Posted on 08/28/2015 2:15:11 PM PDT by absentee
On Friday morning at the Jackson Hole Summit, Judy Shelton of the Sound Money Project and Atlas Network spoke on the subject of the gold standard and addressed the perception that people who even dare to mention it are lunatics or, as The American Spectator noted earlier today, Quixotic. Shelton's presentation focused in the main on the numbers and the policies. Dr. Shelton pointed out that the Fed can't seem to face up to a simple, apparent, easily understood fact: Their policies aren't working.
"The difference between our summit, and the one the Feds are holding up the road, is that they are trying to fine tune a model that is clearly not working. [...] They are just not ready to admit that their system is not working.
Shelton also notes, as have several speakers at the Summit, that the Fed's September meeting is just three weeks away. "Everyone's wondering what happens if the Fed does raise interest rates? What happens if they don't." This highlights the common and easy to grasp theme among the speakers. What sense does it make that the free market holds its collective breath in anticipation of decrees from on high by central planner; by a "committee of wizards" as George Mason University Professor of Economics Dr. Lawrence White put it in the opening talk. Dr. Shelton put it in terms that anyone can understand and appreciate, an encapsulation and packaging process the entire issue of monetary policy has sorely needed.
(Excerpt) Read more at spectator.org ...
I’ll split the difference....end the dual mandate.......and start protecting the dollar again....
It's like giving fluids to a hemorrhaging patient without stopping he blood flow. It helps and it will keep the patient alive for a little bit. But it's not a cure.
To fix the economy, we need trade deals that result in balanced trade of trade goods. Not these one way deals where we buy billions from China and they use the funds to buy more companies and move them to China. Or they buy our debt.
In short, we need Trump, because he is the only candidate who understands this and has made it a large part of his campaign.
Go back on the gold standard. Or maybe an oil standard...
yup, they just sold off treasuries. They can’t eat the dollars,or do anything else with them except buy up companies and technology to import them to China. Even Trump can’t fix the entitlements owed, and thus US will be printing more dollars.
Trump can fix the trade balance. Trump can stop them from buying more companies. He can tariff their imports so they make less money off of them, and at the same time the government will be better funded and have to borrow less.
We already have a congressional committee that has to approve the sale of companies to foreigners but they rubber stamp everything.
If Trump gets the economy going, we can afford the entitlements owed to our own people
Trump can fix the trade balance. Trump can stop them from buying more companies. He can tariff their imports so they make less money off of them, and at the same time the government will be better funded and have to borrow less.
We already have a congressional committee that has to approve the sale of companies to foreigners but they rubber stamp everything.
If Trump gets the economy going, we can afford the entitlements owed to our own people
Go back on the gold standard. Or maybe an oil standard...
Hell, any standard that doesn’t lend to making money out of thin air
Oil hasn’t worked for the Saudis, soon they will be poor at these prices, besides oil is a consumable, gold is not. Gold cannot be transmuted, it is what it is!
dear absentee,
re “Go back on the gold standard. Or maybe an oil standard...”
Petrodollars are the oil standard, as it is today.
F.D.R. put the dollar on the gold standard, and made it illegal for any American to own gold, without penalties.
With all these ‘gold investment sales’, like the one that Glenn Beck talks about, which i think are more paper than reality, can you imagine what would happen to those folks, when the federal government seizes all that?
Why “split the difference” ... and keep the FED? They’re failing miserably at their “mandate(s) because their interests (namely enriching their member banks) have nothing to do with maximum employment or low interest rates. The FED exists to asset strip the country while appeasing the politicians that use the FED to maintain and grow fiscal deficits in the name of vote buying programs. Neither the FED nor the Congress cares about the American people... we currently have 93M adults not working in this country , many that are working are working part time and those relying on interest income have been absolutely murdered with ZIRP which is soon to be NIRP...
You want the FED to “protect the dollar” ... that goes against their 102 year track record of eroding the dollar ... You expect them to change? that’s foolish.
Petrodollars are the oil standard, as it is today.
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The petrodollar is on it’s way out with Russia and China.
+1
I was making a point...that the beginning of their dual mandate is when the phony pumping began.....and no, their track record is not 102 straight years of devaluing the dollar. That’s absurd. True, the dollar is only strong now because the rest of the world is a disaster....so the Fed does not operate in a vacuum....but the second mandate is the real killer. It is a t cross purposes with the first.
dear neider,
why do you suppose i used the phrase, ‘as it is today’?
This is the third central banking scheme in US history, the other two were forcibly put down.
The Fed is opposing natural market forces; but, this is in support of a select slice of opportunist. Remember...the creation of the Fed was orchestrated by J.P. Morgan and cronies. For an alternative see:
http://fee.org/freeman/the-depression-youve-never-heard-of-1920-1921/
The gold standard predated FDR. Gold and Silver certificates could be traded for bullion. At the time of gold confiscation, an ounce of gold was 20$. Afterwards the currency was deemed 35$ per ounce, but all the gold was under the treasuries control at that point. This accomplished the goal of devaluing the Dollar, the purchasing power reduced to .57 of previous value.
The feds only way to increase currency is to create an equal amount of debt. A history of banking concepts leading to the present day:
http://debtcrash.report/entry/history-and-introduction-1
and no, their track record is not 102 straight years of devaluing the dollar. That’s absurd.
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occasionally wars and events such as the world reserve currency shifting from the GBP to the USD intervene but it’s undeniable that the FED-RES’s goal has always been to issue debt as a currency substitute and devalue the dollar to assist their member banks.
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