View Poll Results: Should/could the USA go back on the gold standard?

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  • Yes, I think this is feasible and could solve a number of the economic issues.

    16 48.48%
  • I think it could solve some problems but it's not possible to switch.

    2 6.06%
  • It would be possible to switch but I don't think it would solve anything.

    3 9.09%
  • No, it's not possible to switch and there would be no point doing so.

    12 36.36%
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Thread: Should/could the USA go back on the gold standard?

  1. #11
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    Re: Should/could the USA go back on the gold standard?

    I don't think we should switch back to the gold standard. I agree with a lot of Southern Democrat's reasons.

    Quote Originally Posted by DGomez View Post
    Why does it matter if they're on the gold standard or not? Gold is universally valued.
    I saw a twilight zone where gold became as common and cheap as ordinary rocks. these bank robbers had stolen billions of dollars in gold bars and stashed it in a cave and then froze their bodies for a few hundred years so they wouldn't have any trouble spending the money when they woke up. however when they did wake up (and fought over their shares, killing each other until there was only one of them left) gold was no longer valuable and it had all been for nothing, proving once again that crime doesn't pay.

    Quote Originally Posted by DGomez View Post
    Right now western nations operate on a debit system. Because we can all basically go to negative infinity, there is absolutely no way to put a cap on all these "trillion dollar" bailout things. I mean, what's a trillion dollars when all it is is a number you punch in the computer? Look! I'll generate it right now: 1,000,000,000,000.
    I don't think the government just generates numbers on a computer. I was under the impression that it sold bonds to both US citizens and foreign investors, so that we do owe tons of money to places like china, and even more to ourselves.

    Quote Originally Posted by Harry Guerrilla View Post
    I may even support a fiat/multi commodity combo. We need to have a tangible value to our currency though.
    please explain, harry guerrilla

    Quote Originally Posted by rathi View Post
    The gold standard is a worse way of valuing money than simply printing money. Our government may be irresponsible and stupid, but tying money to the value of a commodity is risky and dangerous. The prices can fluctuate too wildly and there is no human input. Our current system, imperfect as it is, is still a more stable and safe way of handling a currency.
    printing more money is at best a short term solution, but I agree with you that tying money to one commodity is too risky.

    Quote Originally Posted by DGomez View Post
    Good plan. Let's just print more money whenever we need it. That wouldn't cause any inflation whatsoever.
    I don't think he was suggesting that it was a good idea, just that it was a better idea than the gold standard.

  2. #12
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by emdash View Post
    I don't think we should switch back to the gold standard. I agree with a lot of Southern Democrat's reasons.



    I saw a twilight zone where gold became as common and cheap as ordinary rocks. these bank robbers had stolen billions of dollars in gold bars and stashed it in a cave and then froze their bodies for a few hundred years so they wouldn't have any trouble spending the money when they woke up. however when they did wake up (and fought over their shares, killing each other until there was only one of them left) gold was no longer valuable and it had all been for nothing, proving once again that crime doesn't pay.
    It doesn't matter how much gold is worth. It doesn't even have to be gold, it could be any finite resource. In having a finite resource(s) back your currency, you will limit the supply and increase demand; simple economics.



    Quote Originally Posted by emdash View Post
    I don't think the government just generates numbers on a computer. I was under the impression that it sold bonds to both US citizens and foreign investors, so that we do owe tons of money to places like china, and even more to ourselves.
    Same diff.

  3. #13
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by DGomez View Post
    It doesn't matter how much gold is worth. It doesn't even have to be gold, it could be any finite resource. In having a finite resource(s) back your currency, you will limit the supply and increase demand; simple economics.
    How about oil then!.. I mean it will make oil prices spike, forcing American's to buy small energy saving cars!.. hey one can dream!

    Or how about land value? Human resources? good looking women? Fat people? Energy consumption? Stupidity? Intelligence?

    My point is that you are already doing it. The US dollar is valued depending on how much we "trust" the US to run its own economy and the value we have in that. If we dont trust the US.. helllllllloooo Zimbabwe 2.0 (currency wise and inflation wise), but as long as there is a trust then there is no problem.

    Hence the US dollar and the value of other currencies are how much we "trust" in that economy and country at that point in time. This trust includes such things as land value, education, political stability, democracy, business activity and so on. Hell even good looking women, stupidity and fat people are part of the whole "trust" thing.

    The same principle is with the gold standard (or any standard related to a commodity). The only reason gold has a value is that we put a value into it.. and not everyone values gold in the same way btw. Jade is more "valued" in some Asian countries, water in others.

    However if that value goes away or gets reduced, then you are screwed.. just as you would be if the trust aspect goes away in the present system. By binding yourself to one commodity or a small range of commodities then you bind yourself to an external factor you have very little control over. What if you bind your currency and economy to a commodity that looses its appeal because other things are more important? Spices was once a very very valuable commodity, but it aint today. Gold use to be the most key commodity, but I would claim it is not today. Things like oil, water, platinum and other far far more limited and more used resources are far more valued... until they are not. In fact, the only commodity I see in having any value in 1000 years is water, since that is something we need so we can live... we do not need gold.

