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The Gold Standard 2.0 is Coming
The world is on
its way to a Gold standard again.
This is not
mere conjecture or prediction. It’s fact. Utah has already passed a bill
allowing Gold and Silver to be used as legal tender. Similarly, Virginia has
passed legislation (though the Governor has yet to sign the bill) that would
permit the state to mint its own Gold and Silver coins.
You can see
this on the international stage as well. China’s Gold demand rose 500% last
year. And world central banks became net buyers of Gold for the first time in
2010 as well.
These are of
course baby steps. China and all central banks’ reserves are only minimally
invested in Gold at this time. However, these changes DO mark the beginning of
necessary structural changes to the global monetary system that will eventually
culminate in a Gold standard of some kind being adopted again.
It’s not difficult
to see why. We’ve been on this insane “paper only” since the early ‘70s. While
everyone wants to claim we’ve seen a massive boost in GDP and stocks since that
time, the reality is that when you account for inflation, it’s clear that most
GDP and stock strength has been a result of inflation, NOT real organic growth.
Indeed, Bill
King, Chief Market Strategist M. Ramsey
King Securities recently published the following chart comparing REAL GDP
(light blue), GDP when you account for inflation (dark blue), and the Dow
Jones’ performance (black) over the last 30 years.
What follows
is a clear picture that since the mid-70s MOST of the perceived stock gains
have come from inflation. You should also note that MOST of the GDP growth we’ve
seen since the early ‘70s has been the result of inflation as well (REAL GDP,
the light blue line, is MILES below the “claimed” GDP, dark blue line).
What does
all of this mean? That the inflationary system in place for the last 30+ years
is crumbling, that paper money is going to become more and more worthless, and
that we’re going to return to some kind of Gold standard in the coming years.
Prepare Now!
Graham
Summers
PS. If
you’ve yet to take steps to prepare your portfolio for the coming inflationary
disaster, our FREE Special Report, The
Inflationary Catastrophe explains not only why inflation is here now, why
the Fed is powerless to stop it, and three investments that absolutely EXPLODE
as a result of this.
All in all
its 14 pages contain a literal treasure trove of information on how to take
steps to prepare AND profit from what’s to come. And it’s all 100% FREE.
To pick up
your copy today, got to http://www.gainspainscapital.com
and click on FREE REPORTS.
- advertisements -
Cool, hate to look for those damned 2gr coins though.
The idea of the gold standard was to serve as a check and balance system so that fiat could not be indiscriminately produced resulting in currency devaluation, debt, inflation, etc. Unfortunately, what history has taught us is that no matter what system is put into place to insure accountability, it is only as effective as those running the show-i.e as long as corrupt people are in control of the system, they will continue to corrupt ANY system. TOTAL TRANSPARENCY AND PUBLIC OVERSIGHT would go a long way towards eradicating this malignancy.
Couldn't be more right. The point of a gold standard is to prevent chiselling by the government but experience proves there was almost as much chiselling WITH a gold standard as without. A new gold standard would result in a new kind of scams, not no scams.
What we need is an honest government. Or at least, a bunch of crooks far sighted enough to see that you can shear the sheep every year but you can only skin them once.
Switzerland comes close. There currency is probably the most stable and theirs is the one everyone runs to when their own country's money hits the water slide.
True, there is nothing inherently wrong with a fiat currency, it's just been abused pretty much every time by governments who are seduced by deficit spending. That's why I say gold should stand free of transactional currency, as a global store of value on its own. That way if a government tries to inflate its transactional currency, people will simply move to other currency for settling trade rather than being held prisoner by one government's bad policy. If you are holding your wealth in gold, and it is allowed to trade free from government interference, one needn't worry about the falling value of dollars, because you would use them for transaction only. If one dollar fails, you move to another.
We have to recognize the modern convenience of electronic and paper currency for quick transactions, but also realize gold should be freed of the chains of government to trade at its true value and be a proper store of wealth.
I don't think there should be a gold standard. There was a gold standard before, and it didn't work out. I believe this to be a result of trying to hold gold to a fixed value in the US. I agree with the FOFOA view that gold should trade at its true value (whatever that may be) as a store of value, recognized globally, but not tied to any currency. In this case, any country may inflate its currency at its own peril, but that currency would lose its legitimacy as a transactional medium and something else would come up, but savers wouldn't care, because they will have held their own personal value in gold, unaffected by fiat.
