You don't have to rely on those with power to start fixing the problem. Just like the other big problem (climate) of the day you can start doing things now to solve it. If you bought an Oz of gold you have contributed to solving the problem because:
- You have taken value away from the financial system. If that same amount of money sat in a bank account it contributes to the Fractional-reserve banking system. 1 oz of gold is worth A$2,763 as I type. For every $1 in the system $10 more dollars are created by Fractional Reserve system as it is lent and re-lent. The less fiat that is lent the less people go into debt (including government debt).
- You've strengthened your balance sheet without the corresponding bottleneck risks such as bank/asset run, exchange rate etc... This is ultimately how you solve the contagion issue that will arise when the financial system melts down .
- You've hidden your wealth into a tangible source of value with access to you and you alone at the end of the day (if you do it correctly)... no counter party risk! Not even from a government that mandates haircuts as seen in Cyprus, Greece etc post GFC.
- Gold is terrible at carrying value short term but is amazing at carrying value for long periods of time. The insurance it provides while you own it is just icing on the cake...
Far from the only reasons out there but is a good start. Let's hope those with the power to create solutions for the monetary/financial system problems can. If not I have my solution....
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