{"id":78091,"date":"2023-04-15T01:15:40","date_gmt":"2023-04-15T08:15:40","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=78091"},"modified":"2023-04-18T17:43:27","modified_gmt":"2023-04-19T00:43:27","slug":"black-coffee-15-apr-2023","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id78091-black-coffee-15-apr-2023.html","title":{"rendered":"Black Coffee: The Golden Rule"},"content":{"rendered":"

\"\"It’s time to sit back, relax and enjoy a little joe<\/em> …<\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

Well … another busy week is behind us. So with that in mind, let’s get this party started …<\/p>\n

Until governments can prove their interests are with the people, and politicians refrain from defrauding the masses through currency debasement for the sake of remaining in office, the wiser ones will prefer to keep as much of their wealth in the most stable and marketable forms possible – forms which only the precious metals provide.<\/em><\/p><\/blockquote>\n

\u2014 Elgin Groseclose<\/strong><\/p>\n

The Golden Rule: He who has the gold makes the rules.<\/em><\/p><\/blockquote>\n

– Anonymous<\/strong><\/p>\n

Credits and Debits<\/strong><\/p>\n

Debit:<\/strong><\/span> Did you see this? Roughly 70% of the country’s wealth is now in the hands of just 10% of the population, while the bottom half has only about 3% of wealth<\/a>. When focusing only on savings and bank deposits, the numbers are even more skewed; 40% of those<\/strong><\/em> deposits are held by the top 1%, with the top 10% accounting for nearly all the rest. As for the reason why the bottom 90% aren’t in the top 10%, this<\/strong><\/em> has a lot to do with it:<\/p>\n

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Credit:<\/strong><\/span> Last week we noted that there is a bill in Congress that proposes to peg the US dollar (USD) to a fixed weight of gold bullion. Now Texas legislators have introduced a bill that would create a state-issued, gold-backed digital currency<\/a>. Enactment of this legislation would create an option for people to transact business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money and create a viable alternative to a central bank digital currency (CBDC). And unlike the bill in Congress, this one will probably pass. Then again, it’s still<\/strong><\/em> a digital currency, which suggests …<\/p>\n

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(h\/t: @Apt_Learner)<\/p><\/div>\n

Credit:<\/strong><\/span> By the way, the legislation requires the Texas state comptroller to establish a digital currency with 100% gold backing, that is held in trust<\/a> at the Texas state depository. Furthermore, the new digital currency is also required to be fully redeemable in cash or gold. And, no; this is not a late April Fool’s day joke. Let’s just hope those Texas legislators don’t snatch defeat from the jaws of victory. As for those of you who prefer a more graphic description of what I’m talking about, let’s go to the tape:<\/p>\n