@TBird4490 with relative gold standard if could would work. There would be not need for gold Reserve but money supply is determine, by price of gold. The price of gold goes up the money supply will go down. if price of gold goes down the money supply goes up.
Just goes to show how government in the economy is terrible for it. Freakin liberals that think that more small businesses will be made if you tax them and regulate them. This government is no longer by the people or for the people
What if rather than going back to a gold standard we treat money like you said: a commodity? If we could cut government spending on any kinds of entitlement programs and hold our representatives responsible for printing money and creating inflation wouldn't that accomplish the same thing? I know everyone is going to say it's the Fed's fault but if there was no reason to print more money and people actually paid attention to what is going on in congress then our money would be worth more.
No, At the current time The Fed is very hard for the congress to get any real insight into or to controll in any matter. (That's part of the purpose of it actually, as it is supposed to minimize the speculation it causes.)
Yes, other than that; If they printed PAPER money that is. But they shouldn't do that since it would still be a tax on the people, were it to cause inflation.
If they could only make gold and silver coins however inflation would be limited to the supply
@streetz23 the Fed doesn't print money. over the last several years the currency in circulation has not shot through the roof. other measures have nearly tripled, yet somehow we haven't had any crazy inflation. then again the austrians care little for reality or observable data.
@AllenJeffreyGurfel you're right the Fed doesn't print money the US Bureau of Engraving and Printing does but the Fed does authorize it. Inflation could be seen throughout history as a coca cola bottle was 15 cents 50 or so years ago, but that was before the Fed caused massive bubbles i.e. housing bubble, dotcom bubble, and the soon to be college bubble which destroy the economy and allow reckless government spending.
@AllenJeffreyGurfel (cont.) With the economy in shambles the Fed has no choice but to try to save itself by authorizing to print more money i.e. stimulus which is only going to increase the national deficit, devalue the currency, and create more inflation. That is when inflation will shoot through the roof.
fundamentally it might be good to go back to a gold standard, but if we did the average American net worth would fall more than 90%. Our economy and society would collapse. It would be a very painful time, but it would be the bottom. And in 10 or 20 years our economy would recover based upon restructuring our manufacturing and exporting markets. But no political administration will ever do it.
@lmolinari78b Presumably any effort to restore a gold standard would be implemented in phases rather than saying "ALRIGHT! Everything's backed by gold now!"
I'd have two questsions: 1. As we know when Roosevelt became president 1933 i think he made it illegal to hold gold, and forced Americans to sell it to the state and the punishment was fine an 10 years in jail, I think. Does anyone know how many people, if any, was jailed for keeping gold in that time? And second, what happened to all the gold that the government had after Nixon put and end to the GS? Thanks.
@deletemepleez Yes but, until 1971 it was still GS, a special form of GS. USA guaranteed to convert USD for Gold (it means that there were certain amount of gold prepared to be converted upon request) but FED printed more money, which led to decrease of the value of Dolar, then for instance France demanded to convert USD for gold, but there were much more dolars than gold, so Nixon ended this system.
@Sharukkin yes, I agree. but the that was foriegn debt, not domestic trading of the usd. We havent been using the gold standard since 1933. All france had to do to exchange us debt for gold after '71 was sell the debt then buy gold on the futures or comex. big deal! its nothing compared to what FDR did! But nixon gets blamed for taking us of the gold standard which he didnt, he took foriegn debt holders off the GS.
@deletemepleez To be honest I'm not a expert on this matter or maybe my english is not too good, but I don't quite get what you've said. Actually I left the comment in hope to have this issue clarified, I was rather asking that claiming. But thanks.
I'd like to rectify OP's interpretation of "fiat currency" @ 0:33.
Fiat Currency has no intrinsic value and is not backed by anything other than the faith and the belief in its worthiness. Gold standard, when a currency has pegged its value to a fix quantity of commodity, is noted being "representative currency"
To say Gold is "useless" as a metal is just incorrect, but eventually we will replace it's use in electronics with even more efficient nano-tech derivatives. I believe it's better to back our money with the flow of goods and services because that allows for innovation and growth within what backs it, vs a static material that may become outdated in it's use and value. Money just represents extremely complex bartering at this point, based on our potential to innovate, not stagnate.
Thanks For posting! I Totally disagree with the concept though and feel if the main motivator behind this is government fueled inflation; then we should focus on reversing government fueled inflation. The "value" of gold is a much less relevant/timely indicator of economic strength than our current system. (After all is said and done, 2 loaves of bread is worth 1 lb of beans and 30lbs of beans is worth a pair of slippers) and true inflation reflects the value of items relative to one another.
@bjones256 our fiat currency is a unit of account and it is used to measure the value of of goods. the gold standard is stupid. Having one is akin to placing your above average son in a special ed class
Lets pretend we adopt a gold standard right now, what about the remaining debt? Not trying to debunk your claims I am just curious as to how we can get out of the pickle we're in.
This is ridiculous and regressive. Like Warren Buffet said, "Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
It's pointless to take a useless metal with no utility and place a value on it and decide entire economic decisions on the supply of a useless metal.
@sesamestreetgang Gold is useful. According to Wikipedia, it is used in electronics, commercial dentistry, and other random places. Saying gold is useless is on par with saying that copper is useless. If as much gold as copper existed then our power lines would be made out of gold and not copper. Gold is only valuable because there's not a lot of it. You said, "Place a value on it": Only in central planning does anyone put a value on anything, otherwise the individual puts a value on his assets.
@pipkguitar You clearly missed the entire point of Mr. Buffet's quote. Can you see that Gold is entirely USELESS if it is NOT BEING USED. Imagine if we took something like Copper and started placing a much higher value on it than it's actually utility is worth. Then imagine if we actually went through the trouble of mining Copper and then just LOCKED IT UP without using it, then paid people to guard it. It's pointless, frivolous and outdated logic. A return to this would be very regressive.
Gold is a quantifiable resource one we can very easily keep track of, there is not enough gold or silver on the planet to cover the US debt just does not exist nevermind the rest of the world. Even if there were as a hypothetical your debt is higher than the global GDP it cannot ever be paid off no amount of cutting programs or tax hikes will ever resolve it. I
The greatest problem in the US, EU, UK in general is that they have dismantled the productive economy like industry and so on.
The Third Reich had a strong economy based in production of goods, industry...
Hitler refused the gold standard as he refused the international financiers to get the money and he printed money backed in the strong national German economy, not in the international finantial System.
this is why the bankers, ruling mainly US-UK declared war to Germany
You also have to remember that we had the gold standard in 1929 and the first four years of a depression. Nixon was forced to give it up because other countries would exchange their dollars for USD and buy gold. Result was gold was cheap to them. Therefore, the country was being depleted of gold. We have to be careful on what we do. But definitely END THE FED. Remember it is not the stock market that causes a depression. Rather it is the contraction of the money supplyortheammountof *principal.
I like the idea of backing paper currency with something like gold in order to limit the amount in the economy to protect it's value. However there is one thing I can't get my head around; where would all the gold backing the currency come from? I wouldn't sell my gold for paper. Would we, as a nation, sell parks, land, bridges, etc. to rich people to get the gold? Would people now holding a lot of gold own all banks? Confiscation? Fort Knox has some but likely not enough.
@zklarer good point, but don't forget the fixing change... technically, with 1 Kg of gold, you can cover all the world... all depends from the fixing...
A return to the gold standard is not only a practical solution for controlling inflation it will restore both confidence in our currency and reestablish the true value received for an individuals labor.
To control it's value in relation to the money supply I suggest using a fractional system based on the market price of gold, instead of a fixed price such as was used in the past. This would allow the supply of currency to reflect it's true value while maintaining its intrinsic value.
Youre not gonna stop a rock from dropping with what amounts to a napkin. Just prepare for impact and get enough metals to last you the transition time.
The gold standard is not freedom.Is a feudal slavery.You never talk about the fixing, which is in the hands of 6 people around the world, Rotschild, Goldman Sachs and other I cannot remember. If in a GS an ounce gold counts like your car, this is not fair for you.You 'll be deprived in a glimpse.
The gold standard (GS) has been tried. It worked well for short periods, but only when all central bankers followed the rules. The last time, when France & Belgium chose to bend the rules, Britain was forced to bale, and then the US. The gold standard is deflationery & causes unemployment to rise sharply -- good if you have runaway inflation & full employment, but otherwise not so smart.
@mayalibre I think all they want is to cause a major world unemployment to force us to accept slavery condition of work. They want to return to a feudal system with no rights. Don't think money or gold is their richness: it isn't. Begin to think that their richness is the PEOPLE who work and produce at a very low salary for their too much paid pleasures.
@RicoBoudreau This was what I meant:The gold standard is not freedom.Is a feudal slavery.You never talk about the fixing, which is in the hands of 6 people around the world, Rotschild, Goldman Sachs and other I cannot remember. If in a GS an ounce gold counts like your car, this is not fair for you.You 'll be deprived in a glimpse.
APPARENTLY ALL THESE BANKS ARE OWNED BY THE ZION JEWS IS THIS TRUE. OR IS SOMEONE GIVING OUT FALSE INFORMATION. I KNOW NO JEWS HAVE HAD THEIR MORTGAGES FORCLOSED ON. i OWN 14 HOUSING COMPLEXES 5 UNDER MORTGAGE STILL I AM WONDERING WHEN THIS WILL ALL FALL APART i AM TRYING TO SELL 9 FOR 9.8 MILLION GOLD ONLY THEY ARE WORTH 15 MILLION. I AM DOING THIS SO THAT THE BANKS CAN JUST FUCK RIGHT OFF.
