Posted on 09/04/2017 3:37:38 PM PDT by davikkm
When Donald Trump was campaigning to be President, he said in an interview with Renee Montagne: “Bringing back the gold standard would be very hard to do, but, boy, would it be wonderful. We’d have a standard on which to base our money.”
In 1971 President Nixon made a terrible mistake when he made the decision to suspend the convertibility of the dollar into gold. The dollar did become and remains the world’s global currency, but at what price?
When the United States started to use “credit,” it went from being a privilege to a liability. The debt grew rapidly, as the Fed printed dollars unbacked by gold or silver.
However, as we look back on history, we see that F.D. Roosevelt took a drastic step during the depression to end the gold standard. Roosevelt was faced with the responsibility of handling a declining economy, and the Country was suffering.
To be fair by the time Nixon became President we only traded gold for dollars with other countries, and we only did that when push came to shove. In the 1970s unfortunately the value of US currency versus other currencies degraded so badly our gold reserves were more valuable than our currency.
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WOW.
Hard for me to imagine something more than THAT making them hate his guts.
Me?
I’m cheering myself RED-FACED..!!
Never happen
He had better do an audit of Fort Knox to see if Gold is still there.
If we went there gold would be about 20k an ounce.
That’s a death sentence for him. He’s going to get a good talking to for this.
He would need to hold off on this until after the US goes through bankruptcy.
Too many fiat dollars out there, if it was convertible to gold our gold would soon be gone.
They had to stop making silver coinage in the mid 60s because people were converting paper to silver at the banks.
Until they killed off the silver coins we still had real money.
I remember buying a coke for 5c and a Hershey bar for the same...now it costs almost 20x that...if we still had silver coins they would still be 5c.
I remember buying a coke for a slug.
Returning to the gold standard would instantly destroy our fiat currency. The FedGov could NEVER procure enough gold to back all of the nation’s currency at current value. Impossible.
Trump is showing his ignorance here.
We are blessed to have a truly great man as president today! Trump is like another George Washington. Oh how I hate the Marxocrats and the RINO skunks that do their damndest to thwart Trump’s MAGA agenda. We simply must get rid of Trump’s enemies in 2018, from both the left and the right. This is war!
No. Just properly value gold and then it works.
Similar proposal got Gadafhi killed.
This could be very dangerous for the President.
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Jun 16, 2017 ... Hillary Emails Reveal NATO Killed Gaddafi to Stop Libyan Creation of Gold- Backed Currency. By Sheep Media. Global Research, June 16, ...
Hillary Emails Reveal True Motive for Libya Intervention | Foreign ...
https://www.foreignpolicyjournal.com/2016/01/06/new-h... Proxy Highlight
Jan 6, 2016 ... Newly disclosed emails show that Libya’s plan to create a gold-backed currency to compete with ... After Muammar Gaddafi was killed, hundreds of migrant workers from ... The Threat of Libya’s Oil and Gold to French Interests.
There isn’t enough gold in existence to equal the value of dollars in existence.
The exception is unless the price of gold goes to $40,000 per ounce or more.
I do not see that happening.
If it does, it means the whole world is screwed.
You could have a “floating” peg, but not redeemable.
No and no.
You can’t go back to an asset backed fiat system. With GDP to debt ratios at or above 100% there’s no way to apply a gold standard.
Question: Is there enough gold on the planet to back the amount of currency we have?
I don’t even know. But just think about the fact that our money is a fiction, a promise that is subject to manipulation in order to extract the only thing that we have to offer, our labor. I’m starting to sound like a commie.
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