Based on what I've read, I don't see that gold stopped the US from incurring huge debts before, but they did indeed have to cancel the dollar to gold convertability. I think that any attempt to hold a fixed value to gold or tie it to currency will utimately fail. There will be no reserve currency. Currency should serve as transactional money, gold as money that stores value. A floating gold price, not manipulated by paper markets, would eliminate the need to store value in paper assets, all of which are derivatives of real money, gold.
The gold standard worked fine until the FED came along, then the fiat began and the dollar has lost 95+% of its value since 1913. The biggest concern I hear is that a gold based system is deflationary. If things become cheaper to produce or if supply increases, why is that all bad? Computers are much better and cheaper than ever and we don't complain about that as being much of a problem.
Before 1913, U.S. government debts were, in fact, quite small and their toll on the economy quite measured. Don't confuse pre-1913 gold with post 1913 gold standard.
In American history, you're off by more than a century. The fractional reserve system, born in gold, imported from the Brits, got its foothold by way of the First Bank of the US. Farmers and average Americans of the mid 1800s found the statement that "the gold standard worked just fine" to be appalling, as they endured well documented lack of liquidity and 'depressions amist plenty' as a result. And lest we forget William Jennings Brian's famous rant, http://historymatters.gmu.edu/d/5354/
Prior to 1914, the gold standard is what led to the Fed, and they felt it worked just fine. And still do (since we've been on a shadow gold system ever since).
My whole feeling on it is that if there were no paper manipulation of gold and it traded freely at its true value, then there would be no reserve paper currency to be inflated. People would have the choice of storing value in gold, and have it be recognized globally as a store of wealth. If the US or any other country wanted to inflate their currency after that, well it wouldn't advantage them to do so, because the free lunch would be over. People would simply abandon whatever currency was failing and move to something else for transactions.
True, gold is a store of wealth, but let's not lose sight of the purpose. The purpose is for money as a medium of exchange, not a store of wealth, which then, in turn, makes it a derivative of supply/demand unto itself. I believe Grignon approaches a provocative debt free money solution in his videos - the first is a primer for the digital coin concept:
http://www.digitalcoin.info/The_Essence_of_Money.html
http://www.digitalcoin.info/Digital_Coin_Introduction.html
“The gold standard was based on what was essentially an irrational superstition. As long as people believed there was no salvation but the gold standard, the thing could work. That illusion or superstition has been lost. We now can never successfully run a gold standard. I wish we could. It’s largely as a result of this that I have been thinking of alternatives.” -Frederick Hayek, 1992
Dr H, I realize this is a very late response but I've been out all day. The points you mention about the farmers wasn't about gold but rather the availability of credit. William Jennings' rant was about the silver interests in the west, not really about the gold system per se. What led to the FED was the same thing that led to the 1st Bank of the US and the 2nd Bank of the US, not the gold system being flawed.
I’ll take seeking truth and provocative thought over speedy responses any day. The goldbugs of the late 1800s were the big bankers. And they sold/ bought the US congress on the belief that government is incapable of understanding money, so it need be left to the experts, them! Any un-biased review of monetary world history shows that gold is absolutely manipulate-able by bankers! Thus central bankers have always acquired gold as fast as they can. We are seeing that now. Gold has long been part of the synthetic business cycle, created for the harvest of wealth. Jennings rant was for bimetalic currency to prevent 'further' gold market cornering, by “city” slickers (bankers and their interest). Today, the simplistic notion of diversity by a bimetalic system would face severe odds – it’s called the (banker owned and operated) electronic exchange.
One promising method of account is Bitcoins. See http://www.bitcoin.org/ & http://en.wikipedia.org/wiki/Bitcoin They are slowly generated encrypted electronic digits and issued by a form of lottery with a known and predictable inflation rate topping out at a maximimum number. There is no government or banking system control and it is highly dispersed and nearly invulnerable to cheating.
.
I thought Zero Hedge was supposed to be a Fight Club of sorts....Fighting against bullshit media and consumerism...
Yet day after day Tyler Durden puts up paid advertisements disguised as legitimate information. What makes it worse, is that Durden puts this shit up next to what are, in fact legitimate articles backed by credible authors intent on conveying credible information (see anything by Bruce Krasting among a few others...).
This is a croc of shit of the worst kind.
