Posted on 04/14/2011 6:42:19 AM PDT by SeekAndFind
The most astounding feature of the political fray as the 2012 election comes into view is that not a single Republican other than Congressman Ron Paul is stepping forward to brand as his or her own the issue of honest money. The whole party is into the negotiation with the president over the budget, and the underlying issue--the failure of our fiat currency--is up for grabs.
It is true that there's plenty of blame to go around on the dollar. It had a value of 265th of an ounce of gold on the day that George W. Bush acceded to the presidency and was worth less than an 853rd of an ounce of gold on the day he left office. The New York Sun, which supported Mr. Bush in 2000 and 2004 elections, issued in December of 2005 an editorial called "The Bush Dollar," warning of the collapse of the greenback. It had just sunk below a 500th of an ounce of gold.
Today, of course, it is worth barely more than 1,500th of an ounce of gold. The giddiness of the plunge of the dollar really started to be felt in the years after the Democrats acceded to the leadership of the House. At the time the Sun called for renaming the dollar "The Pelosi." The collapse has been so dramatic that the Europeans, the United Nations and even the Chinese communists are talking about the need to create a new international reserve currency. Yet not a single Republican has stepped onto the national stage and declared a run for the presidency on a platform containing the strong dollar as a major plank.
Now that the Republicans are back in control of the House they are in a perfect position to press this issue.
(Excerpt) Read more at forbes.com ...
There are two ways to fund the government 1) have an honest debate and cast difficult tax and spending votes that aren’t easily explained in 15 second sound bites OR NUMBER 2 smoke and mirrors devaluation of the dollar which is a stealt tax increase on the producers and not indexed to tax law. AND THE SHEEPLE don’t ever see it coming!!!!
I thought he had authorized the printing of US Notes, not silver certificates. All three, FRN, US Note, and Silver certificate look similar - but a US Note does not create any "interest on the debt," like issuing (borrowing into existence) FRN's does.
Thus the need to educate the public by hitting them with topical points that will get their interest. I'll betcha less than five in ten people on the street have any idea what is going on with the budget - or, the economy for that matter. They know stuff costs more and gas has gone up. But, if asked they will simply say it's all because of republicans.
That's because the media does a good job of selling dem talking points and the republicans don't fight back.
The Treasury doesn't borrow FRNs. FRNs don't increase the interest on the debt.
Because the reality is ...it is over.
All we’re really waiting for is the collapse to hit.
Republicans would need to run a new currency or something so dramatic as returning the dollar to the gold standard as it would cause civil unrest and mass confusion in the global markets.
With the tar sands oil being developed and millions of barrels of oil exported to the US every day the Canadian dollar has become a petro-currency. Especially vis a vis the US dollar. Recent strength in the Canadian dollar also reflects weak US economic and political performance. The Bank of Canada is having a hard time keeping the Canadian dollar down in this climate.
I think the Canadian dollar will remain strong in the near future. We are in the middle of a federal election campaign and it looks like the conservatives will gain a huge majority government. That will translate into lower taxes and a federal government surplus (yes a surplus), in a few years. If the US doesn't get its financial house in order, I would not be surprised to see a Canadian dollar much higher than it is now.
Believe it or not, such a circumstance would not be very good for Canada.
Meanwhile Trump gets people riled up by threatening to poke a stick at China and OPEC, as if we have any leverage.
Well, you know.... rounded to half
LOL, Trump is one hell of a snake oil salesman pushing themes that are very similar to Obama’s 2008, excluding the proposed tax increases on himself.
Like he said how other countries are disrespecting us, using India as an example of that by indians answering our phone calls for service problems, computer support, etc they disrespecting us by stealing our ‘High paying jobs’.
I don't know if he really believes this nonsense, I doubt it. He knows how to work the emotions of those frustrated with the mess we are in. He is a flashy showman.
