GOLD STANDARDS SUCK! Investing & Monetary System With Mike Maloney

http://www.goldsilverdvd.com Gold standards are not the holy grail of monetary systems. They merely open up the possiblity of governments abusing the system and printing more receipts for gold and silver (cash) than they have in physical metal. One of the reasons that we are living through such turmoil is that we allowed governments to cheat gold. A more stable system: use gold and silver themselves as money, as the free market has demanded for the last 2000 years.

This video is one of a series of responses to questions posted by YouTube users. Please subscribe and stay tuned for more.

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[andrewada]

Here's my "thinking for myself".

As an investment I'm scared of gold because it is *ultimately* of abstract value, and I don't understand it enough. I like real assets. I think America will be a great place to invest in when its economy truly bottoms out (currency implosion), though I would to invest in their real assets. Until then, I'll keep my wealth in real assets but in [more] stable economies.

[whygoldandsilver]

@andrewada Uh oh. Gold is *ultimately* of intrinsic value, not abstract. Abstract value is what the pieces of paper we call currency have. Able to be created out of thin air, in unlimited amounts...that's abstract. Please watch the free version of the Why Gold & Silver film when it comes out...it will help big time.

[andrewada]

Extended: ....except that we could waste massive resources mining the stuff - better to create 1,000,000,000 dollars that can never be retracted or expanded? It would need to be legally enforced but so does EVERYTHING need to be legally enforced

[whygoldandsilver]

@andrewada But that's the way we always open the can of worms throughout history. You're right, it should work in theory...and has done so for short periods of time. But we always cheat the system. Mankind simply isn't ready for this type of trust. We are fresh from the jungle, stealing our best monkey friends bananas when we get hungry.

[andrewada]

@whygoldandsilver You write very well. It's rare to read a comment that isn't "hard work" to interpret.

[whygoldandsilver]

@andrewada Thank you!

[AgrippasNotebook3336]

First off Dan, thanks to you and Mike for answering my question! Now, as for his answer... you know, in a small way it bothered me. Yes, I do like the idea of returning to a system where exchanges would be backed by fractional amounts of gold or silver... but the problem is where he talks about using cards to make purchases/transactions (from one account to another). What he's essentially talking about is a paperless society (where the RFID chip would gain more ground and justified). Perhaps ...

[pttike1981]

The bernanke animal watched it twice

[MrSizzlingsilver]

Shame on the 2 Elitists that disliked this video! 

[KnowledgeISpower789]

Thanks, makes sense. i meant going back to sound money (going back to gold and silver).

[funnyclaw]

I understand why he would think gold standard wouldn't work but I think it would do better than the current system. The government would be required to be able to redeem gold with whatever currency we are at. It encourages the government to control the printing of money

[redmatrix]

Here's a question I have that don't see answered anywhere:

What is Leverage when it comes to your investment? Someone says pay X amount into a gold/silver vault program, and leverage it 3 to 1, or 3X. What does this mean? How does it work, and is it like an ETF?

[Lassemalten]

He don't know what goldstandard is.

Gold standard means that once the standard is put up. Then 100 USD would be allowed to be exchanged for gold from the centralbank. If they start to print up money then everyone go and exchange there USD for gold from the centralbank.

And there would be no gold left in the bank only paper.

I don't understand why this guy have put up a movie telling everyone he doesn't understand.

[sithjedi71]

@FGTBOGSAT He can't have it. 

[FGTBOGSAT]

Comrade President Obama wants your gold and silver!