Ron Paul: Gold Standard 1/30/09 Fox Business

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[galaktar]

@mintoo2cool 1) You can't print more gold.

2) It is about trust and gold has more. An ounce of gold will always be an ounce of gold. A dollar can, at any time, return to being a simple piece of paper because of stupid political decisions.

3) Deflation means that if you hold onto money (saving), it will increase in buying power instead of decreasing. If you have $100 in your pocket you can buy $100 shoes. After deflation, you may only have $20, but now those shoes cost $15.

[lomocan]

@zombiefitnezz

Firstly, calling others dumbass doesn't make you smart, in fact, intelligent people never need to call anyone names to make a strong case. Anyways, as for boom-bust cycles before 1913, ever heard of fractional-reserve-banking? that's what causes it. It allows even regular banks (without the existence of a central bank) to create lots of cheap credit which drives the prices higher causing a boom eventually ending in a bust. Google "fractional reserve banking austrian economics"

[manhunter9]

@iancmcintyre not only that, but the global worth of gold is only 9 trillion, whereas the us economy is at 15 trillion. this means mass deflation will have to occur and lol if anyone wants that.Also, precious metal backed currency has the problem of when the metal is more desirable or valuable than the exchange rate between the backed currency and other currencies, that an outflow of the precious metal from the country occurs

[iancmcintyre]

In modern capital markets a gold standard makes less then no sense.Reverting to the gold standard is not at all possible in this day and age and is not considered a viable option to improve our economy by any economist of note on either the Left or the Right. It's a fringe idea that is hurting his chances of getting the Republican nomination. Ron Paul = worldwide depression

[decayingclown]

I like ron paul but he's a freaking M.D. He does make a good point, and I've been reading on the subject. 1933 FDR put the us on the gold standard and nixxon took us off it on 1971. But it all is happening again the 1929 crash happened in 2008, 1930s wall street started to get investigated, 2010 and 2011 so far you have burney madoff, Mf global with john corzine former govenor losing 600M-1.2B (I forgot where"sorry"). Next to happen like in the New Deal is the credit crunch. I hope we make it...

[dougandsuzy]

@galaktar A piece of gold can alaws return to being a meaningless piece of yellow metal

.

[navid500]

Country 1 has more natural resources than any other country in the world, including oil reserves, natural gas, etc. This country also has the best agricultural industry in the world, and the highest functioning economy in the world. This country has NO GOLD.

Country two has a shitty economy, no natural resources, and is plagued by famine; however, this country has a moderate supply of gold.

The gold standard would say that the second country is richer. See a problem?

[Btmmaine]

And the fact that these myths to the contrary can persist even in this day and age when anyone an internet connection can find any one of the many copies of the Constitution available for free online and use Ctrl+F to find instances of the words "gold," "silver," and "money," is simply baffling to me.

[Btmmaine]

These are limitations on the powers of the STATES, not the federal government.

With respect to the federal government, the Constitution simply says, in Article I, Section 8, Paragraph 5: "[The Congress shall have Power] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures." The federal government has the power to issue and regulate the value of money, period. There is no restriction on what that money's value is based on.