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Andrew_Armao
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The Return to the Gold Standard
Aug 25th, 2018 at 4:19am
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It is immoral to continue with a currency such as the Petrodollar. Ever since Nixon changed the American Greenback to an oil backed currency, we have had a currency that robs the common man. Robbing, through inflation. How can we rely on a currency, that after a man working for 30 years, can have all his savings worth a fraction of it's original value?

It is utterly abhorrent, to continue with this system, a system of legalized theft, from the governments own greedy functions, to pay off Big Business, and Oligarchs here and abroad, with the hard worked savings of our fathers and sons.

We MUST return to The Gold Standard. The only reason why we left it was for a new form of American Imperialism: Financial Imperialism! With every country needing oil, they would purchase American monies and stockpile them for future investment. This keeps western countries in check to our American power brokers.

WHERE ARE THE WHINERS, complaining how unreasonable it is to have Europe cough up better numbers for our trade deals, when they're bent over a barrel for oil!!

America has gotten by with this through making sure we have the foot on the neck of any middle eastern dictator that pops up favoring the Euro over the dollar, only to be quickly shafted with the first order of business after their death being, they quickly convert to US dollars being required for oil purchases.

Our currency is becoming hollow, and we must restore it; oil won't be used forever, and we must embrace the future. We must institute THE GOLD STANDARD. We must stop this senseless robbing of the American Citizen, and return them their financial dignity.

With the elimination of the Petrodollar, the American currency would immediately increase in value, all other currencies would weaken in the process, and our deficit would shrink to ridiculous levels, making America a true financial super power.

All trade would be pushed in America's favor, and WE would set the rules, and we would no longer blooden our hands with war in the name of propping up a dead man's fever dream of what a gold standard replacement should be.

From what I glean, the Vietnam war was merely done as long as it was, to spend our money reserves to create a plausible arguement on why we needed a currency that could execute potentially high inflation.

The Boobie responsible for this travesty should be cast into a ravine; I have no patience for a staggeringly idotic fool, the likes of which would cripple America with insanely high debt interest rates in the name of greed.

We MUST institute The Gold Standard, having gold coinage as well, used for buying and selling goods, moving America into the future, and out of the cesspool of neverending wars, wars in the name of inflating the dollar just a little while longer.

Forever Liberty!
  

Andrew J Armao
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SkyChief
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Re: The Return to the Gold Standard
Reply #1 - Aug 25th, 2018 at 12:13pm
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Andrew_Armao wrote on Aug 25th, 2018 at 4:19am:
We MUST institute The Gold Standard, having gold coinage as well, used for buying and selling goods, moving America into the future, and out of the cesspool of neverending wars, wars in the name of inflating the dollar just a little while longer.

It won't ever happen.

Fiat currency is here to stay, I'm afraid to say.

Because the government likes to borrow money.  To make Wars.

So they created the Federal Reserve to "print" the money, who then "loans" it to the government.

The only problem is the Federal Reserve Bank demands that the government pay interest on the money that they loaned!

So how can the government pay interest on money that doesn't even exist??

Simple.   Income Tax!!     Grin    

"We have gold because we can not trust our governments". - President Herbert Hoover
  
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Andrew_Armao
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Re: The Return to the Gold Standard
Reply #2 - Aug 27th, 2018 at 3:29pm
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SkyChief wrote on Aug 25th, 2018 at 12:13pm:
It won't ever happen.

Fiat currency is here to stay, I'm afraid to say.

Because the government likes to borrow money.  To make Wars.

So they created the Federal Reserve to "print" the money, who then "loans" it to the government.

The only problem is the Federal Reserve Bank demands that the government pay interest on the money that they loaned!

So how can the government pay interest on money that doesn't even exist??

Simple.   Income Tax!!     Grin    

"We have gold because we can not trust our governments". - President Herbert Hoover


It will if people vote for it Skychief. We must run these people out!
  

