Its not as simple as this video makes it seem. For example the dollar is backed by oil, because every country that wants to buy oil from the saudi's must pay with federal reserve notes, and not gold. Jefferson is correct, its the corrupt individuals who are in control of the money. And the great depression was caused by the inflation brought on by WWI when we converted from the gold standard to print unlimited amount of money to fund the war. We just felt the backlash sooner rather then later.
There's different kind of gold standards, some of which require no gov't holdings of gold, such as linking the dollar to gold. gold's price now reflects currency stability, and hence when the dollar is linked to gold, the fed decides to buy/sell bonds as to maintain a stable gold price. This can be done over night, without any inflation/deflation problems.
If you know how finance works, you know the video's basic premise is wrong. It's the argument of a financial simpleton. The United States ran on a gold standard for 182 years. During those years we had capital inflows or "current account deficits" if you want to use proper financial terminology. So the actual fact is a gold standard causes the exact opposite of what the video claims. This is just an attempt to maintain flexible money without the Fed.
The people who try to debunk the gold standard always try to link gold back to the dollar. This is an error.
The exchange would be in grams of gold NOT dollars, so when you went to Subway to buy a sandwich, the menu would have pricing in grams of gold. You could pay for it with gold or with your credit card which would also credit the merchants account in gold.
I am not a fan of the gold system, especially given our level of debt, but all your complaint does is point out the fact that America has an unsustainable trade deficit. We are in no better of a position using fiat currency than a gold system when we don't export enough to pay for our imports. Having the reserve currency status is the only thing that allows us t run constant trade deficits. This is going to change in the next decade, gold or no gold.
"The bankers own all the gold." "I always..." "It never happens..." "It's impossible..."
What nonsense. Careful with absolutes. They usually come back to bite you. What the government should be doing is butting the bleep out. Who wants the government doing anything but stepping in only in the defense of individual liberty? WTF is wrong with people? Somehow they think that their individual propensity for greed and laziness does not exist in those who seek the power of government.
The fact remains that SOMEBODY must create money, so either we have to choose private bankers, or a government which is representative of the people's interests. Of course this, like any system can only work if the people are awake and enforcing the laws, hanging politicians if necessary, until they are so afraid to do anything but what the people want that the democracy works.
@StopTheRobbery2 Hi! Is that true? Really? As I said, careful with absolutes & careful with premises such as "Somebody has to create money." Really? Who? And it has to be centrally planned? Really? So, "the people" can't create their means of exchange, but "the people" in goverment can? Huh? And let me be clear about something--I have no interest democracy. None. A major cause of the descent of the American republic is a direct result of letting mobs of nitwits vote.
I think ultimately we need to get rid of money completely, but, the only way there is to set up a completely new economy based on truth and what's best. There are so many corporations out there now that we don't need. Pharmaceuticals, Processed Food, Drug stores, Fast Food, etc - all must go, and so this is why that a national currency without interest is the most efficient manner to get us to that position where we can abolish money altogether.
in regard to post by restoresoundmoney and your reply. What you say "The fact remains that SOMEBODY must create money" is completely wrong. Money is a medium of exchange and can be anything. No one person creates money. It takes two to create money. A person with something to offer and a person willing to accept. Note the word "WILLING", in a paper society we are "FORCED" to accept the fiat. Markets based money is the answer. Where the NATURAL LAW of supply and demand governs.
The criminals in charge of the money supply use the fraudulent fed and fractional reserve system to screw the people out of money. Money backed 100% by a commodity would restrict the criminals from the ability to use the system to screw people. Its not just the criminals, its also the fraudulent system they use.
this is bullshit. the guy at the end said - the states can use the fractional reserves system to... STOP right there. The fractional reserve system is the problem! Doesn't matter if it's the states, federal reserve, or global government that is doing in, it's fraud on whatever level it is admistered.
If its us working for us then its not fraud, its just a way of conducting business.
It doesn't have to be the fractional reserve system though, but what that does is gives us more options, more money to utilize for productive purposes like energy production to get us set up. But overall I agree with you, we need to remove the fractional reserve principle, its the safest bet.
