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Keyword: goldstandard

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  • Steve Forbes: Link Dollar To Gold Or Face Great Depression II

    06/03/2014 9:25:18 AM PDT · by blam · 43 replies
    Washington Examiner ^ | 6-3-2014 | Paul Bedard
    Paul Bedard June 3, 2014 Influential financial publisher and former presidential candidate Steve Forbes is out with a new warning that the U.S. faces an economic catastrophe due to the Federal Reserve's loose dollar policy, and returning to a strict “gold standard” is the only way to avoid disaster. In Money: How the Destruction of the Dollar Threatens the Global Economy -- and What We Can Do About It, Forbes blames President Obama's money team for the stagnant economy, high prices, declining mobility and big government. "[The Fed's] vastly misguided monetary policies are now setting the stage for a new...
  • Central Planning & U

    02/06/2014 12:31:11 PM PST · by Academiadotorg · 5 replies
    February 6, 2014 | Spencer Irvine
    As the U. S. lurches towards a planned economy, it might be interesting to look at the experiences of countries which have already adopted this approach. Unfortunately, few professors will discuss central planning in anything but rhapsodic terms. One of the notable naysayers is Alex Tabarrok, an economist at George Mason University. In an appearance at the Cato Institute last month, he pointed out that: In Spain, the laws require 45 days severance pay for each year of service of a fired employee. As a result of this distorted incentive, businesses never want to hire or fire people, which contributed...
  • No to the Flat Tax, Gold Standard and Other Stale Ideas

    02/22/2013 7:41:35 AM PST · by SeekAndFind · 30 replies
    National Review ^ | 02/19/2013 | James Pethokoukis
    Free enterprise, free markets, competition, and choice: All are timeless economic principles, but their application can and should evolve with changing economic circumstances. When Ronald Reagan was elected president in 1980, the top income-tax rate was 70 percent, inflation was 13 percent, health-care spending was 10 percent of GDP, and publicly held debt was 26 percent. The average American was 30 years old.Today, the top marginal tax rate is 40 percent, and inflation is 2 percent. Health-care spending and the debt have both risen by nearly 80 percent as a share of output. The average American is 37 years...
  • Will Deep-sea Mining Yield an Underwater Gold Rush?

    02/06/2013 5:52:26 PM PST · by TigerLikesRooster · 21 replies
    National Geographic ^ | February 1, 2013 | Meghan Miner
    Will Deep-sea Mining Yield an Underwater Gold Rush? Some environmentalists say the lure of precious minerals threatens ocean life and local cultures. A mile beneath the ocean's waves waits a buried cache beyond any treasure hunter's wildest dreams: gold, copper, zinc, and other valuable minerals. Scientists have known about the bounty for decades, but only recently has rising demand for such commodities sparked interest in actually surfacing it. The treasure doesn't lie in the holds of sunken ships, but in natural mineral deposits that a handful of companies are poised to begin mining sometime in the next one to five...
  • The 1870-1914 Gold Standard: The Most Perfect One Ever Created

    01/04/2013 6:59:58 AM PST · by SeekAndFind · 11 replies
    Forbes ^ | 01/04/2013 | Nathan Lewis
    The most perfect monetary system humans have yet created was the world gold standard system of the late 19th century, roughly 1870-1914. We don’t have to hypothesize too much about what a new world gold standard system could look like. We can just look at what has already been done. Contrary to popular belief, people generally did not conduct commerce with gold coins. Yes, gold coins existed, but people mostly used paper banknotes and bank transfers, just as they do today. In 1910, gold coins comprised $591 million out of total currency (base money) of $3,149 million in the United...
  • Signs Of The Gold Standard Emerging In China?

