It looks like the world might be going to a defacto gold standard again. Gold prices have skyrocketed this year, and it is partially driven by central banks buying gold to avoid depending on the dollar. I think this is probably good for the workers of the world, even in the US. But imports could get a lot more expensive and that’s going to be bad in a deindustrialized country. So far, the dollar has weakened vs other currencies only a bit. The gold standard was dumb but the status quo is also dumb. The USA just a chain of potemkin asset bubbles pretending to be an economy.
It looks like the world might be going to a defacto gold standard again. Gold prices have skyrocketed this year, and it is partially driven by central banks buying gold to avoid depending on the dollar. I think this is probably good for the workers of the world, even in the US. But imports could get a lot more expensive and that’s going to be bad in a deindustrialized country. So far, the dollar has weakened vs other currencies only a bit. The gold standard was dumb but the status quo is also dumb. The USA just a chain of potemkin asset bubbles pretending to be an economy.