Posted on 04/06/2011 1:28:26 PM PDT by FreeKeys
“That is a much better speech than Galt’s in the book.”
A fiat money standard and a gold money standard won’t function together.
There is no reason the same couldn’t happen with dollars and gold.
Frankly, there is no reason a business couldn’t start a debit card that is backed by the user’s gold holdings, and transfer that gold credit to the merchant to pay for a purchase.
Now, now, be nice or be left behind in the discussion.
No prob bro......a gold Maple Leaf is backed by the Canadian government. If you are.....well, stupid enough to not understand that it's currency.....well. Have a nice day.
That sounds like a good idea.
As a merchant would you rather have the gold credit or would you accept Fed. Notes?
And if you had lots of Fed. notes would you pay your bills in Fed. notes or gold credits?
And which would be the price of your products, gold or dollars?
Just out of curiosity, if gold is legal tender, and someone owes you $50 and shows up at your house with at tiny speck of something shiny and tells you it’s gold and he’s paying you off, then what do you do? He apparently has the legal right to pay in gold.
I don’t think you understand why gold was used as money and why it is not now.
Gold coin doesn’t need “backing”, it is valued by those who accept it for its self, like a gold nugget or dust.
If by “backing” you mean a set price that doesn’t exist, the price floats.
Gold bullion coins have a premium on them because they have a set amount of metal in them and don’t need to be assayed for purity.
Who uses the Maple Leafs for currency? Last time I was in Canada I saw only metal slugs and paper.
Who uses pre-1965 silver coins for currency here in the U.S.? Why not? They’re currency, money legal tender too.
I don't mean to snipe you.........but isn't that kinda where we are at now?
•Unless there are vast new discoveries, the growth in gold can not keep up with the growth in the population or the growth in goods, almost guaranteeing deflation
We could also use silver and have them on a sliding scale....ie 1oz silver always equals x% of 1oz gold (I don't know if that would work; others here smarter than I would know that answer)
Anyhow, since the inception of the greenback our money has inflated something near 95%....I would think deflation would most certainly happen?
Look....late to the party. There isn't enough gold in the world to cover the debt of the US. Do you think you are talking to amateurs here....?
Tell him to get it certified by an agency of MY choice.
IOW, they may neither coin money, nor print certificates backed by gold and silver coin.
Thanks for saving me the trouble of posting that, Carry.
I can understand folks' enthusiasm about this, but we conservatives should not support any un-constitutional measure, even if it's near and dear to our hearts.
The DOJ will be along any minute to file a federal lawsuit over this. Perhaps the state of Utah will force the issue to the top, and cause the development of a multi-state counter suit, to force Congress to abolish the federal reserve, and go back to printing real money.
Dunno, but this is going to get interesting.
I argued that very point til I was blue in the face with someone here, a couple of weeks back. The meaning of the words, and the grammar in Article I Section 10 are perfectly clear to me, but not so much to those who aren't all that proficient in the language.
“Do you think you are talking to amateurs here....?”
No, certainly not. Amateurs are often well informed in their comments. You are not an amateur.
“debt of the US”? whose debt? Public, private, international, all? Whose? And “not enough gold” at what dollar price per ounce?
Re: Francisco’s Money Speech. This is the first time I’ve ever seen it, and it is without a doubt, one of the best descriptions of what money really is, that I’ve ever seen.
I’d like to share it. Can you provide an attribution?
Get interesting? Dunno, but Soros & friends are suposedly meeting up at the old Mt Washington Hotel this coming weekend. Bretton Woods take 2.
Guess they being so smart will decide on some Global Curency ...
HMMM !!!
It’s a very good start.
As the Utah legislature knows very well. It looks like empty grandstanding to me.
Ah.... I half expected it was from Ayn Rand. Thanks.
Some folks believe that Soros, et al want to push the American public into armed revolt, but I think they're convinced that we're beaten, and will never fight back en masse.
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