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Trump’s DOGE Team Is Asking Potential Appointees If They Can Abolish the FDIC (truthout.org)

submitted 1 day ago by Garibaldee@lemm.ee to c/usa@midwest.social

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[–] frezik@midwest.social 12 points 1 day ago* (last edited 1 day ago) (7 children)

Instead of inflation, gold causes a financial crisis just because its price fluctuates. That's not better.

Edit: typo correction

[–] theonlytruescotsman@sh.itjust.works -1 points 1 day ago (6 children)

It's price only fluxuates based on availability, and we're on a finite planet. The real problem would be environmental regulations regarding gold recycling at that point.

[–] frezik@midwest.social 5 points 1 day ago (2 children)

That is not how mineral wealth works.

[–] theonlytruescotsman@sh.itjust.works -4 points 1 day ago (1 children)

Do tell me how you get infinite gold.

[–] frezik@midwest.social 5 points 1 day ago

Irrelevant. Gold has a use, and we haven't dug up all of it. Its price would fluctuate like any other mineral. Practical asteroid mining would crash the entire economy, but even without, gold used for any practical purpose besides money would put pressure on the demand curve that's never the same from day to day.

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