    10/02/2012 5:11:56 AM PDT · by SeekAndFind · 8 replies
    Forbes ^ | 10/02/2012 | Ralph Benko
    To get rich is glorious. – Deng Xiaoping As noted in last week’s column about the rising recognition by authorities in Germany about the virtues of gold, the gold standard is receiving impressive new recognition internationally. The GOP plank calling for a commission to study “possible ways to set a fixed value for the dollar” — with an unmistakable nod to gold — is the most prominent element of the 2012 GOP platform still being heard to “reverberate around the world.” Meanwhile, it continues to gain impressive momentum in the United States. CNN’s Kevin Voigt writes, in The China Post,...
  • Signs Of The Gold Standard Are Emerging From Germany

    09/25/2012 5:06:48 AM PDT · by SeekAndFind · 3 replies
    Forbes ^ | 09/25/2012 | Ralph Benko
    On September 18th, the London office of Deutsche Bank — one of the most respected banks in the world, and a bellwether of elite opinion — published a Global Markets Research paper entitled Gold: Adjusting for Zero. It was written by two esteemed, mainstream analysts Daniel Brebner and Xiao Fu: "[G]old is not really a commodity at all. While it is included in the commodities basket it is in fact a medium of exchange and one that is officially recognised (if not publicly used as such). We see gold as an officially recognised form of money for one primary reason:...
  • The Gold Standard Is Coming

    09/08/2012 5:27:38 PM PDT · by bruinbirdman · 78 replies
    Forbes ^ | 9/5/2012 | Steve Forbes
    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...
  • GOP Considers Return to Gold Standard, Audit the Fed

    08/27/2012 4:18:31 AM PDT · by IbJensen · 22 replies
    New American ^ | 8/26/2012 | Alex Newman
    The Republican Party looks set to adopt platform planks at the upcoming GOP national convention in Tampa to support an audit of the Federal Reserve and to call for a commission to study a return to the gold standard, according to news reports. Analysts had a range of reactions to the news, varying from excitement to disdain and disbelief. Despite media claims that Republicans were seeking an end to centrally managed fiat currency and a return to gold-backed money, drafts of the platform revealed far less ambition. According to sources within the GOP cited in reports, the party is simply...
  • Republicans Eye Return to Gold Standard

    08/23/2012 3:42:23 PM PDT · by barmag25 · 54 replies
    CNBC ^ | Thursday, 23 Aug 2012 | Robin Harding and Anna Fifield
    The gold standard has returned to mainstream U.S. politics for the first time in 30 years, with a “gold commission” set to become part of official Republican party policy. Drafts of the party platform, which it will adopt at a convention in Tampa Bay, Florida, next week, call for an audit of Federal Reserve monetary policy and a commission to look at restoring the link between the dollar and gold. The move shows how five years of easy monetary policy — and the efforts of congressman Ron Paul — have made the once-fringe idea of returning to gold-as-money a legitimate...
  • We Need Gold Standard to Stabilize Dollar

    04/11/2012 3:04:03 PM PDT · by SaveOurRepublicFromTyranny · 17 replies
    MoneyNews.com ^ | April 9, 2012
    The dollar has lost 85 percent of its purchasing power since the government scrapped the gold standard in the early 1970s, and it's up to Congress to obey the Constitution and bring the system back, says historian and investor Lewis E. Lehrman, author of the book "The True Gold Standard."
  • Kudlow: A King Dollar GOP?

    02/13/2012 5:19:08 PM PST · by Tolerance Sucks Rocks · 22 replies
    GOPUSA ^ | February 13, 2012 | Lawrence Kudlow
    Out on the campaign trail, Fed head Ben Bernanke is an unpopular guy. Mitt Romney and Newt Gingrich have both said they would replace Bernanke, not reappoint him. Rep. Ron Paul would swap the whole Federal Reserve monetary system for a gold-linked dollar, making the yellow metal legal tender. And it was Gov. Rick Perry of Texas, before he dropped out of the race, who said more quantitative easing by the Fed would be "almost treasonous." Republicans in Washington are equally unimpressed by Bernanke. Rep. Paul Ryan recently criticized the Fed for bankrolling our huge budget deficits and thereby accommodating...
  • Ranting Andy's a Happy Gold Standard Extremist

    02/13/2012 1:10:41 PM PST · by appeal2 · 8 replies
    www.KerryLutz.com ^ | 02/13/2012 | Kerry Lutz
    It’s now official, Ranting Andy Hoffman and I are extremists. Why, because we favor a return to the Gold Standard and believe that the United States went bankrupt as a result of Nixon’s decision to abandon the remnants of the Gold Standard that were still in place in August 1971. The FBI is warning local law enforcement that people who consider themselves to be sovereign citizens, who object to EPA regulations, who resent the IRS, could be prone to extreme violence with no warning. If we’re extremists, then we hope you will join us and together we can show the...
  • Triple Lutz Report--The FBI Says Terrorists Support the Gold Standard

