Gold Gone? Germany baffled as Fed bars access to bullion

[lockedout]

According to this Germany isn't allowed to have its gold until 2020.
They aren't even allowed to see it. The gold is stored in the federal reserve.

[obdigore]

This is a super old story. There was a huge long discussion on it many months ago. See if you can find the thread if you really want to talk about this.

[Elegiac]

I honestly don't know why people are so up in the arse about their gold reserves.

[Kalyyn]

I doubt it's gone. Is it possible that we just decided to keep it, though. Crazier things have happened.

[Zangeiti]

According to this Germany isn't allowed to have its gold until 2020.
They aren't even allowed to see it. The gold is stored in the federal reserve.

Dude this happened august 15 I mean it seems like all you do is post old things. Never new.

[Deleted]

I honestly don't know why people are so up in the arse about their gold reserves.

I don't even get why we still need gold reserves in the first place

[Elegiac]

I don't even get why we still need gold reserves in the first place

A very valid question.

[obdigore]

I don't even get why we still need gold reserves in the first place

Because some people think that shiny metal is somehow a good basis for currency. As if it is good for anything except being shiny and building good fiber cables.

[lockedout]

Dude this happened august 15 I mean it seems like all you do is post old things. Never new.

An entire week ago!

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This is a super old story. There was a huge long discussion on it many months ago. See if you can find the thread if you really want to talk about this.

I did that once and got infracted for necroing a 2 month old thread.

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Because some people think that shiny metal is somehow a good basis for currency. As if it is good for anything except being shiny and building good fiber cables.

Worked for how many thousand years?

[obdigore]

I did that once and got infracted for necroing a 2 month old thread.

Really? That seems... excessive.

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Worked for how many thousand years?

It only worked because everyone agreed it had a value. Just like any Fiat Currency.

[Kalyyn]

Because some people think that shiny metal is somehow a good basis for currency. As if it is good for anything except being shiny and building good fiber cables.

I've been saying this for years. People want to stockpile gold in case of the end of society, but in a post-apocalyptic world, who the fuck is going to give you shit for a useless yellow metal that's so soft you can't even use it as a weapon?

If anything, we should have an iron reserve, or a coal reserve. Or a canned food and guns reserve. You know, stuff that actually has practical value. Literally anything but gold.

[Elegiac]

Worked for how many thousand years?

"Worked" is stretching it a bit; even then, trying to compare ancient economies to modern ones is rather silly.

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I've been saying this for years. People want to stockpile gold in case of the end of society, but in a post-apocalyptic world, who the fuck is going to give you shit for a useless yellow metal that's so soft you can't even use it as a weapon?

If anything, we should have an iron reserve, or a coal reserve. Or a canned food and guns reserve. You know, stuff that actually has practical value. Literally anything but gold.

Ammunition.

[lockedout]

"Worked" is stretching it a bit; even then, trying to compare ancient economies to modern ones is rather silly.

Well its the reason banks hold it.
According to ben bernanke it's "tradition"

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"Worked" is stretching it a bit; even then, trying to compare ancient economies to modern ones is rather silly.

That statement is silly since modern economies are based from ancient ones.

[obdigore]

Ammunition.

Medical Supplies, Canned Food, and Ammunition. Functional Weapons and/or tools might be pretty valuable too.

[Kraenen]

Really? That seems... excessive.

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It only worked because everyone agreed it had a value. Just like any Fiat Currency.

well, it wasn't just like any fiat currency. you couldn't just print more gold and declare some arbitrary value.

[obdigore]

well, it wasn't just like any fiat currency. you couldn't just print more gold and declare some arbitrary value.

You can mine more, of confiscate, or whatever you want with gold. It isn't as if there was a gold shortage. Governments/Societies purposely mined only a small amount at a time.

[Kalyyn]

Ammunition.

Exactly. We could have an ammunition backed currency. Missiles, bombs, artillery shells, bullets, all worth different denominations. Then, in the event that the world does fall into chaos, hey look! We've got a massive stockpile of weapons built up! And not only can we kill things with them, we can trade them for food and stuff!

Meanwhile, all the other idiot countries just have piles of shiny garbage that they were keeping in our banks anyway.

[Zangeiti]

An entire week ago!

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I did that once and got infracted for necroing a 2 month old thread.

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Worked for how many thousand years?

Yes this happend a week ago we had a forum thread on it your just bringing up old news.

[Raintola]

A very valid question.

Fungible assets? If people still put value on it, why not keep it?

[obdigore]

Exactly. We could have an ammunition backed currency. Missiles, bombs, artillery shells, bullets, all worth different denominations. Then, in the event that the world does fall into chaos, hey look! We've got a massive stockpile of weapons built up! And not only can we kill things with them, we can trade them for food and stuff!

Meanwhile, all the other idiot countries just have piles of shiny garbage that they were keeping in our banks anyway.

That is kind of the funny thing in this story, if I remember correctly. The other countries agreed to keep their gold in the Fed, and in the contract they didn't have any rights to verify it is actually there, or tour, or whatever.