLAN TO BACK DOLLAR WITH BITCOIN, END BITCOIN TAXES

#Democratic #PresidentialCandidate Robert F. #Kennedy Jr.

www.linkedin.com

I've added this important position, along with a few others, to my article "What Conservatives and Liberals Would Each Get with Robert F. Kennedy Jr. in the White House":

PDF version

HTML version

Just like his father and uncle,he knows same as they did what is in the best interests for the people.