It gives jokes like Graham Summers and Pivot Farm legitimacy.
It really is a disgrace. Hey Durden, that Manifesto you got at the top of this site is a load of shit.
Every day someone on ZH is railing against MSM...and telling other readers to "think" and my favorite: "Question your belief paradigms and rail against the collective insanity"...blah, blah, fucking blah....
Yet here is Graham Summers as one of the highlighted authors of the day writing nothing but a lead in to the link to his Phoenix Capital website at the bottom of his post. Check it out for yourself:
http://www.phoenixcapitalmarketing.com/RFOA/indexnew.php
In the previous link Graham Summers promises that you can AVERAGE 18% returns PER MONTH!!!! [Think about 18% compounded monthly...With a straight face, Graham Summers is telling you that his "secrets" can turn your $100k investment into $700+ in a single year. Fuck off, Graham Summers.]
Check this one out:
http://www.gainspainscapital.com/MARKETING/privatewealthadvisory.html
He makes the claim that..."
That's why my subscribers include executives at Kinder Morgan ... British Petroleum ... Exxon Mobil ... Time Warner ... Boston Scientific ... Medtronic ... Covidien ... John Deere ... Enterprise Partners ... Nationwide Insurance ... LionRock Capital ... and Thomson Reuters.
Other clients include analysts and strategists from Morgan Stanley ... Merrill Lynch ... Wachovia ... Royal Bank of Scotland ... UBS ... Raymond James ... Solomon Smith-Barney ... VTB Capital ... and Scotia Mcleod as well as numerous hedge funds."
Yeah OK Graham....anaylysts from Morgan Stanley want access to your "wealth secrets".
_____
Yes, the arguments in favor of purchasing gold and silver are very compelling. Of this, there is no doubt...
But do any search on gold.... What do you see?
Nothing useful. Instead, you get page after page of scumbags telling you "how to profit from the hyper-inflationary apocalypse."
As compelling as the arguments in favor of gold are, they aren't nearly as compelling as this argument against:
Never in the history of mankind have the masses profited from dirtbags peddling "wealth secrets". If Graham Summers and his contemptible ilk are advising you to go Long Gold, you will lose if you buy gold and the Fed's got nothin' to do with it.
Graham Summers was advising people on "Real Estate Wealth Secrets" 4 years ago, and he will be advising people on the wealth secrets of pork bellies 4 years from now....
Never has there been a more compelling argument AGAINST gold than Graham Summers and his kind telling you that you need to buy it. This will end badly. Dump Gold. Now.
Get a grip you idiot. Rational people don't invest or not invest based on what Graham Summers says. They look at all the information available and make their decision. If Graham Summers told people not to stab themselves in the head, I suppose you would grab a knife and stab yourself in the head.
BTW - I have never heard of Graham Summers and 99.999% of people who bought gold did not make their decision based on Graham Summers.
I do agree this will end badly - for idiots like you who hang on to the USD
(d)
Long time heavy "gold bug" would rather have all of his money in gold than hold dollars.
http://www.youtube.com/watch?v=MXG8eQkYVpg&feature=channel_video_title
OK, so a new gold standard is coming. Brilliant.
First thing the government does is decree that gold is $20 an ounce or some other arbitrarily small amount.
So, for every ounce of gold the US has $20 will remain in circulation. The old fiat will become worthless.
New bills are printed, in a much smaller supply. Your bank accounts, that contained deposits of old FRN's are value adjusted.
What part of this "dream" scenario do you goldbugs not understand?
If I've this wrong, explain it to me. Try not to include too many insults.
Thanks.
The USG can no more dictate the price of gold than it can dictate the price of oil or wheat. IT can outlaw the selling and buying of gold bullion in America, but that is all it can do. If the US were to set the price of gold at $20, how many people do you think will turn in the gold bullion and coins?
"Sovereignty" is the necessary ingredient when discussing the issuance of "money". The B.I.S. currently holds the mantle.
Ideally, a government entity with the voluntary participation of its' citizens would be a better organization to be entrusted with this task, but there is too much distrust in those agencies at this time. For that reason, these agents have been reduced to issuing interest bearing notes.
In better times, a government would order its' mints to coin intrinsically valuable currency with dates imprinted to designate a point in time when specific weights and measures of metalic composition are known to exist, thereby giving a reasonable expectation as to it's relative "worth".