WHY DONT WE JUST GO TO WAR AGAINST THE GOVERNMENT AND FUCK THIS SHIT UP. I FOR ONE AM SICK AND TIRED OF LOOKING FOREWARD TO AN UNCERTAIN FUTURE IF WE TAKE OUR COUNTRY BACK WE CAN LIVE IN PEACE ONCE AGAIN. I AM PREPARED TO DIE TO GET MY COUNTRY BACK
This is a complex issue. We have not been informed at all about how our money actually works. I wasn't. The truth is that "Money is Debt", as Orwellian as that sounds its actually true. The gold standard was ended in 1933. Now money is created when someone takes out a loan, & destroyed when money is paid back. The "Federal" Reserve, is NOT part of the Federal Government! It is a privately held international bank. To understand much better watch: TinyURL dot com slash RepealFed.
Bank interest is the cause of inflation! As revolutionary as this sounds, the best thing we could do is repeal the Federal Reserve Act, dismantle it & all commercial banking completely. The US should then create its own Zero interest bank to create money. It would do this by spending money on public works & helpful programs. When the supply of money starts to get to high, levy taxes, & destroy the money collected. When more money is needed, the government would spend more money on public works.
@TheAttackRat I'm not sure if you mean just part of my thoughts or all of them. But ether way what I've said is completely true. When it was first presented to me, I thought the person was nuts too, until I did some research on my own. Our money is debt. When the debt is paid back the money disappears. The banks create the money we borrow but they don't create the money for interest on the principal. The interest money comes from other debts. Please View: TinyURL dot com slash RepealFed for info
@ContaMuir17a thats not what i mean. the whole, "the US should create a zero interest bank, spend money on public works and such..." that's all wrong. just remember money is a good like everything else. (well at least it should be without the fed)
type this >>>v=iYZM58dulPE<<< after the 'watch?' in the url bar. u need to get the history and theory down.
@TheAttackRat You're on the right track, but you haven't quite put all the pieces together yet. Both the FED & Banks, create money out of nothing, then charge interest on the money they didn't have to lend. They create the loan money but not the interest money. The interest is raised by selling things to other people who take out loans to pay their debts. They then charge higher prices 2 other borrowers, to pay off their debt, etc etc etc. Type view_play_list?p=C6A17B4781A88C5C where watch is.
@TheAttackRat In the United States, money stopped being a "good" in 1933, when we repealed the gold standard. Money now is only a concept that is created when someone takes out a loan. The money the banks create is destroyed when the loan is paid back. Additionally even if we were on the gold standard, the fractional reserve system would eventually give all the gold & properties to the banks. This is why Banks need to be zero interest controlled by the US government not a external private bank.
@TheAttackRat Listen, I've created a 10 hour YouTube play list that deals with this subject in depth. During this process I've watched at least 40 hours of videos, & I've researched it on other web sites. I'm very well versed. When I started, I was confused. Banks want us to be. The play list I've created explains the issues very clearly. It takes the confusion away very quickly. I suggest you might benefit from watching it too. Here's an easy link to it: TinyURL dot com slash RepealFed
@TheAttackRat Although the bank is called "The Federal Reserve" it is NOT part of the United States Government. It is an independent international bank that creates money for the USA. It charges interest to the US government for the money it creates out of nothing! If the US repealed the Fed Act, we could create our own money when we needed more without more debt interest, & destroy it when there's too much money. People are under the illusion that the Fed is part of the US government.
@ContaMuir17a ok if you were well versed you wouldn't suggest another central bank! money should actually be intrinsically valuable, or at least its value within grasp of the people who own it. by suggesting we should dismantle commercial banks to be replaced with a gov central one is crazy! it needs to be completely private. are you not aware of the debate between keynesian's and Austrian economics?
government control of money supply is dangerous; hence the inevitable depression, coming soon.
@TheAttackRat You still don't get it. In a truly democratic society, the actions of the Governmental bank would be open to scrutiny. Indeed competition would exist between completing political parties to do the best job for the economy. The real issue is Bank Interest by a bank that creates money out of thin air. Whatever agency does this is irrelevant. But the people need to have a direct say into what goes on with this bank. Currently the secret FED is not audited, and answers to no one.
@TheAttackRat The bank, whether public or private would need to be nonprofit, because a zero interest facility would have no earnings to support itself. Therefore it would depend on public monies to exist. So it would need public money to operate. Certainly a means to eliminate & police corruption must be installed in it. Our current system is unbelievably corrupt. They will not want to give up their power easily. We cannot escape harm caused by usury interest banking & inflation otherwise.
@TheAttackRat What's really crazy, is that the US government is charged interest charges on the Fed's money, which the Fed creates out of thin air! How do you keep missing that point? The Fed is robbing the people blind. Because all of the money it creates has more debt tied to it. So we need more money to pay off that debt which we get from the Fed, which has even more debt tied to it. What part of this are you missing? Our system is nuts! Without debt there is no money! Do you understand?
@ContaMuir17a i know all this about the banks ok! stop assuming. i'm with you up until your solution. ..it's like you think people are just realising this or something? people have known the banks were in control long before this. and in many ways they haven't necessarily been trying to destroy the economy, only leech off it as and be the real power source. no truly democratic system can actually compete against totalitarian states when all gov agencies need to be accounted for
@TheAttackRat I cannot speak for Australia, but I know the true nature of money is almost never taught to Americans. Everyone I've spoken to about this didn't know our system is this way. Some intelligent people in positions of power think we are on the gold standard or some variation of it. Almost no one understands that money is debt. We see images of the US mint & Fort Knox, and that's basically all we're told. I think you'd see a revolution if they suddenly all realized it at the same time.
@TheAttackRat (Shuddering at your thoughts.) "Only leech off it ... and be the real power source" You've got to be kidding? Only Leech & be the real power source? You mean give everyone the impression we have a government while they continue to rob us blind? These folks know exactly what they are doing. The exponential growth curve of inflation is about to extend into hyper-inflation range. This could cause the fall of our governments. But hey, they're only trying to be the real power source.
@ContaMuir17a now, ur solution is whack. taking a fed away only to essentially give it back. how long do you think it will be until the top private businesses are back in the money game? there is no way it (gov) could be so secure. also, government itself is tempted to change the laws in times of uncertainty. if they can bring in the patriot act in, they could easily slip in a catch 22 with out causing much notice. no-one should be able to create money. a true gold standard is needed.
@TheAttackRat You keep arguing for the existence of an interest-based fed-like private bank, which is the definition of insanity. We have it now! It doesn't work! ANY interest-based banking system causes inflation. The only way to get around this is to put the all the money created by interest charges back into the economy, and periodically destroy excess money. This is essentially what the gold standard does, but a fiat-based system also avoids the negative aspects of the gold standard.
@ContaMuir17a omg, i just read. u think the fractional reserve banking should go? ah gawd... u have a lot of econs theory to learn. Every major achievement of pretty much every civilization was created through some form of fractional reserve banking! just look into austrian economics and watch that second video... you might want to look for a intro is econs isn't your forte' though.
what is important is that failed FR Banks fail and pay for it. and that people know the risk of FRB
@TheAttackRat Go back and watch the video you recommended to me. The opening words are...
"The Federal Reserve System virtually controls the nation's monetary system, yet it is accountable to no one. It has no budget, it is subject to no audit, and no Congressional Committee knows of or can truly supervise its operations."
The fractional reserve is part of this uncontrolled system. A national bank could do the same thing with little or no interest charges, & keep its "profits" IN our economy.
@TheAttackRat I don't have as much to learn as you think. I agree that "some form" of fractional reserve is needed. But This "form" could be a non-profit National Bank with the power to create & destroy money, (Like the Fed has now.) But it wouldn't necessarily have to based on a primitive gold-standard. The most vital part is that instead of money being created as debt, excess money would be destroyed to prevent inflation. This is an advanced concept it might take you a while to comprehend it.
@ContaMuir17a ok you still dont get it. banks are just people holding people's savings and lending them out. this is FRB-ing. As soon as you make it law for the government or any private institute to have special powers over the rest, there WILL be corruption. you want a non-profit national bank to do it? the gold standard isn't primitive, the previous 1933 one was, but it can be done.
who get the money when this national bank creates it? this is not advanced at all, it's naive.
@TheAttackRat Ahh, no, that's not the case but in USA. Banks do NOT lend out other people's money! They create the "money" they lend out of thin air & people's promises to repay the "loan". "Money" is debt, it is just a number added to a bank account. They do not actually have the cash they lend. Yes, they are required to have ~10% "reserves", but this "reserve" can be debt from other people. When loans are repaid the principal "money" is destroyed. Banks charge interest on money they never had!
@TheAttackRat We already HAVE a law for a private institute to have special uncontrolled powers over the rest. Its called the "Federal Reserve Act"! We have corruption too! Sorry, but as any "intelligent" species that must resort to having a rare shiny metal as the basis for its monetary system, is by definition, primitive! New businesses, health care, improved highways, bridges, homes 4 the homeless, improved utilities, transportation, lots of ways to spend money as the people vote & decide.
@ContaMuir17a the reason why i advocate a TRUE gold standard is not because it is shiny. but because it can't be artificially inflated. That same argument can go back on you and i could say, and 'species' having paper as thier monetary system (because species have those), is primitive. ... all value of anything, even essential for life food exists only in the mind. gold is just a something people can't tamper with the supply of.
@TheAttackRat No, the gold standard is primitive because it is based on something "valuable" rather than the most effective amount of currency being derived by scientific mathematical analysis and social feedback. The most effective amount of of currency may indeed change as population levels change. Gold is static. Then there are international exchanges to contend with, along with new very large sources of gold being found, alloys , hoarding etc. A mature society should be self-deterministic.
@TheAttackRat If we're not a mature self-deterministic society, then the gold standard may be our best option.
When fractional reserve interest banking is applied to the gold standard, & the banks do not spend all of their interest profits in the economy, or worse yet export it to other economies we will be at risk. Primitive banks will always win.
If we stay primitive, could we ever even partly replace the profit motive with a directive to give the most to those who give the most to others?
@ContaMuir17a The whole reason the bankers get to the top is because there is always the incentive for gov and bankers to do so. and they WILL, easily get control in a non-profit government bank. IT WILL NOT WORK. and you miss the point where we want to keep power decentralized.
@TheAttackRat Banks, including the Fed, create money out of nothing to provide "loans". But they do not create the money for the interest. Interest is obtained by companies selling products at constantly higher prices, to others who have their own loans, who need to charge higher prices to pay off their loans. But none of this loaned "Money" is real. It just a numbers game played by the bank. Banks are the only possible winners in this unfair game. To keep it going banks must keep lending.
"the government would spend more money on public works."
do you not realize the incentives this creates for inflation! and that inflation IS tax. there is no difference between their government taking your money, and creating inflation by increasing money supply.
@TheAttackRat The national bank would collect & destroy any excess money in the economy through apportioned taxes precisely to prevent inflation. No, inflation IS interest! The Fed charges us interest on our own money supply! Our citizens work 34% of the year just to pay interest charges on on money that was created from nothing! None of our income taxes go to help citizens. When the government helps people it has to borrow more money from the Fed, & incur more debt. Its a vicious cycle!!!
This is a complex issue. 99% of us have not been informed at all about how our money actually works. I wasn't. The truth is that "Money is Debt", as Orwellian as that sounds its actually true. The gold standard was ended in 1933. Now money is created when someone takes out a loan, & destroyed when money is paid back. The "Federal" Reserve, is NOT part of the Federal Government! It is a privately held international bank. To understand much better watch: TinyURL dot com slash RepealFed.
It makes far greater sense to use a fractional gold standard world wide to replace the current system in order to control inflation and manage the ebb and flow economies.
@gildavis The gold standard is much preferable to our system now where money is debt, but the gold standard used with fractional reserve has inherent flaws 2. Among other things, eventually the banks will own all the gold & property in the economy. There is hoarding. Impurities in gold. What happens if a large natural source of gold is found? The fiat based money system solves these issues IF & only IF government controls the amount of money with no interest! see TinyURL dot com slash RepealFed
we all have become the victoms of jewish suppresion.american presidents come from jewish freemasonary and skull and bones. only islam liberates people from slavery of tyrants. islam forbades intrests , markup etc and propmotes gold standards of dirham and dinnar.20 dinar(gold)=200 dirham(silver).you all embrace islam .deny the jewish one eyed false god in bermuda triangle which is also seen in us dollor.beleive in only and only in one almighty allah.destroy the jews everywhere in usa and europe
@aamirabdulsalam I agree that most people do not understand the true dangers of interest banking. Interest is a vicious cycle of continuous exponential inflation & more debt that will eventually end in complete collapse. But Islam itself is an even greater threat to free western civilization! Sharia-Compliant financing is used as a foot in the door to convert other cultures to unwittingly accept the dangerous political ideology of Islam. Please See TinyURL dot com slash DangerIslam 4 more info.
Part 2: I am talking about actual gold and silver coins "in circulation". I am assuming that a gold backed "paper dollar" but "not redeemable" might be the answer. But then you run into the problem of "is the paper dollar actually backed by gold on hand" and would the govt agree to a yearly "independent" audit of Fort Knox
I was thinking...and I am by no means an expert on this, but I find it interesting .In order for the USA to go on a gold standard the price of gold would have to be fixed at some declared price IE: $100 an ounce, $500 an ounce $1000 an ounce etc. So, unless the rest of the world governments all fixed it to the same price people could take their gold (coins) currency out of the country and sell it over seas for a profit.....thus our gold leaving the country. Any thoughts on this???
@inkey2 : President Kennedy warned us(as nicely as he could)about the danger of our gold leaving the country. Only that awareness and determination of purpose in an elected executive who speaks their mind can show us the way back to the surface of the water.
All the gold ever mined is about 150,000 tons, which in dollars equals about $6T US. Laurence Kotlikoff estimates the US fiscal gap at $202T US. I'm guessing the lesson you would draw is that there isn't enough gold to meet the demand for money. The real lesson is that when a nation goes off a gold standard, monetary insanity ensues.
@7Hook I agree with you. But that's not the real lesson, many nations have good monetary policies - I live in Brazil and we live 15 years of continuous responsible monetary policies. The problem isn't gold standard, the problem is having any standard, even an abstract one. Not having inflation and growing the GDP is a good standard, actually the best one.
The US has an abstract standard right now. It is that the FED will protect the value of the dollar. Its false. One purpose of having a commodity as a standard is so when the banking system starts debasing the dollar, by printing or excess credit, people can exchange their dollars for real money, the commodity, usually gold, and put the pressure on the banking system to stop debasing the dollar. Its a real feedback, real pressure, and not just promises.
The gold standard was restored in 1944 during the Roosevelt Administration at Bretton-Woods New Hampshire. An ounce of gold was priced at $35/oz and was redeemable. In 1971, during Viet Nam war-era deficit spending, currency speculators started redeeming for gold. Nixon "temporarily" suspended the gold window. As we all know, no president ever bothered to restore that discipline.
Good commentary. I would add that whether fiat or backed currency, nothing short of a barter economy can replace trust in the markets as a stabilizer and trust is not a commodity that can be created except by reasonable regulation, diligent observance, and strict enforcement. The trick is to keep the regulation reasonable and inject enough of a credit float to grease the economy so that high transactional efficiency spurs massive creation of REAL wealth, curtailing a culture of corruption.
That's what the Bretton Woods Agreement was for. A guarantee of $US 35/oz for Gold fixed the $US to gold and let the monetary supply increase. It didn't start failing until our "friends" in France on the back of the Vietnam War, which they started, began redeeming $US for actual gold. They weren't technically supposed to do that in which case the system would have worked. But these are the folks who eat snails and invented the Guillotine, so...
companies can have the "freedom" to issue and pay their employees in their own money. Its like having a company store that sells and only accepts their payment for their goods. Ford tried to do it, and he was a big fan of fascism.
Currency has always created bubbles of fake prosperity for a period and then destroyed the empire through hyper inflation. It happened in Greece, then in Rome, in Zimbabwe and so on. Fractional Reserve banking creates a bubble and then destroys the society through massive depression where bankers prosper and the middle class is wiped out. It happens time and time again through history.
I'm a pretty big advocate of the gold standard, however I just watched the money masters and apparently it claims we don't have any gold in fort knox and if we went on a gold standard we would be flat broke. This is certainly something worth debating, if a group can horde all the gold and even falsify how much it has and give out paper notes (like gold smiths did with gold money at first) aren't we left with a huge problem still? Is competing currencies the answer?
It's worse than that, there isn't enough gold in the world to equal the worth of all the money currently in existence.
If the world went on the gold standard we'd either have to give up most of the money we have now and just burn it, or we'd have to assign fiat value to the gold.
Dual gold/silver standards don't work because arbitrage either depletes the supply of one metal or forces their values to converge, which is just a roundabout way of having fiat money again.
Nahhh. The US will oneday just declare itself bankrupt. "Sorry China ... we can't afford to pay you the 25% of our total foreign debt which is owed to you. Tell you what though.... For every 1000 $ US we owed you, we will pay you $1 of our new "Fantastic Majastic" $ (the new US currency). Take it or leave it China (and every-one else who we owe money to). You don't like that deal? Too bad. Our troops boots are on the ground and we control all the recources anyway. Business as usual tomorrow!!!"
Gold and silver have no intrinsic value. When gold was discovered in S. America by the Spanish in 16th & 17th centuries, and carted it back to Spain, it caused high inflation. Also, the money supply is increased by lending. If a bank is required to keep only 10% of deposits on hand and lends the other 90%, then the m/s is increased by 90%. What's the difference if money is worth less or we have drastic deflation & have to starting minting coins worth 1/1000 of a cent? Currency value is relative.
@smrne I strongly disagree that gold and silver have no intrinsic value, not only are they rare and considered to be beautiful (sure this can change but it hasn't in a while) they are precious metals. They have qualities that other metals do not, gold doesn't rust or tarnish most other metals do.
Yes, it's pretty and rare, but you can't eat it, wear it, or be sheltered by it. Hopefully if you have it you buy those things with it, but maybe not. Bullets or puka shells could just as easily become media of exchange. The fact is that the gold in and of itself doesn't do a damn thing for you. If you have a pile of gold and I have a pile of food, all your gold will do is help you starve if I am not willing to exchange my food for your shiny, pretty objects.
I agree with you on that point, that's why I personally lean towards a commodity backed currency it doesn't have to be gold and silver (although that's what I'd prefer) but regardless money should be backed by something if not then I don't see the point. No group of people are responsible enough to not print a currency into oblivion in my opinion and history backs that one up, so whether's it's gold, silver, apples or oil it should be something of value that has a limited supply.
@smrne I dont want have to trade 3 trout and 16 chickens for your beltsaw lol...You can condense a whole field of corn into a few coins..after you have food! lol..sry babbeling :)
Stop the printing of fiat money by stopping Congress from borrowing money on the credit of the United States (the people). To do this, abolish Clause 2, Section 8, Article 1 of the US Constitution. Result: no inflation, no deficits, sound money
@VUriyV Hehehehehe the Canadian currency is not backed by gold either. The Canadian dollar is not backed by gold or silver either. So if the US dollar tanks and follows that of post - WWI Germany the Canadian dollar will follow.
"Statist" is a euphemism for Socialist. They wouldn't know value if it fell on them--they can't even admit to themselves what they are. Gold is everything when it comes to a national economy. The Ian Fleming novel "Goldfinger" describes the situation in great detail.
The FBR is a privately held corporation organized exclusively to "corner" and control our nations wealth. The concept that "we the people" or our "elected government" contols the Fed is the design of a ruse put forth to the nation.
Also, if you do your homework and reseach the history of "gold backed" monetary systems, you will find out they are another "ruse" to ultimately accompolish the same purpose as our FBR controlled fiat currency is doing now.
With enough Americans armed to the teeth and the dissemination of knowledge like this among Americans something is going to give and it is not going to look pretty.
