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GOP mulls a return of US Gold Standard

 
Capital Hell
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08/24/2012 05:24 AM
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GOP mulls a return of US Gold Standard
The era of fiat money may be ending, if GOP gets their way

The Republican Party is considering a return to US currency backed by Gold

[link to online.wsj.com]

[link to www.cnbc.com]

[link to www.theblaze.com]
gebahie

User ID: 10118097
United States
08/24/2012 04:42 PM

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Re: GOP mulls a return of US Gold Standard
The era of fiat money may be ending, if GOP gets their way

The Republican Party is considering a return to US currency backed by Gold

[link to online.wsj.com]

[link to www.cnbc.com]

[link to www.theblaze.com]
 Quoting: Capital Hell 22510750


lame That is so lame what the GOP is doing.. Trying to get Ron Pauls votes..

Last Edited by gebahie on 08/24/2012 04:43 PM
Anonymous Coward
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08/24/2012 04:44 PM
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Re: GOP mulls a return of US Gold Standard
all this is BS pandering from the GOP to try and win over some paul delegates/people. Well we wont fall for it

romney is a liar. You can bet if he does win, an audit of the FED and this gold standard talk will go away. He will do anything for votes
Anonymous Coward
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08/24/2012 04:45 PM
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Re: GOP mulls a return of US Gold Standard
Akin needs to bow out of the MO race so there is a GOP majority in House & Senate, otherwise epic FAIL
Anonymous Coward
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08/24/2012 04:46 PM
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Re: GOP mulls a return of US Gold Standard
Want to destroy the nation? This is the way to do it.
MultiStrada

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08/24/2012 04:47 PM
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Re: GOP mulls a return of US Gold Standard
It doesn't take a genius to see that we're going to have to soon. The hard decisions have to be made or they will be made for us.yodabump
Anonymous Coward
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08/24/2012 04:48 PM
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Re: GOP mulls a return of US Gold Standard
Want to destroy the nation? This is the way to do it.
 Quoting: Anonymous Coward 22536534


:yep:
Anonymous Coward
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08/24/2012 04:48 PM
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Re: GOP mulls a return of US Gold Standard
bsflag
****SUPERFLY****

User ID: 19055858
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08/24/2012 04:50 PM
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Re: GOP mulls a return of US Gold Standard
The era of fiat money may be ending, if GOP gets their way

The Republican Party is considering a return to US currency backed by Gold

[link to online.wsj.com]

[link to www.cnbc.com]

[link to www.theblaze.com]
 Quoting: Capital Hell 22510750


lame That is so lame what the GOP is doing.. Trying to get Ron Pauls votes..
 Quoting: gebahie


Ron Paul cut a deal man for the delegates!
Anonymous Coward
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08/24/2012 04:53 PM
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Re: GOP mulls a return of US Gold Standard
Back to the gold standard? It makes no economic sense.
(Insert banned link to guardian here)

What is the right answer then? Our current economic system is broken, that much is obvious.
fadeinlight

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08/24/2012 04:55 PM
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Re: GOP mulls a return of US Gold Standard
It's a good thing, if it actually goes through. I understand that the Democrats are resisting attempts to even audit the Federal Reserve, however:

Having the GOP back the gold standard goes a long way towards increasing their credibility, as well as the credibility of the US in general. It shows that they are willing to work aboveboard, and lends credence to the idea that they really are looking for a free market economy, as opposed to one where the winners and losers are chosen by the government.
Anonymous Coward
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08/24/2012 04:58 PM
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Re: GOP mulls a return of US Gold Standard
there is nothing that would help the world elite more than going to a gold standard, because who owns the gold? cirtainly not America.

The big banks and (strangly enough) the vatican has been buying up the gold for hundreads of years, and when they own it, they set the price.

a fiat currency isn't a bad thing, but only if we (the people) have a say in the monetary policy, but as it stands, our fiat currency is wholly controled by the big banks in charge of the Federal Reserve.
Anonymous Coward
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08/24/2012 05:00 PM
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Re: GOP mulls a return of US Gold Standard
Disatvantages of a Gold Standard from wiki.

Disadvantages
Gold prices (US$ per ounce) from 1968 to 2010, in nominal US$ and inflation adjusted US$.

