Skip to comments.Pushing for a Return to the Gold Standard
Posted on 06/05/2011 9:20:08 PM PDT by lbryce
The idea to make the precious metal legal tender has gained currency in more than a dozen state capitals, aided by Tea Party support and other efforts to rein in federal power. Economists say the plan would be disastrous.
Mike Pitts is no economist, but that hasn't kept the retired small-town cop from taking a prominent role in a quixotic campaign to push the U.S. monetary system back to another century.
Pitts, a South Carolina statehouse representative, introduced a bill in April that would make gold and silver coins legal tender in the state. Similar efforts are underway in more than a dozen state capitals, fueled by Tea Party support and antipathy toward the federal government.
The ultimate goal is to return the nation to the gold standard, in which every dollar would be backed by a fixed amount of the precious metal. Economists of all stripes say the plan would be ruinous, but that view is of scant concern to Pitts.
"Quite frankly, I think that economists from universities are thinking within the confines of their own little world," Pitts said. "They don't deal with the real issues."
Proponents of the laws believe that returning America to the gold standard would force the government to live within its means, curtailing runaway spending and inflation.
(Excerpt) Read more at articles.latimes.com ...
Eventually all fiat money becomes worthless. We’re pretty close now. Wait till you see the chaos when our unit of measure is no longer a store of value or a medium of exchange. Time to get the personal protection ready for the inevitable.
I think if we make the US dollar an asset-based currency again, it will be not just based on gold, but also silver, platinum, palladium, copper and nickel—the most common metals found in coins and bullion blocks used in asset-based monetary trading.
Greenspan seems to assume we’d move to a post-1913 system, with the fed printing paper that is backed by reserves, and all the reserves are held by the Fed.
In my mind, that was the start of the problem. And the point at which the federal government lost all legitimacy was when it ordered all banks to surrender their reserves to the Fed.
And I see no advantage to backing half-way out of our current system.
We’ve been off the gold standard for some 40 years. It was a bad decision, but could it be returned without a shock to the economy?
Considering that the economy is heading towards a massive shock if not outright collapse: I would say that there is a greater risk from not going back to the gold standard. At least the storm can be weathered much better by being on the gold standard than not.
Not real economists.
Hence the reason why a “new” US dollar will be more than just based on gold—it will add silver, platinum, palladium, copper and nickel, also.
Return to hard money would be great, but it is not going to happen; the illuminati would lose all their power over the government, and the source of their wealth.
What is going to happen is that they will inflate the present fiat currencies out of existance, and attempt to install a global fiat currency.
If people are truly stupid, they will get away with it. That will be the end of all personal liberty.
>> “...but could it be returned without a shock to the economy?” <<
What economy? - The current game of musical chairs is spiraling into hell at light speed.
And James Grant was on CSPAN Q & A with a new book on "The Life and Times of the House Speaker Thomas Reed"
Author of the Reed Rules of the House which did away with the "disappearing Quorem" or sometimes called the Filibuster in the House.
Allowed the legislatures to pass more Bills and spend more Money....and he was a Republican!
>> “Hence the reason why a new US dollar will be more than just based on goldit will add silver, platinum, palladium, copper and nickel, also.” <<
That wouldn’t work. Base metals are in such great supply that it would lead back to the present game eventually.
There, fixed it.
America could go back on a Gold Standard tomorrow - Gold would simply rise to somewhere north of 15000 dollars/oz.
(Note: I am not saying a Gold Standard is a good idea, I’m just saying its perfectly possible)
My belief is that the world will eventually end up on some sort inverse carbon dioxide standard.
Okay, just limit it to gold, silver, platinum and palladium—all of which have been used as an asset-based store of monetary value. The combination of these four metals would certainly make for a far stronger US dollar, one that is far less likely to crash in value.
Aheeeemmmm....”The Chair directs the Clerk to record the following names of members present and refusing to vote.”
Well,....it was news to me.
The issue could be forced rather easily if we actually had just one Free and Independent State in the Union. Just start following the Constitution and refuse to accept “anything but Gold and Silver Coin, a Tender in payment of debt”. Seems to me a State run Clearing house to exchange Federal Reserve Credits into Legal Tender would be all that is needed along with STRICT ENFORCEMENT in requiring that All Persons Be Paid in Legal Tender at FACE VALUE. Now instead of earning say $1500 per week in Federal Reserve Credits you only earn $50, and since the Federal Government requires Federal Reserve Credits for Taxes you pay the their 25% in Federal Reserve Credits which equals $12.50 , 40 cents in silver.
Gold is all that is required the rest is smoke screen.
Please cite an example of platinum or palladium being used as money.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.