Very well put. I hope we don't do what the French people did in 1789, but our government is not listening to us, so I can only throw my hands up and see what happens. And those awful words, "We never expected THIS to happen!!!" My response: "Well, exactly what DID you expect? How far did you think you could push us?
I agree. Gold was a stable and reliable basis of a state's wealth for centuries and once the "Progressives" started deviating from it things went to hell in a handbasket. When I start Myland we will be on the gold standard. It worked for a few thousand years. The fiat currency system only in the past human life time. Fiat currency is a failure and needs to be replaced and I predict will be.
Not from a corrupt government who pays a ridiculously high price to a foreign country for it then passes the expense on to you--with a tidy little mark-up for themselves.
Money can be looked at as a commodity, but it really is a medium to balance the transfer of goods and services. History proves that when governments combined two commodities for the sake of monetization, the systems have always failed. This is especially true in the case of gold. Whomever has the gold, controls the money. Our troubles are due to a debt based monetary system and fractional reserve lending, not fiat currency. Linking gold to an already bad system, will make things worse.
Be careful ... your using logic, giving historical citations, and making perfect sense. This normally isn't tolerated among goldbugs. The typical response you might get -- "FUCK YOU PEACE OF SHIT MOERON"
Backing money by Gold is not the solution, I agree, but having Gold and Silver currencies as legal tender would be a good step. They can exist side by side with fiat currencies and can directly compete with them. And if they become popular, they could one day phase out the fiat currencies!
I never thought of that, but maybe that might be just fine. My whole point is for us to STOP BORROWING MONEY FROM THE FED... If we can print a T-Bill we can print Money... I think we'd be better off to borrow money from the mafia. It would be cheaper! Just joking... about the mafia comment... it probably would cost about the same... LOL...
Rule #1: governments are stupid, and fall into the habit easily of ignoring their people. That necessary period of educating a government is called "revolution." I believe Americans will carry ours out in a very new and unique way.
@buzzclick500 Actually for America what is needed is not a new revolution, but RESTORATION of Constitutional Republican Government along with the gold standard.
You're absolutely right. Revolutions don't have to be violent, though. Something new and different. Unique. Democrats need strong rhetoric to get their attention.
to me US GOVERMENT DID IT INTENTIONALLY ..THEY REALLY TOOK RISK TO TRY AND MAKE DOLLAR AS STANDARD RATHER THAN GOLD....AND THATS WHY IT HAS INCREASED DEALING WITH WORLD SO IF DOLLAR GOES DOWN ALL THE WORLD WILL BE AFFECTED....HATS OF TO US GOVERMENT....
Another thing: Let's say we adopt a gold standard tomorrow. Also, we buy some oil, some cheap crap from china, and some coffee from venezuela. We pay for those items with our gold backed dollars. They redeem their gold back dollars and keep the gold in their countyr.They in turn buy some groovy stuff from us. However since they are not on a gold standard, they pay us with their "worthless" money. How is this good for us?
A true gold standard would require other nations to trade in gold. In other words if they wished to purchase good from the US, they would be required to do so with gold. Otherwise it is just like you say, not very beneficial.
Your suggesting that all currencies be backed by a gold standard. There is estimated to be 120,000 tons of gold available in the wold today. (Google it) There are 6.5 billion people. Divide 120,000 tons by 6.5 billion and times that by current prices, youll find that each persons personal wealth would be capped at around $400.00 And since the population growth rate exceeds that of the rate of newly mined gold, that $400.00 would just diminish over time. Gold standard does not work!
This comment has received too many negative votesshow
There is a lot more than 120,000 tons of gold in the world. When you google something you shouldn't just look at the first thing that comes up, but should verify multiple sources. I appreciate your attempt to appear educated on the subject, but am afraid you have ended up looking like a dumb ass in the end. By the way, I didn't say that I was for a gold standard, i only described what a true gold standard would entail. Maybe you should look up some actual information on the subject google boy.
So you know how much gold has been mined? Tell me. And what are your sources? At least I give mine. No need to make it personal bro. You can triple the amount ive quoted and the point still remains, there isnt enough gold in world to cover all the wealth.
The cost of printing paper vs mining gold is reflected in the market plus sentimentalism.
At once time, anyone could argue that the cost of printing paper is nilch!
UnitedPebbles 5 months ago
Gold standard will not work in today's economy. Fact.
TBird4490 5 months ago
@TBird4490
Yeah, I agree. I have changed my mind since making this video.
AntonBatey 5 months ago
@AntonBatey Why did you change your mind?
111Socrates777 5 months ago
@TBird4490 Why not ?
ToxinalX 5 months ago
@TBird4490 with relative gold standard if could would work. There would be not need for gold Reserve but money supply is determine, by price of gold. The price of gold goes up the money supply will go down. if price of gold goes down the money supply goes up.
spark300c 5 months ago
Just goes to show how government in the economy is terrible for it. Freakin liberals that think that more small businesses will be made if you tax them and regulate them. This government is no longer by the people or for the people
giftedkidrules 5 months ago
What if rather than going back to a gold standard we treat money like you said: a commodity? If we could cut government spending on any kinds of entitlement programs and hold our representatives responsible for printing money and creating inflation wouldn't that accomplish the same thing? I know everyone is going to say it's the Fed's fault but if there was no reason to print more money and people actually paid attention to what is going on in congress then our money would be worth more.
Jymyle 6 months ago
@Jymyle Yes and No.
No, At the current time The Fed is very hard for the congress to get any real insight into or to controll in any matter. (That's part of the purpose of it actually, as it is supposed to minimize the speculation it causes.)
Yes, other than that; If they printed PAPER money that is. But they shouldn't do that since it would still be a tax on the people, were it to cause inflation.
If they could only make gold and silver coins however inflation would be limited to the supply
ToxinalX 5 months ago
We have a new website up. It is a business dictionary with all sorts of other cool financial tools. subjectmoney com
Surfwtw 6 months ago
watch?v=JXt1cayx0hs
Tampinu 6 months ago
AUDIT THE FED! RESTORE THE CONSTITUTION! RON PAUL 2012!
streetz23 7 months ago 13
@streetz23 The Fed is audited.
AllenJeffreyGurfel 1 week ago
@AllenJeffreyGurfel great now fix the policy and stop printing money out of nothing!
streetz23 1 week ago
@streetz23 the Fed doesn't print money. over the last several years the currency in circulation has not shot through the roof. other measures have nearly tripled, yet somehow we haven't had any crazy inflation. then again the austrians care little for reality or observable data.
AllenJeffreyGurfel 1 week ago
@AllenJeffreyGurfel you're right the Fed doesn't print money the US Bureau of Engraving and Printing does but the Fed does authorize it. Inflation could be seen throughout history as a coca cola bottle was 15 cents 50 or so years ago, but that was before the Fed caused massive bubbles i.e. housing bubble, dotcom bubble, and the soon to be college bubble which destroy the economy and allow reckless government spending.
streetz23 1 week ago
@AllenJeffreyGurfel (cont.) With the economy in shambles the Fed has no choice but to try to save itself by authorizing to print more money i.e. stimulus which is only going to increase the national deficit, devalue the currency, and create more inflation. That is when inflation will shoot through the roof.
streetz23 1 week ago
fundamentally it might be good to go back to a gold standard, but if we did the average American net worth would fall more than 90%. Our economy and society would collapse. It would be a very painful time, but it would be the bottom. And in 10 or 20 years our economy would recover based upon restructuring our manufacturing and exporting markets. But no political administration will ever do it.
lmolinari78b 7 months ago
@lmolinari78b Presumably any effort to restore a gold standard would be implemented in phases rather than saying "ALRIGHT! Everything's backed by gold now!"
aggrajag2813 6 months ago
I'd have two questsions: 1. As we know when Roosevelt became president 1933 i think he made it illegal to hold gold, and forced Americans to sell it to the state and the punishment was fine an 10 years in jail, I think. Does anyone know how many people, if any, was jailed for keeping gold in that time? And second, what happened to all the gold that the government had after Nixon put and end to the GS? Thanks.
Sharukkin 8 months ago
@Sharukkin nixon did not end the GS FDR did in 1933. nixon endded the foreign debt being traded to gold directly.
deletemepleez 8 months ago
@deletemepleez Yes but, until 1971 it was still GS, a special form of GS. USA guaranteed to convert USD for Gold (it means that there were certain amount of gold prepared to be converted upon request) but FED printed more money, which led to decrease of the value of Dolar, then for instance France demanded to convert USD for gold, but there were much more dolars than gold, so Nixon ended this system.
Sharukkin 8 months ago
@Sharukkin yes, I agree. but the that was foriegn debt, not domestic trading of the usd. We havent been using the gold standard since 1933. All france had to do to exchange us debt for gold after '71 was sell the debt then buy gold on the futures or comex. big deal! its nothing compared to what FDR did! But nixon gets blamed for taking us of the gold standard which he didnt, he took foriegn debt holders off the GS.
deletemepleez 8 months ago
@deletemepleez To be honest I'm not a expert on this matter or maybe my english is not too good, but I don't quite get what you've said. Actually I left the comment in hope to have this issue clarified, I was rather asking that claiming. But thanks.
Sharukkin 8 months ago
I'd like to rectify OP's interpretation of "fiat currency" @ 0:33.