I guess I disagree that it is 'us working for us'. The actual system of fractional reserve banking is fraud. Letting someone - whomever it is - collect interest out of money created out of thin air, to me, is fraud. It robs the people who aren't creating money out of thin air for their benifit, so as long as it is going on, it is not helping us, it is hurting us. I have a hard time trusting the vid bc its advocating it's use.
@TheJonnyMuffin See you're thinking of the fractional reserve principal being applied to the current system.
It's only theft if the people behind it are thieves, like the federal reserve bankers.
In the case of national currency printed debt-free, the fractional reserve principal will allow us more options to create whats needed, like a field of solar panels. If we don't have enough then we're of luck. This is why this fractional reserve principal would be useful to temporarily inflate it.
If you truly knew your history then you would know that the gold standard has been used historically as a mode of control. If you want the gold standard store your wealth in gold and you've got it... but there is no need to back a currency by anything, the important point is by whom the production is delegated to.
@StopTheRobbery2 I have not written about the gold standard. I have written about me betting on gold and silver, as people before me have done for 6000 years "to fashion their financial escape from the state". All my savings are in gold and silver.
As for "who the important point is by whom the production is delegated to"... The answer is easy. No one.
I have the right to use whatever money I want. I don't need someone telling me what I must or must not use.
This is just another inflationary scheme where a select few get to inflate the money supply to their benefit at the expense of those without this privilege.
So let me get this straight. You think that a government that is about to raise the debt ceiling to $15 trillion in debt WITH INTEREST, which anyone can see can never be repaid, would pay its own 0% loans back? YEAH RIGHT!!! Our politicians have shown ZERO regard for the future in their gov't spending. Look at Social Security, that program is broke, robbed blind by congress. The only 0% in this scheme is the chance of government paying back its own no interest loans. GO GOLD!
If it is not about paying it back then tell me how will this be any different than what we have today? Sure there will be no "interest" but then who cares if there is interest or not if you aren't going to pay it back? This will result in the the same "Robbery" we have today via fractional reserve banking and central monetary planning. It doesn't matter who is in control of printing press. Whoever it is, be it the government or the federal reserve, will abuse it.
We have the technology to laminate the gold/silver within the currency, by doing this and requiring banks to have a 100% reserve it eliminates the stealth wealth transfer. Having the gold in the note stops any government or bank from fraudulently diluting the money supply. And yes it will require government and countries to live within their means. I.e; a bank must first borrow it to lend it and a government must first tax it to spend it. This restrains dishonesty.
Fiat currencies should be used for 80-90% of all transaction. Gold and silver should be use more for the wealth storage and for big transaction between nations.
I support the idea of fiat currencies issued by States or Cities without the % and fractional reserve.
@Alexiscom1 Hey man are we both on the same wave length. I forwarded this video link to you just a few minutes ago. You beat me to it. You impress me man. You really look at every option available. Its awesome to see open minded people like yourself out there instead of an austrian school hardliner. Thanks!
And then take all the gold in fort knox and the new york fed and sell it back to the people with the newly issued notes. The people should have the gold not sitting in a vault at the fed and at fort knox!!!
if prices can adjust to 1/100 of and oz, it can work. As long as we have competing mines and mints and they can pay themselves in gold. But i agree all prices in dollars will have to be adjusted in oz's of gold. or it doesn't have to be gold but the market should control what is money. And if the rich have all the gold, they will have to spend there own gold for food and everything else and this will circulate the gold. And other than helping this system work, the government should stay out.
i agree 100% but how do we stop the politicians from causing inflation and still colluding with wall street. The market must control the supply of money with prices that have not restraint at all to fluctuate freely and even if the bankers have alot of gold as long as we have competing mints and competing store vaults and everything has to be paid in coins or banks that have 100% reserves. You have to produce more gold and as long as the government makes a law to have prices adjust to supply ok!
Well first off we should instate a 100% reserve requirement for all commercial banks so that they cannot inflate the currency... and allow the people to be the ones who dictate where the money from the state-owned or public banks spend their funds and the people spend their energy.
Any politician who gets money happy, especially since people will be more conscious of this and feel more empowered if it's on a state level, must be removed from office democratically or with force.
