OK, let's assume Ted is the corrupt government official in the US who does this. What will all the other 95% of the world's population do. they'll stop putting their trust in the dollar and instead put it in gold. They will turn in their US dollars for that gold. Since most gold back securities only have about 3% of the gold necessary to back the currency this will cause a crisis for the country and so the US will have to buy gold at the inflated price they just created from other countries. This will mean that Gold is a much better investment than US debt and so you will create a second crisis which is the inability to borrow money. That in turn will mean you will have to raise your interest rates putting you into recession. So you will have a run on your dollar and will have stag flation. Congratulations Ted you are now going down in history with Herbert Hoover and Joe Biden as one of the three worst presidents ever.
And yes, Trump almost suffered the JFK silver certificate treatment. Yes he did.
mpetrus on X: "@DowdEdward Luke Gromen has talked quite a bit about bringing the "gold standard" back as a way of saving the system. Makes sense & Trump does seem to hint we are going back to it. https://t.co/UGZfC1vfe6" / X
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