Home Forums Hunting & Shooting Hunter's Campfire The Gold Standard, Yes or No?

Should the United States go back on the gold standard? If so, why?

Yes, backing up our money with words doesn't work.

A nice dream.

Yes and damn Frank the Crippled Commie for taking us off the gold standard because we're stuck with fiat funny money.

Not practical any longer. Unless you have a one foot cube of gold.

Never gonna happen.

No, but it's WAAY better than what we have now.

It is an old system, where precious metals were a store of value, which is the problem. Gold is a fiat currency. It mostly only has value as a store of wealth and exchange, just like other fiat currencies. The difference, and the reason gold is better than counterfeit money created out of nothing by private bankers and then loaned at interest is that someone has to do work to get gold. It has a store of value in its acquisition. People have to collect and refine it, which requires work, energy, and time. Gold already has capital investment when it arrives in spending form.

The better way would be for the US to kick all the Jews out, then create its own currency, which would be a fiat, but without the central bankers collecting interest off of every dollar created (through debt, as modern money has no capital investment, but is actually a debt owed to the FED). We had a similar system before 1913, but it was too cumbersome for the Jews to rig it to their benefit. If the money supply isn't inflated, it's value actually goes up, so hoarding gold isn't and wouldn't be necessary, as it is under a gold standard.

The government was charged under the Constitution to establish a national currency. It illegally transferred that responsibility to a private bank. I wish more people would grasp this.

HISTORY: The government held the $35 per ounce price until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus completely abandoning the gold standard.
In 1974, President Gerald Ford signed legislation that permitted Americans again to own gold bullion.

You're missing half the story here. Look up Bretton Woods Agreement. Nixon was stuck with a bum steer, also called a schitt policy, and had to do SOMETHING to keep the dollar from collapsing due to the absence of gold in the US.

Yes. It would provide intrinsic value to the dollar which in nonexistent at present. They could toss silver into the pile as well.

A return to the gold standard is seen by some as a panacea for most economic ails, what problem(s) would it solve?

You're missing half the story here. Look up Bretton Woods Agreement. Nixon was stuck with a bum steer, also called a schitt policy, and had to do SOMETHING to keep the dollar from collapsing due to the absence of gold in the US.[/quote

No I am adding to the story just as you did. It is an old story about a two edged sword.

Who's sock puppet is this one?
Member since 2009, only 38 posts, stopped posting in 2012, fired it up again last month.
Just in time for the coming election?

Of course. It's real money (that, and silver). The paper stuff were just tickets for real money, gold and silver, that you could claim on demand. The claim ticket system (notes for gold and silver) made things a little more convenient for exchange. Then they told us it was still backed by gold, only you can no longer redeem the claim tickets for your actual money (1933, FDR) unless you were a foreign government. Then (1971, Richard Nixon) they told foreign governments that they too were stuck with the claim tickets on gold and silver, and could no longer receive the actual gold and silver for them. That marked the cutting loose of our currency from anything real, and we've seen the consequences: out of control spending by the government, perpetual debt and inflation, the combination of which will inevitably result in a dollar crash. It's like a law of physics. You can't get around it.

There isn't enough gold to back the currency now.

In 1933 the price was $35 an ounce. Now it's over $1,000. A million dollars--very rare in 1933 but not rare now--in gold weighs 3600 pounds the last time I calculated it.

So, if we could not stay on the gold standard back then, how could be possibly get back on it now?

Spend and spend and just print the money.

Like the Weimar Republic in Germany in the 1920s when it took a wheelbarrow of cash to buy a loaf of bread.

Or Zimbabwe. When I was there 80 million dollars of their money was worth 0.2 US cents. The inflation rate was 16 septillion percent (whatever that is) a year. They stopped using their own money because the cost of printing a bill got to be more than the value of the bill.

The question is when.

You reveal your ignorance. You can still buy a good used car for an ounce of gold, about as good a used car as you could buy with a gold-backed twenty dollar bill back in 1930.

You can still buy a gallon of gas for a tenth of an ounce of silver, about what you could buy with a silver dime in 1930.

That's all you need to know to understand that your statement is absurd.

All they need do is reinstitute "Free Coinage," which means you give the Treasury Department an ounce of gold and they will give you a one ounce US Gold Coin, or a new gold-backed Twenty-Dollar Bill, at your choosing. Simultaneous with this, they would have to repeal the Legal Tender Laws. Voilà Done.

you would prefer the bitcoin?????

So if criminals break into our homes and steal all our possessions today, what's the point of having laws against it? Same logic.