The Gold Standard should have remained the standard

[Nehemiah6]

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]

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.

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]

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]

And if the American currency was subject to market forces

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]

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.

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]

Gold is not an industrial metal. It's not useful for anything but jewelry and coins.

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]

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.

fuses, various other electronic components, satellites, it has a few uses, although not on the scale of many other metals.

 

[gb9]

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.

^ 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]

Gold is not an industrial metal. It's not useful for anything but jewelry and coins.

This is indeed true.

 

[HeIsHere]

Gold is the only metal with the highest INTRINSIC value,

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]

fuses, various other electronic components, satellites, it has a few uses, although not on the scale of many other metals.

Hence, why it is not an industrial metal...it doesn't have a half life like silver or copper.

 

[JohnDB]

^ 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..

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.

 

[gb9]

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.

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]

How can you say that? Gold is the only metal with the highest INTRINSIC value,

Gold has no "intrinsic" value other than as an industrial material. Men give it monetary value for various reasons.

 

[Cameron143]

I collect gold that has no intrinsic value. Feel free to send me any unwanted no intrinsically valued gold.

 

[MerSee]

Gold has no "intrinsic" value other than as an industrial material. Men give it monetary value for various reasons.

Can gold be sound money?

 

[gb9]

I collect gold that has no intrinsic value. Feel free to send me any unwanted no intrinsically valued gold.

same goes for silver.

don't want it, i'll take it...

 

[Dino246]

Can gold be sound money?

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]

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.

This gives new meaning to...one potato, two potato, three potato, four...

 

[Dino246]

This gives new meaning to...one potato, two potato, three potato, four...

Five! Do I hear five?