China launching gold back global currency

[Mad Scientist]

I believe the intention here is to have a currency standard ready to go should the dollar actually collapse.

But Russia. China, Iran, etc. are certainly working on at least a system of barter to bypass the greenback.

Dollar collapse is a Mathematical Certainty.

 

[Truthmatters]

why does the right persist this with stupid idea?

Please explain, in your own words, why this is a stupid idea without resorting to name calling.

I don't think you can do it.

it failed before and will fail again.

the price of gold can be manipulated

 

[TakeAStepBack]

I believe the intention here is to have a currency standard ready to go should the dollar actually collapse.

But Russia. China, Iran, etc. are certainly working on at least a system of barter to bypass the greenback.

Dollar collapse is a Mathematical Certainty.

Without serious changes in policy, this is true.

 

[Truthmatters]

Warning: The Price of Gold is Manipulated

 

[TakeAStepBack]

why does the right persist this with stupid idea?

Please explain, in your own words, why this is a stupid idea without resorting to name calling.

I don't think you can do it.

it failed before and will fail again.

the price of gold can be manipulated

The "price" of gold is dictated by currency in this climate. Backing the currency to gold requires a backstop exchange. That is, if the policy is to set the currency exchange rate to gold, only by monetary infaltion can the price then be manipulated. Which is a self defeating purpose of an anchor in the first place.

 

[CrusaderFrank]

A lot of posters seem to be thinking this is an economic matter, it's not. It's economic warfare designed to collapse the US dollar. It's a Chinese nuclear option. The good news (for Communists everywhere) is that Obama will get his $8/gallon gasoline and the US will generate a smaller carbon footprint.

But, oh noes! The Chinese people will suffer! Yeah, so? You think the ChiComs give a fuck?

The Chicoms have been hoarding gold, silver, copper and any other precious metal all for the day when they do go effective with the gold backed currency. The Saudis will only take that currency for their oil, then the USA will have to trade Obamadollars for their currency.

 

[Full-Auto]

SATC | Education | Article Content



Ruh Roh! This ain't good for the U.S.

The Fed printing money from thin air will be the collapse of the dollar.


The world laughs

 

[8537]

SATC | Education | Article Content



Ruh Roh! This ain't good for the U.S.

The Fed printing money from thin air will be the collapse of the dollar.


The world laughs

If we would just learn from history and let the money supply contract by a third, everything will be better. Then we can party like it's 1929.

 

[tjvh]

Now it makes sense why George Soros was liquidating Stocks to buy Gold... I thought insider trading was illegal?

 

[uscitizen]

Aghh this will make the buying of the US by foreign interests much more attractive and boost our economy!

 

[Truthmatters]

Uses of Gold in Industry, Medicine, Computers, Electronics, Jewelry

 

[Truthmatters]

It is NOT going to be better.

you people on the right are jsut stuck on stupid

 

[CrusaderFrank]

SATC | Education | Article Content



Ruh Roh! This ain't good for the U.S.

The Fed printing money from thin air will be the collapse of the dollar.


The world laughs

If we would just learn from history and let the money supply contract by a third, everything will be better. Then we can party like it's 1929.

How about a balanced Federal budget instead?

 

[TakeAStepBack]

Do people really believe that China will on its own, adopt a gold backed currency? Does anyone realize the implications of the global economy for sucha move? I'll give you a hint, China isn't selling, or buying any goods internationally including from its trade partners if such a move is adopted. Only a concert effort of several nations to reject western fiat currency and adopt a similar measure of their own woul dmake this move even feassible.

Then there is the whole exchange rate to figure out based on what is currently in rotation of currency, what the exchange rate, if any can then be, what method of anchor system to develop and a host of other complications that make this effort feaasible. The only power currently in position to make sucha move is the US and that will never happen. Because it takes away the ability to print out of no where and devalue a currency. It's like the float that occured following 71. Only in reverse.

It wont happen unless the perfect storm arises. If China is holding out on a dollar implosion, which would cause international financial chaos, then that makes sense to soem degree. Except we buy most of their goods.

