The Gold Standard should have remained the standard

  • Christian Chat is a moderated online Christian community allowing Christians around the world to fellowship with each other in real time chat via webcam, voice, and text, with the Christian Chat app. You can also start or participate in a Bible-based discussion here in the Christian Chat Forums, where members can also share with each other their own videos, pictures, or favorite Christian music.

    If you are a Christian and need encouragement and fellowship, we're here for you! If you are not a Christian but interested in knowing more about Jesus our Lord, you're also welcome! Want to know what the Bible says, and how you can apply it to your life? Join us!

    To make new Christian friends now around the world, click here to join Christian Chat.
Nehemiah6

Nehemiah6

Senior Member
#1
Jul 18, 2017
26,074
13,776
113
#1
Here is an article by a knowledgeable person telling us how foolish it was to resort to paper currency. Even as long ago as 1786 George Washington was fully aware of this folly.

Fixing FDR’s Biggest Blunder: From Gold Standard to Fiat Folly and Back
https://www.infowars.com/posts/fixi...er-from-gold-standard-to-fiat-folly-and-back/

So was this FDR's blunder or something else, since he would have known what Washington said.
 
iamsoandso

iamsoandso

Senior Member
#2
Oct 6, 2011
8,048
1,609
113
#2
Nehemiah6 said:
Here is an article by a knowledgeable person telling us how foolish it was to resort to paper currency. Even as long ago as 1786 George Washington was fully aware of this folly.

Fixing FDR’s Biggest Blunder: From Gold Standard to Fiat Folly and Back
https://www.infowars.com/posts/fixi...er-from-gold-standard-to-fiat-folly-and-back/

So was this FDR's blunder or something else, since he would have known what Washington said.
Click to expand...

Something else known as the Nixon Shock where the Republicans did away with the gold standard(shhh don't tell anyone,,lol) https://en.wikipedia.org/wiki/Nixon_shock
 
JohnDB

JohnDB

Well-known member
#3
Jan 16, 2021
6,219
2,523
113
#3
Commodity based currencies allow other nations to determine the value of our currency.

For example, the price of gold has been artificially held low for the past two years as Russia flooded the market with gold bullion. But they are running short of gold to sell....so the price is finally rising.
Silver is still down but silver is more of an industrial metal than a reserve of value.

And if the American currency was subject to market forces....there's a LOT of people who would take advantage of the situation in a very corrupt manner. It has happened before in the USA before Nixon was made president. Long before.
 
Nehemiah6

Nehemiah6

Senior Member
#4
Jul 18, 2017
26,074
13,776
113
#4
JohnDB said:
And if the American currency was subject to market forces
Click to expand...
All currencies are now subject to market forces (as one of the factors). But there is a huge move to reject the American dollar as the standard, since it is in fact worthless. Printing money in the trillions with absolutely no real backing is folly, but do the men in government care? This is seriously irresponsible government but no one seems to be able to make it responsible.
 
JohnDB

JohnDB

Well-known member
#5
Jan 16, 2021
6,219
2,523
113
#5
Nehemiah6 said:
All currencies are now subject to market forces (as one of the factors). But there is a huge move to reject the American dollar as the standard, since it is in fact worthless. Printing money in the trillions with absolutely no real backing is folly, but do the men in government care? This is seriously irresponsible government but no one seems to be able to make it responsible.
Click to expand...
If you are talking about the Forex exchange....then yes...it is somewhat subject to market forces. But only in relation to GDP and economy. Our Government doesn't set the value. They fudge the numbers with nuts accounting practices and re-reporting accurate numbers all the time...

But it's not linked to gold. And as the ENTIRE WORLD uses the US Dollar as their reserve currency...it's more stable than any other currency in the world. No country uses gold as a reserve currency...for this very reason. China has been buying gold a lot lately...especially as Russia has dumped their reserves. Which has made the value yo-yo. (Currently up considerably)

Gold is not an industrial metal. It's not useful for anything but jewelry and coins.
Silver has more uses but hasn't moved much lately in price. Platinum/palladium is more desired due to its usefulness.
But again is subject to how much is mined.
 
