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Yes, we need to get back to SOME kind of fixed standard, preferably gold. Ron Paul and Steve Forbes have this down correctly.
I believe that leaving the Gold Standard was one of America’s great mistakes. Dropping the Draft was another.
the dollar today is widely seen as being worth about $0.03 compared to 1800
if you do the math... we’re still on the gold standard.
the US currently has about $500 billion in gold bullion
the US also has a debt of $14.5 trillion... which is 29 times the value of our gold
$1.00 divided by 29 == $0.035
:)
d to abandon the gold standard because LBJ had simply printed money to pay for HIS Vietnam War and HIS great society. Charles de Gaulle had realized what happened and Charles was converting every dollar he could get into gold. When Nixon realized we’d end up with no gold, Nixon took us off the gold standard. Yes indeedie, that is where real dollar printing began, as there wasn’t even the pretense that dollars had to be backed by gold.
Now, we could, in essence, go back on a real value standard. We could issue petro-dollars. Each dollar would be convertible into oil. In actuality, oil has real value as you can convert it to energy, plastics or food. Gold, on the other hand, just looks pretty. Of course, this would necessitate drilling our own oil.
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*** Until then, the US Treasury was duty bound to exchange an ounce of gold with central banks willing to pay them $35.*****
And anyone who can remember those days it was illegal for Americans to own GOLD thanks to FDR. At the same time FRANCE was buying all the US GOLD it could at $32 an ounce.
When Nixon cut the Gold standard the price of GOLD shot up to about $280 an ounce.
ya think?
do socialists and rinos ruin people’s lives.
I’ve never understood how a society could put value in a piece of paper backed by NOTHING and accept it for exchange of goods and services. Why not use blades of grass? Tree bark?
I suppose the only thing that makes it ‘valuable’ is the fact that ‘they’ can print it, and ‘we’ can’t....
True.
Today a gold backed US $1 dollar bill would have bought a hundred Euros or more.
Back in the 60’s $1 US bought 360 Japanese Yen.
Today $1 US buys only 76 Yen.
Being a gold bug even back then, I was fully aware of the swindle being pulled off, tried to tell people (Letters to Ed, etc.) - and was pegged as a right-wing kook.
When Roosevelt took us off the gold standard, he left redemption in place for the foreigners - hence the “dollar is as good as gold” saying.
By the ‘70s, the rest of the world, especially France, were alarmed at amount of ever-increasing dollars and started redeeming them. I think the gold backing was something like one ounce of gold for every four dollars in circulation and a bit less for other forms.
In a typical maneuver, the politicians talked the foreign claimants into taking silver instead, replacing their dollars with silver certificates and then converting paper to silver. (I remember citizens doing that, even down to one dollar, getting a packet of silver granules.) They also started melting US silver coins and blaming hoarders for their scarcity - The mint couldn’t make clad coins fast enough and there was a temporary shortage.
While Nixon and the rest were assuring us that “gold was archaic”, I began my first phase of preparing for when TSHTF as I thought this country would only last a few years - shades of the Roman Empire. (I’ve been off in timing but not the direction.)
I believe it’s just a matter of time (i.e. SOON) before things get SO chaotic that we will have to return to a gold-backed but not redeemable currency. IMO, without some brake on the politicians, nothing short of backing like this will keep their spending in check.
Gold standard - hogwash.
You can find this in google books:
Popular Science Sep 1897
Search and find it. You’ll find the first page:
__________________________________________
APPLETONS’
POPULAR SCIENCE MONTHLY
September, 1897
SPANISH EXPERIMENTS IN COINAGE.
By Henry Charles Lea.
__________________________________________
Read on, you’ll find the horrific inflation problems of the Spanish Empire over decades.
They did not produce manufactured items, they exported raw materials: wool, flax, hemp, silk, iron, steel, timber and wine. All exported as raw materials. And they minted coins by the boatload, and they devalued their coins as they needed more and more of them. And the more they needed, the more they devalued and that made them need even more.
one bubble after another. first the stock bubble. Then the RE bubble and now the gold bubble. Gold isn’t worth $1,700 an once any more than a fixer upper that was once on the market for $1,000,000 and is now an REO on the market for $250K was worth the million. Common sense goes out the window when people get into a frenzy....and then they get burned.
Not necessarily advocating for, or against, “the gold standard” but something needs to be pointed out - The US went off gold in 1933, not 1971. When someone talks about gold “backed” currency, that doesn’t make any sense and would be subject to the same nonsense that got us where we are today if one follows that line of thinking to begin with.
IF, and by that meaning IF one believes in a gold standard, then paper money is not money, but the ghost of money. The system in place from 1933 to 1971 was where Americans were prohibited from owning monetary gold or, specifying payment in gold contracts.
Foreign central banks could exchange dollars for gold, until the supply ran out. Be very skeptical of anyone who today talks about a return to “the gold standard” because you can bet they don’t mean gold coins in the hands of the public ( no way) and someone should point out to have a “gold standard”, ya gotta have some gold. I’d like a pony, too as long as we’re dreaming.
I think it was FDR that originally put a stop to paying in gold for gold certificates that you wanted to redeem for gold....
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.
