Gold backed currency: Is it coming

Just a video going over a couple articles about going back to a gold backed currency. These are just my opinions. I am not a financial advisor and this is not financial advice.
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[@gnericnuser]

They have gold back atms in NV and UT, seems like it’s still kind of barely taking off but looks promising. People just have to start using them

[@VegasStacker702]

Very interesting. I might have to track one down

[@TheGoldenDragonfly]

Several other state as well have this program…. With more on the way.

[@VegasStacker702]

@TheGoldenDragonfly I saw a list of businesses on goldback.com that accept goldbacks

[@bigchase2759]

I think there are 13 states that recognize precious metals as currency

[@jaredroussel]

@@bigchase2759 Which is heavily ironic when you read the Constitution and it states that states are not permitted to use anything BUT gold and silver as currency...

[@chrisinvirginia]

Now I'm treading onto territory I am not sure of. Having said this, my understanding would be that it would be near (if not surly) impossible to back the dollar to gold. The last time you could physically redeem dollars for gold was back in 1934. After this it was an "obligation" to back the dollar to gold, but this became more and more leveraged till Nixon (temporarily) took us off the gold standard. We were simply piling up too much debt and did not have the gold to back what we were exporting in an inflating economy. So you would have to inflate the cost of gold high enough to cover all current circulating dollars as well as national debt or (Like bricks are attempting) base it on a big enough collection of assets to even start to work. I think the last actual audit was in the 1950's with a congressional inspection (Dog and pony show) in 1974. Yes, this was about the time we were taken off the (leveraged) gold standard. (No coincidence there)
I'm honestly not sure of my facts and I will fully admit knowing enough to be dangerous. We hear all the time how Russia and China as well as many other countries are buy up gold at an elevated rate.You also hear about banks taking more aggressive positions in mostly gold but silver as well. I find myself increasingly concerned about what this country is (and is not) doing to get its house together. I

[@VegasStacker702]

Always so insightful. I hope all is well and you are stacking tall

[@Cisco730]

Two points.
You can redeem dollars for gold now. There are places called Local Coin Shops. If Costco ever starts buying one ounce gold coins, it will be a gold bank.
It's not impossible to back the dollar with gold. It is impossible to back the dollar with less than enough gold (as we do now). We do this every once in a while and it gets us in trouble. Assume (as some have said), that we have $44,000 in circulation per oz of gold in the Treasury. We could back New dollars with gold at $20/oz (per the constitution). Then, exchange Federal Reserve notes at 2,200 FR notes per New Dollar. That will hurt, but will get us to gold backed currency as the constitution directs. At that rate, you could exchange FR$22 for one Goldback.

[@jimmyrtle69]

No.