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785 Comments
- ScreenRant, on 03/30/2009, -62/+398I agree completely. Worst thing Nixon did for the US/World economy was to take us off the gold standard. Let's actually tie currency to something of VALUE.
- inactive, on 03/31/2009, -4/+246China is doing the same with WoW gold.
- DavidGX, on 03/31/2009, -51/+229I'm still confused about this argument.
Money has no real VALUE.. it's just paper. It has value only because we believe that it does.. right? But gold has no real VALUE.. it's just metal. It has value only because we believe that it does.
So how is gold any better than paper? - Royish, on 03/31/2009, -11/+162There is only so much gold you can pull out of the ground and in existence. Paper can be printed so quickly in such great quantities that it is too volatile by itself (I am not saying that it is all our currency is based off of).
- govsucks, on 03/30/2009, -18/+157FTA
"The Gold Standard was the anchor of world finance in the 19th Century but began breaking down during the First World War as governments engaged in unprecedented spending. It collapsed in the 1930s when the British Empire, the US, and France all abandoned their parities."
Gotta love the politicians who are "fighting for the little guy" huh?
Republican + Democrat = PWN - Trekhawk, on 03/31/2009, -28/+163Who was that kook Texas politician talking about this last year during the election?
- emmettgolf, on 03/30/2009, -24/+150The only problem is that they are calling for this in conjunction with a new world currency issued by the IMF. We will lose our sovereignty and the control of our economy will be placed in the hands of a foreign entity.
- humpingmonkey, on 03/30/2009, -28/+141No other action has the potential to eradicate the welfare state so briskly...
- brandita, on 03/31/2009, -25/+134Ron Paul must have creamed himself.
- richmomz, on 03/31/2009, -13/+122Rue Paul? No...
Ron Jeremy? No...
oh, Ron PAUL! That guy that predicted our entire economic crisis before it happened. Yeah what a freak! /s - richmomz, on 03/31/2009, -4/+86In Capitalist America, the banks rob YOU!
- robehren, on 03/30/2009, -13/+90I would love to see a return to responsible spending and a sound dollar. I'm not holding my breath though.
- Contention, on 03/31/2009, -11/+81I see gold as being better for several reasons:
- Gold is in limited supply, but "Money" is fiat and can be created endlessly. How can theories of Supply and Demand in terms of money work if the supply is endless?
- Gold can actually be USED for something. It's a precious metal, an excellent conductor, and to the best of my knowledge, can't be synthesized easily. If Photoshop didn't stop you from scanning your dollar bills, anyone with the program could likely make money convincing enough to be used. (Yeah, I know you can't produce the paper easily, but how many tellers at your average convenience store stop to check the texture of the bills your handing them?)
- Humans used gold and other metals for hundreds, if not thousands of years as a currency. We've been using fiat money for far less an amount of time, and look how good it has been doing.
No, gold isn't a perfect system.. But honestly, can it be any worse?
Belief-backed money is the same thing as belief-backed science: It can have disastrous consequences. - markgl, on 03/30/2009, -30/+92We were fools to stop using it. It is time to go back.
- roddack, on 03/31/2009, -9/+70Gold does have a value in the current use of jewelry and circuit boards. Also since gold is not easily mass produced and is not "owned" by a central bank it can not just be mass produced, aka run the printing press on high. So instead of having perpetual deficits government would be forced to be more fiscally responsible since they wouldn't have a blank check to print money.
- Ineedanap, on 03/31/2009, -6/+67Gold has a finite supply, and therefore more value than paper we can print ad nauseum.
- AlbionEikon, on 03/31/2009, -11/+72Let me get this straight. It's Russia that is providing proper leadership on the road to sanity for the sake of providing an economic foundation necessary for capitalism to succeed? Go figure.
- inactive, on 03/31/2009, -2/+55Russia must have a ***** of it stashed somewhere.
- borez, on 03/31/2009, -3/+51Oh great, our tosser of a Prime minister Gordon Brown sold off all of our centuries-old gold reserves when he was chancellor back in 1999, against all advice from the Bank of England and it's experts in the field.
What a ***** prick, we really do have an imbecile running the UK. - inactive, on 03/31/2009, -18/+62Gold values can be manipulated as well. Discipline wont arise from gold.
- inactive, on 03/31/2009, -9/+53This is Russia's 2nd attempt to let Obama know that our currency is going to become severely devalued if we do not reel some of it in and cut spending.
- integral222, on 03/31/2009, -24/+68Not a single credible economist supports a return to the gold standard.
Here's why:
http://www.j-bradford-delong.net/Politics/whynotth ... - ConcernedCanuck, on 03/31/2009, -4/+47Shaft?
- groo68, on 03/31/2009, -2/+40I'm glad you could avoid the head scratching and jump directly to an incorrect conclusion. He was supporting the gold standard, just as ron paul does, and for the same reasons.
- richmomz, on 03/31/2009, -17/+51It wasn't so long ago that we were still on a gold standard (up until 1971) so I don't understand why some people say it's "impossible" or "impractical". A restored gold standard, combined with strict monetary policy oversight of the Federal Reserve (or better yet simply eliminating the Fed entirely) will take us back to the period of relative economic stability that we used to enjoy.
