So what? You can speculate on precious metal all you want and become rich, but it has nothing to do with the macroeconomic policies that governments can do to improve the lives of the working people.

Gold and crypto cannot replace fiat monetary system. The Bretton Woods collapsed precisely because of this, but libertarians continue to believe in their natural interest rate nonsense so they extrapolated that the dollar will collapse one day. It won’t stop being a speculative asset that can let some people make a lot of money, but it’s irrelevant from a macroeconomic perspective.

Remember that most of us Marxists/MMTers are not interested in accumulating personal wealth, we are interested in understanding how to use macroeconomic policies to help people who are suffering under capitalism, to understand what are the economic policies necessary to build socialism, if you will.

[–] 666@lemmygrad.ml 1 points 2 days ago* (last edited 2 days ago)

but it has nothing to do with the macroeconomic policies that governments can do to improve the lives of the working people.

Gold and crypto cannot replace fiat monetary system. The Bretton Woods collapsed precisely because of this, but libertarians continue to believe in their natural interest rate nonsense so they extrapolated that the dollar will collapse one day. It won’t stop being a speculative asset that can let some people make a lot of money, but it’s irrelevant from a macroeconomic perspective.

Yeah, I know, I said this specifically.

"I don’t think there’s anything particularly wrong with being a goldbug, just thinking it should replace the standard of trade/the base value of currency is dumb imo."

"So what", my point was that collecting/speculating on gold is still a very good way to make money and I suspect that it will lead to a significant amount of profit if you were to do so with current events.

That was my point with the price charts and additionally to point out that these precious metals, if you can afford them, are a good way to hedge against inflation. That is basic "financial advice", sure but I wonder if a mid-sized organization should invest in gold for their treasury as it hedges both against inflation and is immune to your typical shenanigans involving sanction or embargo say against members that had their bank accounts frozen or other situations like that. I was not advocating for libertarian or gold-bug ideology.

Remember that most of us Marxists/MMTers are not interested in accumulating personal wealth

Personal wealth isn't my main focus either but it's something that's certainly nice to have so you can actually organize, participate in action and be a functional human being (being able to afford basic necessities, etc). Having a speculative hobby or something that can make cash on the side certainly helps me with that.