ince (Bretton woods summit 1944) when american currency went into deficit to supply the rest of the world with currency (triffin effect). Simply put, look at average weekly income 1971 and divide by Oz of Gold then look at 2011 average income and dived by gold. Then you will see the inflation due to triffin effect. Bernanke is US policy makers cant save a flawed system.
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I can see both sides of the argument. Bernanke is correct in what he says, but Ron Paul from a classical economic viewpoint has a better grasp of monetary system. The Fed and most of their economists have a flawed understanding of the monetary economic system. Simply put, if people dont believe in the greenback its not worth anything. They had to leave the gold reserve because of the Triffin effect 1966 and thus the 15 april 71(nixon shock). It could never have gone on. Things were unraveling s
Imagine if he gets elected to be the next president. Ron Paul I salute you for putting this scum bag in the spot
mad at what? thanks for clarifying
Stop using strawman against me. I have not and do not advocate the USA using a gold standard, I have merely pointed out your biased viewpoints as being flawed.
U mad bro? U must be mad, I bet u mad
its not, Bernanke pretty calmly told RP the real deal
Theres cartel waiting to monolpolize gold just as has been done with oil. What exactly do you think a gold standard would cure?
A system that could compete globally with the use of commodity backing would be interesting for sure.
The definition of a word has nothing to do with history? Wow… I’m done here.
lol whats the past have to do with anything? get a grip goldtard
ffs go educate yourself pls… Gold and other commodities have been used as money for CENTURIES.
What we need is exactly what Ron Paul has suggested –
Locally competing currencies issued by private entities. Gold would compete along side these currencies to keep things honest.
Its the only way to free us all from the slavery of private banks monopolizing/hijacking our money system and using it for their own agenda at our expense.
I cannot believe how fucking funny the last minute is! Bernanke can’t admit gold is money! lol
Sure you could, but gold isnt money, I suppose you could excahnge it, on a precious metals market, but gold tied to a nations wealth? Why when its about production. If germany had more gold hoarded away than the US does it make it more wealthy? Really Gold Money would simply by another commodity tied to the dollar, and one that doesnt grow on trees, Is peak oil real?
I could do the same with gold, that’s my point.
Sure youd just need to exchange youe Yen for Dollars
Did I ever once advocate the system? No. I simply stated why people wanted it and the failures of our systems to function in their responsibilities.
And money was never “pegged to gold” originally, it was a gold certificate, gold was the money not vice versa. Similar to how a piece of plastic is a credit certificate.
Also, pls note the gold standard lasted less than 100 years, whereas the US was founded on bi-metalism due to international trade.
Wait one thing is to talk about how the govt spends money ….to pegging to Gold, is another animal
Limited understanding of failure? I work in the financial sector they lose money constantly from continuing mortgage failures, they aren’t even slowing down they are backed up for YEARS in processing.
While the gov’t continues to think of “projects” and “regulations” to predict the unknowable. Yet “Here let’s throw more money at it” is all they seem to try to do, while congress stalemates for years on a budget. Where is Clinton when we need him?!
We used to be able to, yes. This was called Gold Standard. Silver, Gold, Copper, Iron, Salt, Cattle, and other commodities were used as money. The dollar was once a value of silver (silver dollar) and was ratio’d to gold.
Oh and last time I checked, I can’t pay my mortgage in Yen, but it is still money.