Sunday, August 26, 2012

There Can't Be A Recovery...Thanks to the Fed

Correction: The official price of gold was $35 per ounce in 1968, not $32. Roosevelt devalued the dollar from 1/20th of an once to 1/35the in 1932. Nixon devalued it two more times, leaving the current "official" price at $42 per ounce. I guess that is why the "2" was stick in my head.-Peter Schiff

As Schiff points out, there was no good reason to go off the gold standard. America became rich under the gold standard (and, as Schiff further points out, it's still in the Constitution, there has been no amendment allowing the unconstitutional monetary system we have now) prospering at an incredible pace during the 1800s, while today America has become the world's largest debtor nation.

The Republicans have included in their party platform this year a call for a commission to look at once again linking the US dollar to gold. This is certainly all for the good, however, nothing serious may come of it. At least they are willing to talk about it. Is it just (like their urging of an audit of the Federal Reserve) a blatant attempt to appeal to Ron Paul's supporters in the party? In any case, it certainly proves the power of Ron Paul's ideas and the value of his liberty-oriented campaign for president.

The gold standard has returned to mainstream U.S. politics for the first time in 30 years, with a “gold commission” set to become part of official Republican party policy.


The move shows how five years of easy monetary policy — and the efforts of congressman Ron Paul — have made the once-fringe idea of returning to gold-as-money a legitimate part of Republican debate.-Republicans Eye Return to Gold Standard

Aside from the ridiculous CNBC take on the story (they say that inflation is "under control" while gold is "highly volatile" and then make that point by telling us that gold is up 500% in dollar terms during the last decade!, and that a return to gold would limit the power of the Fed, which of course it would, which is the point, but as statist welfare/warfare lovers, CNBC can't stand the thought) the funniest stuff at the link comes in the comments from some obvious losers and CNBC fans (or am I being redundant there?).

The idiots don't realize that here isn't enough gold in the world to do this, but that's ok because they are idiots.

They say ignorance is bliss, but please don't show it off in public, fool, because you just embarrass yourself. A gold standard doesn't require any particular amount of gold to exist. When you stop sounding like Bret Alan, someone may once again pay attention to what you have to say.

And here's another idiot:

Gold has no value. replulicans are clue less. Completely wrong thing to base Gold as standard.

Gold has no value? To paraphrase Schiff, gold was money for thousands of years, it took government to declare paper to be money and force it on the world (with disastrous results).

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