    So no, going over to the gold standard (or a commodity standard) will not solve any problems the US has and is frankly the wish of the uneducated and the greedy people who happen to have a lot of the commodity they are pushing for to be the standard.

    What the US and the world needs is transparent and fair oversight and regulation of all markets, but not over-regulation of course. With such transparent and fair oversight and regulation the present economic credit crunch could have been lessened if not avoided.
    PeteEU

  4. #14
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by DGomez View Post
    Would this even be possible? Do you think it would solve our economic issues by forcing us to rethink the way we spend?
    No no no.. Its much more viable to create a "food standard" currency, and tie the value of the currency to different food items.

    Perhaps the Mexican Pesos could be tied to sex, and the Canadian dollar to water
    Last edited by Maximus Zeebra; 02-23-09 at 06:02 AM.
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    Re: Should/could the USA go back on the gold standard?

    There's no way we can go back to a metal standard. Last time the market on silver was just about cornered, there's no way that if a country like the US went onto a metal standard the metal wouldn't be cornered. Plus it makes our debt real, which wouldn't be the best of all things now. Right now our debt is written in our dollar and we have a printing press (not saying we'd print away our debt as the inflation would cause bad things, but that it's something we control rather than controls us). We'd more or less been on and off of some metal standard for awhile, but Nixon put the final nail in it when France wanted all the gold in Ft. Knox to pay off our debt and Nixon basically said "come get it".

    As much as I distrust the fed and fiat currency, with the global economy and modern technology; it's really the only practical, working system out there. We just have to constrain the fed and keep our currency under control. More work for us, but there's not so much more we can do about it.
    You know the time is right to take control, we gotta take offense against the status quo

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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by PeteEU View Post
    Or how about land value? Human resources? good looking women? Fat people? Energy consumption? Stupidity? Intelligence?

    My point is that you are already doing it. The US dollar is valued depending on how much we "trust" the US to run its own economy and the value we have in that. If we dont trust the US.. helllllllloooo Zimbabwe 2.0 (currency wise and inflation wise), but as long as there is a trust then there is no problem.

    Hence the US dollar and the value of other currencies are how much we "trust" in that economy and country at that point in time. This trust includes such things as land value, education, political stability, democracy, business activity and so on. Hell even good looking women, stupidity and fat people are part of the whole "trust" thing.

    The same principle is with the gold standard (or any standard related to a commodity). The only reason gold has a value is that we put a value into it.. and not everyone values gold in the same way btw. Jade is more "valued" in some Asian countries, water in others.

    So no, going over to the gold standard (or a commodity standard) will not solve any problems the US has and is frankly the wish of the uneducated and the greedy people who happen to have a lot of the commodity they are pushing for to be the standard.
    But there is an issue: rampant inflation. The "gold" standard is not the same thing as a "commodity" standard. You're not simply backing your money with a commodity, you are backing it with a FINITE resource.

    You would not back currency with water, for example, because in most first world countries water is practically limitless; we would be in the same predicament as we are now.

    If you backed your money with a resource that is not freely available, you are putting a cap on how much money can be printed. Thus, one would be forced to ACTUALLY balance a government budget instead of just printing up a trillion more dollars to dig you out of the hole.

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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by Ikari View Post
    Plus it makes our debt real, which wouldn't be the best of all things now. Right now our debt is written in our dollar and we have a printing press (not saying we'd print away our debt as the inflation would cause bad things, but that it's something we control rather than controls us).
    It would make our debt real, the dollar worth something, and keep inflation on a tight leash. And this is a bad thing....?

  8. #18
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    Re: Should/could the USA go back on the gold standard?

    What we need is a government where the politicians don't have their heads stuffed up their asses and are more interested in getting relelected in a couple years than they are in real solutions to problems.
    From the ashes.

  9. #19
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by Maximus Zeebra View Post
    No no no.. Its much more viable to create a "food standard" currency, and tie the value of the currency to different food items.

    Perhaps the Mexican Pesos could be tied to sex, and the Canadian dollar to water
    Based on this post, you obviously have no idea what it means to be on a "gold standard." It does not mean that you are backing currency with whatever the country values. You are backing it with a resource that people have limited access to; thus, limiting supply and increasing demand.

    Please read a wikipedia article (or something) on the subject.

  10. #20
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by DGomez View Post
    Based on this post, you obviously have no idea what it means to be on a "gold standard." It does not mean that you are backing currency with whatever the country values. You are backing it with a resource that people have limited access to; thus, limiting supply and increasing demand.

    Please read a wikipedia article (or something) on the subject.
    I know the gold standard.. I am just saying in a rather stupid way its not viable at all.
    Europe is illegally occupied by the US

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