Fiat Currency has no intrinsic value and is not backed by anything other than the faith and the belief in its worthiness. Gold standard, when a currency has pegged its value to a fix quantity of commodity, is noted being "representative currency"
bluetrex2 8 months ago
To say Gold is "useless" as a metal is just incorrect, but eventually we will replace it's use in electronics with even more efficient nano-tech derivatives. I believe it's better to back our money with the flow of goods and services because that allows for innovation and growth within what backs it, vs a static material that may become outdated in it's use and value. Money just represents extremely complex bartering at this point, based on our potential to innovate, not stagnate.
plbhl 8 months ago
Thanks For posting! I Totally disagree with the concept though and feel if the main motivator behind this is government fueled inflation; then we should focus on reversing government fueled inflation. The "value" of gold is a much less relevant/timely indicator of economic strength than our current system. (After all is said and done, 2 loaves of bread is worth 1 lb of beans and 30lbs of beans is worth a pair of slippers) and true inflation reflects the value of items relative to one another.
bjones256 9 months ago
@bjones256 our fiat currency is a unit of account and it is used to measure the value of of goods. the gold standard is stupid. Having one is akin to placing your above average son in a special ed class
Prescottstud 8 months ago
@Prescottstud haha...sooo.. I'm pretty sure we agree then.. right?
bjones256 5 months ago
@bjones256 think this comment was meant for someone else yes we agree
Prescottstud 5 months ago
Comment removed
kadusurfist1 9 months ago
Thank you for that clear and concise explanation of the utility of the gold standard! / A less confused international politics student.
kadusurfist1 9 months ago
Lets pretend we adopt a gold standard right now, what about the remaining debt? Not trying to debunk your claims I am just curious as to how we can get out of the pickle we're in.
Strapnigga 9 months ago
This is ridiculous and regressive. Like Warren Buffet said, "Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
It's pointless to take a useless metal with no utility and place a value on it and decide entire economic decisions on the supply of a useless metal.
What we have instead is based on economic growth.
sesamestreetgang 9 months ago
@sesamestreetgang Gold is useful. According to Wikipedia, it is used in electronics, commercial dentistry, and other random places. Saying gold is useless is on par with saying that copper is useless. If as much gold as copper existed then our power lines would be made out of gold and not copper. Gold is only valuable because there's not a lot of it. You said, "Place a value on it": Only in central planning does anyone put a value on anything, otherwise the individual puts a value on his assets.
pipkguitar 9 months ago
Comment removed
sesamestreetgang 9 months ago
@pipkguitar You clearly missed the entire point of Mr. Buffet's quote. Can you see that Gold is entirely USELESS if it is NOT BEING USED. Imagine if we took something like Copper and started placing a much higher value on it than it's actually utility is worth. Then imagine if we actually went through the trouble of mining Copper and then just LOCKED IT UP without using it, then paid people to guard it. It's pointless, frivolous and outdated logic. A return to this would be very regressive.
sesamestreetgang 9 months ago
@sesamestreetgang They're called scrapyards.
smokeyhoodoo 9 months ago
Gold is a quantifiable resource one we can very easily keep track of, there is not enough gold or silver on the planet to cover the US debt just does not exist nevermind the rest of the world. Even if there were as a hypothetical your debt is higher than the global GDP it cannot ever be paid off no amount of cutting programs or tax hikes will ever resolve it. I
Debt is the new gold.
Devofone 9 months ago
The greatest problem in the US, EU, UK in general is that they have dismantled the productive economy like industry and so on.
The Third Reich had a strong economy based in production of goods, industry...
Hitler refused the gold standard as he refused the international financiers to get the money and he printed money backed in the strong national German economy, not in the international finantial System.
this is why the bankers, ruling mainly US-UK declared war to Germany
BITARTEN2 10 months ago
You also have to remember that we had the gold standard in 1929 and the first four years of a depression. Nixon was forced to give it up because other countries would exchange their dollars for USD and buy gold. Result was gold was cheap to them. Therefore, the country was being depleted of gold. We have to be careful on what we do. But definitely END THE FED. Remember it is not the stock market that causes a depression. Rather it is the contraction of the money supplyortheammountof *principal.
187dAFeD 10 months ago
This has been flagged as spam show
They shall cast their silver into the streets, and their gold shall be [discarded] like an unclean thing or rubbish;Ezekiel 7:19 (Amplified Bible)
SEETHETRUTHb42LATE 10 months ago
I like the idea of backing paper currency with something like gold in order to limit the amount in the economy to protect it's value. However there is one thing I can't get my head around; where would all the gold backing the currency come from? I wouldn't sell my gold for paper. Would we, as a nation, sell parks, land, bridges, etc. to rich people to get the gold? Would people now holding a lot of gold own all banks? Confiscation? Fort Knox has some but likely not enough.
zklarer 11 months ago
@zklarer good point, but don't forget the fixing change... technically, with 1 Kg of gold, you can cover all the world... all depends from the fixing...
evadidio 10 months ago
A return to the gold standard is not only a practical solution for controlling inflation it will restore both confidence in our currency and reestablish the true value received for an individuals labor.
To control it's value in relation to the money supply I suggest using a fractional system based on the market price of gold, instead of a fixed price such as was used in the past. This would allow the supply of currency to reflect it's true value while maintaining its intrinsic value.
gildavis 11 months ago
Youre not gonna stop a rock from dropping with what amounts to a napkin. Just prepare for impact and get enough metals to last you the transition time.
a10fjet 1 year ago
The gold standard is not freedom.Is a feudal slavery.You never talk about the fixing, which is in the hands of 6 people around the world, Rotschild, Goldman Sachs and other I cannot remember. If in a GS an ounce gold counts like your car, this is not fair for you.You 'll be deprived in a glimpse.
evadidio 1 year ago
The gold standard (GS) has been tried. It worked well for short periods, but only when all central bankers followed the rules. The last time, when France & Belgium chose to bend the rules, Britain was forced to bale, and then the US. The gold standard is deflationery & causes unemployment to rise sharply -- good if you have runaway inflation & full employment, but otherwise not so smart.
Check out: econlib.org/library/Enc/GoldStandard.html
Also: econ.iastate.edu/classes/econ355/choi/golds.htm
mayalibre 1 year ago
@mayalibre I think all they want is to cause a major world unemployment to force us to accept slavery condition of work. They want to return to a feudal system with no rights. Don't think money or gold is their richness: it isn't. Begin to think that their richness is the PEOPLE who work and produce at a very low salary for their too much paid pleasures.
evadidio 1 year ago
1984 and Animal Farm is what we have today. dictatorship of the state over the persons freedom to use gold as money
Rico8458 1 year ago
from articlesbase
harshadmalkan 1 year ago
Hey Man, Great video!
On a negative aspect of the gold standard: How do keep the money circulating if the riches keeps accumulating its stock ?
RicoBoudreau 1 year ago
@RicoBoudreau This was what I meant:The gold standard is not freedom.Is a feudal slavery.You never talk about the fixing, which is in the hands of 6 people around the world, Rotschild, Goldman Sachs and other I cannot remember. If in a GS an ounce gold counts like your car, this is not fair for you.You 'll be deprived in a glimpse.
evadidio 1 year ago
APPARENTLY ALL THESE BANKS ARE OWNED BY THE ZION JEWS IS THIS TRUE. OR IS SOMEONE GIVING OUT FALSE INFORMATION. I KNOW NO JEWS HAVE HAD THEIR MORTGAGES FORCLOSED ON. i OWN 14 HOUSING COMPLEXES 5 UNDER MORTGAGE STILL I AM WONDERING WHEN THIS WILL ALL FALL APART i AM TRYING TO SELL 9 FOR 9.8 MILLION GOLD ONLY THEY ARE WORTH 15 MILLION. I AM DOING THIS SO THAT THE BANKS CAN JUST FUCK RIGHT OFF.
teslaglobal 1 year ago
WHY DONT WE JUST GO TO WAR AGAINST THE GOVERNMENT AND FUCK THIS SHIT UP. I FOR ONE AM SICK AND TIRED OF LOOKING FOREWARD TO AN UNCERTAIN FUTURE IF WE TAKE OUR COUNTRY BACK WE CAN LIVE IN PEACE ONCE AGAIN. I AM PREPARED TO DIE TO GET MY COUNTRY BACK
REVOLUTION.
teslaglobal 1 year ago
PUT BLUNT GOLD SHOULD BE THE STANDARD PAID IN GOLD SOLD IN GOLD.
THEY CANT JUST PRINT UP A BATCH OF GOLD NOW CAN THEY.
FUCKING CROOKED BASTARDS.
teslaglobal 1 year ago
This is a complex issue. We have not been informed at all about how our money actually works. I wasn't. The truth is that "Money is Debt", as Orwellian as that sounds its actually true. The gold standard was ended in 1933. Now money is created when someone takes out a loan, & destroyed when money is paid back. The "Federal" Reserve, is NOT part of the Federal Government! It is a privately held international bank. To understand much better watch: TinyURL dot com slash RepealFed.
ContaMuir17a 1 year ago
Bank interest is the cause of inflation! As revolutionary as this sounds, the best thing we could do is repeal the Federal Reserve Act, dismantle it & all commercial banking completely. The US should then create its own Zero interest bank to create money. It would do this by spending money on public works & helpful programs. When the supply of money starts to get to high, levy taxes, & destroy the money collected. When more money is needed, the government would spend more money on public works.
ContaMuir17a 1 year ago
@ContaMuir17a that is ridiculously stupid. i mean, that would insult the intelligence of an 8th grader.
TheAttackRat 1 year ago
@TheAttackRat I'm not sure if you mean just part of my thoughts or all of them. But ether way what I've said is completely true. When it was first presented to me, I thought the person was nuts too, until I did some research on my own. Our money is debt. When the debt is paid back the money disappears. The banks create the money we borrow but they don't create the money for interest on the principal. The interest money comes from other debts. Please View: TinyURL dot com slash RepealFed for info
ContaMuir17a 1 year ago
@ContaMuir17a thats not what i mean. the whole, "the US should create a zero interest bank, spend money on public works and such..." that's all wrong. just remember money is a good like everything else. (well at least it should be without the fed)
type this >>>v=iYZM58dulPE<<< after the 'watch?' in the url bar. u need to get the history and theory down.
