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Title: Texas Committee Passes Bill To Create 100% Reserve Gold And Silver-Backed Transactional Currencies
Source: [None]
URL Source: https://www.zerohedge.com/commoditi ... nd-silver-backed-transactional
Published: May 6, 2023
Author: Tyler Durden
Post Date: 2023-05-06 21:39:26 by Horse
Keywords: None
Views: 96
Comments: 1

The key is in making it easier to use gold in everyday transactions...

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#1. To: Horse (#0)

100% Reserve Gold And Silver-Backed Transactional Currencies

The problem is the word "backed". That means trusting some entity to hold the gold and silver is quantities sufficient to support all transactions. We already had that back in 1913, and how did that work out?

This is where free market crypto outperforms gold and silver. The point of gold & silver backing is it guarantees -- or is supposed to guarantee -- a limited supply of currency. But with free market crypto, backing IS NOT NEEDED because a limited supply of currency is already baked into the crypto system. And that is accomplished without needing to trust some federal reserve copycat entity to limit currency issuance.

Pinguinite  posted on  2023-05-07   12:03:04 ET  Reply   Trace   Private Reply  

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