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Entry Submitted by Andrew C at 1:58 PM ET on February 1, 2023
I am frustrated and baffled by supposedly knowledgeable people blathering on about currency being on the gold standard, currency being asset backed or currency being gold backed, as if they were all the same thing.
Let’s just get get it right once and for all.
Asset backed currency refers to the total AMOUNT of money a each country will receive in gold at the start of the QFS/GCR implementation.
Each country receives a certain supply of gold to cover what that particular country is worth in assets: i.e. minerals, precious metals in the ground, intellectual property, manufacturing capacity, education level of the populace, etc. etc.
Gold backed currency means that this finite amount of gold bullion that a country receives is what actually supports the currency used for trading.
Since one cannot trade gold bars in daily life, each physical gold bar is represented by a digital certificate which is what is actually traded (as euro, dollar, dinar, etc) and tracked (sender/receiver/amount etc.) via the QFS.
Since the amount of gold cannot be arbitrarily increased by a c*****t government, neither can the gold certificates be created out of thin air. So the money supply is absolutely stable.
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The only way for a country to increase its money supply is to earn it and to buy gold on the open market from its trading surplus. And once registered and certified as part of the money supply that gold is no longer a freely disposable commodity.
It is digitalized and securely stored in the country’s central gold vault.
So in summary: currency in circulation is GOLD BACKED, and only gold backed, NOT asset backed.
The total AMOUNT of currency available in a country is asset backed by whatever assets a country owns (diamonds, precious metals, silver, gold etc.)
And forget the gold standard for currency. It no longer exists.
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