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Trump’s DOGE Team Is Asking Potential Appointees If They Can Abolish the FDIC (truthout.org)

submitted 2 weeks ago by Garibaldee@lemm.ee to c/usa@midwest.social

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[–] frezik@midwest.social 11 points 2 weeks ago* (last edited 2 weeks ago) (1 children)

Instead of inflation, gold causes a financial crisis just because its price fluctuates. That's not better.

Edit: typo correction

[–] theonlytruescotsman@sh.itjust.works -2 points 2 weeks ago (3 children)

It's price only fluxuates based on availability, and we're on a finite planet. The real problem would be environmental regulations regarding gold recycling at that point.

[–] frezik@midwest.social 5 points 2 weeks ago (1 children)

That is not how mineral wealth works.

[–] theonlytruescotsman@sh.itjust.works -5 points 2 weeks ago (1 children)

Do tell me how you get infinite gold.

[–] frezik@midwest.social 5 points 2 weeks ago

Irrelevant. Gold has a use, and we haven't dug up all of it. Its price would fluctuate like any other mineral. Practical asteroid mining would crash the entire economy, but even without, gold used for any practical purpose besides money would put pressure on the demand curve that's never the same from day to day.

[–] Bronzebeard@lemm.ee 5 points 2 weeks ago (1 children)

We just discovered possibly the largest deposit of gold ever, just a few days ago. You could not have picked a worse time to push for a gold standard

[–] frezik@midwest.social 2 points 2 weeks ago

Man, gold bugs are dumb as shit, aren't they? I haven't run into them in the wild very often since cryptocurrency took off, but the Ron Paul brigade used to be all over. At least tankies agree that the means of production ought to be seized by the workers (however bad they are at working towards that goal in practice).

[–] ubergeek@lemmy.today 1 points 2 weeks ago

Like a new vein of ore discovered in some far off land?

Yeah, that's what caused a lot of wars, and financial bubbles.