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Republicans Consider Returning To Gold Standard: Real Or Red Herring?

Tyler Durden's picture




 

Stranger than fiction perhaps but the FT is reporting that the gold standard has returned to mainstream US politics for the first time in 30 years with a 'gold commission' set to become part of official Republican party policy. While this could simply be a reach for as many Ron Paul marginal voters as possible (with the view that the GOP would never really go for it); it appears drafts of the party platform from the forthcoming rain-soaked convention call for an audit of the Fed and a commission to look at restoring the link between the dollar and gold. The FT, citing a spokesperson, adds that "There is a growing recognition within the Republican party and in America more generally that we’re not going to be able to print our way to prosperity," but "We’re not going to go from a standing start to the gold standard," although it would provide a chance to educate politicians and the public about the merits of a return to gold. Interestingly, the Republican platform in 1980 referred to "restoration of a dependable monetary standard", while the 1984 platform said that "the gold standard may be a useful mechanism."

 

The FT does its best to placate the hysteria and walk it back with:

A return to a fixed money supply would also remove the central bank’s ability to offset demand shocks by varying interest rates. That could mean a more volatile economy and higher average unemployment over time.

But we remind readers of the actual lengths (and volatilities) of economic cycles over time (as per Deutsche's Jim Reid):

...we think that the three ‘super-cycles’ between 1982-2007 were the exception rather than the norm and existed largely because of a near 30 year secular global decline in inflation that transcended the business cycle.

 

...every business cycle threatening incident was dealt with using aggressive intervention. This led to more and more confidence in the ability of the authorities which coupled with lower and lower interest rates increased public and private leverage to previously unthinkable levels.

 

 

 

 

One could argue that the most recent three 'Golden-Era' mega-business-cycles are 'unsustainable' fiat-driven monstrosities. The business cycle appears to be naturally shorter but we have centrally-planned it by creating more and more debt since 1971 - perhaps a return to the gold standard or hard money will increase the frequency of recessions but they can be projected and planned for and managed - as opposed to the cliff-like plunges and bubblicious thrusts of their current unsustainable experiment.

 

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Thu, 08/23/2012 - 18:11 | 2731859 Meesohaawnee
Meesohaawnee's picture

obummer promised to tackle Wall Street corruption... and how did that work out?

Thu, 08/23/2012 - 18:13 | 2731868 Bastiat
Bastiat's picture

Yep, trying to suck in some RP supporters and breath life into the Zombie campaign.

Thu, 08/23/2012 - 18:18 | 2731885 Mark Carney
Mark Carney's picture

HAHAHAHAHAAHAHA,,,,,HAAHAHAHHA...OHHHH...HAHAHAHAHAHAHAHHAA

 

Stop it, you're killing me, Gold standard..HAHAHHAHA

Thu, 08/23/2012 - 18:28 | 2731918 malikai
malikai's picture

Luckily for us, we know we can trust Romney to keep our interests at heart. After all, that's why he voted for TARP, The Patrio Act, NDAA, and the other glorious pieces of legislation that has created the great prosperity we now live in.

Thu, 08/23/2012 - 18:30 | 2731925 SafelyGraze
SafelyGraze's picture

NDAA to infinity

Thu, 08/23/2012 - 18:33 | 2731939 AldousHuxley
AldousHuxley's picture

no fucking way....

 

you think Uncle sam is going to pay back Chinese with Gold backed currency???????

 

Not enough gold my friend.

Thu, 08/23/2012 - 18:40 | 2731962 kaa1016
kaa1016's picture

I really hope no one falls for this shit. Like I said before, every single one of these guys will say whatever they need to say to get elected. I can't believe people still fall for this. Gold standard? Over the bankers dead bodies. Anyone remember what happened the last time a president supported a currency backed by a precious metal (here's a clue: Kennedy and a silver backed Dollar)? I didn't end well for him.

Thu, 08/23/2012 - 18:45 | 2731977 Michael
Michael's picture

Registered Republican Ron Paul supporters are pledging millions of their votes to Obama for Revenge on the MSM/GOP/CNN/MSNBC/FOX. I believe their starting a website to register revenge vote pledges.

There's not a cunt hair's worth of difference between Romney and Obama!

This is Carroll Quigley's vision come true;

The argument that the two parties should represent opposed ideals and policies, one, perhaps of the Right and the other of the Left, is a foolish idea. Instead, the two parties should be almost identical, so that the American people can ‘throw the rascals out’ at any election without leading to any profound or extensive shifts in policy.

—Carroll Quigley[1]

I'm voting for Obama directly. Romney invented Obamacare for crying out loud.

Reason #1: Revenge on Fox/MSM/GOP for not playing fair just like in the McCain/Obama election of 2008, except I'm not writing in Ron Paul this time.

Reason #2: To get a liberty candidate elected in 2016.

Reason #3: To tell Mitt Romney/Wall Street to go fuck themselves.

Reason #4: To let the MSM know they don't get to pick our presidents anymore, the alternative media and internet does.

Reason #5: So the democrats get to preside over the complete and total economic collapse of the USA.

Thu, 08/23/2012 - 18:48 | 2731985 AldousHuxley
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http://chart.finance.yahoo.com/z?s=SPY&t=2y&q=l&l=on&z=l&c=GLD&a=v&p=s&l...

 

S&P500  up 33% in 2 years

Gold      up 33% in 2 years

 

 

 

in 2 years of QE, Twist ops, etc.....SPY = GLD

 

NO REAL GROWTH MY FRIENDS. JUST ALL MAKE BELIEVE!

Thu, 08/23/2012 - 19:41 | 2732116 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I am a golden god!

Thu, 08/23/2012 - 19:51 | 2732134 francis_sawyer
francis_sawyer's picture

Tricky DICKS bitchez...

Thu, 08/23/2012 - 20:22 | 2732196 AldousHuxley
AldousHuxley's picture

bankers hate gold and banksters are backing romney over obama...

romney himself is bain cap private equity textbook overload debt pension cash extractor.

republicans are going to load debt on americans and go to war with iran, then dump debt obligations to your children.

they don't care about internal affairs such as unemployment or labor rights....it is all foreign policy to them.

 

but presidents are just going to make matters worse because problems are SYSTEMATIC....and BIG

 

 

Thu, 08/23/2012 - 20:41 | 2732228 economics9698
economics9698's picture

Fiat is more addictive than crack cocaine to a monkey with a unlimited supply.  the money will kill itself before he give up his rocks.  All these mother fuckers are doing is throwing the Ron Paul supporters a bone.