Andrew J Armao
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Jeff
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Re: The Return to the Gold Standard
Reply #3 - Aug 27th, 2018 at 4:30pm
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Here are some arguments for a gold standard, and some plausible reasons why most economists don't want to consider it.

https://www.cato.org/case-for-gold

https://www.cato.org/blog/experts-gold-standard
  
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SkyChief
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Re: The Return to the Gold Standard
Reply #4 - Aug 27th, 2018 at 7:50pm
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Andrew_Armao wrote on Aug 27th, 2018 at 3:29pm:
It will if people vote for it Skychief. We must run these people out!

Only Congress can vote to return to a gold-backed currency. 

They would never vote for that because their pals over at the Federal Reserve would no longer be able to print FRNs to loan to the US for Military expansion projects.

Cronyism would wither and die. 700 US Military bases would need to close. 

"An overview of all wars since the establishment of the Bank of England in 1694 suggests that most of them would have been greatly reduced in severity, or perhaps not even fought at all, without fiat money."

- G. Edward Griffin
  
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Jeff
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Re: The Return to the Gold Standard
Reply #5 - Aug 28th, 2018 at 7:31am
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Some news about a return to the gold standard actually happening-

https://thefreethoughtproject.com/russia-dumps-us-dollar-gold/
  
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SkyChief
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Re: The Return to the Gold Standard
Reply #6 - Aug 28th, 2018 at 11:49am
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Jeff wrote on Aug 28th, 2018 at 7:31am:
Some news about a return to the gold standard actually happening-

https://thefreethoughtproject.com/russia-dumps-us-dollar-gold/

The first nation that uses gold to back its currency will emerge as the new world reserve currency.

Russia cannot even think of doing this because their current gold reserves represents a small fraction of the Rubles in circulation.   

It may happen someday, but its a long way off.
  
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Jeff
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Re: The Return to the Gold Standard
Reply #7 - Aug 28th, 2018 at 3:20pm
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SkyChief wrote on Aug 28th, 2018 at 11:49am:
The first nation that uses gold to back its currency will emerge as the new world reserve currency.

Russia cannot even think of doing this because their current gold reserves represents a small fraction of the Rubles in circulation.   

So they define a Ruble as a very small fraction of an ounce of gold, or as a fraction of a gram of gold. That's how you do it when you have a certain number of fiat notes that you want to back with gold, simple division.

To make your gold backed notes more useful, you can denominate them so that a 5x10 to the fourth power note is worth $5 in gold. However it works out. More simply, just print "New Rubles" in common denominations. (Cheating people is common when that sort of thing is done I think.)

The U.S. could do it, and bring back the $10,000 note!
  
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SkyChief
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Re: The Return to the Gold Standard
Reply #8 - Aug 28th, 2018 at 10:11pm
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Jeff wrote on Aug 28th, 2018 at 3:20pm:
So they define a Ruble as a very small fraction of an ounce of gold, or as a fraction of a gram of gold.

Ruble holders would revolt.

Most folks become very disagreeable when government declares their wealth worthless.

I know I would!   Smiley

No country can convert to gold-backed currency.   There is simply not enough gold to back all the fiat bank-notes in circulation.
  
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Jeff
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Re: The Return to the Gold Standard
Reply #9 - Aug 29th, 2018 at 7:36am
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SkyChief wrote on Aug 28th, 2018 at 10:11pm:
Ruble holders would revolt.

Most folks become very disagreeable when government declares their wealth worthless.

I know I would!   Smiley

No country can convert to gold-backed currency.   There is simply not enough gold to back all the fiat bank-notes in circulation.
Chief, inflating fiat currency renders your stored wealth worthless, tying the currency to gold would prevent that.

As I said Chief, if Russia backs its Rubles with gold, one Ruble won't be worth very much gold, but it will be worth some amount of gold. That's better than having one Ruble continue to lose value until it's worth virtually nothing.
  
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