Keynesian economics failed us in 1929, and it's failing us again today. It is time to return to monetary responsibility and end the big banking interest's reckless grip on power. - pintomp3, on 03/31/2009, -5/+39Forget the gold standards, let's start trading goats and virgins!
- peaceninja, on 03/31/2009, -0/+33Shut your mouth!
- ostracize, on 03/31/2009, -1/+34Paulites don't want a welfare state. So there's no problem there.
- le0pardess, on 03/30/2009, -7/+38After all, the IMF should have plenty of gold to accomplish this (NWO currency) since Fort Knox and every other gold holding, including the WTC, has been completely looted...
- PeppermintPig, on 03/31/2009, -8/+37From an object oriented view of the universe, nothing has value, David. If you don't believe gold has value, you're still making a value judgment as an individual about gold...
- groo68, on 03/31/2009, -2/+30like royish said gold is in limited supply, a vast amount of paper can be made, and any number can be printed on that paper. seeing as how computers use gold there is always a limited supply because gold is used at a similar rate to how fast it's mined.
- ostracize, on 03/31/2009, -7/+34Gold also has:
scarcity (you can't mass produce on a whim)
high divisibility (you can split it up, or melt it together, without losing anything)
longevity (it doesn't decay so your wealth can be protected for a long time)
Civilization didn't choose gold for currency just because they felt like it.
Paper money is the only thing that in and of itself only has value because we think it does. - Jhiaxuz, on 03/31/2009, -7/+33No, the problem is that it was proposed by Mother Russia and the West can't have that!
As for being in the hands of a foreign entity, how much does the US owe China? - Waiting2awake, on 03/31/2009, -0/+26He was a bad mother F...
- BoneheadFarker, on 03/31/2009, -1/+25In 1971, a brand new Corvette cost $5,500. Today it's roughly $55,000.
Inflation is a bitch. - inactive, on 03/31/2009, -0/+24Win.
- richmomz, on 03/31/2009, -0/+24"Ron Paul has admitted the gold standard is a flawed system, if not just as flawed as our current system." You are half right and half lying. He said that ALL economic systems are flawed, but that a gold standard is LESS flawed than our current system (why would he advocate returning to a gold standard unless he thought it would be an improvement over the current system?)
"fiat is the way to go, and Ron Paul agrees with this" Please cite a source that shows Ron Paul supporting a fiat monetary system, because *I* have yet to see one. - PeppermintPig, on 03/31/2009, -2/+25Hoarding isn't the problem. It's standardization which is the problem. Even when the USD was partly backed by gold, it was having its value screwed around with.
"fiat is the way to go, and Ron Paul agrees with this... "
I'm not sure that's correct. His support for gold is an implicit argument against fiat, but I haven't heard enough to say that conclusively since he isn't exactly a principled libertarian or anything.
"essentially unregulated for-profit system defining the worth of our money, that is the problem..."
No, that's the correct way to do it. Third party auditing and independent competing currencies are what build integrity. - inactive, on 03/31/2009, -23/+46JFK tried to do this, they (bankers) killed him.
- jfreeman, on 03/31/2009, -2/+25He absolutely opposes fiat currency. I think what he'd most like to see is a free market for money, where gold and silver have historically and naturally risen to the top. Read "What Has Government Done with Our Money?" for a little bit of history on the free market for money.
- richmomz, on 03/31/2009, -1/+24"Now inflation is at 0% due to the recession." So you don't think all these trillions of dollars that we're flooding the system with is going to have any effect on our currency? Inflation doesn't happen overnight - let's revisit this issue again in a year or two...
- inactive, on 03/31/2009, -9/+29Using that logic, nothing has VALUE. In reality, everything has value but it's relative. A perfect 'standard' would have the same value to everyone. There is no known perfect 'standard' at this time. While gold isn't a perfect 'standard' (some would say far from it), it's difficult to argue that paper notes (or electronic notes) are a more perfect 'standard'. At this point in time, gold is rarer than paper notes, costs more to obtain (mining, processing, etc) and gold has more real world uses (electronics, jewelry, etc).
- Norumeni, on 03/31/2009, -0/+18I'll take Austrian for $400, please.
- ostracize, on 03/31/2009, -4/+22Not as easily as paper money.
- dlsmith2, on 03/31/2009, -3/+21calm yourselfs people, this is a push away from the dollar and toward a global currency which after adjustments would considerably devalue our currency and flush our economy further down the toilet....this is not a good thing. How can any right minded person believe that the Kremlin is acting on anyone's behalf but their own
- inactive, on 03/31/2009, -0/+18Just talkin' about Shaft...
- jason210, on 03/31/2009, -0/+17when we can start synthesizing everything cheaply, we will no longer need money.
- meninostongue, on 03/31/2009, -3/+20I get the idea of basing currency on something tangible, but why gold? Sure, it has a limited supply, but what am I going to do with a pile of gold? I can trade it back for money, but that's kind of circular logic. I inherited some silver last year and it sits on a shelf. I'd imagine gold would do about the same. If society failed, why would someone want my gold for their food?
When it comes down to it, value is inherent in food, water, energy. Those are the things that people need and use when everything else fails. Everyone can live without gold. Perhaps a country's total money should be the value of what it has or produces that people actually use/need? - richmomz, on 03/31/2009, -5/+22How many of these "credible economists" predicted the financial crisis I wonder?
- bitORlogic, on 03/31/2009, -1/+18I can Digg.
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