[snip]
The New York Times, surveying the landscape of contemporary thought, told us recently that out of 40 "leading economists", all 40 said that a gold standard "would not improve the lives of average Americans."
Posted on 12/14/2015 5:38:13 AM PST by expat_panama
For 182 years "1789 to 1971" the United States embraced the principle of a "stable dollar,"...
[snip]
...people had discovered that the best way to do this, in an imperfect world, was to link the value of the currency to gold.
[snip]
Britain "which in the 17th century had been an economic backwater of no great significance "then became the financial capital of the world, the birthplace of the Industrial Revolution, and ruler of the greatest global empire of the era.
Not bad.
[snip]
The New York Times, surveying the landscape of contemporary thought, told us recently that out of 40 "leading economists", all 40 said that a gold standard "would not improve the lives of average Americans."
At the end of the gold standard era, in the 1960s, the U.S. had the wealthiest middle class the world has ever seen.
[snip]
If the gold standard policy didn't "improve the lives of average Americans", how was it possible that, after 182 years, the average American was wealthier than ever?
It appears that 40 out of 40 "leading economists" never really bothered to think about that one.
And if you can "do better than a gold standard," as Michael Bordo told the Times, then why "in four decades" has nobody done so?
Can you spot the end of the gold standard "in 1971" on this chart? Maybe it is a coincidence.
We're supposed to be impressed by this degree of consensus among the "experts"...
(Excerpt) Read more at forbes.com ...
This is why when we're done looking at the morning funny papers we know that compared to a century ago prices are more stable and we're better off.
GOLD has been the standard of wealth since long before the days of the Pharaohs
Full text of the House of Morgan coup attempt at the behest of the House of duPont because of the gold standard.
http://www.wanttoknow.info/plottoseizethewhitehouse
That’s a crummy graph. It starts right after the end of WWII with the world in need of rebuilding and the U.S. being the biggest power with little damage on the mainland. Monetary standards are important, but so are other factors.
“If the gold standard policy didn’t “improve the lives of average Americans”, how was it possible that, after 182 years, the average American was wealthier than ever?”
Maybe there were a lot of other factors involved, such as the industrial revolution, the Constitution that protected private property and individual rights, the patent system that protected intellectual rights, the literate electorate...
Forbes?
Isn’t that now a Chinese mag?
Just saying.
My oft-repeated story-
Atlanta Journal Constitution article from 25 years ago by the local Federal Reserve president noted that since the Federal Reserve was created there were no more “runs on the bank” were people often lost their life savings like the scene in It’s a Wonderful Life. . .
Problem?
It’s a Wonderful Life takes place LONG after the creation of the Federal Reserve.
It isn’t federal, and there is no reserve.
Gee, it’d be nice to see that chart extend backwards just a bit more. Say, to 1920 or so.
In the multitude of people is the king's honour: but in the want of people is the destruction of the prince.
Gold was the bitcoin of the day. Governments were powerless to control the value of their currencies, and , with gold, you could travel anywhere in the world and buy anything you wanted without government interference.
See why gold (and now bitcoin) has been demonized by governments worldwide?
“This is why when we’re done looking at the morning funny papers we know that compared to a century ago prices are more stable and we’re better off.”
The 94 million Americans out of work would probably disagree with you. People who shop for groceries do not think prices are stable. People whose hours are being cut do not agree with you. What planet do you live on?
Created by the Federal government. Net profits returned to the Federal government.
Reserves limited to $2.4 trillion in US Treasuries, $1.7 trillion in guaranteed MBS and $280 billion in gold.
Except for that, you're right. LOL!
yeah. I see a big disconnect between what the driveby media is saying and reality. It used to be we were all aware of this. Not anymore. So either you believe them that we are near full employment with no inflation, or you believe your lying eyes that see more people out of work then ever before, with a shrinking middle class and average income down >8% and inflation when it comes to food, healthcare and soon, energy (after our own oil industry is driven broke by the Saudis and Obama).
Yikes --Monday morning and the market's in correction!
Last Friday the 'bears clobbered the stock indexes and IBD says there's a red light in front of us. On top of that the futures heat map says stock indexes are looking at another 2% drop, tho these futures contracts are upbeat (?). Meanwhile metals are tanking w/ gold and silver have fallen to $1,068.85 and $13.88.
Fortunately there are no major econ reports.
Created by an Act of Congress... Yes. Owned by the banks. Right? So is it federal? NO. And your regurgitation about reserves is hilarious. Dollar denominated gold by dollars that are debt notes... Funny thing debt, it only swings one way.
As a measurement device, yes I agree. But “wealth” is, has been, and always will be, created only by productive human activity - aka “work.” For without work, nothing happens, and there is no value.
Bitcoin terrifies the banks, don’t let them tell you different.
Depends on what you mean by owned. The Fed made over $100 billion last year. Could the "bank owners" decide to keep all those earnings?
And your regurgitation about reserves is hilarious.
I know, it really highlighted your silly claim.
Dollar denominated gold by dollars that are debt notes..
Could you try that again, in English?
Where did you see that income number? The numbers I've seen show income is up.
https://en.wikipedia.org/wiki/Household_income_in_the_United_States#/media/File:US_Real_Household_Median_Income_thru_2012.png
It depends on your timeframe. I looked at when Obie took over till now.
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