CAN THE U.S. RETURN TO A GOLD STANDARD?

Wall Street Journal ^ | September 1, 1981 | Alan Greenspan

[Bobby777]

considering the amount of gold the USA owns versus the amount of money printed, I think the answer is clear ...

[Mulder]

Good article. As I was reading it, I started to remember that Greenspan used to be pro-gold. Then I looked at the date ;)

Since gold is the only Constitutionally-authorized money, it should be returned to ASAP.

[I got the rope]

PING!

[lainie]

Thanks for posting this bump

[I got the rope]

I started this thread because of what was happening here. The poster had a good idea, but he didn't get his point across, because he was basically advertising a product on FR.

Maybe we can discuss it here.

[Paul C. Jesup]

CAN THE U.S. RETURN TO A GOLD STANDARD

No, I don't think so, but we can go to a land standard with the U.S. dollar back-up by the 900 million acers held by the government.

[I got the rope]

See #6. I agree, but look at what Greenspan advocated toward bottom...a dual system of currency...I thought it was very interesting.

[I got the rope]

See #6. I agree, but look at what Greenspan advocated toward bottom...a dual system of currency...I thought it was very interesting.

[Jaysun]

We need to go back to gold, but what do we do about the impact of other fiat currencies? The Euro for example? How do we know that the rest of the world wouldn't continue to honor the Euro while we suffered a "less valuable" gold dollar? Those countries using the Euro do make up a significant part of the economy for the rest of the world. Would we trade our gold dollars for their Euros? If not, our trade situation would create a depression. Even if the Euro only lasted short-term, they could drive us into oblivion by simply speeding up their printing presses and passing us worthless paper for gold certificates.

[Bobby777]

I'll have to read that closer ...

[I got the rope]

ping

[n-tres-ted]

Even then he was pretty slippery. He was saying that going back to the gold standard would be inconvenient for politicians, not to mention the big banks that need bailout so often. But in this so-called scholarly discussion by our then-future leader, no thought given to the people being damaged by the erratic fluctuations in the dollar's value.

[Johnny_Cipher]

Bump.

[endthematrix]

LOL! Just had a "discussion" with a co-worker who believed we are on the gold standard. He was convinced, and I hadn't the heart to chastise him to oblivion. Second thought, come Monday he's gonna get it!

[I got the rope]

That's scary.

[I got the rope]

Even if the Euro only lasted short-term, they could drive us into oblivion by simply speeding up their printing presses and passing us worthless paper for gold certificates.

That is what Greenspan was talking about. We would have to have a mechanism to protect ourselves. I don't know what that it but I think Greenspan was hinting at a political/legislative solution.

[endthematrix]

Better yet let's propose a run on the banks. Say on July 4th everybody WITHDRAWL your accounts. Then the masses will get the picture. However there will be repercussions...is what I'm advocating legal?

[Bobby777]

ask him if he remembers Nixon being President ... LOL

[nopardons]

Go read " CRUCIFIED ON A CROSS OF GOLD ". LOL