Thu, 08/23/2012 - 20:46 | 2732247 economics9698
economics9698's picture

"One could argue that the most recent three 'Golden-Era' mega-business-cycles are 'unsustainable' fiat-driven monstrosities. The business cycle appears to be naturally shorter but we have centrally-planned it by creating more and more debt since 1971 - perhaps a return to the gold standard or hard money will increase the frequency of recessions but they can be projected and planned for and managed - as opposed to the cliff-like plunges and bubblicious thrusts of their current unsustainable experiment."

You are full of shit.  Propaganda and protecting the Yids with the printing press.  Do your fucking reasearch moron and stop the bull shit. 

Thu, 08/23/2012 - 21:37 | 2732387 Pinto Currency
Pinto Currency's picture

 

The "gold standard" is not gold money where the market sets interest rates.  It is a paper money regime where they (usually but not always) promise not to print more paper money than they have gold.  Of course having gold "backing" is just an illusion.

The US was on the "gold standard" in the 1920s when the Fed and the BofE in collusion blew the bubble that collapsed the US economy

Bernanke found that the mistake of the Fed was to not print enough money after they printed too much and blew an economic bubble that collapsed the US economy.  We can see how that is working out.

Paper or digital money is lethal.  It is the compost standard because it is always abused and ultimately destroyed.

Only gold (and silver) as money works.

 

Thu, 08/23/2012 - 22:15 | 2732464 AldousHuxley
AldousHuxley's picture

way to prevent bubbles is not to have one in the first place.

but fed can't seem to stop printing every election time.

 

print money and keep the status quo

OR

don't print money, face harsh reality, and perhaps a bloody regime change

 

either way, the money has been spent on parties and wars.....matter of who is going to pay....

Thu, 08/23/2012 - 22:36 | 2732524 blunderdog
blunderdog's picture

don't print money, face harsh reality

That's pretty silly.  It's like you're saying institutional suicide is a real option for the BANKERS.

 

Thu, 08/23/2012 - 23:06 | 2732582 Muppet of the U...
Muppet of the Universe's picture

YOU'RE ALL FUCKING IDIOTS.  They are the SAME.  THEY WORK for the SAME PEOPLE...  Are we seriously going to have a hypno toad episode on ZH right now over... fucking us politics?  wow.

Thu, 08/23/2012 - 23:45 | 2732644 Michael
Michael's picture

Revenge is a dish best served cold and the democrats need to learn their mathematics lesson, this time the hard way.

Fri, 08/24/2012 - 00:31 | 2732693 Michael
Michael's picture

CNN: Paul supporters: Tampa to be a Starting Point for Future Liberty Movements

Many Ron Paul supporters, though, remain unconvinced.

"The reason why Ron Paul got such a following was because he was pillar with his principles," Salvi said. "I don't see that in Rand."

This apprehension, with the whole system, from Rand to Romney, has led to major questions about who Paul supporters will support in November.

Some are leaning to Johnson, others to Obama. Few love Romney and some plan to write in Ron Paul's name. There is widespread disagreement among Paul supporters.

In a group that values free thought and self determination, they don't see that as a bad thing.

http://www.cnn.com/2012/08/23/politics/paul-convention/index.html

Fri, 08/24/2012 - 01:54 | 2732720 Michael
Michael's picture

I never give investment advice out on this blog for any particular company or enterprise.

I don't see why companies like EBAY and Craigs List wouldn't be useful and valuable to our countryman in the future for purchases of like new/used products sold on the secondary market?

It would make my day to see the Federal Government shut down the Internet permanently until further notice. All Internet related stocks would go to zero almost instantaneously.

This is our insurance.

They Won't!

Check Mate or Make My Day.

Fri, 08/24/2012 - 07:41 | 2733073 dcj98gst
dcj98gst's picture

Politcal implications of the future currency crisis:

 

FACT IS >>>>> WE ARE GOING OFF A CLIFF WITH EITHER OBAMA OR ROMNEY.  It is too late to change course.  And Repubs endorsing a gold standard is laughable.  We are looking at a currency collapse in the next few years.  As soon as we loose our reserve currency status, our rates will spike and we will be TOAST.

Given that a majority of the US public is very uneducated from an economic standpoint, they are very likely going to blame this collapse on the politics on who is currently in office.  I think we can agree that neither Obama nor Romney are going enact measures that will prevent this collapse.

Therefore, we need to ask our selves the following:  Do we want an economic collapse under an “Overt Socialist” i.e. Obama?  Or do we want the collapse during the administration of a RINO that supposedly (at least in the minds of the ignorant US public) stands for Free Market Capitalism?

I am scared of a back lash against Free Market Capitalism if the Economic Collapse happens during Romney’s administration.  This could very well lead to the government enacting much harsher economic controls and lead to a totalitarianism state. 

 But if the Economic Collapse happens during the Obama administration, then the US public will more likely see the actual writing on the wall and finally return to Free Markets.

Therefore I will be voting for the man that is the furthest from my point of view.  Obama.  I think a collapse in his term would be better, he will get the blame and rightly so.

Fri, 08/24/2012 - 04:43 | 2732919 Michael
Michael's picture

The Ashkenazi Jew news CNN knows they have to try to get in front of this topic we started, so they can try to control the narrative. Good luck CNN,  you have less that 500,000 viewers per day, Ha Ha.

Fri, 08/24/2012 - 01:33 | 2732763 AgShaman
AgShaman's picture

I agree. There is no such thing as  Republicans.....

It's just neo-feudalistic monikers to give the slaves the illusion that their masters give a shit about their opinions

Fri, 08/24/2012 - 01:52 | 2732783 Michael
Michael's picture

I call it Fascist Feudalism.

Fri, 08/24/2012 - 02:10 | 2732801 Michael
Michael's picture

Query from a Dr Ron Paul supporter;

Is The Federal Reserve System Wholly Owned by the Federal Government for the United States of America?

Yes or No?

Fri, 08/24/2012 - 03:42 | 2732879 AldousHuxley
AldousHuxley's picture

Gerald Cliente.....

"you know what state capitalism is? .....it is the definition of fascism"

Thu, 08/23/2012 - 20:35 | 2732217 TwoShortPlanks
TwoShortPlanks's picture

If this is how it all begins, all I can say is...LET IT BE SO!

