The Hardest Pill to Swallow is the Best Cure...

Discussion in 'Economy' started by AVG-JOE, Sep 25, 2008.

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Would you be willing to go back to a gold standard economy?

Poll closed Nov 24, 2008.
  1. Yes - bitter but good medicine.

    3 vote(s)
    75.0%
  2. No - I like the money supply controlled by the Federal Reserve.

    1 vote(s)
    25.0%
  1. AVG-JOE
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    AVG-JOE American Mutt Staff Member Gold Supporting Member

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    How many of you would be willing to return to the "Gold Standard" or something similar, meaning all of our money would be backed by a 'hard asset' like gold. Printing more cash would not be an option, unless more gold was put in the treasury or old bills were retired.

    The good news is that inflation and credit crunches would be a thing of the past if we did it.

    The bad news is that moving our economy back to reality would be extremely painful, especially for the middle class. The value of everything from rubber dog shit from China to homes and factories would literally have to be reset by the market (what people would be willing to trade for stuff).

    Gold Standard - Any takers?

    -Joe
     
  2. Sunni Man
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    Sunni Man Diamond Member

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    It would take a complete collapse of the economy for that to happen.
     
  3. AVG-JOE
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    AVG-JOE American Mutt Staff Member Gold Supporting Member

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    Why?

    -J
     
  4. Sunni Man
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    Sunni Man Diamond Member

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    People have been brain washed into accepting the paper fiat currency we call the dollar. Which is backed by nothing.

    It would take a major occurance to switch back to a metal backed currency.

    Besides, I doubt that the U.S. government has enough gold or silver to even come close to matching the vast ocean of fiat dollars in circulation.
     
  5. gonegolfin
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    gonegolfin Member

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    It would if my conspiracy theory about what could happen in this financial crisis were to happen. :D But while my conspiracy theory is certainly plausible, I certainly do not think it is likely.

    BTW, the US government has no Silver. All of the Silver it uses to fund its American Silver Eagle program is purchased on the open market. And I agree with you that they, at present, do not have a sufficient stock of gold. And I seriously question whether they have the gold they claim they do.

    Brian
     

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