    02/13/2012 10:50:51 AM PST · by appeal2 · 17 replies
    www.KerryLutz.com ^ | 02/13/2012 | Kerry Lutz
    The FBI, our federal police, have just released a report claiming that sovereign individuals, who oppose environmental regulations and believe that the United State's departure from the Gold Standard caused it to go bankrupt present a threat to law enforcement. Never mind that rampant criminality taking place on Wall Street, people who believe in limited government are now the threat. So next time you get stopped by a cop, let him now that you support ever expanding government, that he is entitled to life time free medical coverage and that his pension is way too small. And that you believe...
  • Believe In A Return To The Gold Standard? You Are Now Officially An Extremist According To The FBI

    02/11/2012 9:58:03 PM PST · by SaveOurRepublicFromTyranny · 49 replies
    ZeroHedge ^ | February 11, 2012 | Tyler Durden
    Just when we thought the US could not sink any further in its usurpation of civil rights, here comes the FBI to advise all those who tend to think that the broken economic model of the past century is the cause for the global insolvency, that wanton fiat diluation and reckless debt issuance does not 'fix' the problem of uber-leverage, and that the gold standard is the proper way to return to monetary stability, will henceforth be considered extremists. From Reuters: "Anti-government extremists opposed to taxes and regulations pose a growing threat to local law enforcement officers in the United...
  • Warren Buffett: gold has no value

    02/10/2012 6:22:11 PM PST · by bruinbirdman · 106 replies
    The Telegraph ^ | 2/10/2012 | Emma Wall
    Berkshire Hathaway chairman and famous investor Warren Buffett has dismissed gold as a "valueless asset". Billionaire investor Warren Buffett has dismissed gold as a valueless asset saying that it has no inherent value. In an article for Fortune magazine, Buffett said that gold investors were pinning their hopes on future demand. He warned that gold was a self-inflating bubble, created by investors desperate for a viable alternative to property and shares. The infamous investor warned that investors in gold would be left with egg on their face when the price eventually crashed. "Bubbles blown large enough inevitably pop," he said....
  • Economic Chaos Ahead

    02/08/2012 4:16:52 AM PST · by Kaslin · 49 replies
    Townhall.com ^ | February 8, 2012 | Walter E Williams
    Let's think about the kind of mess that we're in. Federal 2010 Medicare and Medicaid expenditures totaled $800 billion. The projected annual growth of both programs is about 7 percent. Social Security expenditures are more than $700 billion a year. According to the 2009 Social Security and Medicare trustees reports, by 2030, 49 percent of federal revenues will go for Social Security and Medicare payments. The unfunded liability of both programs is already $106 trillion.But not to worry. The Congressional Budget Office estimates that it's possible to sustain today's level of federal spending and even achieve a balanced budget. All...
  • The Federal Reserve's Explicit Goal: Devalue The Dollar 33%

    02/07/2012 4:00:07 AM PST · by Tolerance Sucks Rocks · 33 replies
    Forbes ^ | February 6, 2012 | Charles Kadlec
    The Federal Reserve Open Market Committee (FOMC) has made it official: After its latest two day meeting, it announced its goal to devalue the dollar by 33% over the next 20 years. The debauch of the dollar will be even greater if the Fed exceeds its goal of a 2 percent per year increase in the price level. An increase in the price level of 2% in any one year is barely noticeable. Under a gold standard, such an increase was uncommon, but not unknown. The difference is that when the dollar was as good as gold, the years of...
  • Under Obama, Price of Gas Has Jumped 83 Percent, Ground Beef 24 Percent, Bacon 22 Percent

    01/24/2012 4:25:59 PM PST · by OPS4 · 41 replies
    CNS news ^ | 1/24/12 | Christopher Goins
    So far, during the presidency of Barack Obama, the price of a gallon of gasoline has jumped 83 percent, according to data from the Bureau of Labor Statistics. (AP Photo) During the same period, the price of ground beef has gone up 24 percent and price of bacon has gone up 22 percent. When Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79, according to the BLS. (The figures are in nominal dollars: not adjusted for inflation.) Five months later in June, unleaded gasoline was $2.26 per gallon,...
  • Gingrich makes play for gold vote

