What if WE CREATE A BANK that converts fiat deposits-gold-fiat withdrawals?

[Nix]

Couldn't you have a bank (or someone creates one) where all deposits are automatically transfered to gold and than use a debit card which would transfer the value of gold to dollars when necessary?

It seems too simple of a solution that it can't be right.

Is it the fact that all prices will continue to inflate that it isn't practical or is it?

Would it not be equivalent to a competing currency because it's a form of value transfer that's accepted everywhere and backed by gold?

 

[jonahtrainer]

Couldn't you have a bank (or someone creates one) where all deposits are automatically transfered to gold and than use a debit card which would transfer the value of gold to dollars when necessary?

It seems too simple of a solution that it can't be right.

Is it the fact that all prices will continue to inflate that it isn't practical or is it?

Would it not be equivalent to a competing currency because it's a form of value transfer that's accepted everywhere and backed by gold?

The option already exists and is functioning. I have used them for a while and highly recommend them.

 

[Nicketas]

xxxx

 

[jonahtrainer]

Jonah, he means more local banks.

Can it be done?

Can we have gold-bank branches?

We could but that would undermine the US$ monopoly as a 'medium of exchange' so I highly doubt it will happen because of political and faction reasons. The US$ and gold are locked in a mortal combat and only one will survive. As the dollar continues its collapse we Americans get to choose Repression or Regeneration. We have been choosing Repression (money laundering laws, terrorism laws, Patriot Act, etc.)

It is interesting that China has such 'gold-bank branches.' Chinese citizens can walk into any bank and withdraw physical gold and take it home. The transaction fee is set at like .1% by the national government. This is extremely low compared to our transaction fee (usually between 4-8%).

Times are changing.