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Russia backs return to Gold Standard to solve financial crisis
Telegraph UK ^
Posted on 03/30/2009 12:58:42 PM PDT by mnehring
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To: mnehring
I’m under the impression that a great deal of the world’s gold and silver is in India. It is traditional to give gifts of precious metals for Hindu weddings and the Indians tend to hang onto their gold rather than sell it.
21
posted on
03/30/2009 1:31:02 PM PDT
by
Argus
(We've gone downtown to Clown Town, and that's where we'll be living from now on..)
To: Argus
No matter whom is in possession of the resource, moving to a standard where you are dependent on that resource means that you are in a position to be held economically hostage by those who hold the resource (see Oil situation).. It is one of those reasons why I have never jumped on the Gold Standard bandwagon.. It would be a good alternative IF we first make ourselves more independent in our supply of the resource.
22
posted on
03/30/2009 1:38:43 PM PDT
by
mnehring
To: Frantzie
Putins probably less of a communist and more free market than The Islamo-Teleprompter In Chief.Of the two, which has actually lived under this system...Experience vs Academia...hmmm...
To: mnehring
The only thing worse than saying who when you mean whom is saying whom when you mean who. :)
24
posted on
03/30/2009 1:57:56 PM PDT
by
douginthearmy
(Julio is Amerika.)
To: mnehring
No matter whom is in possession of the resource, moving to a standard where you are dependent on that resource means that you are in a position to be held economically hostage by those who hold the resource (see Oil situation).. It is one of those reasons why I have never jumped on the Gold Standard bandwagon.. It would be a good alternative IF we first make ourselves more independent in our supply of the resource.
I'm a fan of Ron Paul's and Peter Schiff's views but I don't they take that into consideration when pushing the gold standard. In other words, I totally agree with you.
25
posted on
03/30/2009 2:05:16 PM PDT
by
randomhero97
("First you want to kill me, now you want to kiss me. Blow!" - Ash)
To: Califreak
I dont know much about this at all, but shouldnt we have stuck with the gold standard in the first place? Didnt it all go down hill after the gold standard was jettisoned? Bretton Woods ended in disaster. There wasn't enough gold to redeem all the dollars at the gold window at the stated conversion rate. What matters is good monetary management. Backing money with gold, or silver, or whatever doesn't guaranty good monetary management, but it does add inefficiency, and a false sense of security.
26
posted on
03/30/2009 2:12:09 PM PDT
by
Moonman62
(The issue of whether cheap labor makes America great should have been settled by the Civil War.)
To: randomhero97
They generally never address the important 'how' part in any speeches or legislation. You can't accomplish anything if you don't deal with the how's. A lot of folks try to say that countries who have fiat currency never survive, but the fact is, neither do countries who have currencies based on a single commodity, it is just too risky to put all your eggs in one basket. It is why I like Milton Freedman's monetarism approach that is somewhat down the middle, currency based on the total production, but highly regulates the Fed's actions to only increase currency at a set rate below natural inflation- but reserving some power in the event of a real outside emergency (a national security fail-safe)
This way the currency is based on production, not debt, and the currency value isn't used as a way to socially engineer the economy. It is a harder currency. I've always been under the opinion a single commodity backed currency would only work in a closed system.
27
posted on
03/30/2009 2:15:33 PM PDT
by
mnehring
To: ChicagahAl
“I believe the Chinese do, also.”
Yes and they can mine it cheaply without the EPA Handcuffs we are at a disadvantage.
28
posted on
03/30/2009 2:16:33 PM PDT
by
Cheetahcat
(Osamabama the Wright kind of Racist!)
To: mnehring
Who said that there would be a hue and cry among nations to return to the gold standard?
Bert!
How much gold is in Fort Knox and who owns it?
Sunday, March 29, 2009 2:56:20 PM · 44 of 101
bert to bvw
In short order, I think there will be countries who revert to the gold standard to escape the horror and anxiety of a floating currency. there will be a return to the tried and true historical basis for wealth.
