Posted on 09/04/2017 3:37:38 PM PDT by davikkm
I’ve seen ranges up to $20k/ounce (including up-thread). But think your numbers are closer.
Did you read my second sentence? Jeez. Eat a snickers bar.
Jeez, I read your second and last sentence in all its ambiguity. One part seems for it, the other part “electronic tulip money” kinda sounds against it. How am I to know what the heck it means — it is all over the place. Eat some M&Ms.
No the ignorance is the commenting on this thread.
Gold Conversion Rate:
1 oz = 1 penny
OR
1 oz = $1 trillion
Pick a workable conversion rate between those limits
and go back on the Gold Standard.
Folks, this is not rocket science. Rickles would say, I hate a dumb guy. Lol
Currently, an ounce of gold buys $1340. If you set the price at $6000, you're devaluing the dollar by about 78%.
Seems like a strange way to "stop the drop in fiat dollar value".
I think the Klinton’s redistributed it to their needs and tripled security to protect a nearly empty building.
yes, fiat money is a promissory note. I don’t see an alternative yet.
"Impossible" to return to the Gold Standard? Nonsense.
Difficult to do instantly? Of course.
[President] Trump is showing his ignorance here.
Ignorance? Bullsh-t...
He didn't take into account the fact that the real value of the pound had declined.
Question: Is there enough gold on the planet to back the amount of currency we have?
If not. Could we alter this to use something that could cover it?
it could do it at about 40k per ounce....
Since you obviously have no sense of humor, I will leave it at that.
You must be an engineer. Engineers are the only ones I know who understand bitcoin, blockchain, and potential applications. But they are devoid of any nuance or imagination.
You cant just pick a gold value out of your ass. Whatever exchange rate you back fiat currency with gold, you have to be able to exchange that currency for gold and vice versa.
If you arbitrarily say a troy ounce of gold backs a million dollars, that would conceivably work to stabilize the currency but it doesnt work the other way. Everybody with an ounce of gold is now a millionaire. What happens when millions of people go to Uncle Sam to exchange those coins for millions or billions of dollars.
The currency crashes and your economy no longer functions.
The value of gold has to be realistic. You can’t just call it whatever you want to call it.
Great, so now China just made a massive profit on its extensive gold holdings.
How do you just call gold $8000 an ounce on the world market just because the USA needs gold to be so priced?
Gold is worth what it is being sold for on the open market. You cant just call the price of gold whatever you want it to be.
Hey, I call gold a penny an ounce until I buy it all up, then I call it a Trillion dollars an ounce. Gee, I am rich! It doesn’t work that way.
Go ahead, explain to me how the USA can acquire enough gold to back its entire $13 trillion money supply. We currently have enough gold to back less than 5% of M2. Go ahead, make me look stupid byexplaining how the USA can procure over $12 trillion in gold over whatever time span you care to use. I am dying to hear your plan.
I haven't the foggiest idea. I only know that it's much better to back one's monetary supply with something, as opposed to nothing.
We currently have enough gold to back less than 5% of M2. Go ahead, make me look stupid by explaining how the USA can procure over $12 trillion in gold over whatever time span you care to use. I am dying to hear your plan.
What I reject is the whimsical notion that—once abandoned—the Gold Standard could never be returned to, even in theory. What I reject is a dogmatic insistence that we're "stuck" with the sh-tty system we have now, and could never begin moving back to a saner arrangement.
My "plan" would be to incrementally return to the Gold Standard in some way, shape, or form, instead of throwing our hands up and giving up on the notion that it could ever be done.
I know only that fractional reserve banking systems are central to the deficit spending policies adored by socialist governments.
So instead of the incredibly stupid "plan" that's been being used for at least the last 40 years or so, I believe strongly in the principle of backing our currency by actual physical assets such as gold.
I, for one, don't feel the need to characterize returning to the Gold Standard as a process that would make anybody look stupid. What is stupid, IMHO, is 1) abandoning the Gold Standard in the first place, and 2) hysterically and dogmatically insisting that once the Gold Standard has been abandoned, it's a one-way process that can never be reversed.
Having said that, and being a computer programmer as opposed to a banker, I have no idea what that process would be. I only know that it should be done, no matter how difficult or how long it takes.
I much prefer that option to your alternative—utter capitulation to communist monetary policy.
"Fractional Reserve Banking"—wherein the monetary system is made purely of fiat currency, with central banks free to create an unlimited supply of money no longer backed by the commodity of gold—is the stupidest—and most destructive—scam that I've even seen implemented.
I'm not surprised that such ideas—along with the progressive income tax and inheritance taxes—are ecntral planks of Communist monetary policy.
As such, I don't feel embarrassed to express my opinion that such policies s-ck green donkey d-cks, and that I support returning to the Gold Standard no matter what it takes...
I appreciate your response although it amounts to, “I wish we could return to the gold standard” rather than, “i believe we can return to the gold standard.”
And you are right, it is not theoretically impossible. Returning to the gold standard could be done.
All it would take is 50 to 100 years of incredibly strict belt tightening and a religious adherence to fiscal discipline by all of our politicians.
Ha ha ha ha ha ha ha ha ha ha ha ha! LOL. 50 years of strict fiscal discipline by our politicians. Ha ha ha ha ha! I am laughing so hard my eyes are watering.
There is no political will to exercise the fiscal discipline necessary to return to the gold standard. That is why I called it “impossible”.
There is also fractional reserve banking under a gold standard.
Yes, but it's backed (even if only fractionally) by gold—as opposed to magical unicorn pixie dust...
Fractional backing doesn’t help much if other customers have already withdrawn all the gold.
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