Thu, 08/23/2012 - 19:01 | 2732019 Praetorian Guard
Praetorian Guard's picture

Hey dumb ass, #2 won't exist in 2016 if the "vase vacuo" gets re-elected!!!!!!

Thu, 08/23/2012 - 19:06 | 2732029 Michael
Michael's picture

At least the democrats will learn their mathematics lesson this time.

Thu, 08/23/2012 - 19:08 | 2732033 Praetorian Guard
Praetorian Guard's picture

There will not be a next time, I doubt even an admin change will do anything, but better than the abyss...

Thu, 08/23/2012 - 19:18 | 2732059 The Big Ching-aso
The Big Ching-aso's picture

 

 

I think it's a real dead herring.

Thu, 08/23/2012 - 19:20 | 2732065 AlphaDawg
AlphaDawg's picture

'tis bullshit

Thu, 08/23/2012 - 19:32 | 2732092 CH1
CH1's picture

I'M TAKING BETS!!

2:1 odds!!!

Any takers?

<crickets>

Thu, 08/23/2012 - 20:49 | 2732254 Mysteerious Roo...
Mysteerious Rooshian Vooman's picture

 

 

Faites vos jeux, mesdames et messieurs! Faites vos jeux!

 

Thu, 08/23/2012 - 20:17 | 2732184 Michael
Michael's picture

The economic abyss is a 100% mathematical certainty. So what's your point?

Thu, 08/23/2012 - 20:28 | 2732207 AldousHuxley
AldousHuxley's picture

http://www.youtube.com/watch?v=0lzbrFTXg3o

 

Nouriel Roubini
  1. Fiscal Cliff in US
  2. Eurozone break up
  3. hard landing in China
  4. and in the middle east we have a war

 

perfect storm....

Thu, 08/23/2012 - 21:31 | 2732369 mendigo
mendigo's picture

I love a good storm.

They are muddling furiously - I fear they will pull it off.

The only cost will be to sacrifice the older people dog food is going to get very expensive. It would be easier if they will just give up and die but either way live or die they will have a very tough ho to row. If they are so rude as to stick around the health care will take care of thier savings quickly. We'll have to inflate to revive housing and to pay off those student loans. So every so often we write-off a generation an reboot the system.

Thu, 08/23/2012 - 21:46 | 2732397 erg
erg's picture

Agreed. It's the ultimate game of Texas hold-em and everyone who matters is all in.

In the furture we can look forward to even more wayward, insidious technologies like nano dust RFID devices. Wait a sec, they probably already have a fully operational  rudimentary, working version. The stuff DARPA has already figured out and is actively working should be enough to turn your hair glacier white.

It's last chance saloon folks.

Edit: fully operational was supposed to have a line through it. It looked good on screen but got lost in the translation somehow.

Thu, 08/23/2012 - 19:49 | 2732129 Al Gorerhythm
Al Gorerhythm's picture

Michael, this idea that you are proposing strikes me as another another can kicking contest. Personally, I'm over the political hopium solution of either party or Ron Paul, of ever over-riding the influence of the bankers . Look at the hell to pay when Andrew Jackson tried to kick those theiving bastards out and now their children's children run the show. 

Ron Paul wrote of revolution. I hope that he wasn't proposing a watered-down version of the first one because the first itteration is what it's going to take to stop this. Voting won't do it because voting perpetuates the treason. Politicians of the current persuasion won't do it because the entrenched system is to their treasonous financial advantage. Is there an alternative action? They won't get written into the pages of monetary history by means of their own doing. 

Thu, 08/23/2012 - 19:59 | 2732145 PiratePawpaw
PiratePawpaw's picture

Einstein defined insanity as doing the same thing over and over again and expecting different results.

We do it every four years. So we are insane and slow.

Thu, 08/23/2012 - 20:18 | 2732161 Michael
Michael's picture

So why not change the rules and vote for the cunt hair's bit of greater evil this time by voting for Obama? There'll still be no difference in policy.

And tell me this doesn't boil your blood;

Romney lawyers took away Ron Paul's win in Maine making Paul ineligible

http://www.dailypaul.com/250467/romney-lawyers-took-away-ron-pauls-win-in-maine-making-paul-ineligible

Thu, 08/23/2012 - 20:46 | 2732216 Al Gorerhythm
Al Gorerhythm's picture

Once again, we here (mostly, but not all) know that there is little difference between them and the differences are contrived, so why not just stop the charade completely. Do you really think the Dems will learn their lesson this time? If we vote that vacuous turd back in and the system collapses (completely) and we get some kind of gratification that the Dems were in charge when it happened, is that supposed to be some sort of a salve to the juggular wound?  Some consolation to my libertary and freedom that will be. Look, it's all feint and two-step strategies by them, so let's cut to the chase and end the charade. 

What makes my blood boil is that both parties pull the same egregious tactics, just to acquire power. Enough hopium and strategies already. Over it.

Thu, 08/23/2012 - 20:53 | 2732271 Michael
Michael's picture

You can't win if you don't play. Ron Paul supporters vote religiously. I usually vote against all the incumbents up for re-election on the ballot, except one this time around.

Thu, 08/23/2012 - 22:23 | 2732491 Al Gorerhythm
Al Gorerhythm's picture

Why has there to be a winning team over another when the only legitimate, constitutional and sane course is Liberty? Religiously? This has nothing to do with religion. Passionately yes but only for the elimination of this divisive game you endorse. Don't want to play no more.

Thu, 08/23/2012 - 23:01 | 2732575 Michael
Michael's picture

It's the only game in town.

The right to vote is the most sacred thing to have, cause if not, nothing else would matter.

Fri, 08/24/2012 - 03:01 | 2732841 Al Gorerhythm
Al Gorerhythm's picture

Sigh.

Sun, 08/26/2012 - 09:22 | 2738344 Clashfan
Clashfan's picture

One does not lose one's right to vote by merely forgoing it. If more people simply refused to participate in the charade, its illegitimacy would be clear to all, globally, with eyes to see.

There are other options besides abstinence: Gary Johnson, Green Party, Constitution Party, etc.

Finally, work toward a NOTA choice or with such a group.

But voting for someone who signed the NDAA seems like a form of sacrilege (if voting is so sacred). You've already lost at that point.

Thu, 08/23/2012 - 20:04 | 2732159 mofreedom
mofreedom's picture

IF YOU HATE FOX YOU HATE YOURSELF, HENCE THE MAKEUP.

