He makes a valid point, but there is an important distinction. Wearing a suit does not mean the person is dressed well. No one mistakes a well dressed man for a waiter.
The huge shift in “business” attire is fascinating.
Just two generations ago, formal dress was required to be taken seriously.
Now, wear a suit to work and there’s a 50/50 chance people mistake you for a waiter.
Had a chat with some dude in finance.
He said: Bitcoin has no intrinsic value
I asked: What’s Bretton Woods?
He said: I don’t know
I said: Might be a good time for you to study the history of money. Then we can have an intelligent conversation
This is insane.
I had to fact check this video from @SenLummis, when she stated that gold certificates held by the Federal
Reserve are valued at 1970s price.
She is right, and it is nuts. I looked it up...
Gold certificates held by the U.S. Treasury are still valued at their 1973 statutory price of $42.22 per ounce, rather than the current market price of gold.
How Gold Certificates Are Valued in the U.S. Reserve:
- Fixed Price of $42.22/oz:The U.S. Treasury values its gold reserves based on a statutory price set in 1973 ($42.22 per troy ounce).
- This valuation remains unchanged despite the market price of gold being significantly higher (currently around $2,000+ per ounce).
Gold Held at Fort Knox and Other Depositories:
- The U.S. holds 261.5 million troy ounces of gold.
-At the outdated valuation ($42.22/oz), this gold reserve is reported as ~$11 billion on the Federal Reserve's balance sheet.
-If marked to current market value, the reserves would be worth over $500 billion.
Why Doesn’t the U.S. Update the Gold Price?
- The statutory price is a relic of the Bretton Woods system, which ended in 1971 when the U.S. fully transitioned off the gold standard.
- Adjusting the value would affect monetary policy, Treasury accounting, and international financial agreements.
@Copter_roflez I bought a ring sizer kit on Amazon for a few bucks. While she was out I measured her college class ring that she wore on her ring finger
@Rach4Patriarchy@DroptopDawn I just finished the audiobook. I enjoyed the information. Would you consider narrating any future audiobooks yourself? Please!