A example of a clear, concise and honest answer to Dr. Paul's question from The Bernanke would have been something along the lines of;
One US dollar is equal to 0.00031 troy ounces of gold minted by the US mint to 0.999 percent purity. This measurement can be found on page 1029 in the third paragraph.
posted on 03/04/2011 7:52:01 AM PST
(Rule#1.The LEFT lies.Rule#2.See Rule#1. IF THE LEFT CONTROLS THE LANGUAGE, IT CONTROLS THE ARGUMENT.)
"One US dollar is equal to 0.00031 troy ounces"
And nobody cares. Gold is highly manipulative because it's scarce. Why would we want to link our currency to something like that?
China is one of the largest gold producers today. Do you want China to have more say over our currency growth than we do? Then by all means go for the gold standard.
posted on 03/04/2011 7:55:28 AM PST
One US dollar is equal to 0.00031 troy ounces of gold minted by the US mint to 0.999 percent purity.
But the dollar is no longer equal to a fixed weight of gold.....or silver.....or anything.
posted on 03/04/2011 8:09:00 AM PST
(Math is hard. Harder if you're stupid.)
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson