Also, take this sentence from the article: Printing money can only be conducted by the Treasury Department which comes under the direction of the President of the United States, NOT the Federal Reserve. -- the federal government -- including the Treasury -- does not print fiat currency at all. What the Federal Government does is print up bonds; gives them to the private Federal Reserve Bank, and the Federal Reserve then chugs out fiat currency.
This clown criticizes the gold standard? A money standard that has given us balanced budgets and even a surplus? Thanks to fiat currency and the Marxist in the Whitehouse, we are on the verge of an economic tsunami. A Great Depression, coupled with massive Weimar Republic or Zimbabwe inflation.
That is the reason Glenn Beck urges people not only to buy gold, but canned foodstuff and maybe even freeze dried materials. We could be in for some very bad times.
As a final remark, if under a gold standard there is a panic, the government should leave things alone and the economy recovers. Government meddling helped turn the crash of 1929 into the Great Depression. When there was a big stock Market crash in the late eighties, then Pres. Ronald Reagan was smarter and commented very little on the crash and America suffered little damage from it. Pres. Reagan understood the economy as President Franklin Delano Roosevelt did not!
We had a balanced budget AND surplus (actual debt reduction) under President Eisenhower, well after the establishment of the Federal Reserve.
Thanks to fiat currency and the Marxist in the Whitehouse, we are on the verge of an economic tsunami.
We had debt and depressions prior to the establishment of the Federal Reserve. The ability to borrow money is independent of the existence of the Federal Reserve and "fiat currency". Spending - in particular, entitlements, nothing more than long-term payola by politicians to voters - is the source of our current fiscal nightmare and would not be assuaged in the least by a return to the gold standard.
The solution is to cut spending - not re-denominate the debt and value of what is spent (which is all a gold standard would do).
” When the panic of 1907 happened, J.P. Morgan quelled the panic in a single day. “
It was a good bit more than a single day. But the importance of the 1907 bailout was that JP Morgan became a driving force behind the National Monetary Commission that led to the creation of the Federal Reserve.
Morgan informed Congress that the US economy had become too large for a single bank to act as lender of last resort, and that the US needed a central banking system.