Going back to the Gold Standard has two big problems!
Submitted by Ralph Waldo on Thu, 02/05/2009 - 16:55
I know a lot of people expound upon the ideal currency, however - going to the Gold Standard has two potentially big problems!
1. The US gold supply has not been audited in decades and there are many who believe it is missing, possibly taken by the FED for collateral.
2. Many people believe the world's central bankers now control most of the world's gold supply so if gold did become the new standard guess who would still be in control.
Anyone got a solution to these minor problems?
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It really doesn't matter what currency is used.
If all money in circulation was gathered up there would not be enough to pay off all debt. Meaning even if we wanted to pay off the debt it would only return to the bankers to create more debt. There is no escape from the system.
grant
An energy currency system
is pretty far fetch, but to me it's intriguing nevertheless
http://ecen.com/eee9/ecoterme.htm
http://en.wikipedia.org/wiki/Thermoeconomics
Where is the love?
You absolutely do not
You absolutely do not understand this or you would not even bring it up. Do some reading at Mises.org Lewrockwell.com etc.
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Can't see the forest -
because the trees are in the way.
300 Million people have FRN's in this country. Believe me, no will be able to tell them their money isn't any good.
The system is self perpetuating, confidence is all it takes, and there is nothing like a pocket full of it and the worlds most powerful military to keep it that way.
The dollar is here to stay.
Remember where you heard it first !
Absolutely.
We have moved into a time when money really is faith / confidence as is the power of manifestation. The United States will not Collapse, there will be no riots or bread lines.
Money has and always will be nothing more than a mere idea, what people collectively agree is valuable. People will dig down and find their soul and creative spirit again. Innovation and technology will usher in a bright future for the world for those who will freely participate in it.
Those who do not will experience what their belief system reflects back to them. The Construct of the Matrix allows individuations to experience diversely opposite realities. Choose the happier one and the belief system that benefits you, society, the world! It will be easily manifested for all of us.
Mysticisms that lead to discord will be defeated and Liberty, Justice, and Universal Brotherhood will prevail, but not by force or might, but by high ideals. That is the final outcome.
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1) Begin 2) Continue..
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Where were you in 1920's Germany? They would have loved to hear that idea!
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USD (FRNs) as world's reserve currency
has 6 months, one year - tops. You heard it here first.
When are we moving to -
China, India or Japan unless you know someplace better ?
Costa Rica?
Costa Rica?
http://www.lp.org/
http://mises.org/
I do
but they are not making any more of it (as opposed to FRNs).
Read Hayek's "A Free Market Monetary System"
Read Hayek's "A Free Market Monetary System". He discusses how he believes we can move towards a free market currency. Basically he believes sound money will not come from govt, it will have to come from private enterprises. Great read.
http://mises.org/books/monetarysystem.pdf
No doubt!
As Gary North once said:
I think the first step would be to ascertain what there is befor
e running off in one direction or another.
Ron said that all we had to do is allow for a competing currency of which there are many in use right now in the US.
Where do you come up with these notions?
Ralph, these are really good points!
People, including my own husband, have argued with me that Ron Paul's suggestion to back money with gold just isn't feasible anymore due to the infinite deficit and the inflation.
This does put us in a pickle because its one thing to point out how 'illegal' and morally wrong the Fed is, yet, if we haven't any 'real' proposal as to what will take its place, our movement may get stymied.
I am glad you brought this up, because I am sure many of us are in the same boat wondering what IS the solution then.
I agree that we need a proposal for a replacement system.
As I understand it, RP said it would have to be a lengthy yet controlled transition to competing currencies.
However if the central banker's hold the dominate position in both gold and silver, it's still going to be a tough transition to negotiate out from under their control. If on the other hand, they have taken the US gold through secrecy, it could be hell to pay.
As Henry Ford said:
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
Why use gold or silver then?
Why not just use a different currency then?
One proposal....
..... was to peg the dollar to the free market value of gold instead of physical gold. I forgot where I read that, and honestly haven't thought much about it, so I'm just throwing it out there.
How bout let's get rid of the dollar?
I don't want to use a filthy government currency. I'd rather use a private one.
Then how
does the government collect tariffs and settle contractual disputes such as tort?
You're more than welcome to use a private currency, but there needs to be an accepted form of money for the government.
Umm, I view that as a good thing lol!
Excellent! I'd be glad if the government people could no longer raise tariffs or settle contractual disputes.
A) Tariffs are a form of theft.
B) I'd rather handle a private business to handle a contractual dispute. Capitalism!
Lol, I'd rather "starve" the politicians and bureaucrats of funds.
"Government doesn't work" as the late Harry Browne used to say.
Who would settle contractual disputes?
Because a contractual dispute is fundamentally a government operation; it's the arbitration of a situation where one person has harmed another.
Trade tariffs may or may not be a form of theft; one could also view them as a "user fee". However, what about other governmental "user fees"? How would they be denominated?
Tarrifs=theft !
Fundamentally? Why is that?
Furthermore, there already exists some share of contract dispute resolution that is handled by private firms (arbitrators).
Theft=the taking of someone else's justly owned property (without permission).
For ex, say I'm making a deal with a British company. And say a 3rd party (ie. the gov't) enters into the picture and forcibly extorts a % of the transaction's value. What has the gov't done? It has taken someone else's justly owned property.
I have not seen one that doesn't fit the definition of the word 'theft.'
Barter with goods and services
Reject the idea of storing wealth, and spend your money, it keeps the system going.
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If money were gold
Hard to say how much gold the US government has. And tying existing dollars to gold would undoubtedly require both a devaluation of the dollar and a massive increase in the value of gold before parity could be reached. But it could be done.
Easier would be to simply announce a free market in currency and then have the US mint whatever gold it DOES have and put it into circulation by using it to pay government employees at current gold/dollar exchange value. Then it would have to slowly withdraw dollars.
Doesn't matter if all the gold in the world were owned by one person. They can't eat it. They can't wear it. They can't run their car on it. They have no choice but to spend it. Voila! It is in circulation. The important point is that, unlike our fiat and credit currency now, the banks can't MAKE MORE of it. They HAVE TO put it into circulation or it is of no use to them.
Of course the reality is that gold ownership is spread widely - Indian women, Chinese merchants, American investors, miners, coin collectors, governments, banks, and others all own some gold. So gold would very quickly go into circulation.
yep what 20,000.00 gold? or
yep what 20,000.00 gold? or more!
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
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Obvious Solution
Don't go back to gold.
There is no lack of intelligent ideas being promoted, which would devise an new, equitable, zero-interest, zero-inflation monetary system.
Gold is just an arbitrary legacy, and going back to gold would be, in my opinion, a ridiculous throwback, fraught with problems such as those you mention, and others.
The real hurdle is that Illuminists now rule the global currency, and with it, us. They have their own new money scheme waiting in the wings, which they will pop on us in their own sweet time. They are not going to entertain alternatives that undermine their monopoly. And there is little hope that a human power can overturn them.
1truegospel.org
not entirely arbitrary.
Gold is not easy to create (sure it can be mined, but that takes time)
It's the only yellow metal - that means that you can use a touchstone as a fairly reliable estimate of its purity. This is important if the SHTF and there's no mass specs around.
not entirely arbitrary.
Gold is not easy to create (sure it can be mined, but that takes time)
It's the only yellow metal - that means that you can use a touchstone as a fairly reliable estimate of its purity. This is important if the SHTF and there's no mass specs around.
Really?
"There is no lack of intelligent ideas being promoted, which would devise an new, equitable, zero-interest, zero-inflation monetary system."
Name ONE.