29
posted on
03/30/2009 2:18:43 PM PDT
by
bert
(K.E. N.P. +12 . John Galt hell !...... where is Francisco dÂ’Anconia)
To: Moonman62
I’m not sold on either a domestic or international gold standard, but I do have an important quibble with your statement...
Bretton Woods ended in disaster because the US wanted to inflate. The combination of Vietnam and Great Society spending in the 1960s cost the US lots of gold. Nixon did not want to face the music, so he postponed the pain by the combination of canceling gold convertability and setting up a system where ongoing US trade deficits would allow the unbacked dollar to become the new international reserve. At that point, we were (relatively) free(er) to pursue the inflation of the 1970s.
The problem is that it is not a perpetually sustainable system. Eventual change is required, and crises tend to bring on those changes.
30
posted on
03/30/2009 2:21:13 PM PDT
by
sanchmo
To: Tarpon
***Russia has plenty of gold mines?? Im just saying ...***
Russia has plenty of gold. All that Aztec and Inca gold, sent to Russia by Spain in the Spanish Civil War, disappeared when Franco took over Spain.
31
posted on
03/30/2009 2:21:22 PM PDT
by
Ruy Dias de Bivar
(14. Guns only have two enemies: rust and politicians.)
To: mnehring
I think gold mining used to be one of the major occupations in the Gulag. As Putin moves Russia back toward totalitarianism, maybe they will have cheap labor again to run those Siberian mines.
To: Moonman62
>Backing money with gold, or silver, or whatever doesn’t guaranty good monetary management, but it does add inefficiency, and a false sense of security.<
I don’t know how much more inefficient it might or might not be, but I have wondered about it bringing a false sense of security.
I have to agree with you on good monetary management. Without that, no standard will work.
33
posted on
03/30/2009 3:08:33 PM PDT
by
Califreak
(111th Congress: Destroying America With Reckless Abandon)
To: mnehring
a partial restoration of the Gold Standard to uphold discipline in the world financial system.As inflation becomes perceived as a serious problem, a growing demand for gold and silver develops as an "inflation hedge"-i.e., as a store of value. Once this demand reaches a certain level, the stage becomes set for a spontaneous remonetization of the precious metals.
34
posted on
03/30/2009 3:40:49 PM PDT
by
mjp
(Live & let live. I don't want to live in Mexico, Marxico, or Muslimico. Statism & high taxes suck)
To: mnehring
A gold standard stablizes the price of gold. The price of everything else fluctuates based upon the gold supply. If the supply of gold goes up, the value of money goes down and you have inflation.
China and Russia combined control about 25% of the world's gold production.
35
posted on
03/30/2009 4:06:47 PM PDT
by
Bubba_Leroy
(The Obamanation Crisis - America Held Hostage)
To: perfect_rovian_storm
Would this not ultimately be a good thing, even if short term, our dollar goes nutty?
36
posted on
03/30/2009 5:05:26 PM PDT
by
Marie2
(The capacity for self-government is a moral quality. Only a moral people can be free.)
To: Califreak
it all went downhill after the income tax
37
posted on
03/30/2009 5:06:35 PM PDT
by
yldstrk
(My heros have always been cowboys--Reagan and Bush)
To: Lucius Cornelius Sulla
38
posted on
03/30/2009 5:17:43 PM PDT
by
Extremely Extreme Extremist
("President Obama, your agenda is not new, it's not change, and it's not hope" - Rush Limbaugh 02/28)
To: yldstrk
LOL!
Yeah, I guess it did.
39
posted on
03/30/2009 5:24:54 PM PDT
by
Califreak
(111th Congress: Destroying America With Reckless Abandon)
To: rabscuttle385; djsherin; bamahead; murphE; Extremely Extreme Extremist; Captain Kirk; Gondring; ...
40
posted on
03/30/2009 5:50:40 PM PDT
by
djsherin
(Government is essentially the negation of liberty.)
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