Uzbekistani Gold
While politicians in the USA debate giving people $1,500 in stimulus as a bribe for testing the newest vaccine for Covid, requiring even more inflation, Uzbekistan is issuing gold as money.
Lorie Konish of CNBC notes,
“Now, one proposal aims to help both efforts by giving people $1,500 stimulus checks in exchange for getting immunized.
The idea comes from entrepreneur John Delaney, a former Democratic congressman for Maryland who also ran for president in 2020.
‘The faster we get 75 percent of this country vaccinated, the faster we end Covid and the sooner everything returns to normal,’ Delaney said in an interview with CNBC.com.”[1]
Uzbekistan seems to realize that returning to “normal” is in the history books, and has begun issuing gold to be used as money in 5, 10, 20, and 50 gram bars.
Jan Nieuwenhuijs, writing for the Gold Observer, observes,
“Since November 2020, the central bank of Uzbekistan (CBU) issues sealed gold bars with a QR-code for real time verification. With these new bars CBU aims to stimulate gold to be used as a store of value, as well as promote the circulation of gold.”[2]
Considering how much money (M2) the USA created in 2020, almost double the money that existed in 2012, Uzbekistan may be preparing for the new historic norm of gold and silver as money.[3]
“The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” -Former Federal Reserve Chairman Alan Greenspan, Meet the Press, August 7, 2011.
“We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.” -Fed Chairman Alan Greenspan, US Senate Committee on Banking, Housing and Urban Affairs, Feb 16, 2005.
“Gold is a currency. It is still by all evidences the premier currency where no fiat currency, including the dollar, can match it.” - Alan Greenspan, in an interview for the Council on Foreign Relations, Nov 2014
[1]https://www.cnbc.com/2020/12/03/1500-stimulus-checks-for-covid-19-shots-how-one-plan-would-work.html
[2]https://thegoldobserver.substack.com/p/central-bank-of-uzbekistan-introduces
[3]https://fred.stlouisfed.org/series/M2 “M2 consists of M1 plus: (1) savings deposits (which include money market deposit accounts, or MMDAs); (2) small-denomination time deposits (time deposits in amounts of less than $100,000); and (3) balances in retail money market mutual funds (MMMFs). Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail MMMFs, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.”
Via https://fred.stlouisfed.org/series/M1:
“M1 includes funds that are readily accessible for spending. M1 consists of: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler's checks of nonbank issuers; (3) demand deposits; and (4) other checkable deposits (OCDs), which consist primarily of negotiable order of withdrawal (NOW) accounts at depository institutions and credit union share draft accounts. Seasonally adjusted M1 is calculated by summing currency, traveler's checks, demand deposits, and OCDs, each seasonally adjusted separately.”