@StopTheRobbery2 All i know is that the government and corporations must be slave to the market money supply or the free market money that the people have earned on the market that we allow the corporations and governments to have for the services and goods that we want them to supply to us. We will voluntarily give our money to the government as a tax! The only way i see this happening is with a free market money that the market controls the supply of money! This is the heart of a free market!
@StopTheRobbery2 I agree with you about the gold standard. There are alot of things that must be worked out. But as long as everyone was forced to spend gold coins with competing mints to ensure purity then the rich would have to spend there gold too. I just want the market to control the supply and prices to adjust accordingly to equilibrium. This is how free market price system are supposed to work!!!It has worked in the past and i don't see why it can't work now!!!!!
Its not as simple as this video makes it seem. For example the dollar is backed by oil, because every country that wants to buy oil from the saudi's must pay with federal reserve notes, and not gold. Jefferson is correct, its the corrupt individuals who are in control of the money. And the great depression was caused by the inflation brought on by WWI when we converted from the gold standard to print unlimited amount of money to fund the war. We just felt the backlash sooner rather then later.
rjasale 3 weeks ago
This has been flagged as spam show
There's different kind of gold standards, some of which require no gov't holdings of gold, such as linking the dollar to gold. gold's price now reflects currency stability, and hence when the dollar is linked to gold, the fed decides to buy/sell bonds as to maintain a stable gold price. This can be done over night, without any inflation/deflation problems.
germany10 3 weeks ago
Comment removed
germany10 3 weeks ago
Vatican owns a lot of gold.
SLCforLIFE 1 month ago
cmon guy, gold is way better then paper . the bankers own all the gold is a flat out lie
MrBlobak 2 months ago
If you know how finance works, you know the video's basic premise is wrong. It's the argument of a financial simpleton. The United States ran on a gold standard for 182 years. During those years we had capital inflows or "current account deficits" if you want to use proper financial terminology. So the actual fact is a gold standard causes the exact opposite of what the video claims. This is just an attempt to maintain flexible money without the Fed.
raceboy1971 2 months ago
The people who try to debunk the gold standard always try to link gold back to the dollar. This is an error.
The exchange would be in grams of gold NOT dollars, so when you went to Subway to buy a sandwich, the menu would have pricing in grams of gold. You could pay for it with gold or with your credit card which would also credit the merchants account in gold.
KaphenDePriest 6 months ago
I am not a fan of the gold system, especially given our level of debt, but all your complaint does is point out the fact that America has an unsustainable trade deficit. We are in no better of a position using fiat currency than a gold system when we don't export enough to pay for our imports. Having the reserve currency status is the only thing that allows us t run constant trade deficits. This is going to change in the next decade, gold or no gold.
christo930 8 months ago
"The bankers own all the gold." "I always..." "It never happens..." "It's impossible..."
What nonsense. Careful with absolutes. They usually come back to bite you. What the government should be doing is butting the bleep out. Who wants the government doing anything but stepping in only in the defense of individual liberty? WTF is wrong with people? Somehow they think that their individual propensity for greed and laziness does not exist in those who seek the power of government.
restoresoundmoney 1 year ago
@restoresoundmoney
The fact remains that SOMEBODY must create money, so either we have to choose private bankers, or a government which is representative of the people's interests. Of course this, like any system can only work if the people are awake and enforcing the laws, hanging politicians if necessary, until they are so afraid to do anything but what the people want that the democracy works.
StopTheRobbery2 1 year ago
@StopTheRobbery2 Hi! Is that true? Really? As I said, careful with absolutes & careful with premises such as "Somebody has to create money." Really? Who? And it has to be centrally planned? Really? So, "the people" can't create their means of exchange, but "the people" in goverment can? Huh? And let me be clear about something--I have no interest democracy. None. A major cause of the descent of the American republic is a direct result of letting mobs of nitwits vote.
restoresoundmoney 1 year ago
@restoresoundmoney
I think ultimately we need to get rid of money completely, but, the only way there is to set up a completely new economy based on truth and what's best. There are so many corporations out there now that we don't need. Pharmaceuticals, Processed Food, Drug stores, Fast Food, etc - all must go, and so this is why that a national currency without interest is the most efficient manner to get us to that position where we can abolish money altogether.
