World Bank chief calls for new gold standard [why are gold bugs so bad at math?]

marketwatch.com ^ | 11/7/2010 | Chris Oliver

[dollarbull]

HONG KONG (MarketWatch) –- The president of the World Bank said in a newspaper editorial Monday that the Group of 20 leading economies should consider adopting a global reserve currency based on gold as part of structural reforms to the world’s foreign-exchange regime.

[dollarbull]

Uh oh! Another trial balloon by the banksterz (1st was Mervyn King proposing elimination of fractional reserve lending).

Looks like Rothschild and Rockefeller are about to set up the lemmings for another fleecing.

Gold will resume it's historical role and be used as the basis for the monetary system AFTER it has risen dramatically (i.e. after fiat toilet paper falls dramatically) - 5 digit minimum price.

Got your gold yet?

[fieldmarshaldj]

I think Ron Paul’s nipples just got hard.

[Jack Black]

What did you mean by your added title comment “why are gold bugs so bad at math”?

[Jack Black]

What did you mean by your added title comment “why are gold bugs so bad at math”?

[Navy Patriot]

Don’t kid yourself, any new IMF currency won’t be backed by gold.................when you try to exchange it for gold.

[mnehring]

It would be a weird irony if, for all these years, the goldbugs were calling for a gold standard to fight globalism when, a gold standard becomes the globalist currency.

[Tublecane]

“Gold will resume it’s historical role and be used as the basis for the monetary system AFTER it has risen dramatically”

That would be preferable to the current system. The point is not what gold is selling at, or who has it now, or who stands to benefit in the long run. The point of the gold standard (aside from certain other useful qualities) is for there to be a inherent check on artificial inflation. If there is a real international gold standard, greedy countries (like the U.S.) would be heretofore unable to fleece the world and line the pockets of greedy capitalists and greedy poor people alike with funny money.

[Tublecane]

“It would be a weird irony if, for all these years, the goldbugs were calling for a gold standard to fight globalism when, a gold standard becomes the globalist currency.”

Ironic, yes. Great, too. But completely and totally never, ever going to happen.

[Tublecane]

“or who stands to benefit in the long run”

Sorry, meant short run.

[FromLori]

KWN Source Confirms Goldman Sachs Long Gold for Years

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/11/4_KWN_Source_Confirms_Goldman_Sachs_Long_Gold_for_Years.html

Zoellick was a managing partner w/Goldman prior to becoming the world bank president. Maybe the Elite’s want to head off a return to the Gold standard.

[dollarbull]

Bonus points to the first poster that knows the answer

[motor_racer]

Eliminating fractional reserve banking and fiat money, and hence returning to the gold standard are requirements for the implementation of Sharia law.

[mas cerveza por favor]

Don’t kid yourself, any new IMF currency won’t be backed by gold.................when you try to exchange it for gold.

Right. They are just blowing smoke to goose the gold market. If they really did restore the gold standard, then every gold note I get will be immediately redeemed for real gold.

[dollarbull]

The $US *IS* currently redeemable for gold. It takes about 1,400 of them to get 1 ounce of gold. Note that gold isn’t rising, the $US is falling and you see that as taking more and more dollars to get the same *unchanging* ounce of gold.

The new SDR or whatever the banksters will finally push on us, will also be exchangeable for gold at some ratio.

[mas cerveza por favor]

Eliminating fractional reserve banking and fiat money, and hence returning to the gold standard

This would require 1,000 times the amount of above-ground gold in existence just to replace US currency alone.

[dollarbull]

This would require 1,000 times the amount of above-ground gold in existence just to replace US currency alone.

At $1400/ounce, yes it would.

It won't be valued at $1400/ounce when this happens. Get it?

[dollarbull]

Eliminating fractional reserve banking and fiat money, and hence returning to the gold standard are requirements for the implementation of Sharia law.

Excellent sophistry. Gold will become the reserve asset, officially, but not in any way because of religious reasons. You will have a religious experience though, as you watch gold rise while your fiat dollars evaporate in purchasing power.

[seowulf]

It would be a weird irony if, for all these years, the goldbugs were calling for a gold standard to fight globalism when, a gold standard becomes the globalist currency.

The thing is gold has always been a global currency no matter whose face is stamped on it.

[dollarbull]

It would be a weird irony if, for all these years, the goldbugs were calling for a gold standard to fight globalism when, a gold standard becomes the globalist currency.

I don't know anyone that was calling for a gold standard for the specific purpose of fighting globalism. Usually the call is to thwart the "gov't-bankster complex" from enslaving us and stealing our wealth through inflation.

Globalism is reversing now, and will continue to reverse as energy costs inexorably and relentless rise due to peak oil. Peak oil is also the reason (i.e. slowing growth) that banster insiders such as BOE gov King are calling for repeal of fractional reserve lending.

[dollarbull]

It would be a weird irony if, for all these years, the goldbugs were calling for a gold standard to fight globalism when, a gold standard becomes the globalist currency.

I don't know anyone that was calling for a gold standard for the specific purpose of fighting globalism. Usually the call is to thwart the "gov't-bankster complex" from enslaving us and stealing our wealth through inflation.

Globalism is reversing now, and will continue to reverse as energy costs inexorably and relentlessly rise due to peak oil. Peak oil is also the reason (i.e. slowing growth) that banster insiders such as BOE gov King are calling for repeal of fractional reserve lending.