As long as the wealthy hang onto their wealth as it appears on paper, the more wealth they will lose because wealth is in terms of currency. The value of gold is in terms of currency, and when it takes more dollars to buy gold or anything else, it's a devaluation of the currency, not an increase on the value of gold or anything else.
Gold's value is in terms of currency, and somebody should tell Ron and Rand Paul that a gold standard for currency is a recursive downward spiral. Gold's value = terms of currency and with a currency based on the value of gold, you can't get more recursive than that. It's nuts.
People who don't pay taxes force the Fed to print more money, so avoidance of taxes doesn't make them richer--their wealth in terms of currency looks like it's going up but it's actually taking more (devalued) currency to be of equivalent value. People who don't pay taxes are nuts.
1 comment:
Good point Clara. Another point; Some want us to use a Gold Standard, but what they don't realize is that Russia and Africa have most of the gold. So, if the US were to do this, we would go from being the richest country, by more than 3X, to not the richest. Doesn't sound like a good plan when you think about who has the gold.
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