TheAttackRat 1 year ago
@TheAttackRat You're on the right track, but you haven't quite put all the pieces together yet. Both the FED & Banks, create money out of nothing, then charge interest on the money they didn't have to lend. They create the loan money but not the interest money. The interest is raised by selling things to other people who take out loans to pay their debts. They then charge higher prices 2 other borrowers, to pay off their debt, etc etc etc. Type view_play_list?p=C6A17B4781A88C5C where watch is.
ContaMuir17a 1 year ago
@TheAttackRat In the United States, money stopped being a "good" in 1933, when we repealed the gold standard. Money now is only a concept that is created when someone takes out a loan. The money the banks create is destroyed when the loan is paid back. Additionally even if we were on the gold standard, the fractional reserve system would eventually give all the gold & properties to the banks. This is why Banks need to be zero interest controlled by the US government not a external private bank.
ContaMuir17a 1 year ago
@ContaMuir17a also >>>v=ToEgZnMUuno<<<
TheAttackRat 1 year ago
@TheAttackRat Listen, I've created a 10 hour YouTube play list that deals with this subject in depth. During this process I've watched at least 40 hours of videos, & I've researched it on other web sites. I'm very well versed. When I started, I was confused. Banks want us to be. The play list I've created explains the issues very clearly. It takes the confusion away very quickly. I suggest you might benefit from watching it too. Here's an easy link to it: TinyURL dot com slash RepealFed
ContaMuir17a 1 year ago
@TheAttackRat Although the bank is called "The Federal Reserve" it is NOT part of the United States Government. It is an independent international bank that creates money for the USA. It charges interest to the US government for the money it creates out of nothing! If the US repealed the Fed Act, we could create our own money when we needed more without more debt interest, & destroy it when there's too much money. People are under the illusion that the Fed is part of the US government.
ContaMuir17a 1 year ago
@ContaMuir17a ok if you were well versed you wouldn't suggest another central bank! money should actually be intrinsically valuable, or at least its value within grasp of the people who own it. by suggesting we should dismantle commercial banks to be replaced with a gov central one is crazy! it needs to be completely private. are you not aware of the debate between keynesian's and Austrian economics?
government control of money supply is dangerous; hence the inevitable depression, coming soon.
TheAttackRat 1 year ago
@TheAttackRat You still don't get it. In a truly democratic society, the actions of the Governmental bank would be open to scrutiny. Indeed competition would exist between completing political parties to do the best job for the economy. The real issue is Bank Interest by a bank that creates money out of thin air. Whatever agency does this is irrelevant. But the people need to have a direct say into what goes on with this bank. Currently the secret FED is not audited, and answers to no one.
ContaMuir17a 1 year ago
@TheAttackRat The bank, whether public or private would need to be nonprofit, because a zero interest facility would have no earnings to support itself. Therefore it would depend on public monies to exist. So it would need public money to operate. Certainly a means to eliminate & police corruption must be installed in it. Our current system is unbelievably corrupt. They will not want to give up their power easily. We cannot escape harm caused by usury interest banking & inflation otherwise.
ContaMuir17a 1 year ago
@TheAttackRat What's really crazy, is that the US government is charged interest charges on the Fed's money, which the Fed creates out of thin air! How do you keep missing that point? The Fed is robbing the people blind. Because all of the money it creates has more debt tied to it. So we need more money to pay off that debt which we get from the Fed, which has even more debt tied to it. What part of this are you missing? Our system is nuts! Without debt there is no money! Do you understand?
ContaMuir17a 1 year ago
@ContaMuir17a i know all this about the banks ok! stop assuming. i'm with you up until your solution. ..it's like you think people are just realising this or something? people have known the banks were in control long before this. and in many ways they haven't necessarily been trying to destroy the economy, only leech off it as and be the real power source. no truly democratic system can actually compete against totalitarian states when all gov agencies need to be accounted for
TheAttackRat 1 year ago
@TheAttackRat I cannot speak for Australia, but I know the true nature of money is almost never taught to Americans. Everyone I've spoken to about this didn't know our system is this way. Some intelligent people in positions of power think we are on the gold standard or some variation of it. Almost no one understands that money is debt. We see images of the US mint & Fort Knox, and that's basically all we're told. I think you'd see a revolution if they suddenly all realized it at the same time.
ContaMuir17a 1 year ago
@TheAttackRat (Shuddering at your thoughts.) "Only leech off it ... and be the real power source" You've got to be kidding? Only Leech & be the real power source? You mean give everyone the impression we have a government while they continue to rob us blind? These folks know exactly what they are doing. The exponential growth curve of inflation is about to extend into hyper-inflation range. This could cause the fall of our governments. But hey, they're only trying to be the real power source.
ContaMuir17a 1 year ago
@ContaMuir17a now, ur solution is whack. taking a fed away only to essentially give it back. how long do you think it will be until the top private businesses are back in the money game? there is no way it (gov) could be so secure. also, government itself is tempted to change the laws in times of uncertainty. if they can bring in the patriot act in, they could easily slip in a catch 22 with out causing much notice. no-one should be able to create money. a true gold standard is needed.
TheAttackRat 1 year ago
@TheAttackRat You keep arguing for the existence of an interest-based fed-like private bank, which is the definition of insanity. We have it now! It doesn't work! ANY interest-based banking system causes inflation. The only way to get around this is to put the all the money created by interest charges back into the economy, and periodically destroy excess money. This is essentially what the gold standard does, but a fiat-based system also avoids the negative aspects of the gold standard.
ContaMuir17a 1 year ago
@ContaMuir17a omg, i just read. u think the fractional reserve banking should go? ah gawd... u have a lot of econs theory to learn. Every major achievement of pretty much every civilization was created through some form of fractional reserve banking! just look into austrian economics and watch that second video... you might want to look for a intro is econs isn't your forte' though.
what is important is that failed FR Banks fail and pay for it. and that people know the risk of FRB
TheAttackRat 1 year ago
@TheAttackRat Go back and watch the video you recommended to me. The opening words are...
"The Federal Reserve System virtually controls the nation's monetary system, yet it is accountable to no one. It has no budget, it is subject to no audit, and no Congressional Committee knows of or can truly supervise its operations."
The fractional reserve is part of this uncontrolled system. A national bank could do the same thing with little or no interest charges, & keep its "profits" IN our economy.
ContaMuir17a 1 year ago
@TheAttackRat I don't have as much to learn as you think. I agree that "some form" of fractional reserve is needed. But This "form" could be a non-profit National Bank with the power to create & destroy money, (Like the Fed has now.) But it wouldn't necessarily have to based on a primitive gold-standard. The most vital part is that instead of money being created as debt, excess money would be destroyed to prevent inflation. This is an advanced concept it might take you a while to comprehend it.
ContaMuir17a 1 year ago
@ContaMuir17a ok you still dont get it. banks are just people holding people's savings and lending them out. this is FRB-ing. As soon as you make it law for the government or any private institute to have special powers over the rest, there WILL be corruption. you want a non-profit national bank to do it? the gold standard isn't primitive, the previous 1933 one was, but it can be done.
who get the money when this national bank creates it? this is not advanced at all, it's naive.
TheAttackRat 1 year ago
@TheAttackRat Ahh, no, that's not the case but in USA. Banks do NOT lend out other people's money! They create the "money" they lend out of thin air & people's promises to repay the "loan". "Money" is debt, it is just a number added to a bank account. They do not actually have the cash they lend. Yes, they are required to have ~10% "reserves", but this "reserve" can be debt from other people. When loans are repaid the principal "money" is destroyed. Banks charge interest on money they never had!
ContaMuir17a 1 year ago
@TheAttackRat We already HAVE a law for a private institute to have special uncontrolled powers over the rest. Its called the "Federal Reserve Act"! We have corruption too! Sorry, but as any "intelligent" species that must resort to having a rare shiny metal as the basis for its monetary system, is by definition, primitive! New businesses, health care, improved highways, bridges, homes 4 the homeless, improved utilities, transportation, lots of ways to spend money as the people vote & decide.
ContaMuir17a 1 year ago
@ContaMuir17a the reason why i advocate a TRUE gold standard is not because it is shiny. but because it can't be artificially inflated. That same argument can go back on you and i could say, and 'species' having paper as thier monetary system (because species have those), is primitive. ... all value of anything, even essential for life food exists only in the mind. gold is just a something people can't tamper with the supply of.
TheAttackRat 1 year ago
@TheAttackRat No, the gold standard is primitive because it is based on something "valuable" rather than the most effective amount of currency being derived by scientific mathematical analysis and social feedback. The most effective amount of of currency may indeed change as population levels change. Gold is static. Then there are international exchanges to contend with, along with new very large sources of gold being found, alloys , hoarding etc. A mature society should be self-deterministic.
ContaMuir17a 1 year ago
@TheAttackRat If we're not a mature self-deterministic society, then the gold standard may be our best option.
When fractional reserve interest banking is applied to the gold standard, & the banks do not spend all of their interest profits in the economy, or worse yet export it to other economies we will be at risk. Primitive banks will always win.
If we stay primitive, could we ever even partly replace the profit motive with a directive to give the most to those who give the most to others?
ContaMuir17a 1 year ago
@ContaMuir17a You're a fucking retarded cunt who can't afford rhodium, that's why. Fuck off, I got gold coins and rhodium bars, unlike you.
corruptorCEREBRUM 1 year ago
@corruptorCEREBRUM My My My, perhaps you should try cutting down on the caffeine some! Do you kiss your daddy with that mouth?
ContaMuir17a 1 year ago
@ContaMuir17a The whole reason the bankers get to the top is because there is always the incentive for gov and bankers to do so. and they WILL, easily get control in a non-profit government bank. IT WILL NOT WORK. and you miss the point where we want to keep power decentralized.
what are the negative aspects of gold standard?
TheAttackRat 1 year ago
@TheAttackRat Banks, including the Fed, create money out of nothing to provide "loans". But they do not create the money for the interest. Interest is obtained by companies selling products at constantly higher prices, to others who have their own loans, who need to charge higher prices to pay off their loans. But none of this loaned "Money" is real. It just a numbers game played by the bank. Banks are the only possible winners in this unfair game. To keep it going banks must keep lending.
