New gold backed currency

http://www.bullionmark.com.au Dr Jim Willie speculates about the replacement of the US dollar by a new global currency backed by gold.

Category:

News & Politics

Tags:

• gold
• silver
• bullion
• history
• currency
• US
• dollar
• Bretton
• Woods
• collapse
• reserve

[frontier1701]

Dude... what are you talking about???? The FED was established in 1913 under Woodrow Wilson... The US went off the gold standard in 1971 under Richard Nixon. The real problems started when we went off the gold standard.... No gold standard=no monetary discipline... Let the debasement begin!!!!

[gunthaarz]

Gold can never be the standard again. the bankers have a monopoly and have cornered the gold market. The gold market is how the scam started in the first place. The reason why the economy was good before the gold standard was removed was because we had no FED! and people and government had not startet borrowing all their money from the banks and the FED had not started printing their money out of nothing plus demanding interest on it from GOV. & Gov had to ask for more money to pay the interest

[harshadmalkan]

Real gold protected money against any type of economic devaluation , remonetized and mandated by the IMF,G-20 nations central banks and govs is listed at articlesbase gold standard currencies.

[shumanitutonkaowachi]

Yea, don't buy any gold or silver. You have to be dumb, dumb, dumb not to make any money in the stock market. Listen to Jim Cramer!!

[Lingerfoot]

Why are we slaves? I don't understand. Please explain.... . Peace!

[Lingerfoot]

Sir, please explain why 1971 is so important, I don't understand why coming off of gold is a problem. Peace!

[gamewizard]

Internally gold was removed from circulation in 1932 under FDR. Gold was then only used to repay foreign banks wanting to cash in their debt instruments payable in gold. The reason we left the gold standard was because there wasn't enough gold left to pay all the outstanding debt but in the mean time the Fed had been busy printing fiat currency since 1913 so the value of the dollar had been falling since then because more and more dollars backed by nothing were replacing dollars backed gold.

[LaramieTrail]

Yes, China, Russia and oil roducing companies have just agreed to price oil in a new currency that is 50 percnet backed by gold.

[gunthaarz]

Of course such a conversion would never take place and could never actually be a real need or demand since that would eliminate too much of the currency in circulation if it was a real need, so that metal currency would also be a fiat currency, based on the belief that a stable demand for the metal will always be present. This is just my current take on it and I am absolutely open to other reasonable interpretations, explanations and suggestions.

[gunthaarz]

The thought is good. My thoughts on it: it also kind of illustrates that even if the access to gold was properly distributed, it in itself would also be a faith based currency. That we have faith in that others will want and trust that there will always be an equal demand for gold. How large the demand for silver copper and nickel coins would be would also be based on a faith in that there exists a demand for the metal, that if needed would make the recepient convert the metal to products.

[Clyaton]

I thumbs upped your first comment... But the the Fed is the source of many of our problems.. True that Gold can't alone be the reserve currency... But you add silver, copper, nickel? Or any other metals, you can create something that isn't PURELY fiat... Especially if the bankers were by law forced to dish out gold or metals based on our FIAT dollars, as to facilitate such a change.. American Government made gold illegal, couldn't that be reversed on them as to dish out precious metals?