StopTheRobbery2 1 year ago
@StopTheRobbery2
in regard to post by restoresoundmoney and your reply. What you say "The fact remains that SOMEBODY must create money" is completely wrong. Money is a medium of exchange and can be anything. No one person creates money. It takes two to create money. A person with something to offer and a person willing to accept. Note the word "WILLING", in a paper society we are "FORCED" to accept the fiat. Markets based money is the answer. Where the NATURAL LAW of supply and demand governs.
rlciv 1 year ago
FAIL. fractional reserve banking is the problem not gold and silver backed currency.
MedicalMarijuanaMini 1 year ago
@MedicalMarijuanaMini
Wrong. Having criminals in charge of the money supply is the problem.
StopTheRobbery2 1 year ago
@StopTheRobbery2
The criminals in charge of the money supply use the fraudulent fed and fractional reserve system to screw the people out of money. Money backed 100% by a commodity would restrict the criminals from the ability to use the system to screw people. Its not just the criminals, its also the fraudulent system they use.
TheJonnyMuffin 1 year ago
this is bullshit. the guy at the end said - the states can use the fractional reserves system to... STOP right there. The fractional reserve system is the problem! Doesn't matter if it's the states, federal reserve, or global government that is doing in, it's fraud on whatever level it is admistered.
TheJonnyMuffin 1 year ago
@TheJonnyMuffin
If its us working for us then its not fraud, its just a way of conducting business.
It doesn't have to be the fractional reserve system though, but what that does is gives us more options, more money to utilize for productive purposes like energy production to get us set up. But overall I agree with you, we need to remove the fractional reserve principle, its the safest bet.
StopTheRobbery2 1 year ago
@StopTheRobbery2
I guess I disagree that it is 'us working for us'. The actual system of fractional reserve banking is fraud. Letting someone - whomever it is - collect interest out of money created out of thin air, to me, is fraud. It robs the people who aren't creating money out of thin air for their benifit, so as long as it is going on, it is not helping us, it is hurting us. I have a hard time trusting the vid bc its advocating it's use.
TheJonnyMuffin 1 year ago
@TheJonnyMuffin See you're thinking of the fractional reserve principal being applied to the current system.
It's only theft if the people behind it are thieves, like the federal reserve bankers.
In the case of national currency printed debt-free, the fractional reserve principal will allow us more options to create whats needed, like a field of solar panels. If we don't have enough then we're of luck. This is why this fractional reserve principal would be useful to temporarily inflate it.
StopTheRobbery2 1 year ago
You don't like gold ?
No problem.
Just legalize liberty. Just get rid of the legal tender laws. Then you'll be able to chose whatever money you want.
As for me, I'll bet on the 6000 years of history. I'll bet on gold and silver.
But that's just me...
kevinz1985 1 year ago
@kevinz1985
If you truly knew your history then you would know that the gold standard has been used historically as a mode of control. If you want the gold standard store your wealth in gold and you've got it... but there is no need to back a currency by anything, the important point is by whom the production is delegated to.
StopTheRobbery2 1 year ago
@StopTheRobbery2 I have not written about the gold standard. I have written about me betting on gold and silver, as people before me have done for 6000 years "to fashion their financial escape from the state". All my savings are in gold and silver.
As for "who the important point is by whom the production is delegated to"... The answer is easy. No one.
I have the right to use whatever money I want. I don't need someone telling me what I must or must not use.
kevinz1985 1 year ago
@kevinz1985
The majority of my savings are in these assets as well.
It's an incredible investment, so incredible people don't believe it.
I guess the manipulators of these markets are doing their jobs well.
You're right, I wouldn't be against a barter economy. All we really need is healthy food, clothing and shelter.
StopTheRobbery2 1 year ago
This is just another inflationary scheme where a select few get to inflate the money supply to their benefit at the expense of those without this privilege.
johnpdd 1 year ago
@johnpdd
Wrong. In this system there is no permanent inflation, and therefore, no small group of people can steal from the majority.
