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That’s why I put all my savings into real shitty drawings of cartoon apes who look like they smoke weed. China can take your gold but they can never modify the blockchain record that proves I’m a fuckwit.
I’m still waiting for that Seth Green TV show…
That made me laugh.
I will not vote this above 69 because it’s perfect until someone does
The article title says china is hoarding the worlds gold, yet the us owns the most by a very large margin…
Not to mention the large amounts of other countries gold that we hold and decide to keep permanently whenever a country makes us upset. We’ve stolen so many countries reserves, after FORCING many of them to store their reserves in the US.
Do you have sources for this?
Here’s a source on the U.S. holding large amounts of foreign gold. Yahoo Finance
In August the Taliban seized control and the former government collapsed, leaving behind just over $7bn in central bank assets deposited in the US Federal Reserve bank in New York. As Afghanistan’s top officials, including the president and central bank governor, fled the country, the Fed froze the account as it was unclear who was legally authorised to access the funds.
Source on freezing foreign gold held in U.S. Reserve. I misspoke as to them seizing it, I haven’t been able to find anything to confirm that, I must have misremembered, sorry.
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That makes more sense… they historically (culturally?) value jewelry over money due to the economic fluctuations that have occurred over time. Oftentimes they rely on precious metals for savings as it holds value better.
Add to the fact that there’s over a billion ppl it stands to reason they may have accumulated more gold than most countries.
But idk where fort Knox stands in comparison, so maybe USA has more gold even so.
And another thing, it also says China PRODUCES the most gold. Okay so they produce the most and hold what, less than 30% what the US Fed holds? Ridiculous headline and article. Seems as if they’ve had every opportunity to amass more or equal to the other leaders and are only just now increasing holdings over the past 9 months.
yeah but china bad
Yes. And…?
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Xi Jinping is hoarding the worlds hunny
Oh bother
He’s hording the world’s ‘I am a shitty sack of arseholeness’.
Nah there’s plenty of that to go around.
False - there’s an unlimited supply of stupid.
Can you imagine a reality where “stupid” was a finite resource? People would literally fight over “stupid” in order to be the stupidest on Earth. Which by our standards is pretty stupid by itself, regardless how it is approached.
There’s a Elon joke there, but I haven’t had my morning coffee yet.
Not possible. Stupid is a renewable resource.
Doesn’t the US literally have the vast majority of the world’s original gold reserves from the bretton woods agreement before Nixon abolished the gold standard?
possession /= property. During Bretton-woods everyone deposited their gold in the US.
The US own around 8.1k tonnes, EU member states 11.7k, Switzerland another 1000.
Germany has the 2nd largest reserves by country (after the US), 3300 tons, and has been bringing gold physically home, completely emptying Paris’ vault, moving 500t from New York to Frankfurt, London stayed about stable.
You now might be asking yourself “how the fuck do they transport 500t gold across the Atlantic” and the answer is: Nobody knows. The Bundesbank isn’t saying a thing short of that the gold went to Switzerland to be analysed and re-melted. It’s not much volume-wise though, about 9m3. My best bet is submarine to Germany’s north coast, then an inconspicuous train to Switzerland (it’s not like German subs can’t operate in shallow water but the Rhine, nope).
Could have also used a transport barge, they’re apparently the most efficient means of shipping materials over long distances, granted this is primarily over river conditions.
From the article:
Its gold reserves are estimated to be 2,113 tonnes as of July—the fifth largest behind the Federal Reserve’s 8,133
so… actually the federal reserve is hoarding the world’s gold
Now that is obviously different. Obviously.
It’s different when white people do it, bro.
When the Federal reserve did it, I bet it wasn’t called hoarding.
it was called patriotism! the founding fathers would have wanted us to horde gold.
Collect gold. Not hoard. Haven’t you been listening?
China is hoarding the world’s gold
the fifth largest behind the Federal Reserve’s
Guess who they learned from?
Ok that was always allowed!
Apparently not if you’re Libya
So? We don’t use it for money anymore.