These elementary lessons have been sorely misused, ignored and rarely discussed in our public educational forums. Intrinsic, face and numismatic values of mint issues have been so jumbled in recent years that B.I.S. floats appear postively stable in comparison. This is not by accident. imo.
I think the US government's ability to set the price of gold is more limited than before. The world will set the price. I think if the US tries, the collective reaction will be "meh!"
I really don't understand your point, Clap. I doubt that they set the value at 20, but even if they do, what difference would that make? 20 or 20'000, whatever. The point is, it would peg all fiat around the world, so governments can't inflate at will.
Science shows that gold is scarce and can be dug out of the crust at maybe 2%/ year max, to keep it economically feasible (figuring in cost of labor and resources etc.).
Hoarding guarantees that the scarcity keeps inflation under control.
It is the scarcity of gold that creates the value of it. Just like a void in a wall makes a door or a window possible, and therefore makes the void valuable, so gold by it's scarcity in nature makes it valuable as an anchor and regulator of money.
Of course it is just a smoke and mirror value, it is just less of a smoke and mirror value than fiat; but since governments cannot be trusted to keep the game honest by it's own people, nor can governments trust each other to do the above, governing bodies will be forced to link to the only tried and trusted store of value and liquid form of money nature provides.
Without going into more lengthly threads of thought, I hope these hints explain a bit what makes me think that Graham is correct, and why so many around the world keep bidding up the price of gold, and central banks themselves hoard it.
Good concept exposition. The higher the price the less is available.
It's all about flow.
My thoughts exactly...
It seems like such a useless endeavour at this point because history tells us that the gov't. will price gold by decree. It's a gamble; will one be better off trading in FRN's for a new currency or would trading in PM's be more beneficial? I can see the perceived benefit in the expectation that gold will skyrocket thus increasing one's net worth, but to what height until the gov't. put's price controls in place?
It looks to me like chasing PM is a way for individuals to feel that they are protected from the shite hitting the fan, but are they? I've decided i'm getting an umbrella and the PM below...
http://tinyurl.com/6ygwxh4
My belief is that the bankers themselves will bid up the price of gold. At the same time they will cause interest rates to go back up to the 10 or 15% area. When the rates are high enough to their liking and the price of gold is high enough, and they have plenty stashed, they will announce through whatever mouthpiece du jour that for the good of the people of this great nation and in the best interests of the great nations of the world and world trade, a new world currency needs to be created one that is linked to that great tried and true store of value: Gold.
Personally I think it will remain the U.S. $, as the U.S. is the world super power and will at any cost retain reserve currency status.
Then once the currency is linked and bonds are back up to 10 or whatever high % the bankers can continue to bleed interest off the world economies and populations, and the value will actually be real.
Actually, you are wrong in that assumption that "there isn't enough gold for convertibility", all that must be done is the proper ratio established at the time of the conversion. IE: $20,000.00 FRN per ounce held by the Treasury, or $50,000 to 1, or whatever it works out to be. It does require an audit of the FED's gold holding to accomplish the conversion. Quite simple actually.
Your comment is much kinder than mine. I guess I'm just getting sick of the same old misconceptions about how a precious metals system works. Is my cynicism showing?
Where is our cut/paste section for these ratty-assed questions?
See now, here's the thing. Using gold instead of fiat is to me like insisting on having green jackets instead of blue jackets for the boy band. I don't think it's the point.
Whatever we use in the future to "keep score" is not the issue.
The "rules of the game" are the only real issue here.
You are right,bitch. It is the rules of the game that matter, but it is also what makes gold perfect as money. With fiat there are too many ways of fudging. With gold there are none.
You either have it, of you don't.
There might be a gold standard, but it cannot be used as money. How do you buy a can of coke using gold? How about lunch at the diner? I can't imagine people walking around with little bags of gold and silver coins like the middle ages.
Really? You've been at ZH for a while. Either you don't read about these things which have been commented on ad nauseum. Or, your comprehension level leaves a bit to be desired. There are coins in most peoples' pockets right now. The problem is that the coins are made from base metals. Having a bank note issued like a true gold or silver certificate, payable upon demand, is not a new concept. Have you been living in a cave?
Gold is a great store of value, but as a means of exchange it leaves something to be desired. There is a tendency to deflation caused by it's store of value characteristics. Part of the problem we have today is caused by the fact that we store our value within our means of exchange. It allows others to steal the value.
