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cashless society
https://home.treasury.gov/news/press-releases/sm1152 G7 Finance Ministers and Central Bank Governors’ Statement on Digital Payments October 13, 2020 WASHINGTON – The widespread adoption of digital payments has the potential to address frictions in existing payment systems by improving access to financial services, reducing inefficiencies, and lowering costs. At the same time, payment services should be appropriately supervised and regulated to address challenges and risks related to financial stability, consumer protection, privacy, taxation, cybersecurity, operational resilience, money laundering, terrorist and proliferation financing, market integrity, governance, and legal certainty, among others. The public sector, through the provision of fiat currency and the conduct of independent monetary policy, as well as its regulatory and supervisory roles, plays an essential role in ensuring the safety and the efficiency of payment systems, financial stability, and the achievement of macroeconomic objectives. It is in this context, that a number of G7 authorities are exploring the opportunities and risks associated with central bank digital currencies (CBDCs). Confidence in the stability of domestic payment systems and the international monetary system is underpinned by credible and longstanding public sector commitments to transparency, the rule of law, and sound economic governance. We are committed to addressing existing frictions within payment systems and to fostering continual improvement. The G7 continues to support the work of the FSB, FATF, CPMI, and other standard-setting bodies to analyze the risks associated with and determine appropriate policy responses to digital payments. In particular, the G7 underscores the importance of the G20 agenda to enhance the efficiency of cross-border payments and to address regulatory and public policy issues arising from global stablecoins and other similar arrangements. The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards.
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Markets still falling like whoa
My grandfather owned a bit of Dell stock in the late 90s. The way I remember it, Dell split 7 or 8 times while he held it, and it still went higher than what he originally paid for it.
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Gold
Best I can do is tree-fiddy
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Markets still falling like whoa
Isn't El-Erian considered pretty mainstream? btw, looks like another example of editors who write headlines that don't match the article.
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Our monetary system is insane
True, but also management fees, expense ratios, trade commissions, etc that offset the dividend yield somewhat. Anyway the point is that the dollar has lost it's purchasing power immensely, and the relative rise of gold and stocks priced in USD prove the point.
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Our monetary system is insane
Regarding Lyn Alden's tweet, she's long stocks and gold (as I am) because of the devaluation of the dollar, which was done once in 1934 and then exploded since 1971 when we went off the gold standard.
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Our monetary system is insane
That's way off, according to the data provided here https://www.macrotrends.net/charts/stock-indexes https://www.macrotrends.net/charts/precious-metals
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Our monetary system is insane
If you were making an honest comparison between the stock market and gold, the chart would be 1971 - present (for obvious reasons)
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Gold
APMEX.com a few oz at a time, other than the first time when I learned that they reported it to the IRS.
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Gold
Hmmm, barter or black market look better in a scenario where gold is > $10,000 / oz. We'll have bigger problems by then anyway.
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Gold
Wouldn't you would want to claim a higher cost basis, to report it as a loss?
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Gold
Good point, but how would they know your "cost basis" for the gold you sold, if you didn't have to report it when it was bought?
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Gold
Thanks for that info, there's more to it than I knew. Just ordered 3 more oz
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Gold
I believe a transaction over $10,000 is reportable to the IRS. The first time I ordered gold from APMEX they sent a copy of what they reported to the IRS. I have made sure to keep my future purchases under that amount since then.
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Tin foil hats and the total perspective vortex redux
The USD is our favorite weapon, which is why the rest of the world (at least those that are not allied with us) want to dethrone the dollar. https://fee.org/articles/swift-and-the-weaponization-of-the-us-dollar/
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