Yes Edward, except for capital items such as a house, gold coin may work. In 1923 Germany, you could have bought a 6 bedroom house for under 5 ounces of gold ($100 at the time).
Eventually, the currency will have to be reset, new exchanged for '000s of the old.
Breaking news: Steve Mnuchin, Trump’s Treasury Secretary/Foreclosure Kingpin, Joins with Hedge Fund Guys to Grab a Teetering, Federally-Insured Bank for $2 a Share
Mr Macleod, you mentioned in this interview with DK that "I think you'll still be able to use credit/currency as a means of exchange......and you'll be able to do bank transfers" and you continued to explain that central banks must ensure commercial banks don't go bust. By this, are you implying that those of us with physical gold would sell it at a debased (or "higher") fiat price with the proceeds deposited into our bank accounts? e.g. it is unlikely that a house would be purchased directly with gold specie, but first converted into severely debased fiat, and the transaction completed through the banking system?
Yes Edward, except for capital items such as a house, gold coin may work. In 1923 Germany, you could have bought a 6 bedroom house for under 5 ounces of gold ($100 at the time).
Eventually, the currency will have to be reset, new exchanged for '000s of the old.
Breaking news: Steve Mnuchin, Trump’s Treasury Secretary/Foreclosure Kingpin, Joins with Hedge Fund Guys to Grab a Teetering, Federally-Insured Bank for $2 a Share
https://wallstreetonparade.com/2024/03/steve-mnuchin-trumps-treasury-secretary-foreclosure-kingpin-joins-with-hedge-fund-guys-to-grab-a-teetering-federally-insured-bank-for-2-a-share/
Mr Macleod, you mentioned in this interview with DK that "I think you'll still be able to use credit/currency as a means of exchange......and you'll be able to do bank transfers" and you continued to explain that central banks must ensure commercial banks don't go bust. By this, are you implying that those of us with physical gold would sell it at a debased (or "higher") fiat price with the proceeds deposited into our bank accounts? e.g. it is unlikely that a house would be purchased directly with gold specie, but first converted into severely debased fiat, and the transaction completed through the banking system?
Thank you, understood.