 

[SniperFire]

Money 'supply'

 

[uscitizen]

Do people really believe that China will on its own, adopt a gold backed currency? Does anyone realize the implications of the global economy for sucha move? I'll give you a hint, China isn't selling, or buying any goods internationally including from its trade partners if such a move is adopted. Only a concert effort of several nations to reject western fiat currency and adopt a similar measure of their own woul dmake this move even feassible.

Then there is the whole exchange rate to figure out based on what is currently in rotation of currency, what the exchange rate, if any can then be, what method of anchor system to develop and a host of other complications that make this effort feaasible. The only power currently in position to make sucha move is the US and that will never happen. Because it takes away the ability to print out of no where and devalue a currency. It's like the float that occured following 71. Only in reverse.

It wont happen unless the perfect storm arises. If China is holding out on a dollar implosion, which would cause international financial chaos, then that makes sense to soem degree. Except we buy most of their goods.

One thought. When I was in China several years ago China had 2 different currencies. ONe for internal use and one for external use. Who is to say they cannot create a 3rd currency for special transactions that is gold backed?

 

[8537]

The Fed printing money from thin air will be the collapse of the dollar.


The world laughs

If we would just learn from history and let the money supply contract by a third, everything will be better. Then we can party like it's 1929.

How about a balanced Federal budget instead?

After we get back to something approaching full employment? Then it might make sense.

 

[TakeAStepBack]

Do people really believe that China will on its own, adopt a gold backed currency? Does anyone realize the implications of the global economy for sucha move? I'll give you a hint, China isn't selling, or buying any goods internationally including from its trade partners if such a move is adopted. Only a concert effort of several nations to reject western fiat currency and adopt a similar measure of their own woul dmake this move even feassible.

Then there is the whole exchange rate to figure out based on what is currently in rotation of currency, what the exchange rate, if any can then be, what method of anchor system to develop and a host of other complications that make this effort feaasible. The only power currently in position to make sucha move is the US and that will never happen. Because it takes away the ability to print out of no where and devalue a currency. It's like the float that occured following 71. Only in reverse.

It wont happen unless the perfect storm arises. If China is holding out on a dollar implosion, which would cause international financial chaos, then that makes sense to soem degree. Except we buy most of their goods.

One thought. When I was in China several years ago China had 2 different currencies. ONe for internal use and one for external use. Who is to say they cannot create a 3rd currency for special transactions that is gold backed?

Go ahead. If they anchor that "special" currency to gold, they will find it extremely difficult in todays fiat currency climate to use it without losing a shit ton of asset along the way. No one can currently comete with a gold standard based currency. Or even one anchoed to it. Not unless other nations adopt a similar measure.

 

[TakeAStepBack]

If we would just learn from history and let the money supply contract by a third, everything will be better. Then we can party like it's 1929.

How about a balanced Federal budget instead?

After we get back to something approaching full employment? Then it might make sense.

That isn't going to happen again in the US. Not wihtout a severe change in policy of several variety. So, never.

 

[8537]

Do people really believe that China will on its own, adopt a gold backed currency? Does anyone realize the implications of the global economy for sucha move? I'll give you a hint, China isn't selling, or buying any goods internationally including from its trade partners if such a move is adopted. Only a concert effort of several nations to reject western fiat currency and adopt a similar measure of their own woul dmake this move even feassible.

Then there is the whole exchange rate to figure out based on what is currently in rotation of currency, what the exchange rate, if any can then be, what method of anchor system to develop and a host of other complications that make this effort feaasible. The only power currently in position to make sucha move is the US and that will never happen. Because it takes away the ability to print out of no where and devalue a currency. It's like the float that occured following 71. Only in reverse.

It wont happen unless the perfect storm arises. If China is holding out on a dollar implosion, which would cause international financial chaos, then that makes sense to soem degree. Except we buy most of their goods.

One thought. When I was in China several years ago China had 2 different currencies. ONe for internal use and one for external use. Who is to say they cannot create a 3rd currency for special transactions that is gold backed?

Countries can almost never run two currencies at the same time. In short order, the bad money circulates while the good money sits.