Why not go back on the gold standard?

[phallus]

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

Oil barrels priced in dollars primarily.

Does The American Gov have Gold Reserves?

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.

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



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

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.

the Federal Reserve is a private corporation, not a part of the government and it controls the American economy according to what Walmart and other corporations want. I'd bet all the gold was sold to the rockefellers or some other super wealthy investor a long long time ago, probably before the Nixon Shock. The credit / derivative based economy is a scam to rip off the average person, just like Daniel Betkowski (former investment banker) explains in his book.

[soul_survivor]

the Federal Reserve is a private corporation, not a part of the government and it controls the American economy according to what Walmart and other corporations want. I'd bet all the gold was sold to the rockefellers or some other super wealthy investor a long long time ago, probably before the Nixon Shock. The credit / derivative based economy is a scam to rip off the average person, just like Daniel Betkowski (former investment banker) explains in his book.

Yep, well said. It's sad really.

[Zaroku]

the Federal Reserve is a private corporation, not a part of the government and it controls the American economy according to what Walmart and other corporations want. I'd bet all the gold was sold to the rockefellers or some other super wealthy investor a long long time ago, probably before the Nixon Shock. The credit / derivative based economy is a scam to rip off the average person, just like Daniel Betkowski (former investment banker) explains in his book.

Agreed. Thanks for the I put.

Best regards,
Zaroku

[paulf]

Because we've had it already, a couple different ways. It was the best we had at the time, but that's no longer the case.

You guys can debate fiat money until you're blue in the face, but its here to stay, babies. Advocating the return of commodity money is equivalent to advocating the return of landline phones.

Digital currency (not bitcoin) is the future of money, not gold, silver, horses, hens, or swords. Stop repeating this crap you read about online/saw on youtube and go read something real. Something peer reviewed, preferably.

[Rudyo]

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

We've never functioned as such, we never had a straight gold to dollar match up, bonds etc etc. Sure it might have been followed a little more cautiously, but going back to the revolutionary war, we were never on a gold standard. More of a guideline, but never adhered to by the book. Wikipedia articles don't do much for me. Just stupid ass college classes I was never interested in. Someone else can probably explain it better. Economics was never my strong suit

[jaded]

We've never functioned as such, we never had a straight gold to dollar match up, bonds etc etc. Sure it might have been followed a little more cautiously, but going back to the revolutionary war, we were never on a gold standard. More of a guideline, but never adhered to by the book. Wikipedia articles don't do much for me. Just stupid ass college classes I was never interested in. Someone else can probably explain it better. Economics was never my strong suit

I have to disagree with you. I've seen a few documentaries about this subject...most recently a bitcoins doc which detailed the history of currency and everything I've ever seen backs gold to currency reserves up until Nixon. That wiki was just for a quick reference.

[One_Tycoon]

We will eventually...and it won't be by choice.


As far as the Federal Reserve. Ideally...we want to have Free Banking, but a Pro-Capitalist can compromise and take the reform approach by reigning in the Fed's power and returning it to 1912 levels.

[One_Tycoon]

the Federal Reserve is a private corporation, not a part of the government and it controls the American economy according to what Walmart and other corporations want. I'd bet all the gold was sold to the rockefellers or some other super wealthy investor a long long time ago, probably before the Nixon Shock. The credit / derivative based economy is a scam to rip off the average person, just like Daniel Betkowski (former investment banker) explains in his book.

This is just Leftist claptrap...and we will dismiss it as such.

[One_Tycoon]

Because we've had it already, a couple different ways. It was the best we had at the time, but that's no longer the case.

You guys can debate fiat money until you're blue in the face, but its here to stay, babies. Advocating the return of commodity money is equivalent to advocating the return of landline phones.

Digital currency (not bitcoin) is the future of money, not gold, silver, horses, hens, or swords. Stop repeating this crap you read about online/saw on youtube and go read something real. Something peer reviewed, preferably.

All fiat currencies collapse eventually...that's what history tells us.

Real money is not what the Govt says we must use. Real money is what private ppl in the marketplace determine it is, which happened to be Gold. If fiat money isn't backed by Gold, then it can only be backed by the productivity of a countries economy. In the U.S's case, it's backed by our past reputation, not by our current economy based on spending borrowed money to artificially stimulate the economy while exporting some of the inflation out to other countries who still rely on our Dollars.

[kadyo's]

l'm surprised nobody mentioned Russia and China trading in rubles and yuan and other local currencies among countries they trade with, partcularly BRICS block. Russia and China agreed at first to trade in gold and influence other nations in order to weaken petro dollars. Even Saudi Arabia, a major trading partner of USA, is open to the idea of trading in either gold or their local currency, riyal.