    01/21/2012 6:00:47 PM PST · by Tolerance Sucks Rocks · 15 replies
    The Washington Times ^ | January 20, 2012 | Ralph Z. Hallow
    CHARLESTON, S.C. — Newt Gingrich has moved to capture some Republican voters who lean toward Ron Paul and other Republicans who were Jack Kemp followers by naming two gold bugs to the Gingrich future team of advisers. The former House speaker says he intends to appoint investment banker Lewis E. Lehrman, famous in the Reagan era for his red suspenders and gold-standard advocacy, and Jim Grant, editor of Grant’s Interest Rate Observer, as President Gingrich’s Gold Commission - if and when of course Mr. Gingrich wins both the Republican nomination and the general election in November. Mr. Paul, a Texas...
  • Gingrich: U.S. should reconsider gold standard

    01/19/2012 12:56:22 PM PST · by SeekAndFind · 51 replies
    CNN Money ^ | 01/19/2012 | Chris Isidore
    Republican presidential candidate Newt Gingrich is calling for the United States to think about returning to the gold standard. Speaking at a foreign policy forum in South Carolina on Tuesday, Gingrich advocated a "commission on gold to look at the whole concept of how do we get back to hard money." Gingrich, a former Speaker of the House, has spoken in favor of a "hard money" policy in the past, but these were his strongest comments to support reinstating the gold standard. Gingrich would model his "gold commission" after one put in place after Ronald Reagan was elected, when the...
  • Triple Lutz Report--The Trade Deficit and Fiat Money-Perfect Together

    12/06/2011 10:37:39 AM PST · by appeal2 · 26 replies
    www.KerryLutz.com ^ | 12-6-11 | Kerry Lutz
    The United States has run up a cumulative $7.5 trillion Trade Deficit. The last time the country ran a trade surplus was in 1976. Nixon closed the Gold Window in 1971. Do you believe it's just a coincidence that the rise of an un-backed Fiat Dollar and the rise of the Trade Deficit haapened so close in time? The Country has been in a pronounced economic decline since the 1970's and when the Gold Window was closed. Since then the money supply has increased many times and so has inflation. While living standards have declined, so has domestic energy production....
  • October Surprise: Can Gold Be The Panama Canal Treaty Of 2012?

    11/02/2011 8:57:58 AM PDT · by Kaslin · 35 replies
    Townhall.com ^ | November 2, 2011 | Ralph Benko
    Superpollster Scott Rasmussen has pulled the pin and rolled one of his patented hand grenades under the chair of the Political Class. Rasmussen’s “October Surprise” is contained in a recent poll showing 44% of likely voters favor returning to the gold standard, 28% opposed.  That intensifies.  If the public knew that it would “dramatically reduce the powers of bankers and the political class to steer the economy” support goes up to 57%.   Opposition drops to 19%. Reducing the power of bankers and the political class —  along with gold’s empirical record of turbo-charging job-creation and economic growth — is core...
  • Plan To Return America To the Gold Standard Set To Be Offered at Washington (5-year transition)

    09/27/2011 6:25:19 AM PDT · by SeekAndFind · 32 replies
    New York Sun ^ | 09/27/2011 | Seth Lipsky
    NEW YORK — The next big step in the gold standard debate is going to be taken next month at Washington, when one of the original members of the Reagan-era United States Gold Commission offers a five-step plan to return America to sound money. The architect of the plan, Lewis Lehrman, a businessman and scholar, will present his program in an address October 5 at a conference in Washington on the how to return to a stable dollar. He will outline a five-step program to return America to a gold-backed currency within five years. What is significant about the event...
  • China sets national standards for 'high pure gold'