ContaMuir17a 1 year ago
"the government would spend more money on public works."
do you not realize the incentives this creates for inflation! and that inflation IS tax. there is no difference between their government taking your money, and creating inflation by increasing money supply.
TheAttackRat 1 year ago
@TheAttackRat The national bank would collect & destroy any excess money in the economy through apportioned taxes precisely to prevent inflation. No, inflation IS interest! The Fed charges us interest on our own money supply! Our citizens work 34% of the year just to pay interest charges on on money that was created from nothing! None of our income taxes go to help citizens. When the government helps people it has to borrow more money from the Fed, & incur more debt. Its a vicious cycle!!!
ContaMuir17a 1 year ago
This is a complex issue. 99% of us have not been informed at all about how our money actually works. I wasn't. The truth is that "Money is Debt", as Orwellian as that sounds its actually true. The gold standard was ended in 1933. Now money is created when someone takes out a loan, & destroyed when money is paid back. The "Federal" Reserve, is NOT part of the Federal Government! It is a privately held international bank. To understand much better watch: TinyURL dot com slash RepealFed.
ContaMuir17a 1 year ago
It makes far greater sense to use a fractional gold standard world wide to replace the current system in order to control inflation and manage the ebb and flow economies.
gildavis 1 year ago
@gildavis The gold standard is much preferable to our system now where money is debt, but the gold standard used with fractional reserve has inherent flaws 2. Among other things, eventually the banks will own all the gold & property in the economy. There is hoarding. Impurities in gold. What happens if a large natural source of gold is found? The fiat based money system solves these issues IF & only IF government controls the amount of money with no interest! see TinyURL dot com slash RepealFed
ContaMuir17a 1 year ago
we all have become the victoms of jewish suppresion.american presidents come from jewish freemasonary and skull and bones. only islam liberates people from slavery of tyrants. islam forbades intrests , markup etc and propmotes gold standards of dirham and dinnar.20 dinar(gold)=200 dirham(silver).you all embrace islam .deny the jewish one eyed false god in bermuda triangle which is also seen in us dollor.beleive in only and only in one almighty allah.destroy the jews everywhere in usa and europe
aamirabdulsalam 1 year ago
@aamirabdulsalam yup, its all the Jews' fault. Did you know the Jews killed off the dinosaurs?
B21983 1 year ago 4
@B21983 You are a dickless bitch. Jews killing dinosaurs? Shut up
gabo.
emoney5783 1 year ago
@emoney5783 I was being sarcastic. I can't believe you didn't realize it.
B21983 1 year ago
@aamirabdulsalam SHUT THE FUCK UP BITCH. GET A BLOWJOB
BITCH.
emoney5783 1 year ago
@aamirabdulsalam I agree that most people do not understand the true dangers of interest banking. Interest is a vicious cycle of continuous exponential inflation & more debt that will eventually end in complete collapse. But Islam itself is an even greater threat to free western civilization! Sharia-Compliant financing is used as a foot in the door to convert other cultures to unwittingly accept the dangerous political ideology of Islam. Please See TinyURL dot com slash DangerIslam 4 more info.
ContaMuir17a 1 year ago
Part 2: I am talking about actual gold and silver coins "in circulation". I am assuming that a gold backed "paper dollar" but "not redeemable" might be the answer. But then you run into the problem of "is the paper dollar actually backed by gold on hand" and would the govt agree to a yearly "independent" audit of Fort Knox
inkey2 1 year ago
@inkey2 : Our government doesn't "agree" to anything. We tell it what we want and it does it. When more of us know that, we'll see positive action.
buzzclick500 1 year ago
I was thinking...and I am by no means an expert on this, but I find it interesting .In order for the USA to go on a gold standard the price of gold would have to be fixed at some declared price IE: $100 an ounce, $500 an ounce $1000 an ounce etc. So, unless the rest of the world governments all fixed it to the same price people could take their gold (coins) currency out of the country and sell it over seas for a profit.....thus our gold leaving the country. Any thoughts on this???
inkey2 1 year ago
@inkey2 : President Kennedy warned us(as nicely as he could)about the danger of our gold leaving the country. Only that awareness and determination of purpose in an elected executive who speaks their mind can show us the way back to the surface of the water.
buzzclick500 1 year ago
Next time you make a video, please don't sit on a rocking chair when you talk into the mic.
Milts577 1 year ago
Nearly all the gold has been stolen by the Jews, for the newly- to-build Third Temple, and for the Statue of the AntiChrist.
lithopoonwit 1 year ago
short and sweet. Thanks for the educational video on the GS. I've been wanted to understand this further.
njguitarnewbjk 1 year ago
All gold mined in the world through all the ages equal roughly to half the US debt. Think about it and stop this BS.
felo790 1 year ago
@felo790
All the gold ever mined is about 150,000 tons, which in dollars equals about $6T US. Laurence Kotlikoff estimates the US fiscal gap at $202T US. I'm guessing the lesson you would draw is that there isn't enough gold to meet the demand for money. The real lesson is that when a nation goes off a gold standard, monetary insanity ensues.
7Hook 1 year ago
@7Hook I agree with you. But that's not the real lesson, many nations have good monetary policies - I live in Brazil and we live 15 years of continuous responsible monetary policies. The problem isn't gold standard, the problem is having any standard, even an abstract one. Not having inflation and growing the GDP is a good standard, actually the best one.
felo790 1 year ago
@felo790
The US has an abstract standard right now. It is that the FED will protect the value of the dollar. Its false. One purpose of having a commodity as a standard is so when the banking system starts debasing the dollar, by printing or excess credit, people can exchange their dollars for real money, the commodity, usually gold, and put the pressure on the banking system to stop debasing the dollar. Its a real feedback, real pressure, and not just promises.
15yrs ain't impressive.
7Hook 1 year ago
The gold standard was restored in 1944 during the Roosevelt Administration at Bretton-Woods New Hampshire. An ounce of gold was priced at $35/oz and was redeemable. In 1971, during Viet Nam war-era deficit spending, currency speculators started redeeming for gold. Nixon "temporarily" suspended the gold window. As we all know, no president ever bothered to restore that discipline.
1776independent 1 year ago
"Gold vs the Dollar". Good video on this subject.
buzzclick500 1 year ago
Good commentary. I would add that whether fiat or backed currency, nothing short of a barter economy can replace trust in the markets as a stabilizer and trust is not a commodity that can be created except by reasonable regulation, diligent observance, and strict enforcement. The trick is to keep the regulation reasonable and inject enough of a credit float to grease the economy so that high transactional efficiency spurs massive creation of REAL wealth, curtailing a culture of corruption.
seismedia 1 year ago
the main problem i could see if we were to go back to the gold standard is it might limit growth because of a fixed amount of gold...
halpyman 1 year ago
@halpyman "limit growth because of a fixed gold"
That's what the Bretton Woods Agreement was for. A guarantee of $US 35/oz for Gold fixed the $US to gold and let the monetary supply increase. It didn't start failing until our "friends" in France on the back of the Vietnam War, which they started, began redeeming $US for actual gold. They weren't technically supposed to do that in which case the system would have worked. But these are the folks who eat snails and invented the Guillotine, so...
seismedia 1 year ago
Something more valuable than gold: Bullets
ArcyTheFurryArcanine 1 year ago
If the gold standard was to be put back in place, what would happen to the current value of gold/silver?
sadaist 1 year ago
@sadaist Probably go ballistic. It would go from about $35 per ounce to many thousand$ per ounce.
freeheretic111 1 year ago
in gold standard system consumers and service providers do not have to suffer a lot from the fluctuating fiat system.
Berrymore84 1 year ago
companies can have the "freedom" to issue and pay their employees in their own money. Its like having a company store that sells and only accepts their payment for their goods. Ford tried to do it, and he was a big fan of fascism.
thefredsays 1 year ago
Thanks this video is helpful.
Scott89119 1 year ago
@jaguarclaw ..Yeh these gold standard guys are fuckin idiots.
youngdrodeau 1 year ago
Currency has always created bubbles of fake prosperity for a period and then destroyed the empire through hyper inflation. It happened in Greece, then in Rome, in Zimbabwe and so on. Fractional Reserve banking creates a bubble and then destroys the society through massive depression where bankers prosper and the middle class is wiped out. It happens time and time again through history.
LetFreedomRlng 1 year ago
Comment removed
adamhaye 1 year ago
I'm a pretty big advocate of the gold standard, however I just watched the money masters and apparently it claims we don't have any gold in fort knox and if we went on a gold standard we would be flat broke. This is certainly something worth debating, if a group can horde all the gold and even falsify how much it has and give out paper notes (like gold smiths did with gold money at first) aren't we left with a huge problem still? Is competing currencies the answer?
NotRadicalLogical 1 year ago
@NotRadicalLogical
It's worse than that, there isn't enough gold in the world to equal the worth of all the money currently in existence.
If the world went on the gold standard we'd either have to give up most of the money we have now and just burn it, or we'd have to assign fiat value to the gold.
Dual gold/silver standards don't work because arbitrage either depletes the supply of one metal or forces their values to converge, which is just a roundabout way of having fiat money again.
pickmanfox 1 year ago
Nahhh. The US will oneday just declare itself bankrupt. "Sorry China ... we can't afford to pay you the 25% of our total foreign debt which is owed to you. Tell you what though.... For every 1000 $ US we owed you, we will pay you $1 of our new "Fantastic Majastic" $ (the new US currency). Take it or leave it China (and every-one else who we owe money to). You don't like that deal? Too bad. Our troops boots are on the ground and we control all the recources anyway. Business as usual tomorrow!!!"
