Trump Meeting with John Allison: Wants to abolish Federal Reserve and return to Gold Standard

[Madison320]

Yes. A unit of measure. Just like this guy:

Except I think it's more like Ant Man.

 

[Madison320]

Not time yet for a gold standard:

First the economy is going into severe recession.

Then we get massive stimulus.

Then we get a dollar collapse.

THEN we can go to a gold standard.

Change only happens when the pain of staying the same is greater than the pain of changing.

 

[euphemia]

Hope they pay off the debts to China, etc. with worthless dollars before closing the Fed.

 

[helmuth_hubener]

A dollar is supposed to be a unit of measurement , 412 1/2 grains of 90 percent silver or 1.672 grams of 90 percent gold .Something close to that , that is from memory.

It was also defined in terms of copper: 1100 pennyweights of copper according to the Coinage Act of 1792.

Defining the dollar in terms of multiple metals at once was one of the mistakes made in setting up the monetary system. It amounts to price-fixing, if you think about it. This poison seed was to bear fruit many decades later, giving rise to the Free Silver Movement and William Jennings Bryan ("a cross of gold!") -- a disaster for America and for Liberty.

 

[oyarde]

I would like to have real money , back it with whatever is most reasonable , gold , silver other metal etc . Whatever country does it first will be the world preferred money.

 

[pao]

I would like to have real money , back it with whatever is most reasonable , gold , silver other metal etc . Whatever country does it first will be the world preferred money.

That would have been Libya, except for....well, you know.

 

[Zippyjuan]

It's a huge assumption that there is any gold other than in private hands, however the dollar could be "gold backed". Just revalue gold to account for outstanding dollars. Based on your calculations, gold would be revalued upward 43x its current spot price. $51,000 per ounce would effectively establish a gold backing. Sure makes current gold prices look like a steal, no? But in reality such a revaluation would effectively declare the FRN to be trash. Hmmm, so how to get around that? Get rid of the FRN maybe and phase in a national currency? Yes that will work.

(fwiw, bankers decided on this gold backing scenario a couple years ago...it's all scripted)

Federal Reserve Notes are a national currency.

 

[presence]

I would like to have real money , back it with whatever is most reasonable , gold , silver other metal etc . Whatever country does it first will be the world preferred money.

when there is real money again it will be an entrepreneur, not a country, stamping it

 

[Dr.3D]

Federal Reserve Notes are a national currency.

Precious metals could be an international currency.

 

[nikcers]

Precious metals could be an international currency.

That's exactly what Libya said..

 

[Zippyjuan]

Precious metals could be an international currency.

Do you mean as a unit for foreign trade? We could give China all of ours that way. Our trade deficit (not just with China) has been running about $40 billion a month and with $300 billion in gold we could get rid of it as quickly as eight months.

 

[devil21]

Federal Reserve Notes are a national currency.

No they aren't. FRNs are a private currency from a private bank for a private "governmental" corporation unless and until the republic is restored and a nationalization order is issued. Do you have evidence that the republic is restored and a nationalization order has been issued?

 

[TheCount]

Now truth be told if you went back to a gold standard we'd blow the economy up because you'd see that your FRN is nearly worthless.

Why would the value of the dollar change? The value of it is determined by the market. Are you saying that the market is incapable of determining the value of the dollar without the assistance of the government?

 

[Zippyjuan]

No they aren't. FRNs are a private currency from a private bank for a private "governmental" corporation unless and until the republic is restored and a nationalization order is issued. Do you have evidence that the republic is restored and a nationalization order has been issued?

SO only certain people are allowed to use them? What needs to be "nationalized"?

"This note legal tender for all debts public and private"

 

[devil21]

Why would the value of the dollar change? The value of it is determined by the market. Are you saying that the market is incapable of determining the value of the dollar without the assistance of the government?

Of course they are "needed" to determine the value of their own illusory construct. Otherwise the value would be clear to all....just paper and computer digits.

 

[devil21]

SO only certain people are allowed to use them? What needs to be "nationalized"?

"This note legal tender for all debts public and private"

You sure you want to go down this road Zip? I don't think I have the patience to rehash this for the 10,830th time with you. Carry on with the disinfo.

 

[TheCount]

Otherwise the value would be clear to all....just paper and computer digits.

Again, the implication here is that the market is incapable of understanding the value of things without government intervention. Why would sellers of products be willing to accept an insufficient number of dollars in compensation for these products? Better yet, how are they be capable of staying in business if they are continually selling their products for less than their actual value?

 

[helmuth_hubener]

Nobody would value casino chips if the casino weren't standing behind them.

 

[TheCount]

Nobody would value casino chips if the casino weren't standing behind them.

Poor example. Casino chips are the equivalent to a gold standard, not a fiat currency.

 

[devil21]

Nobody would value casino chips if the casino weren't standing behind them.

I think a better comparison is to say that nobody would value casino chips if you didn't have to buy them to play the casino's chip based games. Someone can choose to not visit the casino, however (read: sovereignty). In modern society, everyone is born inside the casino without realizing it and there are very few doors to exit the casino....and they're hidden behind false walls and mirrors.