Posted on 03/28/2018 11:33:11 AM PDT by MNDude
It wouldn't work because the prices of the different metals would fluctuate at different rates on a daily basis. You would never know at any given minute what the underlying value of your dollar is.
“In theory I am in favor of this. In practical terms - there isn’t anywhere close to enough gold in the entire planet to cover how many dollars have been printed.”
Care to show your calc? And remember that most dollars printed no longer exist...
“In practical terms - there isn’t anywhere close to enough gold in the entire planet to cover how many dollars have been printed.”
That is the biggest fallacy of all. the point isn’t having enough gold to cover all of the dollars. It is pegging the dollar to a specific amount of gold. You could have a mere 1000 pounds of gold and go on a gold standard with the money we have today.
a simple trial balloon :\
Agree 100 percent, this will never pass.
If true, there is a massive nuclear reactor in the uranium rich core.
Did something like that create the asteroid belt when that planet’s core went super-critical and exploded in the mother of all a-bombs?
Very bad idea. That will limit expansion of economy by limiting volume of dollars because gold is a limited commodity with not much commercial use. I would prefer the currency printing tied to GDP.
Great, but will never happen. Politicians love inflation.
Inflation: the gift that never stops giving, to the government. The ruling elite has protected itself from rising prices by giving themselves “Cost of living adjustments” in their salaries and pensions. Rising prices allow the economists to crow about how the economy is “growing”, when all that is happening is that the numbers are increasing due to the decreased purchasing power of currency. The constantly decreasing value of savings tends to reduce a lifetime’s work effort to zero value. This makes the elderly, who are not allowed to work, more dependent on the f*cking government.
“You don’t need that much because the assumption is that every single dollar bill will never be exchanged for gold.”
No, that isn’t correct. It isn’t whether or not someone can exchange it for a shiny gold coin. It is that a dollar is worth 1/20th of an ounce, 1/1000th of an ounce, 1/10,000th of an ounce or whatever.
You could almost even have a gold standard with no gold coins in general circulation per se. It is simply saying that for every dollar printed, “X” amount of gold is held by the government.
in short, it means the buying power of a value of a dollar is fixed and cannot be inflated at the whim of a central bank. It is much much less about whether or not you can walk around with a bag of gold coins in daily use.
But this will go nowhere. It is essentially a bill to end the federal reserve and revert to the Constitution.
Yeah, I wouldn’t get my hopes up too high for a proposal sponsored by a 2nd term congressman from West Virginia.
>
>>“Excellent!”
Why?
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You mean aside from the Constitutional bent?
Or maybe that the pols would not longer be able to create 0\1’s and spend willy-nilly (as if they constrained their spending per A1S8 or any other A. to begin)?
Or, that it is the responsibility of OUR govt, not some unaccountable non-govt entity Congress (illegally) bequeathed ‘authority’ upon?
Great idea, but it would collapse Fed.gov and America’s debt bubble immediately.
One of the absolute conditions of progressive-left statist government is a fiat, printed, manipulated currency. You can’t run endless, wasteful expensive social engineering projects without massive government spending and debt.
Didn’t Jefferson say that the currency of Democracy is gold?
>It wouldn't work because the prices of the different metals would fluctuate at different rates on a daily basis. You would never know at any given minute what the underlying value of your dollar is.
Are you saying that the price of gold does not fluctuate? One metal or several metals, they all fluctuate.
I merely suggest that 5 grams of each metal would have a calculated combined value on a daily basis which would fluctuate less than any single metal alone, and would be protected from any sudden change in supply from a solitary metal.
That’s the theory of where the heat is generated.
The asteroid belt was probably a failed planet, due to Jupiter’s influence sucking up all the material in the vicinity....................
I don’t think the feds are going to allow the exchange of actual money when they can print all the script they want.
at last someone gets it.
There are about $1.7 trillion in Federal Reserve notes in circulation. The approximately 8,130 tons of U.S. gold reserves is worth maybe 20% of that at market rates.
Dude, he said in the entire world.
Hey! didn't we try that once before?
Until some as****e had a better idea.
If I recall correctly, he also tried to "pack" the Supreme court, so he could be a Barack Huussein totalitarian, just 90 years ahead of his time, but...
How did that work out?
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