I just finished watching a documentary called "The Money Masters" which discredits us having a "gold based" money system. Bankers were still able to control our money even when we had a gold standard. My question is, how would reinstating the gold standard hurt the international bankers?
Do we really want a gold standard?
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Anti Federalist
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It wouldn't.
Permitting competing currencies, where you could stay one step ahead of the banksters by shifting from currency to currency, would.
That's why Ron Paul supports it.
ETA - Or, more accurately, he supports it because competing currencies provide an economic benefit to individuals.
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CaptainAmerica
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That along with states being able to have their own currency along with competing currencies.It would make people more vigilant at the local level and prevent bankers from monopolizing
realtonygoodwin
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Why is your goal to hurt international bankers?
Anti Federalist
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sailingaway
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there was bimetalism before, and still fractional reserve banking. A commodity backed currency doesn't fix everything.
The benefit gold has is that it and silver are in the Constitution, so anyone who wants different should have to amend the Constitution. Other than that, I think Ron wants a currency backed by a basket of mixed commodities with the market to pick the commodities. That is what he has said. But he would propose competing currencies as in his current bill. All this stuff about 'ending the tax code' and 'return to the gold standard' are to marginalize him, going back to first principles in an immediate leap. He has proposed a three year plan, and it would be a year before it went into effect, so that is the skeleton of his term of office. The media is just being disingenuous.
The benefit gold has is that it and silver are in the Constitution, so anyone who wants different should have to amend the Constitution. Other than that, I think Ron wants a currency backed by a basket of mixed commodities with the market to pick the commodities. That is what he has said. But he would propose competing currencies as in his current bill. All this stuff about 'ending the tax code' and 'return to the gold standard' are to marginalize him, going back to first principles in an immediate leap. He has proposed a three year plan, and it would be a year before it went into effect, so that is the skeleton of his term of office. The media is just being disingenuous.
http://arxiv.org/PS_cache/arxiv/pdf/1107/1107.5728v2.pdf
We find that transnational corporations form a giant bow-tie structure and that a large portion of control flows to a small tightly-knit core of financial institutions.
http://www.lewrockwell.com/blog/lewrw/archives/97597.html
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Echoes
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Competing currencies, exactly. It's the monopoly thats the problem, ppl should be able to trade with eachother however they want. If they want to use gold, banana peels or used condoms, whats it anyone's busness ?? that said, i suspect gold WOULD come out on top and be the choice of most, like it has for thousands of years.
Xenophage
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The government should not be in the business of making anything a "standard." Let people buy what they want with whatever they want. The only "standard" should be the freedom to voluntarily interact with one another. And when the government comes at the end of the year demanding information about all of your transactions - just like a man who has killed 10 people, you should have the legal right to plead the 5th and have no requirement to furnish any "evidence" of any of your transactions.
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Xenophage
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Bimetalism was a failure. The gold bugs of the late 19th century finally ended bimetalism, and for a few brief years in this country we had a very decent monetary system. Interesting history surrounding all of that. William Jennings Byron is famous for his "Cross of Gold" speech, but did you know he was actually advocating for silver, not fiat money? There was a big debate between people who preferred silver and those who preferred gold as the commodity backing the dollar, and gold eventually won out. It was very much later, however, that the Federal Reserve was created and our currency was debased.
yeah, seriously. why isn't your goal to hurt domestic bankers, or wall street traders?
acptulsa
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Who among us has ever, or when did Ron Paul ever, say anything to the contrary?
That's not possible if a central bank doesn't exists.
you mean to tell me Ron Paul, Peter Schiff, GE Griffin and supporters here never advocate a gold standard? If so, great, sorry if I misunderstood them.
acptulsa
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Oh, gold can be manipulated, and has been. And there are such things as big banks even when there's no such thing as a central bank. Read up on the life and times of J.P. Morgan.
emazur
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They all advocate a gold standard. Paul and Griffin advocate a 100% gold backed standard, and Paul also advocates competing currencies (I'm pretty sure Griffin supports them too). Schiff is willing to go for the old-school Fed currency that was back by commercial paper and 40% gold. I'm pretty sure he also advocates alternative currencies.
Just b/c Paul doesn't have "the U.S. must return to a gold backed dollar" on his platform doesn't mean he doesn't support a gold standard. He's not saying "shutter the IRS" either but he has made his feelings very clear about the income tax and continues to do so. Since he is the champion of the Constitution, by definition he opposes paper money and often says that under the Constitution only gold and silver can be considered legal money.
nicely put
