MaggieMae
Reality bits
- Apr 3, 2009
- 24,043
- 1,635
- 48
And that's where the debate would begin over what caused the collapse in the first place. You say there needs to be a wedge in place so that this doesn't happen, and I would say that we need to get rid of the Fed so that this doesn't happen.
Not if there's no protection for the way the system operates at present. The dollar would be worthless, and all our creditors would immediately be clamoring for their bullion as payment. That would mean billions in "paper" deposits would also be worthless. I'm not saying monetary policy doesn't need to be changed; I'm simply looking at the fixes and the practicality of doing it so that we don't need to go back to bartering beads and pelts for food until a "better" system is put in place.
The dollar would actually gain in value under the gold standard. The dollar is nearly worthless now thanks to the Fed.
How can you say that when we don't even know how much is left in reserve?
Ron Paul questions whether there's gold at Fort Knox, NY Fed - The Hill's Blog Briefing Room