Thu, 08/23/2012 - 20:49 | 2732253 Al Gorerhythm
Al Gorerhythm's picture

I was trying to respond in a sage and reasonable manner but after 10 mins of considered thought, all that I can think of to say is: you are an idiot.

Thu, 08/23/2012 - 21:41 | 2732395 Michael
Michael's picture

The avatar is my version of Nancy Pelosi, the way I see her.

The 2012 Pelosi GTxi SS/RT Sport Edition

http://www.youtube.com/watch?v=rAqPMJFaEdY

Thu, 08/23/2012 - 20:10 | 2732170 Stoploss
Stoploss's picture

I must admit those exact thoughts weigh on my mind as well.  I am committed to writing in RP, but the lure of destroying the current system by re-electing the bozo, thereby completely eviscerating the republocratic party FOR EVER has it's merits. I do not disagree with anything i see above.  Maybe it is the safer way to go, since Rep Paul has fought tirelessly and is retiring, we should let him enjoy that in peace, as i am sure he is well prepared for what is comming.

God damn i hate election time.

We need a PATRIOT PARTY for 2016.

Thu, 08/23/2012 - 20:43 | 2732235 nmewn
nmewn's picture

We need a PATRIOT PARTY for 2016.""

All for it.

But the Unicorn Rider and his crazy Uncle Biden have to go first.

Thu, 08/23/2012 - 20:58 | 2732284 Seer
Seer's picture

It doesn't matter who takes "control," the System is on auto-pilot to crash.  Again (for the umpteenth fucking time), we enable this very thing by buying into the notion that the economic theme/paradigm HAS to premised on perpetual growth, on a finite planet!  We've pegged the meter, Mother Nature can't deliver the growth.  TPTB have lived off that "growth," and they'd come up with the smoke and mirrors in the form of fractional banking and "interest" (though it was really the Sumerians who did the "interest" part, but theirs started innocently enough, and was based on physical reality) to make it seems like it's working.

I don't care what group of people you assemble, but, I will guarantee that if they base everything on growth then it's a mathematical certainty that we end up right back here*.

* Although this depends on whether we can get nukes disarmed, ALL of them (yeah, fat chance- Israel will NEVER do it, in which case we're assured of a really bad outcome [again, all coming from a bad premise]).

Thu, 08/23/2012 - 21:40 | 2732392 nmewn
nmewn's picture

I'm not going to curl up into a fetal position and suck my thumb for the rest of my life...I'm going to live it. 

The interesting thing about Mother Nature and human intellect is they are always full of surprises. Not the least of which is, there are cloudy windless days in the dead of winter and people would rather be warm on those days in some place other than a dripping wet cave, shivering on a grass mat.

Look at it this way.

If we saved every drop of oil, hunk of wood, lump of coal etc and froze nine months out of the year, then got hit by an errant meteor tomorrow...would the earth and us be better off?

No, we'd still be dead and the earth changed forever.

Thu, 08/23/2012 - 22:38 | 2732529 DownByTheRiver
DownByTheRiver's picture

The interesting thing about Mother Nature and human intellect is they are always full of surprises.

 

Well as far as I can tell Mother Nature isn't growing and I see no reason why that will change. Human intellact appears to be declining, so I'm not certain any surprises will be 'good' ones. 

Maybe it's as simple as too many people are self serving dicks. If we can't even change ourselves, why should TPTB change? 

Is that what you're saying?

"If you can't beat 'em, join 'em" ?

Thu, 08/23/2012 - 23:05 | 2732581 Michael
Michael's picture

George Carlin - Saving the Planet

http://www.youtube.com/watch?v=eScDfYzMEEw

Fri, 08/24/2012 - 06:39 | 2732979 nmewn
nmewn's picture

If I see or hear the word "change" one more time I'm going to puke.

Change from what into what?...a loin cloth?

Fri, 08/24/2012 - 06:49 | 2732994 Disenchanted
Disenchanted's picture

 

 

Change for which we can only hope.

 

There how's that?  ;p

Fri, 08/24/2012 - 07:08 | 2733016 nmewn
nmewn's picture

lol...much better.

I'm off turn hopefully earn some change after taxes ;-)

Thu, 08/23/2012 - 20:46 | 2732246 Roandavid
Roandavid's picture

Silly nonsense, Ron Paul supporters will write in Ron Paul.

Thu, 08/23/2012 - 22:58 | 2732571 BKbroiler
BKbroiler's picture

props on the Carroll Quigley reference...

Fri, 08/24/2012 - 04:35 | 2732912 taeonu
taeonu's picture

+1 for the Carroll Quigley Quote

--------

“The powers of financial capitalism had (a) far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland; a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.”

- Prof. Carroll Quigley 
in Tragedy and Hope

Fri, 08/24/2012 - 06:50 | 2732996 Disenchanted
Disenchanted's picture

 

 

 

"Prof. Carroll Quigley in Tragedy and Hope"

http://www.carrollquigley.net/pdf/Tragedy_and_Hope.pdf

Thu, 08/23/2012 - 21:24 | 2732349 TheFourthStooge-ing
TheFourthStooge-ing's picture

kaa1016 said:

Anyone remember what happened the last time a president supported a currency backed by a precious metal (here's a clue: Kennedy and a silver backed Dollar)? I didn't end well for him.

Very early in his first term, Reagan tossed around the idea of a return to a currency backed by gold. Because he was a politician, it was probably an empty ruse. The slim chance that he was sincere led to his reeducation via John Hinckley, Jr.

Thu, 08/23/2012 - 21:41 | 2732394 Dr. No
Dr. No's picture

Also, it was ILLEGAL to own gold. If they went on a gold standard, you bet they will confiscate.

People be careful what they wish for.

Thu, 08/23/2012 - 23:28 | 2732609 palmereldritch
palmereldritch's picture

  Anyone remember what happened the last time a president supported a currency backed by a precious metal (here's a clue: Kennedy and a silver backed Dollar)?

And McKinley was elected on a platform supporting the gold standard

http://en.wikipedia.org/wiki/Bimetallism

so what's your point?

Fri, 08/24/2012 - 02:19 | 2732807 dunce
dunce's picture

All the proposed gold standards leave the government in charge and history has revealed no government can be trusted  not to screw all gold owners. I have a better idea, amend the constitution to forbid the government from confiscating gold from individual owners and restricting, controlling gold and silver sales or taxing them. That would make it a store of value protected from lying politicians. All economies in all counties are sooner or later destroyed by govrnment spending and ineptness and corruption in varying degrees. Every thing priced in fiat currencies can not be fairly valued and commerce grinds to a halt. Gold and silver and other commodities have real values and can keep things moving without massive depressions. Not without disruption though while the government is reorganized.