StopTheRobbery2 1 year ago
@StopTheRobbery2
So let me get this straight. You think that a government that is about to raise the debt ceiling to $15 trillion in debt WITH INTEREST, which anyone can see can never be repaid, would pay its own 0% loans back? YEAH RIGHT!!! Our politicians have shown ZERO regard for the future in their gov't spending. Look at Social Security, that program is broke, robbed blind by congress. The only 0% in this scheme is the chance of government paying back its own no interest loans. GO GOLD!
rlciv 1 year ago
@rlciv
You're very uneducated and off point in every level.
It's not about paying anything back, its about issuing currency interest-free.
StopTheRobbery2 1 year ago
@StopTheRobbery2
If it is not about paying it back then tell me how will this be any different than what we have today? Sure there will be no "interest" but then who cares if there is interest or not if you aren't going to pay it back? This will result in the the same "Robbery" we have today via fractional reserve banking and central monetary planning. It doesn't matter who is in control of printing press. Whoever it is, be it the government or the federal reserve, will abuse it.
rlciv 1 year ago
Comment removed
rlciv 1 year ago
Comment removed
rlciv 1 year ago
We have the technology to laminate the gold/silver within the currency, by doing this and requiring banks to have a 100% reserve it eliminates the stealth wealth transfer. Having the gold in the note stops any government or bank from fraudulently diluting the money supply. And yes it will require government and countries to live within their means. I.e; a bank must first borrow it to lend it and a government must first tax it to spend it. This restrains dishonesty.
mrFizzboat 1 year ago
Fiat currencies should be used for 80-90% of all transaction. Gold and silver should be use more for the wealth storage and for big transaction between nations.
I support the idea of fiat currencies issued by States or Cities without the % and fractional reserve.
Nice work thanks for the response.
Alexiscom1 1 year ago
@Alexiscom1 Hey man are we both on the same wave length. I forwarded this video link to you just a few minutes ago. You beat me to it. You impress me man. You really look at every option available. Its awesome to see open minded people like yourself out there instead of an austrian school hardliner. Thanks!
charronfamilyconnect 1 year ago
And then take all the gold in fort knox and the new york fed and sell it back to the people with the newly issued notes. The people should have the gold not sitting in a vault at the fed and at fort knox!!!
Cubangansta01 1 year ago
if prices can adjust to 1/100 of and oz, it can work. As long as we have competing mines and mints and they can pay themselves in gold. But i agree all prices in dollars will have to be adjusted in oz's of gold. or it doesn't have to be gold but the market should control what is money. And if the rich have all the gold, they will have to spend there own gold for food and everything else and this will circulate the gold. And other than helping this system work, the government should stay out.
Cubangansta01 1 year ago
i agree 100% but how do we stop the politicians from causing inflation and still colluding with wall street. The market must control the supply of money with prices that have not restraint at all to fluctuate freely and even if the bankers have alot of gold as long as we have competing mints and competing store vaults and everything has to be paid in coins or banks that have 100% reserves. You have to produce more gold and as long as the government makes a law to have prices adjust to supply ok!
Cubangansta01 1 year ago
@Cubangansta01
Well first off we should instate a 100% reserve requirement for all commercial banks so that they cannot inflate the currency... and allow the people to be the ones who dictate where the money from the state-owned or public banks spend their funds and the people spend their energy.
Any politician who gets money happy, especially since people will be more conscious of this and feel more empowered if it's on a state level, must be removed from office democratically or with force.
StopTheRobbery2 1 year ago
@StopTheRobbery2 All i know is that the government and corporations must be slave to the market money supply or the free market money that the people have earned on the market that we allow the corporations and governments to have for the services and goods that we want them to supply to us. We will voluntarily give our money to the government as a tax! The only way i see this happening is with a free market money that the market controls the supply of money! This is the heart of a free market!
Cubangansta01 1 year ago
@StopTheRobbery2 I agree with you about the gold standard. There are alot of things that must be worked out. But as long as everyone was forced to spend gold coins with competing mints to ensure purity then the rich would have to spend there gold too. I just want the market to control the supply and prices to adjust accordingly to equilibrium. This is how free market price system are supposed to work!!!It has worked in the past and i don't see why it can't work now!!!!!
Cubangansta01 1 year ago