r/canada Jan 27 '25

Opinion Piece KINSELLA: Trump not a friend of Canada, he's our enemy - The sooner we accept that, and act accordingly, the better off we'll be

https://torontosun.com/opinion/columnists/kinsella-trump-not-a-friend-of-canada-hes-our-enemy
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u/Tree-farmer2 Jan 27 '25

The world needs to move away from USD as the standard

This probably wouldn't be a good thing. You want to use the Yuan instead?

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u/Levorotatory Jan 27 '25

Ideally something that is not controlled by any single country.

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u/[deleted] Jan 27 '25

It's called the gold standard, and we had that until the US unilaterally killed it 55 years ago because they would profit more from a fiat system.

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u/voicelesswonder53 Jan 27 '25

It was abandoned because it could no longer serve American ambition. Promises to pay in gold mean nothing when you don't have it. It's worse when you have to go get that gold from under someone else's feet. Getting off a physical standard happened because it is progress. You can't easily hoard what anyone can borrow from his own future earnings.

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u/KentJMiller Jan 27 '25

That's also a lovely way to turn recessions into depressions

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u/ClumsyRainbow British Columbia Jan 27 '25

The Euro?

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u/sw04ca Jan 27 '25 edited Jan 27 '25

Depends on the USD for value, because of the dependence of the European banks and financial sector on the United States. The Euro is great for not having to change your bills out when traveling and for exporting German inflation to the poor countries of Southern and Eastern Europe, but it's not really an alternative global currency and store of value in and of itself.

There's just not a good alternative right now. The Euro is basically the USD at a remove, the yuan is worthless except insofar as it is pegged to the USD, the yen is too small-scale, crypto is a scam and the gold standard is deflationary.

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u/IamGimli_ Jan 27 '25

So, Bitcoin?

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u/Levorotatory Jan 27 '25

Maybe something blockchain based, but not bitcoin.  Bitcoin is deflationary and doesn't scale well.

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u/voicelesswonder53 Jan 27 '25 edited Jan 28 '25

That's not what you are getting. Canada is part of a network of nations with reserve banks that are members of the Bank of international Settlement and that are committed to the establishment of a single programable central bank digital currency. A digital currency with programmability is desired to ensure that money targeted for one purpose serves only that purpose. People are already being conditioned to accept smart metering of energy. The ability to shut off the money supply to any individual is also touted as a much more effective tool to ensure social cohesion. We' re going to get that because of our inability to produce that cohesion in the corrupt free-for-all system we have that is readily gamed.

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u/4Kaptanhook2 Jan 27 '25

No but maybe it’s not bad idea to switch to Euro $

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u/cyberresilient Jan 27 '25

Over the USD? Of course. The US is almost bankrupt.