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DIGG - WSJ - Gold Standard Needed - RP was right!

Submitted by JoeDanger on Thu, 02/12/2009 - 22:24

Daily Paul Liberty Forum

I made a digg for this

http://digg.com/business_finance/WallStreetJournal_Gold_Stan...

Go figure. The day AFTER the biggest spending bill in human history passes, they decide to endorse Ron Paul's viewpoint.

This mainstream endorsement

Submitted by stuki on Sat, 02/14/2009 - 00:37. Permalink

This mainstream endorsement of gold right in the middle of a major central banking clusterf&*( and at the beginning of what will become either excessive inflation, excessive taxation or outright sovereign default, makes me suspect we are closer to getting some serious traction than it may seem at times.

Even members of the self appointed 'elite' are obviously starting to have their doubts now.

As for the article, I fear we will have to have some serious tax reform before a gold convertible currency will be able to compete fairly with fed notes. As long as taxation is in fed notes, and is such a huge portion of pretty much anyones expenditures, the currency risk involved in conducting non tax business in gold will make it less attractive.

So, we need to focus simultaneously on both a tax revolt and a currency revolt. One without the other will be hard to sustain.

Ironic: Gold standard for a one-world currency?

Submitted by W. Campbell Douglass on Fri, 02/13/2009 - 15:39. Permalink

Article: http://online.wsj.com/article/SB123440593696275773.html

I think it might be important to realize that the WSJ and Fox News are now owned by Rupert Murdock (1). The Center for American Progress indicates that Murdock uses his mainstream media outlets to advance his corrupt (?) neoconservative interests around the world (2).

From the above WSJ link, notice how overtly 'New-World-Orderish' the language is in relation to gold. Instead of getting America back to a gold standard for America's sake and sovereignty, it's all about a new global monetary system:

A. "[A]ny move toward a new international monetary system based on gold will more likely take place through the grass-roots efforts of Americans."

B. "We need money that works for the legitimate producers and consumers of the world...."

Given the Gulf Cooperation Council's (3) and Iran's (4) recent dramatic moves toward gold, if the Vatican really does own as much gold as some people say (5), and if the Vatican has powerful relations with the Muslim world (6), maybe 'representative' Nancy Pelosi's visit with the Pope next week (7) has something to do with establishing "a new international monetary system based on gold."

I can just see the 'wonderful' headlines: "One-World Currency Based on Gold!"

This would signal the completion of 2/3 of the one-world triad, with 'only' religion remaining as the final 'front' to conquer (8). But some might say upholding the U.S. Constitution on behalf of all religions of this country alone might be the best approach for us to be taking.

References:
1. http://wwwwakeupamericans-spree.blogspot.com/2007/08/owner-o...
2. http://www.americanprogress.org/issues/2004/07/b122948.html
3. http://caps.fool.com/blogs/viewpost.aspx?bpid=125230&t=01000...
4. http://archive.newsmax.com/archives/articles/2006/6/6/151138...
5. http://one-faith-of-god.org/final_testament/end_of_darkness/...
6. http://www.reuters.com/article/topNews/idUSTRE49T54420081104...
7. http://www.drudgereport.com/flashpr.htm
8. http://www.thatsgoodmedicine.com/20-political-health-and-hea...

Gold has always been a world

Submitted by stuki on Sat, 02/14/2009 - 00:31. Permalink

Gold has always been a world currency. That's it's beauty. It's not dependent on enforcement by any government. No one government can artificially inflate (other than by getting on their knees and digging, I guess)

Electronic Gold As One-World Currency for One-World Government

Submitted by W. Campbell Douglass on Sat, 02/14/2009 - 13:15. Permalink

The technology is in place for us to have a global gold currency (1) and for us to readily make transactions in it (2, 3).

To think that 'no one government could enforce gold as a currency' might be naive, in the event that such government were a one-world government.

Perhaps we would be wise to start thinking carefully about - and directing our attentions toward - gold as the currency of a sovereign, independent AMERICA alone - not as the the currency of the 'Global Elite' and for the 'New World Order.'

1. http://www.e-gold.com/

2. http://images.google.com/images?q=national%20id%20card&oe=ut...

3. http://images.google.com/imgres?imgurl=http://www.gizmag.com...

That's fine, but if some

Submitted by stuki on Sun, 02/15/2009 - 23:34. Permalink

That's fine, but if some dude from abroad comes dragging with an ounce, his ounce is no different than my ounce, now is it? At least that's how I'm told it works when someone drags an ounce of 'that other currency' across the border from British Columbia :)

e-gold is neat enough, but not really 'currency', as transactions are simply account transfers.

To do electronic currency properly, you have to create an infrastructure for digital bearer certificates (google dbc's / bearer bonds / digicash / Chaum cash ...). I was somewhat involved with this back in the mid 90's, but the legal framework wasn't exactly what you can call friendly; and back then, the critical algorithms were still under patent. They're off patent now, but the legal (more like extra legal by now) environment post 9/11 is even less hospitable.

