D
Deleted member 73486
Guest
Furthermore, we cannot just borrow our way to prosperity. Eventually, there will be a reckoning and that will be a very painful day indeed! Raising taxes across the board is one way to hamper the economy for years afterwards. But we will have no choice if we fail to reign in reckless spending on corporate socialism!It is much more realistic to back our national currency with the gold standard. Gold is the ultimate stable currency because you can't just print more when you run into trouble.
Nixon did many things right (yes, I'm a liberal and I acknowledge that much -- remember the EPA was founded under Nixon after all), but taking us off the gold standard was not one of them.
The good news with gold is that the U.S. has more reserves than any other country, by far! We have more than the next three countries combined!!! So if we switch to a gold standard, we will be in the fabled cat-bird seat (to quote Raising Arizona).
Of course, the Fed will be hampered by this, but I see that as a very good thing (I am fiscally conservative, despite my liberal leanings). Make them use interest rates appropriately to control inflation/deflation. Reset everything to gold including all currencies, reset the interest rates to a reasonable amount, and then watch classic economics take over...no more helicopter money to those companies that don't deserve it in the first place!