Gold is used in a lot of other things than money and jewelry. For example, a sizable portion of the world’s supply is used in electronics like cellphones and computers.
Oh no a country is investing in their own industrial capacity, what devious monsters!
Yeah, like, I’m generally pretty anti-CCP, but this is a non-issue, really.
But when money fails (hyperinflation, sanctions, digital collapse, bank failures, violent revolution, etc.), countries who already have gold reserves will be the only ones with anything of value.
Beyond that, just by virtue of the fear of any of those events or general international turmoil rising, the value of gold rises, too, as one of very few stores of wealth that can survive any such event. Investing in gold is a great low-risk move for guaranteed returns on huge reserves.
Edit: I don’t know why people are downvoting this lol. Talk to literally anyone in finance.
Money is like fairies. If you stop believing in it, it stops existing.
I talked to someone in finance, and the first thing they said is that nothing has guaranteed returns.
FlowVoid: Hi, I’m FlowVoid.
Person in finance: Nothing has guaranteed returns.
FlowVoid: Oh…uh, ok.
Person in finance: I’m in finance.
Close! But here’s what actually happened…
FlowVoid: Hi, I’m FlowVoid, your 1:30 pm appointment. I’m here for some guaranteed returns, here’s $3.50, now set me up finance bro.
Person in finance: Nothing has guaranteed returns. Also get out.
You can get a guaranteed return in many ways.
- US Treasury bonds: if the US government fails you’ll have bigger problems than money. You don’t need to worry about that scenario. You’ll win the lottery first.
- Pay off a loan: by paying off your principal early you can guarantee that you pay less interest in the future.
- Buy something that saves you money: if you like cooking, an herb garden will save you a lot of money. If you like sweets, baking equipment will do the same.
The first is not guaranteed, the others are savings not returns.
Savings are better than returns because they are legally tax free. A penny saved is worth more than a penny earned.
Fair, low-risk not no risk, but a good buy
Look where that got us…
China is also the land of dragons. Coincidence?
These were the exact words my trump loving batshit Christian mother in law spews every time she opens her mouth
But I need that gold!
Newsweek
I mean, fuck off
I’d like you to tell me a better way for Xi to swim around in a giant moneybin like Scrooge McDuck.
Sure. And Trump gave his presidential salary to charity.
When you are a dictator, you don’t need a salary.
Exactly.
This is actually, literally, propaganda. Almost fun to read because of how obvious it is.
I’m glad you recognize that, now apply it to western media. There is a huge global protest today. And hardly a whisper from American media.
global protest website only mentions American cities
Never change, America
That’s the big one on Washington. I don’t think they are coordinated other than the date. There’s one in London.
So you’re anti-propaganda and globally aware, but still spreading CCP propaganda? Why share this article of you want people not to believe in political deception?
Not my post.
But it is your comment, the even more propagandistic one about Xi’s humble, laudable, selfless annual salary
I was responding with a source to show money has less meaning in socialism. We tend to view China through a capitalist lens. They have different priorities and goals.
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Freedom Plaza, 2PM
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I linked an article, you linked nothing but feelings. And because I’m so naive, I’ll treat you to an education. He’s president for life, a dictator. The state provides everything for him. He doesn’t need a 401k.
On the books
Do people realize communism is moneyless, because from the comments I’m not sure they realize the goals of socialism?
If you think Xi isn’t hoarding wealth for himself and his cronies you’re delusional.
Source? Why would he? He doesn’t need to, he’s President for life. What’s he gonna buy? Graceland?
“Wealth” doesn’t necessarily mean “money”. I’m sure he can get money if and when he needs it.
My point is that regardless of what pay he collects on paper, he is extremely wealthy and he exerts control over the distribution of significant wealth within the PRC. Xi is about as communist as Putin is.
Communists are poor. Got it.
The world’s gold you say? Seems to me that once someone owns it the gold is no longer the property of “the world.”
There’s a grizzled old prospector reading this and getting VERY pissed rn