What an article!

Submitted by RogueCaspian on Fri, 02/13/2009 - 14:52. Permalink

I really like the "The Indiana Honest Money Act"... Ill be watching that to see what happens...it is a great example of how us small potatoes can make a big difference... if we got our local states to pass acts like that one we can silently kill the FED without every firing a shoot!

"Page not found"

Submitted by IMissLiberty on Fri, 02/13/2009 - 13:58. Permalink

Folks, Digg links don't work for everyone. How about a direct link?

IMissLiberty

—

You can reach voters in California, here: http://consequeries.com/California-voter-guide.php

keep on digging folks

Submitted by legalizeliberty on Fri, 02/13/2009 - 08:42. Permalink

"(Better) to be confused in the search for truth than fully confident and sound asleep in a dream of lies." ~ Michael Nystrom
http://www.votenader.org/blog/2008/09/10/statement-to-ron-pa...
http://www.flickr.com/photos/57925480@N00/2660779139

—

Website:
http://www.libertypoet.com/
Twitter:
http://twitter.com/LibertyPoet
“The most important element of a free society, where individual rights are held in the highest esteem, is the rejection of the initiation of violence.” Dr. Ron Paul

Read the article carefully folks...don't get too excited

Submitted by Sendero on Thu, 02/12/2009 - 21:15. Permalink

" ... a new international monetary system... based on gold will more likely take place through the grass-roots efforts of Americans."

Understand that to bring a one world government ( tyranny) they need absolute control of the currency. To accomplish this they break the current system with hyper inflation / depression to get the common folk to grab hold of a "gold Standard" solution..run by those same elite.

The WSJ article is not saying that America should go it alone to the gold standard and let the world do as they see fit . No, the article envisions a new INTERNATIONAL GOLD standard.

The bait and switch game at work - courtesy of the WSJ. The elite will now start talking about the gold standard in a good light...but only if under international elite control.

You couldn't be more wrong.

Submitted by Flame on Thu, 02/12/2009 - 21:59. Permalink

This article is clearly calling for a private market-produced gold standard.

"Given that the driving force of free-market capitalism is competition, it stands to reason that the best way to improve money is through currency competition. Individuals should be able to choose whether they wish to carry out their personal economic transactions using the paper currency offered by the government, or to conduct their affairs using voluntary private contracts linked to payment in gold or silver...Private gold currencies have served as the medium of exchange throughout history -- long before kings and governments took over the franchise...government officials should not now have the last word in determining the monetary measure, especially when they have abused the privilege."

Dr. Paul himself could have written this article.

...courtesy of the WSJ, as you say. Get over it people. The WSJ is, and has always been a fellow traveler with Dr. Paul on economics. Your NWO conspiracy theories are keeping you from thinking straight, and even reading straight. This media conspiracy you think exists, doesn't. Wake up. Get out of the matrix.

—

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The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul

"The conspiracy you think exists, doesn't."

Submitted by W. Campbell Douglass on Sat, 02/14/2009 - 13:29. Permalink

Hi 'Flame.' Thanks for your comment (per Subject). I hope it is true.

I agree with you regarding the importance of 'currency competition,' but please look at all or part of the links below - regarding evidence for the NWO conspiracy, and media (Murdock who owns the WSJ and Fox) - and please indicate with references of your own where you think they are inaccurate. Campbell

Links:
1. http://www.constitution.org/col/cuddy_nwo.htm
2. http://www.americanprogress.org/issues/2004/07/b122948.html

Responding to your second link,

Submitted by Flame on Sat, 02/14/2009 - 13:40. Permalink

The obvious reason why Fox was supporting war is because most of the public supported it. If you're in business to make money you have to give the viewers what they want. As support for the war tapered off, so did they'r expressing support of war. Otherwise they would lose viewers. It's that simple. It's not a conspiracy. Murdoch is in it for the buck.

About Murdoch pushing for relaxing antitrust laws and media ownership laws, great. I'm for the abolition of all antitrust and restrictions on free market capitalism.

The article castigates him for using tax havens. I think avoiding taxes as much as you can is the right thing to do for yourself, shareholders, and society as whole.

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'Flame,' please respond to the question

Submitted by W. Campbell Douglass on Sun, 02/15/2009 - 23:22. Permalink

'Flame,' you may be right that media control and foreign policy is as 'simple' as public demand for news. However, it seems to me that it is more complex than that and that there is a conspiracy.

Remember that 'conspiracy' means 'breathing together' and it can occur in either open or closed 'environments.' The New World Order is no longer a closed conspiracy (in my opinion).

Please respond to the links I provided above and indicate where they are wrong. I'm trying to learn the truth. Thanks, Campbell.