Where I live the three major grocery stores replaced ‘good paying union jobs’ with automated checkers, as did Home Dept and even Walmarts(although theirs are usually closed.) . Is that disrespecting our country? How about how the computer and internet displaced US mail employees and newpapers? Is Trump going to reverse those job losses too?
There is a sucker born each minute and Trump makes a living off him.
Yup. A lot of suckers here on FR. I call em Trump’s Chumps. It’s a good simple way to identify the terminally gullible.
Right you are! The US Notes were backed by silver. I think I got it straight here: http://www.john-f-kennedy.net/thefederalreserve.htm
Executive Order 11110 should have prevented the national debt from reaching its current level
Yeah, that would have stopped the clowns in Congress from overspending. LOL!
They are all going to watch Trumps TV show to see him ‘announce’, Heck maybe he will spread that rumor each week for more sucker $$$$.
Think of all the FEC financial disclosure paperwork he would have to have filled out for him, especially with all the bankruptcies. Then all that information would be public. I wouldn’t hold my breath for that.
Trump’s Chumps. LOL
Any Questions?
Setting aside the issue of “honest money” and a gold standard economy, (now set those topics aside): A strong dollar crushes our exports, makes imports cheap and destroys our domestic economy.
Any Questions?
Lots of complicated scenarios to have to wrestle with that is for sure.
Stopping congress from spending is like holding diarrhea indefinitely. Sooner or later....
Because to discuss openly and succinctly such will vastly accelerate the decline of the dollar. Unbacked currency is incapable of sustaining itself in the long run. It’s absolutely impossible and a couple thousand years of examples exist to prove it. Just about all of the politicians know that returning to some type of structural association with wealth defining materials (assumed to be metals) will essentially be the death of the welfare state. Plenty of Republicans are just as dependant upon the welfare state just as much as ‘Rats are.
Oh, you could maybe have a reduced social security, where your contributions are actually held in a real account, but backed currency is the death of just about every handout government gives because it constrains the growth of the overall economy to the rate of aquisition of the backing substance[s]. Handout programs grow at rates over that of economic growth because people will alwasy take free stuff, and politicians will always promise a little extra to swing those votes.
If the currency is re-tied to a precious metals standard, the initial shock will be bad. There will be a huge raft of people with essentially no experience in creating wealth dumped on the job market (government workers), and there would be a big deflation. All the “froth” in the market (all markets) created by cheap money profligately thrown about would come out as prices found a real level based on supply and demand, etc... It would be rough.
An interesting thought would be to let 2 currency’s run for a while. The government has produced prodigious quantities of gold and silver coins to “satisfy the demands of the citizenry” (paraphrase from legislation authorizing them). The numbers I believe, for silver, have now approached or exceeded the mintage figures for the Morgan and Peace dollars of old. They are “legal tender”, but they trade at approximately 45-1 now for paper dollars.
The Treasury could print Silver certificates based on holdings of those again, and same for gold, and accept those as payment of taxes. The certificates would trade at the same market rate as the metals, and holders of the regular crap Federal Reserve Notes could exchange them at the market rate of the metals with a small premium as an incentive to slowly remove the FRNs from circulation.
As a silver or gold holder, you wouldn’t be “rich” because you’d have to emit the same amount of work or goods for the 2 silver dimes it would take to buy a gallon of gas, but you would have preserved your wealth (the purpose) from the ravages of inflation and the nation would be on it’s way back to sanity.
Free coinage could possibly help by expanding the money supply enough to provide a small expansion early on, a lot of gold and silver would emerge from hiding to be converted.
The annual growth rate would probably be a constant .5-2%, maybe a bit more if some level of fractional lending was allowed, but under no circumstances would ANY lending institution EVER be saved on the backs of the citizens.
What ever tax base evolves with this, it would basically provide for defense. Management of such places as parks and public lands would have to be self sustaining through the units revenue stream and a good chunck of those “assets” would probably need to be sold off under the cover of covenants dictating specific requirements for the units husbandry and care.
Probably take a book to work out all the details, but you get the gist.
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