(August 12, 2021 at 5:39 pm)The Grand Nudger Wrote: Crypto -costs- electricity to mine, it isn’t backed by it. Your god is shit at curses, too?
Meanwhile, gold is important to consumer electronics.
No; gold was a perfect standard until America failed to deliver its promise to cover the demand after WW2:
https://en.wikipedia.org/wiki/Bretton_Woods_system
Quote:In 1967, there was an attack on the pound and a run on gold in the sterling area, and on 18 November 1967, the British government was forced to devalue the pound.[38] U.S. President Lyndon Baines Johnson was faced with a difficult choice, either institute protectionist measures, including travel taxes, export subsidies and slashing the budget—or accept the risk of a "run on gold" and the dollar. From Johnson's perspective: "The world supply of gold is insufficient to make the present system workable—particularly as the use of the dollar as a reserve currency is essential to create the required international liquidity to sustain world trade and growth."
!! Does God suck, or America suck big time?
Reminds me of the guy trying to lift a huge load then farts and collapses. Blowing an A-bomb, pulverizing nations and millions of people, just to collapse with a shortage of "supply" then blame the world for not having enough gold !