You guys should read Silvio Gesell. His concept of Friegeld (1) splits the means of exchange away from the store of value. The means of exchange is consciously and explicitly devalued over time, Gresham causes the velocity to increase but this has no effect on whatever you are using as your store of value.
(1) http://en.wikipedia.org/wiki/Freigeld
It's time for the 50 State Governors’s to rally together and take-back their Sovereignty from an absolutely corrupt government. Wall Street tricked and then stole trillions from the people and state pensions while the US Government refuses to stop and prosecute the perps. Enough is enough. Watch "Inside Job" if you have any doubts about whom the perps are and believe it or not, are still AT IT!
Utah is leading the world.
Instead we have Wall St and K street leading us around by the nosehairs
yeah, sure
.....Continued - CuzMan
An additional comment from Dean Baker, at CounterPunch
snip-
************************************
Virtually all economists agree that in the long-run productivity is the main determinant of economic prosperity. This means that if we can sustain high rates of productivity growth, as we are now doing, then the economy will be able to provide our children and grandchildren with a prosperous future – one where they will be far richer on average than we are today.
Of course if we continue to allow the Wall Street boys, the CEOs and their high-living friends to get the bulk of the gains from growth then our children and grandchildren will have much to worry about. But the problem then, as now, will not be the debt that we have left them.
The problem will be that we let the rich take over the country. If we leave the Wall Street crew in charge, then we will have done much to bankrupt our children.
implying that american work an average 40 hour week.
http://en.wikipedia.org/wiki/Working_time
try 34 hours. and that was last year. I think its below 32 hours now(as scene at some point on ZH) . so what your seeing as productivity being up is really the same amount of work being performed in less hours. or less employees. welcome to mechanization and outsourcing.
googling brought me to here and funny blog.
http://www.kenrockwell.com/business/two-hour-rule.htm
Good News For A Change
While politicians call for austerity constantly,.... look at what the average American Worker has accomplished. Can you honestly say that the politicians or the elite have increased their productivity by 10% over the last 3 years for the same amount of pay and benefits?
Read This from CounterPunch:
By DEAN BAKER
Washington politicians have been running around with shrill cries about how we are adding trillions of dollars to the national debt and that this burden will impoverish our children and grandchildren. It is almost impossible to pick up a newspaper or listen to a news show without hearing such whining.
By contrast, next to no one knows that productivity has increased by almost 10 percent since the start of the recession. This is too bad, because this increase in productivity will matter far more to the well-being of our children and grandchildren then the trillions of dollars of debt that are getting our politicians so excited.
Productivity matters for the prosperity of children because it measures the amount that an average worker produces in an hour of work. If productivity rises by 10 percent over three years, that means that we can produce 10 percent more output with the same amount of work than we could three years ago.
The size of the economy was roughly $14 trillion three years ago. A 10 percent rise in productivity means that we can produce approximately $1.4 trillion more this year with the same amount of work. This would come to an additional $18,000 a year for an average family of four.
Alternatively, a 10 percent rise in productivity would mean that we could produce the same amount of output as we did three years ago, while working 10 percent less. We could reduce our 40-hour workweeks to 36 hours, or we could all take an additional five weeks a year of vacation and still have as much to consume as we did three years ago.
Continues.............. (at site)
Re: Gold, Silver, Takeover Artists and Money Management
Since the 1960's we've had the removal of precious metals altogether from backing our currency.
It was also the late 70's when takeover artists emerged, like Carl Icahn, Ivan Boesky and others.
The vast majority of the TAKEOVER ARTISTS were and ARE Jewish. This just happens to coincide with the DE-linking of PM's.
Most if not all FED Governors, members and the Chairman have always been Jewish. My thesis is that a quid-pro-quo existed that allowed the members of the "tribe" nearly UN-limited access to capital, FED and other funds,...that the rest of American Business Leaders DID NOT HAVE ACCESS TO. I can't prove this yet,...but I firmly believe it 100 % .
When I read Vanity Fair in 2007,...over 50% of the 100 Most Powerful people in the U.S. were Jewish. A closer examination revealed that those 50+ % were the obvious Jews (presumably by name) and that a total of over 74% were in fact Jewish.
I remember reading in the comments section, comments by Jews saying "AWPOW" or "Are We Powerful Or What". They wanted ALL the Credit for all the glory when things were going good (at least on the outside).