    09/16/2011 5:50:39 PM PDT · by TigerLikesRooster · 21 replies
    Global Times ^ | 09/16/11
    China sets national standards for 'high pure gold' Xinhua | September 16, 2011 16:57 Authorities have released the first national standards on "high pure gold," a move that is likely to boost the country's gold consumption. "High pure gold," as it is called in the standards, refers to the gold with purity of 99.999 percent, or "five nines," and is also the highest purity so far, a spokesman with the National Gold Standardization Technical Committee said Friday. Generally speaking, a gold ornament with an amount of metal reaching 99 percent is called "pure gold," and more than 99 percent is...
  • Boost Employment By Ending The Fed And Resurrecting The Gold Standard

    09/08/2011 6:24:42 PM PDT · by billflax · 43 replies
    Forbes ^ | 9/08/2011 | Bill Flax
    Another month and another lackluster employment figure. Both parties profess to be fixated on job creation. Where are they? In normal recoveries GDP booms and firms invest in exciting concepts that spur new hiring. Why not now? Despite corporate profits exceeding $1.5 trillion in the recent period, which elevated corporate cash balances over $2 trillion – both records – few firms dare expand. Uncertainty paralyzes both those with capital to invest and those with investments seeking capital. Several probable causes catalyze this economic confusion: looming tax increases, time-wasting regulatory demands and anti-business rhetoric emanating from Washington. All have merit, but...
  • China: American Financial Colony or Mercantilist Predator?

    08/27/2011 6:08:29 AM PDT · by danielmryan · 11 replies
    Whiskey and Gunpowder ^ | August 26, 2011 | Lewis E. Lehrman
    China is an important trading partner of America. But it may also be a mortal threat. And not for the conventional reasons usually cited in the press. Ironically, it is a threat because China is in fact a financial colony of the United States, a colony subsidized and sustained by the pegged, undervalued, yuan-dollar exchange rate. Neither the United States nor its economic colony seems to understand the long-term destructive consequences of the dollarization not only of the Chinese economy but also of the world monetary system. While the Chinese financial system has been corrupted primarily by tyranny, deceit, and...
  • What would happen with the private ownership of gold if the $ returns to the Gold Standard?

    08/21/2011 2:05:25 PM PDT · by DaveinOK54 · 66 replies
    What would happen with the private ownership of gold coins/bullion if the $ returns to the Gold Standard? Would the price be artificially fixed? Would it be confiscated? What about the ability to buy, sell or trade it? (I guess if confiscation happens, the last question is moot) I hear a lot about the need to return to the Gold Standard, but have not seen anything about the affect on private ownership. Thanks in advance wise ones...........
  • James Grant on The Gold Standard (link only)

    08/17/2011 10:28:05 AM PDT · by the invisib1e hand
    well, ^ | 081611 | self
    James Grant is to be paid attention to. The interviewer has a couple of interesting points, too.
  • Abandoning the gold standard was a seminal moment, and one we're now all paying for

    08/15/2011 8:09:31 AM PDT · by SeekAndFind · 11 replies
    The Telegraph ^ | 08/15/2011 | Edmund Conway
    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...
  • Abandoning the gold standard was a fatal error we're now all paying for

    08/13/2011 5:20:28 PM PDT · by PotatoHeadMick · 62 replies
    Daily Telegraph (UK) ^ | Sunday 14 August 2011 | Edmund Conway
    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...
  • Gold Standard or Bust (Fixing the dollar before it’s too late)

    07/25/2011 7:38:19 AM PDT · by SeekAndFind · 9 replies
    Weekly Standard ^ | 07/25/2011 | Judy Shelton
    As the truth-or-dare battle over raising the debt ceiling moves toward a resolution of some sort, we are witnessing a unique political moment, with attention finally riveted on our nationÂ’s fiscal future. We are about to learn whether there is such a thing as fiscal responsibility in a democracy where 45 percent of households donÂ’t pay income taxes. Or whether any sense of moral obligation still attaches to paying your own way as a citizen. Chronic budget deficits are evidence of endemic political cowardice when it comes to reconciling government revenues with government expenditures. And our elected officials keep choosing...
  • The Gold Standard, Printing Money and the Federal Reserve

