alt Hacker NewsHey, so does gold-backed currency!
How do you know how much gold the government is holding? Ask them!
How do you know the government isn't lying? Ask this question loudly enough and meet people with guns!
Replies
philipwhiuk • last Wednesday at 3:57 AM
Welcome to "monopoly over violence" - it's only been around 12,000 years or so.
That's why you should bank with private counterparties, not the government.
If you buy eg a gold ETF, you can ask all these questions without any guns coming out. You can also go and exchange them for physical gold whenever you feel like it. Without any guns coming out.
If they break their promises, you can sue them. Without any guns coming out.