Should Congress return to the gold standard?

Today, 87% of all banking transactions are done electronically. Here is a short video of the trend (less than 2 minutes):
Why the bank of the future will look like an Apple store - SectorWatch - MarketWatch

 

It's certainly not confined to Muslim countries - never was. The Canadian Mint makes the Gold (and Silver) Maple Leaf - a popular bullion coin in several sizes. South Africa mints the Krugerrand. China has the very popular Panda. Gold and silver bars, tiny to huge, are available for many private US and some Canadian mints. Why is it constantly necessary to concentrate on Muslim countries? Always Muslim Muslim Muslim! Are they supposed to be culprits of some sort, for issuing coins? Even US-based Muslims?

Come to think of it, in its unceasing drive for individual freedoms, the United States forbade its citizens to own gold, aside from jewellery and old coins, for many years. No bullion! Now some are making up for that.

J.

 

Judging from Mexico, Hungary, Germany and other hyperinflation survivors, it'll be replaced with MORE money. OK, boys - different bills, same game.

BTW - If you want to do really bad stuff financially - head on over to the cryptocurrency and data-dump world of the Dark Web. Take your Tor (browser) and Tails (operating system) with you.

J.

 

Most people will not understand what you're referring to. It's the dark web. Very dark.

 

Today, there is no such thing as a Caliphate. One only exists in the effed-up minds of ISIS fanatics and those non-Muslims who are prone to fearmongering. The last real Caliphate (Ottoman) was abolished in 1924. I think it has lately become a popular word in anti-Muslim demagoguery. Mostly used, I have no doubt, by people who have no idea exactly what a Caliphate is, but know it's Islamic and (maybe know) that ISIS fanatics use the term.

https://simple.wikipedia.org/wiki/Caliphate

J.

 

I find it hard to believe that people who use the Internet at all and watch/read daily news in whatever form - would not know something about it - or at least want to. People need to know Dark Web basics - not necessarily to access it themselves, but to know it's there, the uses and how its content could affect them - e.g. the frequent occurrence of data dumps for sale - any one of them could include their credit card, banking info etc.

A head in the sand leaves one very vulnerable. Knowledge is infinitely preferable to ignorance. Costs less, too. This is just as important as knowing what fentanyl is - or chlamydia.

J.

 

Out of curiosity, is your credit frozen?

 

BTW - Tor and Tails are good, free Internet privacy tools, with many uses - including those for ordinary, non-Darkweb-prowling private citizens, to military and law enforcement. Uses by no means limited to the Dark Web, but definitely a necessity there. Useful intro (and free downloads) here. Millions served, I'm sure. :smile:

https://www.torproject.org/index.html.en

J.

 

No. I'm pleased to say I have no debts - and significant savings. The last thing a person my age (74) needs is debt. But I know I could quickly have all sorts of debts if I wanted to. :smile:

J.

 

If you are:
- debt free
- with goood credit
- with lots of assets
- and banked cash
...then you are potentially a very lucrative target. A credit freeze, along with a permanent opting-out of pre-screened credit approvals, is an excellent way to protect yourself financially.

https://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs

 

that makes me wonder, what do people think of identity theft services like lifelock or Experian. ever use them?

 

Lifelock is a middle man (retailer) that stands between you and the three major credit bureaus:
1. Equifax
2. Experian
3. Transunion

It cost around 10 or 15 dollars (per credit bureau) to freeze your credit and/or to "opt out" of pre-screened credit cards. However, if you want to get a loan, then you'll have to tell the creditor that you "froze" your credit. One of two things will happen:

1. He will ask you to temporarily unfreeze your credit on one of the bureaus - and he'll run the credit check through that bureau. It will cost money to unfreeze it for a couple of weeks and then refreeze it.

2. Or based on the limited credit information that he already has on you, he will grant or deny your request for credit (without you having to temporarily unfreeze your credit).

Another way to protect yourself is to destroy all of your debit cards and, instead, only use credit cards with the understanding that you will ALWAYS pay-off each monthly credit card balance because credit card interest is too high. You want to do this for two reasons:

1. If someone uses your debit card number to deplete your bank account or to make purchases with it, you are 100% responsible because it's treated as cash. For example, if someone steals a 100 dollar bill from you, then you will probably never see it again -- and nobody will reimburse you for the loss (unless you are carrying insurance).

2. If someone uses your credit card number to make purchases with it, the credit card company is 100% responsible (as long as you are not negligent with the credit card).

 

STORING it? Not on your life! I was talking about STEALING it!

Article 1 - big theft. Article 2 - history of Bitcoin thefts. Article 3 - "How to do it in 3 easy steps." No. I'll wait for EDx or Khan Academy... :smile:

https://www.theguardian.com/technology/2016/aug/03/bitcoin-stolen-bitfinex-exchange-hong-kong
https://www.theguardian.com/technology/2014/mar/18/history-of-bitcoin-hacks-alternative-currency
https://www.theverge.com/2013/12/19/5183356/how-to-steal-bitcoin-in-three-easy-steps

I remember reading recently - a Bitcoin clone closed down on its first day of operation. Hackers stole the entire virtual stock! Several million coins.

J.

 

Indeed true, Steve. I heeded your warning - even before I heard it. I mentioned I'd decided to wait for EdX or Khan Academy for the how-to lessons. :smile:

And you're right - again. I was incorrect in describing the site as a Bitcoin-clone. It's better-described as just another of the many Cryptocurrency sites, most loosely inspired by Bitcoin, some not as smartly run. There are more than 900 Cryptocurrencies available -quite a few with Proof of Work, I gather, from the short list that follows:

https://en.wikipedia.org/wiki/List_of_cryptocurrencies

J.