Posted on 05/21/2011 9:18:55 AM PDT by SeekAndFind
The bankers cannot plunder a nation that is on a gold standard. They NEED fiat money like the “Federal Reserve Note” that they can manipulate at will.
Full faith and credit to do what? Hand you yet another piece of colored paper? The only faith you can have is that the Fed doesn't print so many of these colored bits of paper (or the electronic equivalent) that the value goes to zero. And that's a fairly silly faith to hold since the the Fed has let the dollar fall by 98% since it's inception.
The 'full faith and credit' used to refer to belief that the US Treasury would trade you 1 oz of gold for every $20 on request.
'full faith and credit' is faith in the people who run the Fed. Their objective was a stable dollar, which they did not accomplish. After the Humphrey/Hawkins bill, they added the task of ensuring full employment. They can't do that either.
On what basis would anybody have faith in the Fed? Only the bankers that the Fed protects.
I distinguish between a “modern” gold standard where the supply of a nominally fiat currency is tied to gold prices vs. the gold coin or deposit notes that is more susceptible to to fluctuations due to changes in supply. Both are probably better than what we have now where the high priest of monetary policy determines money supply.
A precious-metals based currency can still be debased . . . just ask the Romans!
A precious-metals based currency can exist for a thousand years . . . just ask the Byzantines!
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