/dev/null Posted July 11, 2011 Share Posted July 11, 2011 http://thehill.com/blogs/congress-blog/economy-a-budget/170699-competing-currencies-a-defense-against-profligate-government-spending Link to comment Share on other sites More sharing options...
DC Tom Posted July 11, 2011 Share Posted July 11, 2011 http://thehill.com/blogs/congress-blog/economy-a-budget/170699-competing-currencies-a-defense-against-profligate-government-spending Paul/Larouche '12. Link to comment Share on other sites More sharing options...
GG Posted July 12, 2011 Share Posted July 12, 2011 I imagine that given your handle, you wouldn't support a return to early 18th century computing means, yet it's perfectly fine to return to early 18th century finance? And that makes the man a hero? Can people please stop with the Ron Paul ballwashing? The man makes a lot of sense when he talks in big piucture terms about government intrusion and a return of responsibility back to the people. Yet, there's a little switch in him that can't see that his prcatical solutions are idiotic for the leading industrialized global power in the 21st century. Have any of his fans actually examined the tremendous risk that Treasury would have in pegging a $13 trillion economy to gold & silver - which are limited global commodities? Has anyone actually studied history of what happens when there are competing legal tenders in a market place? Has anyone analysed the effect that an ascendant nation with a lot of cash can have on the gold reserves and how it could use it strategically to its advantage? Didn't think so. The point that Paul makes is that US government spending is running out of control. A return to the gold standard will not fix that problem. And, BTW for all the talk that Paul is not a regular politician is baloney, because he blatantly misrepresents the IRS case in question. The guy he claims was "convicted of tax evasion for paying his employees with silver and gold coins rather than fiat paper dollars," was not convicted for those actions, but convicted for very basic accounting fraud of under reporting revenues and inflating expenses. But throw in gold & silver into the conversation, and suddenly the guy is a hero. Link to comment Share on other sites More sharing options...
Peace Posted July 12, 2011 Share Posted July 12, 2011 I second GG. Ron Paul is a wonderful counter to a lot of big government nonsense but many of his solutions are devoid of any relation to reality. I like that he's in Washington to expose so much of the crap that goes on but I'd be loathe to see him in charge. Link to comment Share on other sites More sharing options...
Magox Posted July 12, 2011 Share Posted July 12, 2011 I just want everyone to think about this just for a second. If we were to go back to the gold standard, meaning that the value of the dollar would be pegged to gold, then that would mean that the value of the dollar would largely depend on the amount of gold that is mined. Meaning gold supplies would dictate the value of the dollar. Does that make sense? Link to comment Share on other sites More sharing options...
GG Posted July 12, 2011 Share Posted July 12, 2011 I just want everyone to think about this just for a second. If we were to go back to the gold standard, meaning that the value of the dollar would be pegged to gold, then that would mean that the value of the dollar would largely depend on the amount of gold that is mined. Meaning gold supplies would dictate the value of the dollar. Does that make sense? Let's see, considering that much of the gold is largely mined in "emerging" markets, I wonder what resources US would use to ensure a steady supply of gold to keep pace with the expanding economy. I wonder if Paul drew a parallel between returning to the gold standard and planting 500,000 US troops across Africa & Asia? PS - who's the world's largest gold producer? Link to comment Share on other sites More sharing options...
UConn James Posted July 12, 2011 Share Posted July 12, 2011 Ron Paul announces retirement from Congress Texas Republican Rep. Ron Paul made a surprise announcement Tuesday that he will not seek re-election to Congress, spelling an end to a nearly 24-year House career amid his third run for president. Link to comment Share on other sites More sharing options...
