It wasn't too long ago that our currency was backed by gold/silver, it was only at 1971 when nixon disconnected the US dollar from gold, that was only 41 years ago. I agree with you it's impossible to go back to gold standard in a day/week with all the fake paper money in circulation, but like Ron said, at least have competing currency and let people use a different currency that is backed by gold/silver and let the people chose what currency to save in.
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It's sad cause the dollar is illegal according to the constitution. The paper MUST be backed by gold or silver and regulated by the treasury. Today our dollar is backed by nothing and is just piece of paper. The corporation in control of our dollar is private (fed reserve). This system allows the government to have a near endless source of money at cost of dollar plus interest. Gov then prints the money on senseless wars and makes US the hard working american citizens pay for it, it's theft.
That was back in the dayy. Now central banks can just buy treasury bonds to increase money supply and lower interest rate or sell treasury bonds to decrease money supply and increase interest rate. Gold Standard has many benefits that are good, but one flaw of hte Gold Standard is that there is not enough gold. If we were on teh godl standard, the financial crisis woudl still be a crisis
No currency in the world is backed by gold. If you look at the amount of wealth in the world relative to the amount of gold we have, its impossibe to go back to the gold standard. The Gold Standard would cause deflation and that would make the rich, richer and poor poorer. Money is backed by nothing, except for the confidence in that countries economic stability and supply& demand.
No currency in the world is backed by gold. If you look at the amount of wealth in the world relative to the amount of gold we have, its impossibe to go back to the gold standard. The Gold Standard would cause deflation and that would make the rich, richer and poor poorer. Money is backed by nothing, except for the confidence in that countries economic stability and supply & demand.
ron paul, plays hardball
As I said, you know zero. Money supply contracted during the Grt Depression because credit was lent out against NON-EXISTANT assets (gold) by idiot banks. When creditors came knocking for their gold, banks scrambled to offload investments to repay creditors. The same scam exist today as fractional reserve banking which Ron Paul wants to eliminate.
COUNTERFEITING is always the problem & COLLAPSE is the inevitable outcome. Gold is NEVER the problem. How do I get this through your coconut?
damn every ron paul video i watch he just disses everyone
Amazing simply amazingly said. Bravo!
A dishonest person is always caught out with a simple question.
where is the whole world globilization ... Illumanati supposed to fit in.
oh..your right. That make more sense...
oh..your right. That make more sense...
"More productive nations are directly rewarded under a gold standard."
More GOLD productive nations are rewarded under a gold standard because countries that can dig more gold out of the ground can accumulate gold without the need to invest in anything except gold. Just ask all the productive "black gold", oil sheikhs.
If profit is the standard for investment, why do you need gold to invest in a profitable business? Is the business going to return more gold than you invest? If so, how?
If I know nothing you know even less.
The Great Depression was a CONTRACTION, not an expansion of the money supply; otherwise, the Fed would have bailed out the banks.
Ron Paul does not dispute this fact nor is he in favor of eliminating fractional banking.
If you think people should buy stocks by investing gold to get more gold in return, then you think gold grows on trees.
Eliminate fractional banking & you eliminate the risk that makes the free-enterprise system a capitalist system.
More productive nations are directly rewarded under a gold standard. As they export more goods, they can accumulate more gold. They can then print more money, which can be used for investing in and increasing these profitable businesses.
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