Fri, 08/24/2012 - 22:37 | 2736101 taeonu
taeonu's picture

Will they also be advocating the elemination of Fractional Reserve Banking because without that it doesn't matter what backs the currency.

Also, what is the plan the day after they make gold the backing for the dollar and China suddenly owns all America's gold - curtousy of the Nationa Debt and the Trade Deficit?

Thu, 08/23/2012 - 18:51 | 2731990 James_Cole
James_Cole's picture

 

Why is everyone so cynical? Of course they're going back to a gold standard. It just makes sense.

-after they swap to gold standard Romney is going to solve the energy problem through deregulation

-Ryan is going to solve the budget through a mix of tax cuts & financial bailouts 

-unofficial sos Benjamin Netanyahu will create world peace through blowing up Iran

-dept of science head Akin will solve global warming by declaring it doesn't exist & and officially declare science is actually a load of BS made up by the liberal media

-dept of labour head Hu Jintao will solve jobs crisis by turning America into a fascist country on par with China

-DHS secretary Michelle Bachmann will solve Muslim infiltration / sharia law crisis by sending all brownish looking people back to the countries they came from (or to Africa, whatever is easier)

And finally religious guru (new position) Pat Buchanan will solve God's wrath against evil non-christian Americans by legislating mandatory church service and outlawing any form of sin (his discretion)

Republican party, 2012 & forever

 

 

Thu, 08/23/2012 - 19:12 | 2732042 PiratePawpaw
PiratePawpaw's picture

MDB is that you?......

Before we jump on this new gold standard *cough* I have a really big bridge I need to sell, oh and some ocean front property in Kansas.

On a more serious note: OMG look at the girl in the Road Kill t-shirt ad.

Thu, 08/23/2012 - 19:14 | 2732050 Manthong
Manthong's picture

AG Arpaio.  That would be a hoot.

Thu, 08/23/2012 - 19:41 | 2732069 The Big Ching-aso
The Big Ching-aso's picture

 

 

B4 a gold standard maybe we should start with jailing certain people first.

Thu, 08/23/2012 - 20:08 | 2732166 JohnG
JohnG's picture

Why pay for jailtime at 60K/year when bullets cost 50 cents?

Thu, 08/23/2012 - 20:30 | 2732209 Yes_Questions
Yes_Questions's picture

 

 

Might tie into the SSA's recent bullet Purchase Order

Thu, 08/23/2012 - 20:49 | 2732256 James_Cole
James_Cole's picture

"AG Arpaio.  That would be a hoot."

That's a great idea. I vote he wears a mandatory pin stating "I am the law" in large clear letters so as to avoid any confusion over his authority. 

Thu, 08/23/2012 - 21:35 | 2732381 NoClueSneaker
NoClueSneaker's picture

...  Roy Bean ?

Thu, 08/23/2012 - 19:19 | 2732062 Dexter Morgan
Dexter Morgan's picture

Good one.  I like Buchanan though.  Maybe I should worry about myself.  I don't always agree with him but he's like a grandpa or something, you have to give him his propers.  I like how he bitches about things but then he sees the humor in the collapse of a once-great empire.  I can believe the mandatory church service though.  hah

Thu, 08/23/2012 - 20:32 | 2732212 Yes_Questions
Yes_Questions's picture

 

 

Pat Buchanan is the perfect "Get Off My Lawn" bitchmaster and I miss him.

 

Thu, 08/23/2012 - 21:08 | 2732307 Buckaroo Banzai
Buckaroo Banzai's picture

Pat Buchanan is fucking awesome.

Thu, 08/23/2012 - 21:43 | 2732400 Dr. No
Dr. No's picture

I don't know why you got the junks. There are plenty of criminals to fill out a cabinet for both parties.

Thu, 08/23/2012 - 19:16 | 2732056 dundermifflin
dundermifflin's picture

there is plenty of gold, that is, if the price of gold were to go thru the roof

Thu, 08/23/2012 - 20:20 | 2732076 The Big Ching-aso
The Big Ching-aso's picture

 

 

What if gold mines run out of rioting miners?

 

Thu, 08/23/2012 - 20:22 | 2732198 Anusocracy
Anusocracy's picture

There's a misunderstanding here.

The Republican Platform will call for a gold color standard. Dollars will be printed on gold colored paper.

A gold fiat currency. Win-Win.

 

Thu, 08/23/2012 - 21:04 | 2732298 Seer
Seer's picture

The PRICE of gold?  That would be work/labor.

Thu, 08/23/2012 - 19:23 | 2732073 SWRichmond
SWRichmond's picture

Not enough gold my friend.

Canard.   There is plenty of gold.  Just not at the current USD exchange ratio.

Thu, 08/23/2012 - 19:33 | 2732097 A Lunatic
A Lunatic's picture

The Federal Reserve Bank owns all of the gold in this country...........meaning there is no gold for a gold standard, unless of course you want to borrow some from China............

Thu, 08/23/2012 - 19:48 | 2732128 Praetorian Guard
Praetorian Guard's picture

...in the end what really stops them from using a gold standard to todays fiat? Lets say they peg gold to 20 an ounce, and print paper backed gold based on the value and amount in holding. They need more fiat for lets say a war, why not devalue gold to 15 an ounce and print more money to offset the price reduction. So many tricks they can play, it would numb your mind. I have no idea what the answer is... maybe, just maybe, there is NO answer? Anyone ever thought of that? No way out, no salvation, no answer, no nothing...

Thu, 08/23/2012 - 20:38 | 2732222 Yes_Questions
Yes_Questions's picture

 

 

Happy Hunger Games!

Thu, 08/23/2012 - 19:55 | 2732137 Freegolder
Freegolder's picture

Mr Huxley.

If you have a curious mind, go check out the single largest US export to Hong Kong of late.

Also, there is always enough gold, just often not a price reflective of gold's real worth.

China will take a load of it, but at prices so high it'll make your nose bleed.

 

Thu, 08/23/2012 - 20:26 | 2732202 notbot
notbot's picture

Freegolder, you took the words out of my mouth.  There is plenty of gold...just not at $1600/oz. The price would have to be much, much higher as explained by Jim Rickards in Currency Wars

http://www.amazon.com/Currency-Wars-Making-Global-Portfolio/dp/1591844495

Thu, 08/23/2012 - 21:17 | 2732332 Seer
Seer's picture

We've still got a problem.

