A picture from the gold vault of the Federal Reserve Bank of New York
Posted on 09/08/2012 5:27:38 PM PDT by bruinbirdman
Pundits are pooh-poohing the plank in the GOP platform that calls for a commission to examine “possible ways to set a fixed value for the dollar,” declaring it a sop to Ron Paul supporters. And indeed this was a motivation of hard-core political calculators around Governor Romney. But these self-styled, world-weary cynical types didn’t put this item in of their own volition. They went along with it because it was pushed hard by Tea Party groups and several U.S. senators and representatives, as well as Ron Paul devotees.
A picture from the gold vault of the Federal Reserve Bank of New York
The yellow metal will be a hot topic in the next 24 months. The commission is going to take on an importance that will astound today’s political punditry, besotted as they are with stale Keynesian quackeries about money, taxes and spending.
Why? Events economic and political. The ever deepening financial crisis around the world will force the new Romney-Ryan Administration to consider–and quickly, too–dramatic measures to deal with the disaster.
The Obama/Bernanke Federal Reserve has been an abysmal failure. No major country’s central bank has been so destructive since the Fed in the 1970s; prior to that, nearly a century ago, it was Germany’s central bank, which created a hyperinflation that helped set up an environment for the Nazi revolution.
Unlike other central bank catastrophes this one, so far, is of a slow-motion variety, which is disguising the immensity of the harm being done.
For the first time in our history our credit markets have been rendered incapable of providing sufficient capital for small- and medium-size
(Excerpt) Read more at forbes.com ...
It only lasted 3 mos. Here's a nifty WSJ article on Volker during Nixon and Reagan.
yitbos
This, of course, has historically been the way governments have dealt with excessive debt. Historically, governments fall if it lasts very long.
yitbos
Me too.
I wish Teve Torbes was running for president this time around.
Always liked that guy.
FDR was a piker compared to Hussein in shredding Constitutional protections.
But I suppose that the bulls in the gold market don't have a choice but to whistle past the graveyard.
$13 in 1913 = $416.55 in today’s money with the rate of inflation.
http://www.usinflationcalculator.com/
yitbos
If "that" happens there will literally be blood in the streets.
I still have a letter from Pat Paulsen that I sent in for from the Smothers Brothers Comedy Hour.
Committee work. The point being, even if there were only ten of gold on earth, at some price it would be enough to back the dollar.
Obamas not FDR and we’re not as naive as our Grandparents...
US oil production will back the dollar in a couple years.
Theoretically, yes. Even one gram.
I realize you're being absurd intentionally and one gram of gold backing a nation's currency would not be my ideal. But the reason for a gold standard is to prevent the arbitrary printing of the paper currency.
Defining that currency as a weight of gold [even 1 trillionth of a gram] would help to stabilize it.
Thank you for the information about Volker. Still reading again about the Fed and gold standards along with analyzing more causative relationships.
I’ve also reviewed some of the information from Ron Paul followers, other academic groups and global business interests. See the Ron Paul political ads and ads for the Venus Project in the following. It speaks of its organizations’ anger against fiat money, its desire to go to a gold standard, then to communism. How do they intend to go from their planned global gold standard to global communism?
Zeitgeist: Addendum (2008)
http://archive.org/details/Zeitgeist.Addendum
[See the many ads for Ron Paul and the Venus Project.]
The Venus Project
https://en.wikipedia.org/wiki/The_Venus_Project
“...an organization called the Zeitgeist Movement was established to promote the aims of the Venus Project.”
The Zeitgeist Movement
https://en.wikipedia.org/wiki/The_Zeitgeist_Movement
“It advocates the abolition of money and private property, and promotes a global socioeconomic system in which all resources would be equitably and commonly shared. According to the movement, such a system would increase social equality and sustainability.”
Not an attempt to mingle the information in the posted article above with the links in my last comment, BTW. Sorry, if it gave that impression. Just thought that you might want to see that antagonistic interests are also planning to get involved in any attempt to institute a gold standard.
“possible ways to set a fixed value for the dollar,”
We already do. Minimum wage. One dollar is worth 25 minutes of mundane labor.
I’m concerned that a fixed-base currency will suffer chronic deflation.
As people create wealth (a hallmark of right-wing thinking) a fixed-base currency cannot expand (at least fast enough) to cover/represent that wealth without creating more demand for the currency, increasing its value. If you have two dollars, and I create a dollar of value, the value of those two dollars increases because they represent the value you obtained them for and the value I just added to the system; that’s great for you, but devalues my work. As wealth is created, some of it “teleports” to currency holders.
Gold was a great basis for currency for most of history because it was mined at about the rate wealth was created. Now it can’t keep up. We need a currency basis which expands at the same rate as wealth creation.
The US (as you have observed) has become a creditalist country, not a capitalistic one.
http://www.youtube.com/watch?v=iquemUNNYY8&list=UU8eFERtcxPZ-M3Cxkh7zhtQ&index=8&feature=plcp
http://www.freerepublic.com/focus/f-news/2929152/posts
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