Steve Forbes: The Gold Standard Is Coming

[Sola_Fide]

i tend to think the price of gold would drop like a rock if people found out it wasn't going to be used as a peg. would still be valuable but not like it's been puffed up to be. that is a unpopular view but I have made mention before of an old jeweler friend who went through the depression and he told me stories of people turning just about anything in for food. food was the most valuable commodity above all. of course things are different now... or are they?

I think you're right. It goes to show that nothing has intrinsic value, inlcluding gold.

 

[Okie RP fan]

They (the establishment) are going to try and make it "their" idea.

When promoting sound money and the gold standard, always mention Ron Paul.

 

[Iptay]

They (the establishment) are going to try and make it "their" idea.

When promoting sound money and the gold standard, always mention Ron Paul.

I always try to mention Ron Paul as well as Austrian Economics.

 

[Joseph de Maistre]

They (the establishment) are going to try and make it "their" idea.

When promoting sound money and the gold standard, always mention Ron Paul.

Any time I have heard Newt Gingrich parrot simplistic utterances in regard to the gold standard or the Federal Reserve, it seems as though the establishment is sending along its toady to ruin the issue for those of us who are serious about it. The establishmentarians love to make the ideas their own, and then proceed to do nothing about them, or worse, do harm to those issues.

 

[BenIsForRon]

Forbes gave an awesome lecture on this last night, broadcast on NPR.

I like how he drove home the point that unrestricted money printing hurts small businesses more than large corporations and government, because of the uncertainty it creates about the true value of the dollar.

 

[Acala]

The government, as presently constituted, will NEVER establish a true gold standard (meaning 100% convertibility to bullion upon request by anyone). To do so would be to turn off the fountain of free money and all the fabulous power that goes with it. Repeat, they will NEVER do it. Even if they wanted to, the banks, which own them, would never allow it. Nor would any of the other special interests that benefit from being first in line for freshly created money. It will not happen.

What MIGHT happen is the floating of a new fiat currency with some kind of phony connection to gold, much like the Germans floated a new currency supposedly tied to German industrial properties after the Weimar Hyperinflation.

A return to real gold and silver money will happen only when the dollar collapses and people create their own currency from the ashes. And it will likely be illegal.

 

[thoughtomator]

IMO a silver standard is much more practical than a gold standard due to the "tungsten problem". A floating bi- or tri- (incl. platinum) metallic standard might also be a good idea.

 

[Carehn]

http://www.opencurrency.com/

 

[Feeding the Abscess]

When Forbes says Gold Standard, he isn't talking about what Ron Paul talks about:

 

[Acala]

IMO a silver standard is much more practical than a gold standard due to the "tungsten problem". A floating bi- or tri- (incl. platinum) metallic standard might also be a good idea.

Tungsten is a non-problem. There are cheap ways to detect fakes. The market will solve that in no time. Silver is actually easier to fake than gold.

 

[Seraphim]

Lead standard first.

 

[acptulsa]

There's a reason Ron Paul espouses a free market for currencies. Much of the IMF talk of a one world currency (which they'd just love to provide for us) does mention some kind of a link to gold. But it's always a very vague link. The point being that a fiat currency can be presented with the sales pitch that it's somehow tied to gold, yet that tie can be tenuous enough to not inhibit their ability to print the hell out of the money and inflate it into thin air one bit. Think of it as a pyrite plan--a fool's gold standard.

If they think they can sell it, they will try to do this.

 

[Meatwasp]

The Federal government and an Indian law suit stopped all dredging in Ca. rivers. I hope it opens up again.
I suppose they want to keep it scarce. Roosevelt closed all mines during the depression, and then made it against the law to own it except for jewelers

 

[Seraphim]

Yea...why mine for gold when you can dig ditches and fill them back up again?

The Federal government and an Indian law suit stopped all dredging in Ca. rivers. I hope it opens up again.
I suppose they want to keep it scarce. Roosevelt closed all mines during the depression, and then made it against the law to own it except for jewelers