Bring back the Gold Standard?

[ScreamingEagle]

What effect would this have on our economy? Our debt?

World Bank President Robert Zoellick has called on bickering G20 nations to bring gold back into the global monetary system as an anchor to guide currency movements.

World Bank chief calls on G20 to reconsider gold standard | Business | Deutsche Welle | 08.11.2010

 

[uscitizen]

Kinda disastrous I would think since we only have enough gold to cover a very small fraction of our currency in circulation.

 

[Mini 14]

Kinda disastrous I would think since we only have enough gold to cover a very small fraction of our currency in circulation.

Gold would go to about $100,000/ounce

 

[Intense]

We are not in a position to implement that, though it would be a good goal to work towards. Platinum, Gold, Silver, anything of real worth to back up our claim.

 

[uscitizen]

Kinda disastrous I would think since we only have enough gold to cover a very small fraction of our currency in circulation.

Gold would go to about $100,000/ounce

And / or the value of the dollar would drop to .01?

And can of pop would cost $75? Probably $150 in NYC ?
why do you think we dropped the gold standard. It was limiting our "growth"

 

[Truthmatters]

Why do these people NOT KNOW we left it because people in the world were manipulating the Gold markets?

 

[uscitizen]

People are still manipulating the gold market.

It is much easier to manipulate currency than gold.

 

[Sallow]

Oh gosh.

What's next? Barter?

 

[loosecannon]

Why do these people NOT KNOW we left it because people in the world were manipulating the Gold markets?

which is really the problem with Zoelick's proposal. Without an international body to assume the role vacated by the IMF and the BIS in regulating international currencies the gold standard would do nothing to end currency manipulation.

 

[uscitizen]

Oh gosh.

What's next? Barter?

I already do that. I trade beef and hay and corn for hogs and chickens/eggs, lumber, etc.

Kinda hard to put a steer in your wallet though, and they do not slide thru those littls slots at the checkout very well either.

 

[Intense]

Oh gosh.

What's next? Barter?

That's a dirty word for the Powers that be. Too hard to get a piece of.

 

[uscitizen]

the next stage that is already well in progress is to do away with physical money alltogether.
Plastic money that transferrs digitally.

Imagine how easy that will be to manipulate.

 

[Truthmatters]

How do you tell how much gold is emerging from a particular mine?


How do you account for the effect of a LARGE find?

 

[Toro]

Kinda disastrous I would think since we only have enough gold to cover a very small fraction of our currency in circulation.

Gold would go to about $100,000/ounce

That would be great!

The biggest problem with the gold standard is that it is inflexible and doesn't accommodate the ebbs and flows of the economy over anything other than the very long run. It can constrain credit when it is most in need of being eased, and vice-versa. Plus, you are effectively putting monetary policy in the hands of mining executives, a group that has historically been very poor managers.

But then again, we may be witnessing the breakdown of the fiat currency system as we know it. Fiat money hasn't covered itself in glory over the past decade.

 

[Intense]

Why do these people NOT KNOW we left it because people in the world were manipulating the Gold markets?

That's not why we left it. That was the excuse.

 

[uscitizen]

Fiats have always been junk.

 

[ScreamingEagle]

Kinda disastrous I would think since we only have enough gold to cover a very small fraction of our currency in circulation.

Gold would go to about $100,000/ounce

That would be great!

The biggest problem with the gold standard is that it is inflexible and doesn't accommodate the ebbs and flows of the economy over anything other than the very long run. It can constrain credit when it is most in need of being eased, and vice-versa. Plus, you are effectively putting monetary policy in the hands of mining executives, a group that has historically been very poor managers.

But then again, we may be witnessing the breakdown of the fiat currency system as we know it. Fiat money hasn't covered itself in glory over the past decade.

That's for sure....seems lots of people prefer gold these days.....it's now over $1400 per ounce...

 

[AquaAthena]

What effect would this have on our economy? Our debt?

World Bank President Robert Zoellick has called on bickering G20 nations to bring gold back into the global monetary system as an anchor to guide currency movements.

World Bank chief calls on G20 to reconsider gold standard | Business | Deutsche Welle | 08.11.2010

I just don't know. Am anxious to hear more.....

 

[Truthmatters]

Gold standard - Wikipedia, the free encyclopedia

These fools who insist on a return to the gold standard dont read up on it enough

 

[Intense]

Gold would go to about $100,000/ounce

That would be great!

The biggest problem with the gold standard is that it is inflexible and doesn't accommodate the ebbs and flows of the economy over anything other than the very long run. It can constrain credit when it is most in need of being eased, and vice-versa. Plus, you are effectively putting monetary policy in the hands of mining executives, a group that has historically been very poor managers.

But then again, we may be witnessing the breakdown of the fiat currency system as we know it. Fiat money hasn't covered itself in glory over the past decade.

That's for sure....seems lots of people prefer gold these days.....it's now over $1400 per ounce...

There is danger in that too. Hamilton thinking would cause an artificial plunge, buy it up cheap from panicked holders, and then bring it back up again, and again, and again, getting a cut every time it changes hands. Personally, I could never get past that .999 thing.