Is there any benefit to gold-backed currency?

>someone says hey lets debase the currency anyway and it makes fuck all difference

Its the most sustainable longterm. Gold doesn't inflate or deflate

>Is there no way to combine gold and fiat?
that's what they called gold standard but it's failed due to fractional reserve scams.

Yes, there are many. Deflation isn't bad, it's just a bogeyman today because people have been horrifically irresponsible and are upto their eyeballs in debit. In a healthy economy deflation encourages saving, which lowers interest rates naturally. Natural rates of interest allows for rational allocation of resources, rather than the casino we have today which causes giant amounts of malinvestment into sectors of the economy like real estate and useless tech.
Won't happen tho, the ruling class benefits from the current system and the population is too dumb to k ow what going on. They're so dumb that there are people that will deny reality completely and follow the teachings of the states intellectuals.

it's highly inflationary. you have no idea how much gold is mined each year and how the mined quantity is growing exponentially. there is a reason why gold steadily lost purchasing power the past 100 years.
earth is especially rich in gold and silver but they are not rare elements in the universe.
there is enough gold on planet earth to cover the entire planet surface a meter high. imagine for a second drowning in gold like garbage.

>Deflation isn't bad
it's not bad it's horrible. inflation on the other hand is completely harmless unless you keep money under the pillow like a retard.

Money must be something everyone want. Like gold or silver or sex or food or house or alcohol or heat or water or free time or workforce.
Scarecity is important but you don't see people going crazy about Mercury with is as rare as gold.
Money to work over long time needs scarecity and be wanted by average Joe.

Source: trust me bro

Keep regurgitating the states officially approved narrative. Good goy.

its simple,
>take account of all the above ground available gold in circulation today ( a known amount, more or less)
>take account of all of the USD in circulation today together with what is expected to be printed with the fiscal year
>make said total amount of USD value = amount of Gold
>everytime you print more money without destroying old bills, you "increase" the number of dollars in circulation.
>thereby you must make each USD with proportionally "less" Gold than previous

>there is enough gold on planet earth to cover the entire planet surface a meter high. imagine for a second drowning in gold like garbage.
doubt

just look it up if you don't believe me i did.
over 3000 tonnes of gold mined annually now.
a
few years back it was only 2000 annual. in 1845 it was like 10 tonnes annual.

Yeah, gold backed bonds. The ECB has encouraged Italy to do it in the past. Can't remember the guys name, but an ECB economists wrote a pretty comprehensive report on gold backed bonds.

>the law of diminishing returns doesn't exist
Fuck off, retard.

you need to learn the basics of economy before discussing it on the internet. just a tip. i have lived through 2 hyperinflations. over 40-50% inflation annually. and you know what happened? nothing. you payed more for good s and earned more. numbers went up the economy went on. deflation on the other hand kills investment innovation productivity over time it results in hyperinflation because of the decreased productivity. it causes unemployment and great inequality in wealth as people with tons of money buy up all assets before the hyperinflation phase hits..

>dude, trust me

then google it
well didn't work out with oil either everyone was raving about oil running out we found more than what we need soon enough

google it! don't trust me! look it up. golds standard or gold as money is retarded for so many reasons...

You're so dumb you can't understand the unintended consequences of such policies. Sad.

In every crisis fiat loses against food rations. Scarecity is only part one of two. Money has to be backed by something good.

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Oil extraction methods are not comperable to gold extraction methods. Furthermore, that isn't an argument against the law of diminishing returns. Your stupidity is growing clearer and clearer. Stop posting.

Yes, exactly right fiat money loses its value or hyperinflation comes because government can print notes has much as they want, but bitcoin & gold both are limited in quantity & hence precious, Trias is one of the best blockchain projects around with real-world use cases. It is being used by large multinational companies and is generating revenue from its products as well. It is sharing the revenue created from the sale of its Dapp Triasforce to it's community. They are starting their staking program soon and it could be a great opportunity to get in at the bottom. it is one of the cool projects I have come across !!!!!

that's the business model of fashion brand gucci artificially limit supply to create demand and hike prices

gold is not limited in quantity as far as intrinsically useful demand, the term precious metal is a distinction from non-precious metals on the table of elements

i do i understand it a lot better than you i'm saying printing more money right now is the lesser evil. compared to let the entire fucking economy implode and 50% of the population falling below poverty line within a few months 80% within a year. you can't do that when you have a gold standard or a crypto with fixed supply.

bitcoin shits all over gold it's more liquid cheaper to secure cheaper and easier to transfer. but it would be beyond retarded to adopt bitcoin as money. it's even worse than gold now with it's deflationary properties.

controlled inflation is the best way to keep an economy running and expanding. you fags see it as some secret evil but it's not. it's progress.

and you want to abandon the usd in a time where it shines brightest. in recession cash is fucking king. just wait for the hyperinflation phase if they let the economy crash and productivity collapse...

dude if the law of diminishing returns had any effect on gold it's production would not increase exponentially the past 10 years. and runnig out of gold is highly unlikely as i said we had the same train of thought with oil then we found a shitton. there will be no gold shortage. in fact the total supply will double the next 30 years.

>in recession cash is king

cash is always king

>don't trust me bro, trust me

Based time traveler

not in a hyperinflation no. but it was still used. we kinda spent it as soon as we could it was a very short term store of value. like within a month. but life went on people adapted in 2 weeks. nobody lost his job. if you had savings you invested them in whatever asset or just simply bonds to keep it's value.
in a fucking depression when the velocity of money drops and business go belly up shit is horrible. and nobody wants to spend his money knowing it will be wroth more tomorrow.

for money to be useful it doesn't have to be a very long term store of value. that's the most retarded misunderstanding ever. and really brainlet tier economics.

for money to be useful it's apparent supply has to adjust to demand. and this is the tricky part the actual intelligent critics of the fiat system point out the government has no means to control the velocity of money they can only influence it in a roundabout way. they can try encourage spending but it an easily fail.

still the fiat system proved to be the best most useful and most stable system the past 100 years. and no country went back to gold from fiat in history. if one currency gets fucked they create an other one. that simple.

just google it you will see.

What if I don't