Nehemiah6

Nehemiah6

Senior Member
#6
Jul 18, 2017
26,074
13,776
113
#6
JohnDB said:
Gold is not an industrial metal. It's not useful for anything but jewelry and coins.
Click to expand...
How can you say that? Gold is the only metal with the highest INTRINSIC value, therefore it was -- and should have continued to be -- the item which would stand behind all currencies. We all should have had the option of taking gold in any form to any bank and having it exchanged for cash (which was possible at one time). Gold has been regarded as the most precious metal since time immemorial.
 
timemeddler

timemeddler

Active member
#7
Jul 13, 2023
449
201
43
#7
JohnDB said:
Gold is not an industrial metal. It's not useful for anything but jewelry and coins.
Silver has more uses but hasn't moved much lately in price. Platinum/palladium is more desired due to its usefulness.
But again is subject to how much is mined.
Click to expand...
fuses, various other electronic components, satellites, it has a few uses, although not on the scale of many other metals.
 
G

gb9

Senior Member
#8
Jan 18, 2011
12,320
6,690
113
#8
JohnDB said:
If you are talking about the Forex exchange....then yes...it is somewhat subject to market forces. But only in relation to GDP and economy. Our Government doesn't set the value. They fudge the numbers with nuts accounting practices and re-reporting accurate numbers all the time...

But it's not linked to gold. And as the ENTIRE WORLD uses the US Dollar as their reserve currency...it's more stable than any other currency in the world. No country uses gold as a reserve currency...for this very reason. China has been buying gold a lot lately...especially as Russia has dumped their reserves. Which has made the value yo-yo. (Currently up considerably)

Gold is not an industrial metal. It's not useful for anything but jewelry and coins.
Silver has more uses but hasn't moved much lately in price. Platinum/palladium is more desired due to its usefulness.
But again is subject to how much is mined.
Click to expand...
^ for now.

the b.r.i.c.k.s. nations are starting to make a push to be competition for the dollar as world reserve currency..
 
HeIsHere

HeIsHere

Well-known member
#10
May 21, 2022
5,900
2,288
113
#10
Nehemiah6 said:
Gold is the only metal with the highest INTRINSIC value,
Click to expand...
Gold and silver do not have intrinsic value, it has the value assigned to it by people.
It does have some useful properties but there are far more valuable metals in the world of engineering.
 
JohnDB

JohnDB

Well-known member
#11
Jan 16, 2021
6,219
2,523
113
#11
timemeddler said:
fuses, various other electronic components, satellites, it has a few uses, although not on the scale of many other metals.
Click to expand...
Hence, why it is not an industrial metal...it doesn't have a half life like silver or copper.
 
JohnDB

JohnDB

Well-known member
#12
Jan 16, 2021
6,219
2,523
113
#12
gb9 said:
^ for now.

the b.r.i.c.k.s. nations are starting to make a push to be competition for the dollar as world reserve currency..
Click to expand...
But it's not going to be accepted or work out for them. CCP has a government declared value for their currency....and often it is not market value.

So far only Brazil is listening to this nonsense....but the people are revolting due to the censorship.
 
G

gb9

Senior Member
#13
Jan 18, 2011
12,320
6,690
113
#13
JohnDB said:
But it's not going to be accepted or work out for them. CCP has a government declared value for their currency....and often it is not market value.

So far only Brazil is listening to this nonsense....but the people are revolting due to the censorship.
Click to expand...
um, brazil, russia, china, egypt, india, iran, ethiopia, and south africa are the nations in the b r i c s collation so far.

much more than brazil and china...
 
Dino246

Dino246

Senior Member
#14
Jun 30, 2015
25,472
13,785
113
#14
Nehemiah6 said:
How can you say that? Gold is the only metal with the highest INTRINSIC value,
Click to expand...
Gold has no "intrinsic" value other than as an industrial material. Men give it monetary value for various reasons.
 
Cameron143

Cameron143

Well-known member
#15
Mar 1, 2022
19,218
6,610
113
62
#15
I collect gold that has no intrinsic value. Feel free to send me any unwanted no intrinsically valued gold.
 
Dino246

Dino246

Senior Member
#18
Jun 30, 2015
25,472
13,785
113
#18
MerSee said:
Can gold be sound money?
Click to expand...
Any physical thing can be "sound money". It simply depends upon agreement between two parties as to the value of the thing relative to other things that are desired by either of them.
 
Cameron143

Cameron143

Well-known member
#19
Mar 1, 2022
19,218
6,610
113
62
#19
Dino246 said:
Any physical thing can be "sound money". It simply depends upon agreement between two parties as to the value of the thing relative to other things that are desired by either of them.
Click to expand...
This gives new meaning to...one potato, two potato, three potato, four...
 
You must log in or register to reply here.