Heidelager 1 year ago
Gold and silver have no intrinsic value. When gold was discovered in S. America by the Spanish in 16th & 17th centuries, and carted it back to Spain, it caused high inflation. Also, the money supply is increased by lending. If a bank is required to keep only 10% of deposits on hand and lends the other 90%, then the m/s is increased by 90%. What's the difference if money is worth less or we have drastic deflation & have to starting minting coins worth 1/1000 of a cent? Currency value is relative.
smrne 1 year ago
@smrne I strongly disagree that gold and silver have no intrinsic value, not only are they rare and considered to be beautiful (sure this can change but it hasn't in a while) they are precious metals. They have qualities that other metals do not, gold doesn't rust or tarnish most other metals do.
NotRadicalLogical 1 year ago
Yes, it's pretty and rare, but you can't eat it, wear it, or be sheltered by it. Hopefully if you have it you buy those things with it, but maybe not. Bullets or puka shells could just as easily become media of exchange. The fact is that the gold in and of itself doesn't do a damn thing for you. If you have a pile of gold and I have a pile of food, all your gold will do is help you starve if I am not willing to exchange my food for your shiny, pretty objects.
smrne 1 year ago
I agree with you on that point, that's why I personally lean towards a commodity backed currency it doesn't have to be gold and silver (although that's what I'd prefer) but regardless money should be backed by something if not then I don't see the point. No group of people are responsible enough to not print a currency into oblivion in my opinion and history backs that one up, so whether's it's gold, silver, apples or oil it should be something of value that has a limited supply.
NotRadicalLogical 1 year ago
@smrne I dont want have to trade 3 trout and 16 chickens for your beltsaw lol...You can condense a whole field of corn into a few coins..after you have food! lol..sry babbeling :)
jsmythib 1 year ago
Stop the printing of fiat money by stopping Congress from borrowing money on the credit of the United States (the people). To do this, abolish Clause 2, Section 8, Article 1 of the US Constitution. Result: no inflation, no deficits, sound money
RoySC1 1 year ago
This is every correct! America and the rest of the world is going down because banking.
FreeDogdylan 1 year ago
UNTRUE-main reason for inflation is our money tied to a debt based system.
Every dollar bill out there was originated from an interest bearing loan.
I.E. Lets say $1000 total in total world.now keep in mind-when loan is called for payoff,not only must principal be paid but interestmas well.
Example:$1000+10% interest - thats $1100 DEMANDED FOR PAYOFF: $100 MORE THAN EXISTS ANYWHERE IN MARKETPLACE ($1000 total).
BASTARDS print more only to pay off the BS interest that lines THEIR pockets.
cribster123 1 year ago
INFORMATIVE
ripulpatel111 1 year ago
If the US went back to the gold standard, would wages have to decrease? Would it be possible to keep the same standard of living if this happened?
Serekunj 1 year ago
Canadian currency is going up cuse we don't have the same issues as the states.. HEHEHEHEH
VUriyV 2 years ago
@VUriyV Hehehehehe the Canadian currency is not backed by gold either. The Canadian dollar is not backed by gold or silver either. So if the US dollar tanks and follows that of post - WWI Germany the Canadian dollar will follow.
MiddletownDreamz 2 years ago
Ahhh the depression... and the 1919 FLU PANDEMIC!!! that killed millions.
Q. are there people banking or worse gambling on pop liquidation? and is that proposition in momentum, ...still waiting/hoping?
remember the only "reason" for a pre[hitler]depression is dysgenic ambition.
we can stop ignorance but doo we want to?
brennanmoriarty 2 years ago
"Statist" is a euphemism for Socialist. They wouldn't know value if it fell on them--they can't even admit to themselves what they are. Gold is everything when it comes to a national economy. The Ian Fleming novel "Goldfinger" describes the situation in great detail.
buzzclick500 2 years ago
I agree , dump the paper money and start buying gold.
mrbellweather 2 years ago
@mrbellweather I started doing so a long time ago. Same with silver.
MiddletownDreamz 2 years ago
The FBR is a privately held corporation organized exclusively to "corner" and control our nations wealth. The concept that "we the people" or our "elected government" contols the Fed is the design of a ruse put forth to the nation.
Also, if you do your homework and reseach the history of "gold backed" monetary systems, you will find out they are another "ruse" to ultimately accompolish the same purpose as our FBR controlled fiat currency is doing now.
BourneAccident 2 years ago
With enough Americans armed to the teeth and the dissemination of knowledge like this among Americans something is going to give and it is not going to look pretty.
MiddletownDreamz 2 years ago
Very well put. I hope we don't do what the French people did in 1789, but our government is not listening to us, so I can only throw my hands up and see what happens. And those awful words, "We never expected THIS to happen!!!" My response: "Well, exactly what DID you expect? How far did you think you could push us?
buzzclick500 2 years ago
The typical response to the idea that a gold standard would not have any inflation is that "it is deflationary"
*facepalms*
Surhotchaperchlorome 2 years ago
Naturally, the people who stole our gold are not about to give us any accurate information concerning its true value or whereabouts.
buzzclick500 2 years ago
I agree. Gold was a stable and reliable basis of a state's wealth for centuries and once the "Progressives" started deviating from it things went to hell in a handbasket. When I start Myland we will be on the gold standard. It worked for a few thousand years. The fiat currency system only in the past human life time. Fiat currency is a failure and needs to be replaced and I predict will be.
nomadnametab 2 years ago
like the video, im wondering should i now start buying some gold coins, just incase.
mrbellweather 2 years ago
Not from a corrupt government who pays a ridiculously high price to a foreign country for it then passes the expense on to you--with a tidy little mark-up for themselves.
buzzclick500 2 years ago
Money can be looked at as a commodity, but it really is a medium to balance the transfer of goods and services. History proves that when governments combined two commodities for the sake of monetization, the systems have always failed. This is especially true in the case of gold. Whomever has the gold, controls the money. Our troubles are due to a debt based monetary system and fractional reserve lending, not fiat currency. Linking gold to an already bad system, will make things worse.
BourneAccident 2 years ago
@BourneAccident
Be careful ... your using logic, giving historical citations, and making perfect sense. This normally isn't tolerated among goldbugs. The typical response you might get -- "FUCK YOU PEACE OF SHIT MOERON"
(good comment btw)
SLOPPYVOMIT 2 years ago
Backing money by Gold is not the solution, I agree, but having Gold and Silver currencies as legal tender would be a good step. They can exist side by side with fiat currencies and can directly compete with them. And if they become popular, they could one day phase out the fiat currencies!
PersonOfBook 2 years ago
I never thought of that, but maybe that might be just fine. My whole point is for us to STOP BORROWING MONEY FROM THE FED... If we can print a T-Bill we can print Money... I think we'd be better off to borrow money from the mafia. It would be cheaper! Just joking... about the mafia comment... it probably would cost about the same... LOL...
BourneAccident 2 years ago
To do that would require ousting our present government and installing a new one that listens to us and fears us as a people. Gosh, I like that idea.
buzzclick500 2 years ago
Rule #1: governments are stupid, and fall into the habit easily of ignoring their people. That necessary period of educating a government is called "revolution." I believe Americans will carry ours out in a very new and unique way.
buzzclick500 2 years ago
@buzzclick500 Actually for America what is needed is not a new revolution, but RESTORATION of Constitutional Republican Government along with the gold standard.
MiddletownDreamz 2 years ago
You're absolutely right. Revolutions don't have to be violent, though. Something new and different. Unique. Democrats need strong rhetoric to get their attention.
buzzclick500 2 years ago
to all
to me US GOVERMENT DID IT INTENTIONALLY ..THEY REALLY TOOK RISK TO TRY AND MAKE DOLLAR AS STANDARD RATHER THAN GOLD....AND THATS WHY IT HAS INCREASED DEALING WITH WORLD SO IF DOLLAR GOES DOWN ALL THE WORLD WILL BE AFFECTED....HATS OF TO US GOVERMENT....
ripulpatel111 1 year ago
so should'nt we be saving our gold since it seems its going to be worth more in years to come????
matjefferson 2 years ago
who is we?
oiuoiu988 2 years ago
He who has the gold makes the rules; how he came by that gold is a matter of serious inquiry by competent, courageous people. Preferably Americans.
buzzclick500 2 years ago
Comment removed
kentheseer 2 years ago
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Tamryn69 2 years ago
Another thing: Let's say we adopt a gold standard tomorrow. Also, we buy some oil, some cheap crap from china, and some coffee from venezuela. We pay for those items with our gold backed dollars. They redeem their gold back dollars and keep the gold in their countyr.They in turn buy some groovy stuff from us. However since they are not on a gold standard, they pay us with their "worthless" money. How is this good for us?
SLOPPYVOMIT 2 years ago
A true gold standard would require other nations to trade in gold. In other words if they wished to purchase good from the US, they would be required to do so with gold. Otherwise it is just like you say, not very beneficial.
SDonwerth 2 years ago
Your suggesting that all currencies be backed by a gold standard. There is estimated to be 120,000 tons of gold available in the wold today. (Google it) There are 6.5 billion people. Divide 120,000 tons by 6.5 billion and times that by current prices, youll find that each persons personal wealth would be capped at around $400.00 And since the population growth rate exceeds that of the rate of newly mined gold, that $400.00 would just diminish over time. Gold standard does not work!
SLOPPYVOMIT 2 years ago
This comment has received too many negative votes show
There is a lot more than 120,000 tons of gold in the world. When you google something you shouldn't just look at the first thing that comes up, but should verify multiple sources. I appreciate your attempt to appear educated on the subject, but am afraid you have ended up looking like a dumb ass in the end. By the way, I didn't say that I was for a gold standard, i only described what a true gold standard would entail. Maybe you should look up some actual information on the subject google boy.
SDonwerth 2 years ago
So you know how much gold has been mined? Tell me. And what are your sources? At least I give mine. No need to make it personal bro. You can triple the amount ive quoted and the point still remains, there isnt enough gold in world to cover all the wealth.
SLOPPYVOMIT 2 years ago