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Very Hot Topic (More than 25 Replies) The Return to the Gold Standard (Read 703 times)
Jeff
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Re: The Return to the Gold Standard
Reply #80 - Sep 19th, 2018 at 7:02pm
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SkyChief wrote on Sep 19th, 2018 at 6:23pm:
Jeff, If you give me FRNs for a gold Eagle, that is not a "barter".

OK, but will you trade me 1oz. gold Eagles in $50 Dollar denominations for $50 Dollar FRNs, or not?

$50 Dollar FRNs are very pretty...
  
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SkyChief
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Re: The Return to the Gold Standard
Reply #81 - Sep 19th, 2018 at 11:58pm
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Jeff wrote on Sep 19th, 2018 at 7:02pm:
OK, but will you trade me 1oz. gold Eagles in $50 Dollar denominations for $50 Dollar FRNs, or not?

$50 Dollar FRNs are very pretty...

I'll accept twenty five $50 FRNs per $50 gold Eagle.   They are 2014 series, and in excellent condition.

That's a bargain too, because the coin shops will charge you twenty six - some charge even more.  Cool
  
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SkyChief
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Re: The Return to the Gold Standard
Reply #82 - Oct 9th, 2018 at 1:10pm
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Gold retains a value that has been recognized across the globe throughout history.

Reasons Ron Paul wants to return to the gold standard:

A GOLD STANDARD WOULD:

• put limits on government power by restricting its ability to print money at will.

• lower inflation rates and slow the rise in consumer prices.

• reduce the US trade deficit.

• restrict the ability of the federal government to increase the national debt.

• force the US to reduce its military and defense spending and could prevent intervention and unnecessary wars

• stabilize the price of oil and help slow the rise in gasoline prices.

• reduce the risk of economic crises and recessions such as the housing bubble and financial crisis of 2008-2009.

• self-regulate to match the supply of money to the need for it.

• Under a gold standard the United States had stronger economic growth over its history.

• prevent government from overprinting money to bail out financial corporations.

• raise income levels in the US - unemployment levels would drop.


Major CONS to a gold standard:

financial panics, bank failures, and more Depressions.

The value of gold fluctuates widely and would not provide the price stability necessary for a healthy economy.

Returning to a gold standard would be extremely difficult, if not impossible, given the scarcity of gold and the vast amount of money already in circulation in the United States.

Keynesians will whine and complain. We'll never hear the end of it!
  
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Jeff
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Re: The Return to the Gold Standard
Reply #83 - Oct 9th, 2018 at 2:17pm
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SkyChief wrote on Oct 9th, 2018 at 1:10pm:
Major CONS to a gold standard:

financial panics, bank failures, and more Depressions.

The value of gold fluctuates widely and would not provide the price stability necessary for a healthy economy.

Returning to a gold standard would be extremely difficult, if not impossible, given the scarcity of gold and the vast amount of money already in circulation in the United States.

Keynesians will whine and complain. We'll never hear the end of it!
Bubbles have gotten bigger and the panics worse since people's gold was stolen and substituted with FRNs.

Fluctuations in the price of gold in FRNs are a result of fluctuations in the supply and thus the value of FRNs. Everything gets more expensive when the value of FRNs goes down. Prices were actually very stable under a gold standard, certainly compared to their constant rise under a fiat money system.

It will take a lot of FRNs to get a gold Dollar, but the gold Dollar will be worth as much as a lot of FRNs. A real benefit of having gold backed dollars is that people's average "incomes" wil al go back to at or below the standard deduction and standard exemption, and almost nobody will owe any "income" taxes on their wages and salaries. Smiley Prices will have to fall proportionally, so business incomes will be very small too... Do businesses get a standard exemption?

It's hard for me to believe anyone still admits to being a Keynesian... To me, its like being a flat earther.
  
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SkyChief
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Re: The Return to the Gold Standard
Reply #84 - Oct 9th, 2018 at 5:17pm
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Jeff wrote on Oct 9th, 2018 at 2:17pm:
.. Do businesses get a standard exemption?
With MY Income Tax plan, EVERYONE is exempt!   Smiley


Jeff wrote on Oct 9th, 2018 at 2:17pm:
It's hard for me to believe anyone still admits to being a Keynesian...
They may not admit it, but they are.

"If it looks like a duck, walks like a duck, and quacks like a duck  -  it's a duck."
  
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Jeff
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Re: The Return to the Gold Standard
Reply #85 - Oct 9th, 2018 at 6:03pm
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SkyChief wrote on Oct 9th, 2018 at 5:17pm:
They may not admit it, but they are.

I think that nobody really believes Keynes' theories anymore, they just want the power that the theories say should be wielded by government, because they want to wield the power and get rich. Angry
  
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