Dugg

Submitted by cowboy1165 on Thu, 02/12/2009 - 20:28. Permalink

My comment -Very good Judy, now change the title to. "Congressman Ron Paul says capitalism Needs a Sound-Money Foundation
Let's give the Fed some competition. Abolish legal tender laws and see whose money people trust."

All tyranny needs to gain a foothold is for people of good conscience to remain silent. Thomas Jefferson

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All tyranny needs to gain a foothold is for people of good conscience to remain silent. Thomas Jefferson

I like your title better

Submitted by realedreform on Fri, 02/13/2009 - 23:32. Permalink

I was disappointed that Ron Paul wasn't mentioned in the article...maybe it's time for me to order that "Ron Paul was Right" bumper sticker...

Excellent article.

Submitted by Michael Nystrom on Thu, 02/12/2009 - 19:41. Permalink

Excellent article.

—

'Always be yourself. Everyone else is taken.' - Oscar Wilde

To you anti-WSJ people,

Submitted by Flame on Thu, 02/12/2009 - 18:36. Permalink

what is with you guys? Why is this such a surprise? This is nothing new. The WSJ has always been a defender of a gold standard, low taxes, low-regulation, anti-welfare state free market economy for as long as it's been around.

Whenever a pro-free-market is a post from a WSJ article on this forum, there's always people surprised, incredulous, or mocking it. Where the hell have you been?

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WSJ = "National Enquirer" of finance

Submitted by Gary Patridge on Thu, 02/12/2009 - 19:38. Permalink

now that Rupert (bus full of dead nuns holding flaming babies flying off a cliff) Murdoch owns it. The man made his fortune reporting prurient acts. He's a deviant pervert. A purveyor of freak-shows. If he's pumping Gold, you can damn sure bet it's not for YOUR good.

The "old" Wall Street Journal used to report some valuable news. It's rapidly become a tawdry tabloid designed to serve someone else's agenda.

While we're on the subject of gold: I "get" the idea of a commodity-based currency- No problem with that. But what is gold good for? Someone please explain what are the magical properties of gold, that we should all be chasing-after it like fools. It's a YELLOW ROCK. Wow! Are we still that collectively dense that we are amazed by shiny rocks...

If food was scarce and YOUR family was threatened, would YOU accept a piece of gold for a bushel of corn?

Ya, I didn't think so. Me either.

Gold-worship is just plain stupid. Gold is as worthless as paper money.

"Gold is as worthless as paper money."

Submitted by W. Campbell Douglass on Sat, 02/14/2009 - 13:43. Permalink

Thanks Gary. I must disagree with your view (per Subject).

My understanding is that anything with truly limited supply (anything that is 'precious') and that is portable, could serve as a currency. Gold fits that description well. Therefore, gold and redeemable dollar 'notes' are not worthless if - in addition to barter - they are the primary means used for the exchange of goods and services.

Here's an image of one of America's old $10 dollar bills "REDEEMABLE FOR GOLD ON DEMAND": http://www.geocities.com/tthor.geo/graphics/1928_10_frn.jpg

PS: If gold could be created through alchemy, it's value would fall to zero and would thus not make for a viable currency.

Gold is simply a better

Submitted by cklester on Thu, 02/12/2009 - 21:08. Permalink

Gold is simply a better currency than fiat money, for many reasons (which you can Google yourself).

Read the article and I think you'll understand.

Or are you just trolling?

One of the paragraphs you might've missed:

Fiat money -- i.e., currency with no intrinsic worth that government has decreed legal tender -- loses its value when government creates more than can be absorbed by the productive real economy. Too much fiat money results in inflation -- which pools in certain sectors at first, such as housing or financial assets, but ultimately raises prices in general.

Another:

So we must first establish a sound foundation for capitalism by permitting people to use a form of money they trust. Gold and silver have traditionally served as currencies -- and for good reason. A study by two economists at the Federal Reserve Bank of Minneapolis, Arthur Rolnick and Warren Weber, concluded that gold and silver standards consistently outperform fiat standards. Analyzing data over many decades for a large sample of countries, they found that "every country in our sample experienced a higher rate of inflation in the period during which it was operating under a fiat standard than in the period during which it was operating under a commodity standard."

It's not that gold is shiny and pretty. It's that it is a better store of value than fiat money. You mock the seeming worthless value of gold while holding a pocketful of worthless paper you call "dollar bills?" That seems ironic at best.

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Got gold?
http://www.realmoneyrocket.com/index.esp?id=5432976148

—

http://www.realmoneyrocket.com/

I'm not arguing against a real monetary system

Submitted by Gary Patridge on Thu, 02/12/2009 - 21:34. Permalink

based on value- Please don't get me wrong. But, it won't do any good to replace the fake, faith-based paper money system by going back to gold. Gold failed in the past and it'll fail in the future. It is not a reflection of real human value. It's a rock. Other than marginal scarcity, what value does a chunk of gold have over a (worthless) Federal Reserve Note? Can your son or daughter eat it for breakfast?

