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If The Gold Standard Is So Great, Why Aren't We On One Now?
Forbes ^ | 05/21/2011 | Nathan Lewis

Posted on 05/21/2011 9:18:55 AM PDT by SeekAndFind

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To: 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.


21 posted on 05/21/2011 12:30:20 PM PDT by CodeToad (Islam needs to be banned in the US and treated as a criminal enterprise.)
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To: mnehring
A currency that should be based on the full faith and credit should be less of a risk because it can survive one area within the economy crashing.

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.

22 posted on 05/21/2011 4:13:59 PM PDT by slowhandluke (It's hard to be cynical enough in this age.)
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To: mnehring

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.


23 posted on 05/21/2011 9:30:01 PM PDT by garbanzo (You better hold on; This one's about to get bumpy.)
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To: SeekAndFind

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!


24 posted on 05/22/2011 1:34:59 PM PDT by hripka (There are a lot of smart people out there in FReeperLand)
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