    07/24/2011 12:40:22 PM PDT · by Tolerance Sucks Rocks · 32 replies
    Nolan Chart ^ | July 23, 2011 | James Luko (centrist)
    The media is hyping and harping on the issue that the Federal Reserve will resort to PRINTING more money to feed another round of “quantitative easing.” This is a wholly incorrect fact. The Department of Treasury prints our "paper currency” NOT the Federal Reserve. “Quantitative easing” is the Federal Reserve increasing bank reserves- thereby creating new money electronically- but, for a stated purpose of “stimulating” the economy and NOT for paying government debt. This is a salient point that the media mixes up, assuming and misinforming the public that QE is paying for increased government debts. QE serves a fundamental...
  • Pushing for a Return to the Gold Standard

    06/05/2011 9:20:08 PM PDT · by lbryce · 24 replies
    LA Times ^ | June 3, 2011 | Nathaniel Popper
    The idea to make the precious metal legal tender has gained currency in more than a dozen state capitals, aided by Tea Party support and other efforts to rein in federal power. Economists say the plan would be disastrous. Mike Pitts is no economist, but that hasn't kept the retired small-town cop from taking a prominent role in a quixotic campaign to push the U.S. monetary system back to another century. Pitts, a South Carolina statehouse representative, introduced a bill in April that would make gold and silver coins legal tender in the state. Similar efforts are underway in more...
  • If The Gold Standard Is So Great, Why Aren't We On One Now?

    05/21/2011 9:18:55 AM PDT · by SeekAndFind · 23 replies · 1+ views
    Forbes ^ | 05/21/2011 | Nathan Lewis
    Sometimes people ask me: If the gold standard is so great, why aren't we using it right now? This is a good question. The basic answer is that it would prevent central bankers, and governments, from doing something they have become very fond of over the past several decades--attempting to solve their economic difficulties with some sort of "easy money" policy. You can see this remains very popular today. The Classical viewpoint is that any form of currency instability causes economic problems. An economy functions best when the currency is as stable and reliable as possible. In practice, this always...
  • Selling Gold at Fort Knox Emerges as Next Big Question in Debate on Federal Debt Limit

    05/17/2011 12:21:08 PM PDT · by statestreet · 118 replies · 1+ views
    The New York Sun ^ | May 17, 2011 | David Pietrusza
    NEW YORK — The next big question on the federal debt limit could be whether to start selling the government’s holdings of gold at Fort Knox — and at least one presidential contender, Ron Paul, has told The New York Sun he thinks it would be a good move. The question has been ricocheting around the policy circles today. An analyst at the Heritage Foundation, Ron Utt, told the Washington Post that the gold holdings of the government are “just sort of sitting there.” He added: “Given the high price it is now, and the tremendous debt problem we now...
  • Steve Forbes: "The US Will Likely Have A Gold Standard Within The Next Five Years"

    05/11/2011 8:42:31 AM PDT · by SeekAndFind · 28 replies
    Zero Hedge ^ | 05/11/2011 | Tyler Durden
    And another advocate for the only logical outcome out of the disastrous monetary and fiscal catastrophe the US finds itself in emerges in the face of billionaire, and open administration critic, Steve Forbes. From Human Events: "A return to the gold standard by the United States within the next five years now seems likely, because that move would help the nation solve a variety of economic, fiscal, and monetary ills. “What seems astonishing today could become conventional wisdom in a short period of time,” Forbes said. Such a move would help to stabilize the value of the dollar, restore confidence...
  • Forbes Predicts U.S. Gold Standard Within 5 Years

    05/11/2011 5:27:51 AM PDT · by Bigtigermike · 34 replies
    Human Events ^ | Wednesday May 11, 2011
    A return to the gold standard by the United States within the next five years now seems likely, because that move would help the nation solve a variety of economic, fiscal, and monetary ills, Steve Forbes predicted during an exclusive interview this week with HUMAN EVENTS. “What seems astonishing today could become conventional wisdom in a short period of time,” Forbes said. Such a move would help to stabilize the value of the dollar, restore confidence among foreign investors in U.S. government bonds, and discourage reckless federal spending, the media mogul and former presidential candidate said.  The United States used...
  • What Is the Purpose Of A Gold Standard? (Even its adherents have an imprecise understanding)