Delete This Account Posted July 12, 2011 Share Posted July 12, 2011 Can people please stop with the Ron Paul ballwashing? that's a good and amusing line. jw Link to comment Share on other sites More sharing options...
finknottle Posted July 12, 2011 Share Posted July 12, 2011 I just want everyone to think about this just for a second. If we were to go back to the gold standard, meaning that the value of the dollar would be pegged to gold, then that would mean that the value of the dollar would largely depend on the amount of gold that is mined. Meaning gold supplies would dictate the value of the dollar. Does that make sense? And so the value of the dollar would be dependent upon the will of the gold mining nations. How does that sound? Gold mining production (2009): 1. China - 320,000 kg 2-6. South Africa, Australia, Russia, US, Peru - about 200,000 kg. Might as well go to the oil standard. Link to comment Share on other sites More sharing options...
/dev/null Posted July 12, 2011 Author Share Posted July 12, 2011 As opposed to the current method of a dollar is worth whatever the Fed wants it to be? Link to comment Share on other sites More sharing options...
GG Posted July 12, 2011 Share Posted July 12, 2011 As opposed to the current method of a dollar is worth whatever the Fed wants it to be? Not really. The Fed can only try to control US interest rates. The value of the dollar reflects the economic, political & military might of the US. Too many people have the wrong idea of what the fed does. Link to comment Share on other sites More sharing options...
/dev/null Posted July 12, 2011 Author Share Posted July 12, 2011 Not really. The Fed can only try to control US interest rates. The value of the dollar reflects the economic, political & military might of the US. Too many people have the wrong idea of what the fed does. And as American power and influence continues to wane what will that do to the full faith and credit of the US? Power is kind of like a commodity. Pegging our currency to our global dominance is pegging it to a declining asset. Link to comment Share on other sites More sharing options...
GG Posted July 12, 2011 Share Posted July 12, 2011 And as American power and influence continues to wane what will that do to the full faith and credit of the US? Power is kind of like a commodity. Pegging our currency to our global dominance is pegging it to a declining asset. The ultimate value of a currency is the countrys ability to pay its debts, which incorporates the items I described above. Even if US might wanes, it will still have a valuable currency that is rooted in its laws and people. Moving to the gold standard is an anachronism that won't solve the giveaway spending. Link to comment Share on other sites More sharing options...
/dev/null Posted July 12, 2011 Author Share Posted July 12, 2011 Moving to the gold standard is an anachronism that won't solve the giveaway spending. Agree on the last part. However America values it's currency is irrelevant as long as we piss our resources down the drain Link to comment Share on other sites More sharing options...
Magox Posted July 12, 2011 Share Posted July 12, 2011 I'm the first to criticize the Fed's printing policies, but trying to fix the problem with returning to the Gold standard is just..... ummm Stupid!! Link to comment Share on other sites More sharing options...
Buftex Posted July 13, 2011 Share Posted July 13, 2011 Ron Paul announces retirement from Congress He will make his transition to replacing Ralph Nader for a few more presidential election cycles... Link to comment Share on other sites More sharing options...
Rob's House Posted July 13, 2011 Share Posted July 13, 2011 Even if he were elected, Ron Paul would have a better chance of annexing Canada than returning us to the gold standard. Link to comment Share on other sites More sharing options...
/dev/null Posted July 13, 2011 Author Share Posted July 13, 2011 Even if he were elected, Ron Paul would have a better chance of annexing Canada than returning us to the gold standard. No blood for Molsons® Link to comment Share on other sites More sharing options...
DC Tom Posted July 13, 2011 Share Posted July 13, 2011 (edited) No blood for Molsons® But no longer having to listen to the Quebecois sing that goofy anthem in French at Nordiques games...that's worth dying for. Edited July 13, 2011 by DC Tom Link to comment Share on other sites More sharing options...
IDBillzFan Posted July 13, 2011 Share Posted July 13, 2011 PS - who's the world's largest gold producer? I hope it's not us. Knowing this administration, someone would choke on a gold filling and they'd ban gold mining until there was a thorough investigation to ensure new regulations were in place to save just one more life from choking on a tooth filling. Or worse. They'd find a spotted lizard and decide we shouldn't mine for gold because we'd be ruining the spotted lizard's habitat and threatening all four of its species. Link to comment Share on other sites More sharing options...
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