But they want no part of the blame now that were deep in the SHIT. They also want us to believe they got that much power by "being the best and the brightest",... and the other races, and mixed races in the U.S. just couldn't compete. They have since leveraged their power and now NO NEW candidate for Congress, or President can get on the BALLOT without passing muster with the likes of AIPAC or their other organizations and "Kissing their RING" first.
And even now, as if to rub our faces in the shit, they grant themselves 135 BILLION IN BONUSES for 2010, and are well on the way to destroying the MIDDLE CLASS IN AMERICA.
Nothing happens in the upper echelons of American Finance, from "new issues" to leveraged buyouts, mergers, IRS Tax Breaks or Audits, to distributing money after a disaster like 9/11 or the Gulf Oil Spill, without one of "them" in the middle of the transaction, approving, passing judgment or writing the checks.
It is nauseating and must stop if were ever to recover from the disaster they've caused, and none of this would have happened if they did not get control of the Central Bank of the U.S.A., including the debt were in, and they have no plans on letting up on the pain and suffering until were completely destroyed and cannot retaliate against them ( believe me their concerned about that).
CuzMan
Executive Order 11110 AMENDMENT OF EXECUTIVE ORDER NO. 10289
AS AMENDED, RELATING TO THE PERFORMANCE OF CERTAIN FUNCTIONS AFFECTING THE DEPARTMENT OF THE TREASURY
By virtue of the authority vested in me by section 301 of title 3 of the United States Code, it is ordered as follows:
Section 1. Executive Order No. 10289 of September 19, 1951, as amended, is hereby further amended-
By adding at the end of paragraph 1 thereof the following subparagraph (j):
(j) The authority vested in the President by paragraph (b) of section 43 of the Act of May 12,1933, as amended (31 U.S.C.821(b)), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of any outstanding silver certificates, to prescribe the denomination of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption
and --
Byrevoking subparagraphs (b) and (c) of paragraph 2 thereof.
Sec. 2. The amendments made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue and may be enforced as if said amendments had not been made.
John F. Kennedy The White House, June 4, 1963.
Of course, the fact that both JFK and Lincoln met the the same end is a mere coincidence.
Abraham Lincoln's Monetary Policy, 1865 (Page 91 of Senate document 23.)
Money is the creature of law and the creation of the original issue of money should be maintained as the exclusive monopoly of national Government.
http://www.youtube.com/watch?v=ZPWH5TlbloU&feature
http://www.john-f-kennedy.net/executiveorder11110.htm
The gold standard was how the money lenders tricked people the first time around with a "gold standard". Gold is a store of wealth not an investment, as is any long lived commodity. "Investing in gold" is an oxymoron. In the end, anything can be used in payment, so long as it can be liquidated, generally it is known as bankruptcy! This article is gold promoting B.S. at best! If the financial system collapses flashing gold coins will likely get your throat cut!
"Investing" in gold is more like putting a short position with no counterparty risk on the dollar for those that insist on being fiat minded
So, the answer is to continue fiat?
No, the real answer is free banking, with individuals offering money based upon commodities. NO MONOPOLIES.
www.dgcmagazine.com
i hope VA does it and those of us living in the state can get discounts...it'd be nice to have a convenient gov mint to get this stuff from
ehh you just have your dreams of pixies and fairy dust. aint never gonna happen.
and any place that brings out a gold back money system will see all its gold be replaced in exchange for other more worthless money and disapear out of circualtion.
A proper gold standard is not based on.a central bank holding gold and issuing notes that can be redeemed. If that happened, you're right the result would be that everyone exchanged the notes for gold. There would not be "enough" notes in circulation, and it is obvious what their "solution" would be.
Imagine repealing all ofnthe laws tha force people to use their worthless paper and which protect th Fed and the big banks. People would be free to say "I accept only gold and silver in payment".
there is simply not enuf gold and/or silver in existence for pm's to be THE system in place
something like a quarter ounce of gold and a tenth of an ounce per silver worldwide if it was all divided equally amongst every person on the planet
therefor it is unaccessible to everyone
to be money ,it has to at least be accessible
"There's not enough gold..."
God lord, man. Not again. Your credibility went right out the window.
And, NO, I won't rebut with the facts. Done that too many times for too many other fools.
"to be money ,it has to at least be accessible"
you mean...like cotton paper?