The unequal distribution of gold as a natural resource makes the gold standard much more advantageous in terms of cost and international economic empowerment for those countries that produce gold.[53] In 2010 the largest producers of gold, in order, are China, followed by Australia, the US, South Africa and Russia.[54] The country with the largest reserves is Australia.[55]
The gold standard acts as a limit on economic growth.[56] “As an economy’s productive capacity grows, then so should its money supply. Because a gold standard requires that money be backed in the metal, then the scarcity of the metal constrains the ability of the economy to produce more capital and grow.”[56]
Mainstream economists believe that economic recessions can be largely mitigated by increasing money supply during economic downturns.[57] Following a gold standard would mean that the amount of money would be determined by the supply of gold, and hence monetary policy could no longer be used to stabilize the economy in times of economic recession.[58] Such reason is often employed to partially blame the gold standard for the Great Depression, citing that the Federal Reserve couldn't expand credit enough to offset the deflationary forces at work in the market.[59]
Although the gold standard has brought long-run price stability, it has also historically been associated with high short-run price volatility.[60][61] It has been argued by, among others, Anna Schwartz, that this kind of instability in short-term price levels can lead to financial instability as lenders and borrowers become uncertain about the value of debt.[62]
The total amount of gold that has ever been mined has been estimated at around 142,000 metric tons[63] and arguments have been made that this amount is too small to serve as a monetary base. The value of this amount of gold is over 6 trillion dollars while the monetary base of the US, with a roughly 20% share of the world economy, stands at $2.7 trillion at the end of 2011.[64] Murray Rothbard argues that the amount of gold available is not a bar to a gold standard since the free market will determine the purchasing power of gold money based on its supply.[65]
Deflation punishes debtors.[66][67] Real debt burdens therefore rise, causing borrowers to cut spending to service their debts or to default. Lenders become wealthier, but may choose to save some of their additional wealth rather than spending it all.[68] The overall amount of expenditure is therefore likely to fall.[68]
Monetary policy would essentially be determined by the rate of gold production.[69] Fluctuations in the amount of gold that is mined could cause inflation if there is an increase, or deflation if there is a decrease.[60][69] Some hold the view that this contributed to the severity and length of the Great Depression as the gold standard forced the central banks to keep monetary policy too tight, creating deflation.[70][71]
James Hamilton contended that the gold standard may be susceptible to speculative attacks when a government's financial position appears weak, although others contend that this very threat discourages governments' engaging in risky policy (see Moral Hazard).[71] For example, some believe that the United States was forced to contract the money supply and raise interest rates in September 1931 to defend the dollar after speculators forced Great Britain off the gold standard[71][72][73]
If a country wanted to devalue its currency, a gold standard would generally produce sharper changes than the smooth declines seen in fiat currencies, depending on the method of devaluation.[74]
Most economists favor a low, positive rate of inflation. Partly this reflects fear of deflationary shocks, but primarily because they believe that central banks still have some role to play in dampening fluctuations in output and unemployment. Central banks can more safely play that role when a positive rate of inflation gives them room to tighten money growth without inducing price declines.[75]
It is difficult to manipulate a gold standard to tailor to an economy’s demand for money, providing practical constraints against the measures that central banks might otherwise use to respond to economic crises.[76] The demand for money always equals the supply of money. Creation of new money reduces interest rates and thereby increases demand for new lower cost debt, raising the demand for money.[77]

[link to en.wikipedia.org]
Anonymous Coward
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08/24/2012 05:03 PM
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Re: GOP mulls a return of US Gold Standard


fucking educate yourselves goldtards your driving us off a cliff slaphim
fadeinlight

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08/24/2012 05:08 PM
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Re: GOP mulls a return of US Gold Standard
there is nothing that would help the world elite more than going to a gold standard, because who owns the gold? cirtainly not America.

The big banks and (strangly enough) the vatican has been buying up the gold for hundreads of years, and when they own it, they set the price.

a fiat currency isn't a bad thing, but only if we (the people) have a say in the monetary policy, but as it stands, our fiat currency is wholly controled by the big banks in charge of the Federal Reserve.
 Quoting: Anonymous Coward 9360890


We don't have a say in the fiat policy, and if we did it would still end up in chaos because people would continue to argue that they are worth more than they really are, and the government would pander to that sentiment in order to win votes.

I don't understand how people can continue to think of the government as "the people" when they actually have less control over it than they do over business.

Why won't you hold government to the same standard that you hold business? Why do you keep falling for this idea that they are somehow more benign than anybody else? Given all of the wars, black ops, corruption, crony capitalism...what will it take to open up your eyes?
Anonymous Coward
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08/24/2012 05:10 PM
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Re: GOP mulls a return of US Gold Standard
impossible, they cant print gold
Anonymous Coward
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08/24/2012 05:25 PM
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Re: GOP mulls a return of US Gold Standard
there is nothing that would help the world elite more than going to a gold standard, because who owns the gold? cirtainly not America.

The big banks and (strangly enough) the vatican has been buying up the gold for hundreads of years, and when they own it, they set the price.

a fiat currency isn't a bad thing, but only if we (the people) have a say in the monetary policy, but as it stands, our fiat currency is wholly controled by the big banks in charge of the Federal Reserve.
 Quoting: Anonymous Coward 9360890


We don't have a say in the fiat policy, and if we did it would still end up in chaos because people would continue to argue that they are worth more than they really are, and the government would pander to that sentiment in order to win votes.

I don't understand how people can continue to think of the government as "the people" when they actually have less control over it than they do over business.

Why won't you hold government to the same standard that you hold business? Why do you keep falling for this idea that they are somehow more benign than anybody else? Given all of the wars, black ops, corruption, crony capitalism...what will it take to open up your eyes?
 Quoting: fadeinlight


the warts of government show when there's no transparency. If the rampant corruption would be obvious and covering the headlines then people would demand a change. And these problems only happen when the private buisnesses who should be playing by the rules of the free market, get a leg up by using the government.
You can't get rid of the government, or at least we're not ready for a world without government, so we need to try to get it to work right.

What I would want in place of the Federal Reserve is a board of publicly elected officals who are well educated in macro economics, but don't have a stake in it (or any more stake then an ordinary citizen) like a professor or something, not the owners of major banks who can use the system to bail themselves out or assist their buddies overseas.
fadeinlight

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08/24/2012 05:27 PM
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Re: GOP mulls a return of US Gold Standard
Interesting, how one of the above videos quoted Peter Schiff and tried to make it appear as if he was in favor of fiat currency.

Here's another, more complete perspective:

Anonymous Coward
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08/24/2012 06:13 PM
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Re: GOP mulls a return of US Gold Standard
Dumb. You going to ship all the gold over to China in 2 years then? Or you going to wise up and demand a level playing field first?
Anonymous Coward
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08/24/2012 07:48 PM
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Re: GOP mulls a return of US Gold Standard
Want to destroy the nation? This is the way to do it.
 Quoting: Anonymous Coward 22536534


bsflag You have NO CLUE what you are talking about! That statement makes it painfully obvious!!
Anonymous Coward
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08/24/2012 07:50 PM
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Re: GOP mulls a return of US Gold Standard
WE BUY GOLD TOP DOLLAR
Anonymous Coward
08/24/2012 07:52 PM
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Re: GOP mulls a return of US Gold Standard
O_o so they want trade barbaric relics? How will the big spending Republicans pay for their projects?
Anonymous Coward
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08/24/2012 08:11 PM
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Re: GOP mulls a return of US Gold Standard
Want to destroy the nation? This is the way to do it.
 Quoting: Anonymous Coward 22536534


I wonder if the GOP understands simple, undeniable fact?
Commando602

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08/24/2012 08:13 PM
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Re: GOP mulls a return of US Gold Standard
Hmmm... I think people better hide their gold if this is true.

"Dey tuk mu guld"
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Anonymous Coward
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08/24/2012 08:15 PM
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Re: GOP mulls a return of US Gold Standard
It is all bullshit and simply campaign rhetortic. They are panndering for votes.

All bullshit lies, from all the elected officials and the GOP.... then it will be "well we tried" for not getting it done.

When will people get smart about the lies?
Anonymous Coward
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08/24/2012 08:23 PM
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Re: GOP mulls a return of US Gold Standard
Blatent vote grabbing by the gop.

Sorry to say but the US could never return to a gold standard nor could any western country without there first being a major/ final collapse then a mass consfication of all personal gold.
Anonymous Coward
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08/24/2012 09:43 PM
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Re: GOP mulls a return of US Gold Standard
Hmmm... I think people better hide their gold if this is true.

"Dey tuk mu guld"
 Quoting: Commando602

if they really wanted to have money backed by gold, they would have to get the gold from somewhere
Capital Hell
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08/25/2012 01:48 AM
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Re: GOP mulls a return of US Gold Standard
bump
Anonymous Coward
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08/30/2012 01:48 AM
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Re: GOP mulls a return of US Gold Standard
bump

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