Why not go back on the gold standard?

[ShoulderRoll]

Would this not lead to a more stable economy? The value of our money would be backed by a real, tangible asset.

[SlySlickSmooth]

Shout out to 4th-3rd millennium Sumer, Egypt, and the Fertile Crescent for making gold a luxury commodity.

[Zaroku]

Would this not lead to a more stable economy? The value of our money would be backed by a real, tangible asset.

America is on the Gold Standard! Black Gold. Petro dollars.

Oil barrels priced in dollars primarily.

Does The American Gov have Gold Reserves?

[Rudyo]

We were honestly never really on the "gold standard", ever since 1776. We used to counter the amount of gold we had for credit etc, but paper money has never been tied to our gold stocks.

[DeadLikeMe]

America is on the Gold Standard! Black Gold. Petro dollars.

Oil barrels priced in dollars primarily.

Does The American Gov have Gold Reserves?

America has a larger gold reserve than the next five countries put together iirc.

[Zaroku]

America has a larger gold reserve than the next five countries put together iirc.

Source please.

This is about three years old, but I wonder if things changed.
FEderal Reserve admits we have no Gold.

https://m.youtube.com/watch?v=Pl305N56CGY


The treasury may have gold but the federal reserve does not .
Since the Fed controls our fiat currency..... Do away with the Fed Reserve, and let the Treasury Dept control our money supply, then move to the gold standard.

How ??? This is the challenge.

[DeadLikeMe]

Source please.

This is about three years old, but I wonder if things changed.
FEderal Reserve admits we have no Gold.

https://m.youtube.com/watch?v=Pl305N56CGY

Futures Magazine:

#1: United States

Despite ending the gold standard in 1971, the world's largest economy holds 8,133.5 tonnes of gold, representing 72% of reserves.

Tonnes: 8,133.5
% of reserves: 72



Also here:
https://en.wikipedia.org/wiki/Gold_reserve

[Zaroku]

Futures Magazine:

#1: United States

Despite ending the gold standard in 1971, the world's largest economy holds 8,133.5 tonnes of gold, representing 72% of reserves.

Tonnes: 8,133.5
% of reserves: 72



Also here:
https://en.wikipedia.org/wiki/Gold_reserve

Thanks. But the process of currency exchange is gonna be complicated. Process for this is going to regulated by who? Interchange between fed reserved dollars & real gold.

I am with you on the gold standard. But the process, framework for implementation is going to be controlled by who?

[jaded]

We were honestly never really on the "gold standard", ever since 1776. We used to counter the amount of gold we had for credit etc, but paper money has never been tied to our gold stocks.

Don't know where you got that from.

The US effectively abandoned the gold standard in 1933 and completely severed the link between the dollar and gold when in 1971, President Richard Nixon unilaterally ordered the cancellation of the direct convertibility of the United States dollar to gold. This act was known as the Nixon Shock.

https://en.wikipedia.org/wiki/Histor...#Gold_standard

Would this not lead to a more stable economy? The value of our money would be backed by a real, tangible asset.

Why would the US do that? This way they have carte blache to print money whenever they want.

[soul_survivor]

Because the gold standard actually means something and the general people can actually buy into it. This credit or magic based economy where paper is worth a certain amount at the whim and fancy of a bunch of loony politicians and bankers has been created to exclude the majority.

I recommend all of you reading the history of modern capitalism, dating back some 4 centuries and the history of various stock exchanges. See how these institutions work, they are nothing more than gambling on whatever takes the fancy of various billionaires in the US, China or Europe.