    04/29/2011 6:38:54 AM PDT · by SeekAndFind · 9 replies
    Forbes ^ | 04/29/2011 | Nathan Lewis
    What is the purpose of a gold standard system? If you ask the typical academic Keynesian economist this question, he would probably say that there was no purpose at all. People used gold just because it is shiny and beguiling, and therefore attractive to superstitious, primitive people. If you ask the typical gold standard advocate this question, he would probably respond with some vague platitudes like "gold is honest money," or perhaps would argue that a gold standard prevents government debt issuance, or some such thing. They have, I would say, only an imprecise grasp of the purpose of a...
  • Monetary Reform: The Key to Spending Restraint (WS Journal calls for return to the Gold Standard)

    04/26/2011 6:47:47 AM PDT · by Zakeet · 7 replies
    Wall Street Journal ^ | April 26, 2011 | Lewis E. Lehrman
    No man in America is a match for House Budget Committee Chairman Paul Ryan on the federal budget. No congressman in my lifetime has been more determined to cut government spending. No one is better informed for the task he has set himself. Nor has anyone developed a more comprehensive plan to reduce, and ultimately eliminate, the federal budget deficit than the House Budget Resolution submitted by Mr. Ryan on April 5. But experience and the operations of the Federal Reserve system compel me to predict that Mr. Ryan's heroic efforts to balance the budget by 2015 without raising taxes...
  • Bernanke Doesn't Understand a Gold Standard

    04/17/2011 5:58:28 PM PDT · by johnsmom · 66 replies · 1+ views
    The Paper Empire ^ | 03/02/2011 | The Paper Empire
    Ben Bernanke, testifying before the Senate Committee on Banking yesterday, was asked about a possible return to a gold standard – his disingenuous reply was that there isn’t enough gold in the world to cover the US money supply. This really has to be one of the most pernicious fallacies that haunts the entire discussion of money*. The truth is there is always enough gold, it is simply a matter of price. Of course the dollar denominated price of an ounce of gold would be many multiples of the current price, but that just serves to demonstrate that gold is...
  • Jim Grant: America Will Resolve Her Debt By Returning To The Gold Standard

    04/14/2011 8:56:35 AM PDT · by SeekAndFind · 14 replies
    Business Insider ^ | 04/14/2011 | Gus Lubin
    Bond legend Jim Grant tells King World News there's only one way out of America's debt hole: "Well, in my mind it will resolve them necessarily by undertaking the step of restoring the dollar to convertibility into gold.” Grant has been calling for Bernanke's resignation for months. He says the debasement of fiat currency will continue and this will drive a gold rally. “To me the gold price takes the form of a very uncomplicated formula, and all you have to do is divide one by ‘n.’ And ‘n’, I’m glad you ask, ‘n’ is the world’s trust in the...
  • Starting A New Currency is “Domestic Terrorism”?

    03/22/2011 10:33:23 AM PDT · by RWB Patriot · 58 replies
    Fox Business: The Power To Prosper ^ | 3-22-11 | John Stossel
    This weekend, a North Carolina man was convicted of minting and circulating “Liberty Dollars” and “Ron Paul Dollars” that were valued based on the gold and silver they contained. The man, Bernard von NotHaus, now faces up to 25 years in prison and the forfeiture of $7 million worth of gold and silver that was taken by police in a raid. The U.S. Attorney who prosecuted the case explains: “It is a violation of federal law … to create private coin or currency systems to compete with the official coinage and currency of the United States.” But what’s wrong with...
  • The Floating Dollar as a Threat to Property Rights

    03/12/2011 7:12:36 PM PST · by Tolerance Sucks Rocks · 17 replies
    Imprimis (Hillsdale College) ^ | February 16, 2011 | Seth Lipsky
    The following is adapted from a speech delivered on February 16, 2011, at a Hillsdale College National Leadership Seminar in Phoenix, Arizona. TO BEGIN, consider one of the most important measures of property, the kilogram. It’s a measure of mass or, for non-scientific purposes, weight. According to the papers last week, a global scramble is under way to define this most basic unit after it was discovered that the standard kilogram—a cylinder of platinum and iridium that is maintained by the International Bureau of Weights and Measures—has been losing mass. You may think that this is impossible. Of all the...
  • Utah House Passes Bill Recognizing Gold, Silver as Legal Tender

    03/06/2011 1:34:02 PM PST · by Tolerance Sucks Rocks · 75 replies
    FOX News ^ | March 4, 2011 | FOX News
    Utah took its first step Friday toward bringing back the gold standard when the state House passed a bill that would recognize gold and silver coins issued by the federal government as legal currency. The House voted 47-26 in favor of the legislation that would also exempt the sale of gold from the state capital gains tax and calls for a committee to study alternative currencies for the state. The legislation now heads to the state Senate, where a vote is expected next week. Under the bill, the coins would not replace the current paper currency but would be used...
  • What exactly is a gold dollar?

