Posted on 08/13/2011 5:20:28 PM PDT by PotatoHeadMick
Roll out the bunting. Tomorrow is the 40th anniversary of the modern global economy.
That's right: come Monday morning we will have managed to survive four decades of fiat money – though, given the chaos in markets in recent weeks, it is anyone's guess how much longer it will last.
On 15 August 1971, with the US public finances straitened by the cost of the war in Vietnam, Richard Nixon finally cut the link between the US dollar and gold. Until then, the US Treasury was duty bound to exchange an ounce of gold with central banks willing to pay them $35.
Suddenly, for the first time in history, the level of the world's currencies depended not on the value of gold or some other tangible commodity but on the amount of trust investors had in that currency. Central banks were allowed to set monetary policy based on their instincts rather than on the need to keep their currency in line with gold.
(Excerpt) Read more at telegraph.co.uk ...
A Government gives _____ (whatever, fill in the blank) by demanding it in payment of taxes.
You don’t want a gold standard like during the wild west days because you would owe/pay all your bills/debt in gold plus other countries would hoard our gold and it would leave our borders.
The entire financial system needs a rework from the ground up but it will have to melt down first before Congress decides to do anything meaningful.
I like the idea of interest free banks, which means interest free debt...you don’t think bankers would howl about that idea.
Why wouldn't the U.S. hoard all the other countries' gold and keep it in our borders?
I like the idea of interest free banks, which means interest free debt...you don’t think bankers would howl about that idea.
I'm guessing you don't keep a lot of deposits at banks, do you?
(meant to say, government gives _____ value by demanding it in payment of taxes)
The US is already hold most of Euroland’s gold since it was transferred here (to the US) during WWII for safe keeping.
If you noticed, the US recently stated that they would continue holding interest rates near zero in the foreseeable future. Of course this doesn’t stop credit card issuing banks from practicing usury.
You really need to think it through before you jump up and down and start pouting. Having less government is a scary thing to those who live off its tit.
So how would the bank pay their own bills? They do have a payroll, and stockholders, and all of the other bills that businesses must pay.
I didn’t know there was a movie, maybe I’ll stumble upon it someday.
Doing the math one could imply that today's dollar is worth $0.0109 in 1833 dollars, just over a cent.
Only today that $50.00 coin would be as thin as the wrapper on the chocolate ones and smaller than a dime. (I know one ounce Eagles are denominated at $50.00, and legal tender, but who would spend them for that?)
You can’t be on the gold standard if you have no gold.
There isn’t enough gold in the solar system to back up the amount of money floating around this planet.
There isn’t enough gold in the solar system to back up the amount of money floating around this planet.
Of course there is.
Just set the price of gold at a trillion dollars per ounce.
Just one caveat:
Do not EVER deviate from that fixed price.
Redeemable is the ideal, but if it is known - and enforced - that the paper money cannot be printed without having something of value to back it up, I would condider it "backed".
During the Weimar hyperinflation, Germany restored confidence in their money by issuing "Rentenmarks", which were backed by land and other real assets.
Then he became an officer.
Three time loser.
Interest free banks would be fee based to cover their accounting and profit. You could break it out to a per month percentage cost ex. 1% - 3% per month but the days of usury would be over.
Sure banks are necessary but not useful when trying to control the political arena esp. on a worldwide basis.
......Idiots ~ Kerry enlisted in the Navy.
Then he became an officer.
Three time loser.....
You and Kerry are the three time losers,,,of course he wasn’t drafted everyone knows that, however without having the draft hanging over his head he likely would not have entered the service. DUH. And he was a prime example of someone who wanted out of combat and gamed the system with his bobos...Sheesh you remind me of a woman who went through menopause and forever after went “postal”
GIDDOUDDAHEYAH PUNK
Yes they have but I would not vote for either one for president unless the only other choice was Obozo or another like him.
Once again you are making no sense. Methinks your logic wiring has been short circuited or was AWOL from birth. If you would like to converse on a common sense logical level fine, otherwise I have had enough of your illogical rants.
Insulting little turd today aren’t you.
So people who own banks wouldn't be "allowed" to charge interest under your administration, however it would be OK for them if they charged 1% or 3% per month. :)
I was answering a question of how a bank would make any profit in an interest free environment and banks would have to charge reoccurring ‘fixed fees’ or ‘flat fees’ for the monthly bean counting and administering of loans or whatnot.
With flat fees, I’m only guessing on what it would equate to on a monthly basis using monthly interest charged as a comparison. Plus I gave it a wide guessing range.
Even 5% fixed on a credit card balance would be better than paying 10% or 15% monthly charges but a flat fee would be likely equal to 1% or less during the lifetime of the payback in interest free banking.
Anything is better than unbridled usury.
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