Need help with a Gold Standard issue (UPDATED)Submitted by 2102luaPnoR on Sun, 03/18/2012 - 22:21
anyone with a little more experience care to comment on the condemnations of a gold standard in favor of greenbacks presented in the documentary "The Money Masters?"
This three and a half hour doc is too thorough for me to condense effectively here, if you haven't seen it, it is an excellent watch, but also presents compelling evidence for why a gold standard is a dangerous solution, thoughts?
UPDATE: Guys, this thread is almost 2 months old, it has died twice and been revived now a third time, if you're going to comment, please directly answer these questions, how is having the FED better than having greenbacks IN THE CASE where we have competing currencies. Also, how do you get out from under the debt when the US has no gold assets that havent been placed as collateral on the DEBT? How is the debt-based money preferable to greenbacks? Who is going to trade gold for FRNs when they are no longer the only legal tender(and as a result no long the world's reserve currency?) When the Petrodollar is dissolved(very soon) what will the severly devalued dollar do to the elderly and the poor who are unable to turn their subsistence living into gold? When you give answers to these questions we can consider this issue closed. I get tired of people railing aginst the greenback yet never once listing why they approve of continued FED action in its place.
For the record, at this point my belief is to print greenbacks to replace FRN's while simultaneously instituting competeing currencies, which will force greenbacks to be more stable long term or die, but we can close the FED very soon if we go this route, i see no end to the FED otherwise until we can pay the debt we owe them..