On one hand there's the notion that scarcity should be the true measure, and this I have NO disagreement with.  But... look around, see that most of our troubles are based on scarcity*.

* Heck, we have a scarcity of ability to do future work: due to demographics and declining energy reserves.

And when the number of those who have scarcely anything increases you will see gold treated just like the things that are being jettisoned today.  Don't get me wrong, gold (PMs) beats anything else as a representative of a currency (backer of), but ultimately what backs everything is physical resources required to live.

Gold/PMs will be a transitional tool.  Where we're transitioning to is totally uncharted.  Gold/PMs allow us "safe passage," but once we arrive at the getting-off point we're in a foreign land, a land where there's no certainty that the established folk are even interested in gold/PMs (perhaps they warned of where it would lead, that eventually someone would find it "nicer" to use a piece of paper, and then the game would start up again).  Value in the future will be what we are able to do...

Thu, 08/23/2012 - 21:41 | 2732393 NoClueSneaker
NoClueSneaker's picture

High price is relative thingy, especially when u have iranian crude for  ? 75 $ / Barell ( or less ), and 1.17 Tr. of T-Bonds.

Fiat / cheap oil combo for barbarious relic - who cares about the price if u r Chinese .

Thu, 08/23/2012 - 19:58 | 2732142 hbjork1
hbjork1's picture

Gold backed currency? Devaluation first to destroy dollar holdings wherever they reside.

Thu, 08/23/2012 - 21:18 | 2732335 Seer
Seer's picture

Isn't the dollar already destroyed?  Sorry, couldn't resist :-)

Thu, 08/23/2012 - 20:06 | 2732154 Obadiah
Obadiah's picture

learn the secrets of oz bitchez  http://www.youtube.com/watch?v=swkq2E8mswI

 

this is why the Gold standard would be just another fail for us and a win for the bankers.

 

silvers and competing monies are the answer... not that there is anything wrong with gold in your hands

Thu, 08/23/2012 - 18:33 | 2731940 JLee2027
JLee2027's picture

Romney wasn't in Congress to vote on anything.

Thu, 08/23/2012 - 18:36 | 2731948 Stackers
Stackers's picture

PWND

Thu, 08/23/2012 - 18:59 | 2731963 malikai
malikai's picture

Yea, I know. Troll Bait. :)

EDIT: I see it has worked swimmingly.

Thu, 08/23/2012 - 18:48 | 2731981 moonshadow
moonshadow's picture

huh? in what capacity was romney able to vote on tarp or the patriot act? huh? what are you talking about? he was the governor of a state- he didnt vote on federal legislation. if you're gona comment on zero-hedge you gotta get ur facts straight cuz you cant fudge or bluff ur way here

Thu, 08/23/2012 - 18:54 | 2732002 kito
kito's picture

in malikais defense, romney wouldve voted for all of the liberty inhibiting bills.....

 

http://constitutiontimes.com/ndaa-i-would-have-signed-romney-the-republican-debate-twilight-zone/

Thu, 08/23/2012 - 19:05 | 2732027 malikai
malikai's picture

The reference was a discombobulation of Romney/Ryan. He sure would have voted for all of them.

Sadly, I have overextended my humor today.

Time to retire for the night.

Thu, 08/23/2012 - 21:20 | 2732337 Seer
Seer's picture

And perhaps it's shown not to be humor after all... sometimes things backfire.  You might want to leave this kind of thing to the experts (like MDB & RoboTrader).

Fri, 08/24/2012 - 05:05 | 2732929 malikai
malikai's picture

You're right. They are the experts. I am but a minnow in a shark's pool.

Thu, 08/23/2012 - 21:45 | 2732405 NoClueSneaker
NoClueSneaker's picture

Yepp. He was busy destroying Univerisity Of Massatchussets : Mission accomplished.

Thu, 08/23/2012 - 18:59 | 2732011 buckethead
buckethead's picture

I'm sure he supports all of those pieces of legislation, but I seriously doubt he voted for them unless he's been in congress without my knowing it.

As for the topic at hand: it is but a feeble attempt by the RNC to court RP supporters. The same RNC that rejected RP from the beginning.

I don't need to consider any more than that.

Thu, 08/23/2012 - 20:00 | 2732152 neidermeyer
neidermeyer's picture

malikai , How exactly did he vote for those things? He has never been in Congress?

Thu, 08/23/2012 - 20:09 | 2732169 nmewn
nmewn's picture

But Obama-Biden were and did...malikai was just trying to be funny by pointing out the contrast.

You know, like having a national energy policy depending on sunny skies and breezy days...lol.

Thu, 08/23/2012 - 20:04 | 2732158 FreedomGuy
FreedomGuy's picture

First, Romney is not the whole party. Ron Paul is in the same party. Romney is the liberal, democrat-light wing.

Second, I share some skepticism, but I still like the idea it even comes up as an idea and gets a committee. Consider the two sides of this. First, let's say they are saying this just to get conservative support. At least they feel pressure from somewhere to do the right thing. That is progress however small. Did any of the Bush's even mention it? Nada.

Next, let's say this REALLY were going to happen at some point in the future. How would it start? It would start like this in all probability. The other way is in a worldwide economic crash which is infinitely more painful. I like this better.

So, my thought is let's give it a chance. The fact it comes up at all as anything remotely serious...like auditing the Fed is real progress. While I am no pollyanna I look at this as a positive small development. Even if a gold standard does not happen maybe better currency policies will.

As a side note, i hear and see Bastiat, Von Mises, Hayek, Rothbard and many others in the press, on radio and TV these days. Ideas have to change before other things do. That's how the socialists have conquered virtually the whole world. If their ideas actually worked it would be a done deal but they don't.

Thu, 08/23/2012 - 20:41 | 2732226 sadmamapatriot
sadmamapatriot's picture

Strangely I have been wanting to upvote everyone today. But your comment most closely allies with my own thoughts. It probably is a BS GOP trick but it has to start somewhere. I don't think it will happen until after a collapse though. Or if the Middle East starts demanding gold instead of the petrodollar for payment which could be the trigger. China is not getting squat. We are already moving our manufacturing to Indonesia and other places like that. Bubbles are a bitch. And so is Math and she don't care.

Thu, 08/23/2012 - 20:05 | 2732160 insanelysane
insanelysane's picture

What the fuck are you talking about? "After all, that's why he (Romney) voted for TARP, The Patrio Act, NDAA, and the other glorious pieces of legislation that has created the great prosperity we now live in."