So "we must first establish a sound foundation for capitalism by permitting people to use a form of money they trust."

Who, exactly is We? Are We, "They"

Marx and Pharoahs be damned. The only TRUE measure of value is physical land and in our INDIVIDUAL ABILITY to defend it. Everything else is illusive bullshit.

Why is Gold the best money?

Submitted by beesting on Thu, 02/12/2009 - 21:04. Permalink

The founders wisely put the Gold/Silver clause into the Constitution because it was the best foundation on which to build a monetary system. Gold didn't rust, it was divisible, it was easily transported, it was scarce, it had many other uses the least of which was jewelry, Governments or crooks couldn't counterfeit it, Governments couldn't print or create real Gold. Since a Government couldn't create Gold the government would remain small in scope as was the founders intention, un-necessary wars couldn't be paid for, all other commodities and wages could be "Set" to the price of Gold.

Gold would cost what it cost to produce it adding in a small profit, this price didn't vary very much during the Gold standard days.

On the Gold standard a central bank was not needed because much of the Gold was held in private hands and private local banks. Now, we have huge amounts of Gold hidden in the vaults of Central banks gathering dust, while the bankers destroy the value of currencies worldwide.

Oh, and as to the misconception that economic expansion was limited under a Gold standard,,,"From 1865 to 1913 under the Gold standard, U.S. growth averaged 4% per year, beginning the period producing 1/2 as much as Great Briton, and ending the period producing twice as much, with no Central bank and NO income tax!"

Please pass this on to our Gold doubting friends, thank you.

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beesting

Why is Gold more valuable than rocks?

Submitted by beesting on Thu, 02/12/2009 - 21:32. Permalink

Because it is valued by supply and demand, rocks are plentiful while Gold in all forms is scarce.

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beesting

Beesting: Respectfully; Digging gold out of the ground

Submitted by Gary Patridge on Thu, 02/12/2009 - 21:17. Permalink

is the job of slaves. I've heard all the arguments for "won't rot" and "store for wealth" and "it has great industrial uses", but the fact remains that a man cannot survive (for a day) on gold. Gold is worthless beyond the illusion of its worth (kinda like paper money). One can't do squat with gold. It's a rock. You can't even build a fit house with it.

Land and the products of our imagination... THOSE are the things that have real worth.

Gold is just a trinket for the Pharoahs amusement... something designed to keep us busy, hoping for an extra portion of grog.

It's a frickin' rock.

sorry if you've invested a portion of your life's worth in gold. fooled again!

I think you missed the

Submitted by john2k on Fri, 02/13/2009 - 02:35. Permalink

I think you missed the point. Gold is better than paper money for the simple reason that government cannot make more of it by force or decree.

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How is Gold mined in the U.S.?

Submitted by beesting on Thu, 02/12/2009 - 21:38. Permalink

Mr. Patridge, if you ever get the chance drive I-80 through northern Nevada to see how Gold is mined. The equipment might surprise you.
Last I heard Nevada is the 6th largest Gold producer in the world,,,and why would anyone take a trip through the desert with no food or water?

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beesting

Gold doesn't rust.

Submitted by Flame on Thu, 02/12/2009 - 19:42. Permalink

It's that simple. It doesn't corrode, rot, or decay, so it's a great store of value.

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Oh...

Submitted by Gary Patridge on Thu, 02/12/2009 - 20:16. Permalink

no kidding, Sherlock. It doesn't corrode, rot or decay. Now there's real value.

There is no real value in gold. It's an utterly worthless rock. But Congratulations! You've bought into the Emperor's dream... so get busy digging slave.

If you were alone in the desert for 40 days with no provisions, would your first thought be, "Geez, I wish I had some gold".

With all respect to Dr. Paul, gold is a sucker's play. He respects it for its historical value and I understand. But in reality, the "emperor has no clothes". You could have a freight-train full of gold and still starve to death in the cold. It's a shiny yellow rock. Who cares?

All these folks rushing to gold are gonna wish they'd bought land (outright) and guns and ammo and seeds. The rest is a game for the rich folks.

There is no real value in

Submitted by john2k on Fri, 02/13/2009 - 02:39. Permalink

There is no real value in gold.

Is there "real value" in paper money, either? The difference is that the government cannot make more gold while with paper money they can print 24/7....

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Wrong.

Submitted by e_goldstein on Thu, 02/12/2009 - 20:21. Permalink

Gold is used in at least 16 diiferent medical and commercial applications.

http://www.utilisegold.com/uses_applications/

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"the only thing that keeps the banking system from failing is general ignorance about how the banking system works."
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