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Cake day: July 24th, 2023

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  • Spendrill@lemm.eetoWorld News@lemmy.worldChina is hoarding the world's gold
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    10 months ago

    Gold is agreed upon as a store of value. There’s always someone willing to buy it. You’re right that its intrinsic value as a material is lower than the actual price but people’s belief in gold is the same as their belief in a fiat currency.

    The difference is that gold is a physical asset, so that no matter what the rate of inflation or the fluctuation of the market price if you have a tonne of gold you will always have that tonne.

    Also it is not administered by a central bank with a political agenda.

    Lastly gold is rare and finite. Eventually there will be no more gold to be mined.



  • Photo caption: Venezuelan President Nicolás Maduro’s administration has been accused by the U.S. of corruption and human rights abuses

    Meanwhile, former President Trump awaits his hearing on corruption charges and President Biden stands squarely with Israel while it commits more human rights abuses than you can shake a stick at.

    I don’t know how bad it is in Venezuela right now but it would have to be very fucking bad for that photo caption not to be the worst kind of liberal hypocrisy.



  • Yeah, if there were proper consequences to them not paying up and not a toothless regulatory entity then I could go along with that, it’s not got as much schadenfreude but it’ll do.

    7000 is a lot but we’re talking about multiple countries being displaced here. If you’re old enough to remember, there was that whole Palestinians in Jordan thing where they were actually planning a coup and very possibly had a chance of pulling it off and then the King of Jordan (who turned out to be a CIA asset because of course it was the CIA) expelled them all from the country in Black September and then they ended up in the Lebanon.