Romney was never a Senator or Rep so how the fuck did he vote for all of this legislation???

Thu, 08/23/2012 - 20:55 | 2732276 A Nanny Moose
A Nanny Moose's picture

After all, that's why he voted for TARP, The Patrio Act, NDAA, and the other glorious pieces of legislation that has created the great prosperity we now live in.

So you are saying that Romney voted for all of that? You sure about that?

Thu, 08/23/2012 - 21:03 | 2732297 TrulyBelieving
TrulyBelieving's picture

How could Romney vote for any of this legislation?  He has never been  a member of the House.

Thu, 08/23/2012 - 22:21 | 2732485 Nels
Nels's picture

TARP, Patriot Act, NDAA, etc?  I wasn't aware that these things were open to a vote by the general populace.  I sure didn't see them on any ballot.  At least not specifically, and since they were all pretty much passed in a bipartisan vote on Capital Hill, the only choice I or you or Romney had was to not vote at all.

Support maybe, but Romney wasn't in position to vote on these things since he's is not and was not a Congressman or Senator.

Obama did vote for TARP, so I'm not sure that voting records are the evidence you need for whatever point it was you were trying to make.

Thu, 08/23/2012 - 23:09 | 2732591 Freddie
Freddie's picture

How did Romney vote for TARP, The PAtriot Act, NDAA?  I don't like him but it sure beats the Democrats and their leader wanting to return to Sharia.  Yeah I know - red team blue team.  Right.

Fri, 08/24/2012 - 01:18 | 2732739 perchprism
perchprism's picture

 

 

 

Fri, 08/24/2012 - 08:10 | 2733150 ratpack1968
ratpack1968's picture

Do you mean Paul Ryan?  Because Romney couldnt have "voted" for any of those things.

Fri, 08/24/2012 - 10:13 | 2733653 Auric Goldfinger
Auric Goldfinger's picture

Agree with your sentiment 100%- but Mittens wasn't in congress.

I'll junk myself for being a persnickety asshole. 

Thu, 08/23/2012 - 18:33 | 2731926 dwdollar
dwdollar's picture

Yeah really... They can't even keep the deficit from increasing year to year (evidently 1 trillion isn't enough). Reducing it is out of the question. A gold standard is loony at this point.

Sad part is this will probably lure in quite a few Paul suckers.

Thu, 08/23/2012 - 18:44 | 2731975 malikai
malikai's picture

I think it will lure in 'sidelined republicans', probably not many RP supporters.

I love how Ryan is presented as 'the hero of the tea party'.

Thu, 08/23/2012 - 18:49 | 2731986 dwdollar
dwdollar's picture

Most people haven't got a clue what a gold standard is. This is baited exactly for the Paul supporters and Libertarians.

Thu, 08/23/2012 - 22:17 | 2732466 SAT 800
SAT 800's picture

needless to say; yoiu don't eirther have any idea what it isl; nevertheless it is your duty as a voter to try something else; because "hope and change" didn't work. This is your duty; it is important. the two people are not identical.

Thu, 08/23/2012 - 18:43 | 2731973 SafelyGraze
SafelyGraze's picture

"Gold standard..HAHAHHAHA"

believe it

this time they're serious

http://www.youtube.com/watch?v=j3-lIOO5KYE&t=3

Thu, 08/23/2012 - 22:13 | 2732458 Slightly Insane
Slightly Insane's picture

They might as well be telling everyone that they're pushing for the One day work week, Lowering Taxes to 3%, and Free Beer Friday.  It was a freakin Republican that got us off the Gold Standard (Nixon) ....

I think I'm about to have a brain hemmorhage!!   HAAAHAAA HAAA

Thu, 08/23/2012 - 22:20 | 2732479 SAT 800
SAT 800's picture

You may very well be ready to have a brain hemorage; that's too bad. It's really sad that you don't know how to lthink straight. Romney will give you something to keep the game going; Obama will not care in his second term and will deliver all the program called for by his owners; which shortsightedly will result in the death of the United States.

Fri, 08/24/2012 - 08:19 | 2733164 machineh
machineh's picture

Say it again:

It was a freakin Republican that got us off the Gold Standard (Nixon) ....

Expecting Romney to bring back the gold standard is like having the doctor who amputated the wrong leg operate on your remaining leg. The proposal is for a COMMISSION that will issue a report and bury the issue. This ridiculous, insincere trial balloon is what James Carville called dragging a dollar bill through a trailer park. SUCKER BAIT!

Thu, 08/23/2012 - 18:21 | 2731888 Rusticus
Rusticus's picture

Indeed. The Zomney campaign has a term for them they coined from their sponsors ... muppets.

Thu, 08/23/2012 - 18:18 | 2731890 I think I need ...
I think I need to buy a gun's picture

of course they are going back to a gold standard or more than likely freegold system. They've spent the last XX years cornering the gold market.......Now they have all the gold it's time

Thu, 08/23/2012 - 18:20 | 2731897 DoChenRollingBearing
DoChenRollingBearing's picture

While I welcome all discussion about gold (and I, of course, am talking my book), there is no way that we will go back to a gold standard.  MAYBE they will have a commission, which will mean nothing, but I do not see TPTB tying the dollar to gold.

Unless they (the Treasury) start by offering to buy gold at a VERY HIGH price, say $10,000 per ounce.  What happens soon after that?  Freegold...

Thu, 08/23/2012 - 18:33 | 2731935 SafelyGraze
SafelyGraze's picture

*sell* at 10k, not buy

they still buy/redeem at 42.2222 per ozt as required by statute

Thu, 08/23/2012 - 22:17 | 2732465 Dr. No
Dr. No's picture

Huh? Obey laws? Are we talking about the same fed here?

Thu, 08/23/2012 - 19:42 | 2732120 Renewable Life
Renewable Life's picture

LMFAO!!!!!!!!

OK, lets have a real conversation about this?  At today's gold price of $1620 an OZ, what would one US dollar be redeemable for in physical gold?? Who would set the new peg? The TOTAL US Dollar Money Supply currently is 2150 Trillion, the Federal Reserve has reported that they currently have 8000+ Tonnes of Gold reserves. Those reserves = $416 Trillion dollars at current gold prices!! So if they needed to get the peg to 1 us dollar = 1 US gold dollar, the FED would need to "mop up" 75% of the liquidity in the system, planetary wide OR the US dollar would appreciate by 4X whats its worth today overnight or 400%, see if you FX traders can get your head around that!!!