    02/15/2011 6:43:37 AM PST · by SeekAndFind · 22 replies
    Gold Dollar Standard ^ | 02/15/2011 | Ralph Benko
    Let’s dispel some confusion as to how the gold standard works in practice. Some still believe that it involves carrying around purses full of gold coins. That’s a funny misconception. When my father, born in 1910, was a young man the circulating currency said “gold certificate.” He could walk into any bank with a $20 bill, tender that, and walk out with a $20 gold coin weighing just about an ounce. That’s a gold dollar. It was very rare that people would prefer a gold dollar to a gold certificate. A gold dollar was heavy and inconvenient. That said, your...
  • The Moment for Gold (Is now a good time for the US to return to the Gold Standard?)

    01/28/2011 6:55:23 AM PST · by SeekAndFind · 32 replies
    New York Sun ^ | 01/28/2011
    The speed with which money is flowing out of gold — and American government bonds — and into stocks reflects the improving economic outlook, according to a telegram sent out this afternoon by the economist David Malpass. He notes that gold has fallen $115 dollars since its $1,431 intra-day peak on December 7, while the 10-year Treasury yield has risen to 3.4% from a low of 2.4% on October 7. He reported on a recent conference at which investors passed around “large gold nuggets” and at which Paul Volcker pointed out that a rising gold price is, as Mr. Malpass...
  • Fireworks? Ron Paul Gets Gavel for Fed Panel

    12/09/2010 10:57:02 AM PST · by speciallybland · 186 replies
    The Wall Street Journal ^ | 12/09/2010 | Danny Yadron
    Rep. Ron Paul, the Texas Republican who has passionately called for dismantling the Federal Reserve, will be running the panel that oversees the central bank when Republicans take the House majority next year. Mr. Paul has introduced legislation to abolish the Fed, wrote the book, “End the Fed,” and rallied support for eliminating it. Rep. Spencer Bachus (R., Ala.), who will take over the House Financial Services Committee from Rep. Barney Frank (D., Mass.), announced today that Mr. Paul, a libertarian who won a fervent following when he ran for president in 2008, will head the Domestic Monetary Policy Subcommittee....
  • Jeffrey Bell: Return America to the Gold Standard

    12/10/2010 6:48:02 PM PST · by Tolerance Sucks Rocks · 80 replies · 2+ views
    moneynews.com ^ | December 10, 2010 | Greg Brown and Ashley Martella
    Jeffrey Bell, a two-time campaign adviser to Ronald Reagan, says it’s high time that the United States return to the gold standard, abandoned by President Richard Nixon in 1971. He cites Reagan as a proponent of the monetary regime and squarely blames current Federal Reserve Chairman Ben Bernanke’s policies for the ongoing global economic stagnation. Bell is policy director of the American Principles Project. He served as an issues adviser in Ronald Reagan’s 1976 and 1980 presidential campaigns and was the Republican Party’s nominee for the U.S. Senate in New Jersey in 1978. Bernanke’s policies — extremely low interest rates...
  • R.I.P, Homo Economicus: On the End of Ubiquitous Poverty and the Beginning of Universal Abundance

    11/25/2010 5:38:03 AM PST · by frithguild · 14 replies
    Zero Hedge ^ | 11/24/2010 20:42 -0500 | Free Radical
    “I draw the conclusion that, assuming no important wars and no important increase in population, the economic problem may be solved, or be at least within sight of solution, within a hundred years. This means that the economic problem is not – if we look into the future – the permanent problem of the human race.” – John Maynard Keynes, Economic Possibilities for Our Grandchildren, 1930, [author’s emphasis] There have of course been some “important” wars (though in truth they were, and remain, mere installments in a Long War that is by no means over). And there has of course...