What does it mean to be a digital economy, and maybe it might be a good idea, right now, to push the Fed back into the gold standard. Will it be good for America’s economic sovereignty to slide into global digital banking. What about the U.S. dollar? How does this work in a Trump agenda to make America great again?
Citibank, headquartered in New York, has announced that it’s first office, in Australia, has gone completely cashless and will no longer accept currency. Should Americans be worried?
Business Insider reported:
Citibank Australia has become the first Australian bank to go completely cashless, notifying customers that its branches will no longer handle notes and coins from November 24.
“We have seen a steady decline in the demand for cash services in our branches — in fact less than 4% of Citi customers have used this service in the last 12 months,” said Citibank head of retail bank Janine Copelin.
“This move to cashless branches reflects Citi’s commitment to digital banking and we are investing in the channels our customers prefer to use.”
ZeroHedge reported, during the POTUS campaign that Trump was a gold standard man.
Beyond these short-term benefits to the gold price and the prices of other precious metals from a Trump victory, there are some other longer-term benefits to gold that a Donald trump presidency might create.
These longer term potential benefits to gold stem from Trump’s affinity for the use of a gold standard as part of the US monetary system. A gold standard, to define the term generally, is a monetary system that employs gold as a monetary unit, and links the economy’s currency to that monetary unit of gold. When used by a number of countries, each country’s currency can then be expressed in terms of gold, i.e. the exchange rates between the currencies are defined in terms of gold.
Donald Trump is known to be sympathetic to the concept of a gold standard, and even attracted to the prospect of implementing a gold standard as a way of maintaining the stability and value of the US Dollar. The first of Trump’s recent references to a gold standard came in a 2015 interview with WMUR-TV, New Hampshire, in a segment called ‘Conversation with the Candidate’, published on March 31, 2015, in which Trump commented on the gold standard in response to an audience question:
Question: “Can you envision a scenario that this country ever goes back to a gold standard?”
Trump: “In some ways, I like the gold standard and there is something very nice about it but you have to go back at the right time… We used to have a very solid country because it was based on a gold standard for it. We do not have that anymore. There is something very nice about the concept of that. It would be very hard to do at this point and one of the problems is we do not have the gold. Other places have the gold.”
ZeroHedge also points out that Trump doesn’t think we actually have any gold at this point. All interesting questions for a nation trying to dig its way out of massive debt while also trying to stimulate job growth.
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