What that would mean for the average person who has $100,000 debt and doesn't own physical gold themselves at the time of the new PEG, their debt would go to $400,000 overnight in real dollar terms!! However, people who have $100,000 saved in the mattress or a savings account, would see the value of their savings quadruple overnight to $400,000 in real terms!!  Sounds exciting to us savers (i'm one of those people who would benefit) but the US household savings rate is at an almost 100 year low as a percentage of income, wages, and inflation, currently in America!! So if you want to bring on an armed insurrection in this Country, you try this shit, at this time in History!!

NEVER GONNA HAPPEN! or more accurately IT CANT HAPPEN, EVEN IF THEY WANTED TO DO IT!

Thu, 08/23/2012 - 21:01 | 2732289 philosophers bone
philosophers bone's picture

You missed the dollar consolidation that will be part of the exchange ratio.  It won't be 1 US Dollar = 1 US Gold Dollar.

Thu, 08/23/2012 - 23:47 | 2732649 cranky-old-geezer
cranky-old-geezer's picture

 

 

The TOTAL US Dollar Money Supply currently is 2150 Trillion

How do you come up with such an insane figure?   40 trillion is more like it.  Maybe 50 trillion.

But I agree, the Fed will never adopt any sort of gold nor silver standard.  If they did, FRNs would come flooding back to the Fed from all over the world as people demand gold / silver for them, and the Fed would quickly run out of either.

It's why redeemability was terminated in 1971.  Gold was flying out of Fed vaults to other nations when the street price went way above the "official" $42 / oz exchange rate.  By 1980 the price soared to $800 / oz and everybody thought the "US dollar" would collapse.  

Of course they're not "US dollars".  They're Federal Reserve Notes, and they never had any gold redeemability technically.  Fed merely played the redeemability game long enough to get all US govt currency out of circulation.  Once that was completed, gold redeemability was terminated forever.

Fed could accomplish the same thing without a gold standard.   All they have to do is limit the number of FRNs in existence. 

Of course they'd never do that.  It would prevent multi-trillion dollar back-door behind-the-scene bailouts, like the $27 trillion secretly printed and given to TBTF banks and god knows who else.  It would prevent the Fed printing and buying treasury debt, and the US govt would collapse, game over for everone including the Fed.

US govt is powerless to enact any sort of gold or silver standard since they've been in bankrupty receivership 80+ years.  They legally can't introduce another currency, much less a gold-backed currency.

 

Thu, 08/23/2012 - 22:19 | 2732471 midtowng
midtowng's picture

Republicans talking about going back to the gold standard is like when Obama talked about renegotiating NAFTA.

  It's another pandering effort that they never intend to do because it would offend their corporate masters.

Thu, 08/23/2012 - 18:18 | 2731893 Unprepared
Unprepared's picture

The road to hell is filled with bad pretensions.

Thu, 08/23/2012 - 18:35 | 2731944 JLee2027
JLee2027's picture

Just to BS the RP people, yup. It'll be mysteriously dropped after R-Money is nominated.

Thu, 08/23/2012 - 20:02 | 2732058 PiratePawpaw
PiratePawpaw's picture

"it appears drafts of the party platform from the forthcoming rain-soaked convention call for an audit of the Fed and a commission to look at restoring the link between the dollar and gold."

 "appears...drafts...platform...call for...commission...look at...link" = a semi-firm almost maybe

IOW: NOT!

Thu, 08/23/2012 - 22:25 | 2732494 SAT 800
SAT 800's picture

So you want the same thing for the next four years? Too bad, that's not available. What you will get is an insanely accelerated program based on the fact that the candidate has nothing to lose.. Either change leaders now or get out of lthe country. I am prepared to leave; I doubt very much if you muppets are prepared to leave. Vote; it is your only chance. One chance. That's all.

Thu, 08/23/2012 - 19:42 | 2732119 Obadiah
Obadiah's picture

Gold price is down today so no way this a "real" plan.  If it was a real plan then all the 2nd level masters wouldda went out and loaded up the truck.

Thu, 08/23/2012 - 22:26 | 2732498 SAT 800
SAT 800's picture

Your're a moron; you know nothing.

Thu, 08/23/2012 - 20:49 | 2732252 pacu44
pacu44's picture

you cant eat gold

Fri, 08/24/2012 - 02:06 | 2732796 Tapeworm
Tapeworm's picture

And Shrubco promised to swear off "Nation Building" rackets of the Biw Crinton/Gore claque.

Sat, 08/25/2012 - 16:12 | 2737500 HedgeHammer
HedgeHammer's picture

Apparently he was sacked/took a dive for a loss of sanity, morality and sound money.

Thu, 08/23/2012 - 18:14 | 2731863 ouchtouch
ouchtouch's picture

They really want the competitive currency act -- let the dollar sink into the ocean, we'll keep our savings in gold and silver and not have to pay tax on the difference in value when we spend it.

http://www.govtrack.us/congress/bills/112/hr1098

 

Thu, 08/23/2012 - 18:15 | 2731870 blunderdog
blunderdog's picture

A gold standard doesn't really *mandate* a fixed money supply.  Bit of an issue to consider.

Thu, 08/23/2012 - 18:46 | 2731980 Silver Shield
Silver Shield's picture

A Gold Standard would be another monoply on money.

We need competition in currency not another monopoly money the Elite own all of.

We warned Congress about this earlier this month.

IGNORE THE FED

http://www.youtube.com/watch?v=qJBJEQOCrik&feature=share&list=UU-7vnmA1Z...

Thu, 08/23/2012 - 19:02 | 2732022 DoChenRollingBearing
DoChenRollingBearing's picture

Yes, let the currencies compete.

We look forward to seeing more of your work.

Thu, 08/23/2012 - 19:29 | 2732089 AUD
AUD's picture

Good sentiment but your bias against fractional reserve banking means you will fail.

There is nothing wrong with 'fractional' banking as long as the quality of those fractions is maintained 'good as gold'. Only gold, & silver, redeemability can regulate the quality of those fractions as only gold, & silver to a lesser extent, have an enduring, unaltering quality. You could also throw in precious gems too. They ain't precious for nothing.

Quality monetary substitutes are called Real Bills & are spontaneously generated in the course of production of consumer goods. And anyway, if you're asking for the government to 'ignore the Fed' & not interfere in the market, how do you expect the government to regulate the extent of fractional reserves?

 

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