Posted on 10/10/2022 8:56:15 AM PDT by bitt
What physical gold?
this has about as much chance of passing as does term limits or limit on pay raises for congress critters.
Fair market value as determined by who?
Unfortunately it would do nothing to protect against irresponsible spending habits. That's on Congress.
Best I can figure is we have around half a trillion dollars worth at 1700.00 an ounce. How will that cover circulation and debt level?
Wouldn’t oil, coal and gas reserves be more than our gold reserves? I’m hard pressed to understand how our half trillion in gold would be a boost given circulation. I’m certainly outside my wheel house and just looking to better understand.
“We had huge deflationary depressions every 20 years when we were on the gold standard.”
By why let facts get in the way of some good old nostalgia?
It's not as easy as that. Currently the U.S., by law, establishes a set value per ounce on our gold reserves. That is $42.22 per ounce and it's basically for accounting purposes. So every ounce in Fort Knox or West Point, or Denver would not be valued at $1700 or whatever the current spot price is on the international markets but far less.
There isn’t enough gold to back a multi-trillion dollar economy.
The odds of passing are asymptotic to zero.
>>LAST thing the Democrat Marxists will tolerate is to have the ability to PRINT money taken away from them.<<
You get an A.
A full accounting of all gold holdings by the US govt... then an annual accounting of the assets to verify the golds existence going forward
So $1.00 would be worth half of this ( . ) much gold. Probably less.
Spirals Out of Control!
SPIRALS!!!
The gold standard actually serves to limit instability by curtailing excess credit.
Greenspan explains this more succinctly that I think I could, but if there is something yet unclear after you read it ask and I'll try to better explain:
Given the declining value of the US dollar, the amount of gold backing each dollar would barely cover a pinhead.
Gold Standard people are never able to answer the question as to why the Gold Standard was abandoned in the first place
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It’s very easy to answer.
Anyone with a brain can.
Because the government wanted to print more money.
Unfortunately it would do nothing to protect against irresponsible spending habits. That’s on Congress.
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If the government can’t print money it can’t spend as much. A gold standard reeuces the power of the government to print money.
It’s very easy to answer. Anyone with a brain can. Because the government wanted to print more money.
That's not an answer. There was massive public support to end the gold standard. The middle-class in particular was hurt badly every time there was a swing in the price of gold due to volatility. Twice in the 18th century a sharp drop in the price of gold triggered a depression. As bad as the Federal Reserve is the Gold Standard is even worse. Replacing a broken system with a system that is far more broken is madness.
Those who are ignorant of history are doomed to repeat it and apparently you want to repeat the failures of the Gold Standard...
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