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. #31
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by ARealConservative View Post
    competition is the corner stone of a free market.

    Elimination of legal tender laws would go along way in solving the issues we have. If fiat currency actually had to compete in the market place...
    Our currency competes in foreign exchange markets all the time.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

  2. #32
    Advisor DGomez's Avatar
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by Maximus Zeebra View Post
    But why would it be better to value the currency against 1 thing rather than everything like now?
    If you have a currency based on "everything" then the amount of money you could print is virtually limitless.

    Say you could only print a dollar for every ounce of gold you have. If you have 50oz of gold, you could not print more than 50 dollars. Because of the limited and finite supply of your dollars, the value would skyrocket.

  3. #33
    Advisor DGomez's Avatar
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by Ikari View Post
    Currency is a huge soveriegnty issue...HUGE. If you don't have control of your own money, you're at the mercy of another state or organization.
    But we'd still print our own money. We wouldn't be handing the reins over to anyone. The only difference is that you couldn't print as much money as you wanted. That's called responsible spending, not sovereignty issues.

  4. #34
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by DGomez View Post
    If you have a currency based on "everything" then the amount of money you could print is virtually limitless.

    Say you could only print a dollar for every ounce of gold you have. If you have 50oz of gold, you could not print more than 50 dollars. Because of the limited and finite supply of your dollars, the value would skyrocket.
    \

    Currency backed by a limited commodity chasing a potentially infinite amount of goods is the makings of deflation which is worse for an economy than even inflation is.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

  5. #35
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by DGomez View Post
    But we'd still print our own money. We wouldn't be handing the reins over to anyone. The only difference is that you couldn't print as much money as you wanted. That's called responsible spending, not sovereignty issues.
    No way. If you're backed by metal and that metal gets cornered you can't just "print more money", that money has to be backed by something. You have to have to gold or silver to print it. You don't control it fully anymore if it's a cornered commodity. Price of silver or whatever is the metal backing would skyrocket. Huge...huge deflation, that's sudden transfer of wealth and that's going to favor creditors over debtors. And let's ignore the fact that most people live with debt and would thus be f'd. The US is a huge debtor. You've just shot yourself in the foot. All cause we'd loose control over the currency. Metal backing isolates money from some things, but amplifies others. It was good back in the day when things were separate, didn't run off a huge global market, and technology over mining and trading weren't as good. But now, technology and information has grown to make metal backing a bad idea. We'd quickly loose control of our own currency and find ourselves at the whim of other States. I'm not looking to give up my sovereignty.
    You know the time is right to take control, we gotta take offense against the status quo

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  6. #36
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by SouthernDemocrat View Post
    Our currency competes in foreign exchange markets all the time.
    I'm speaking of legal tender laws.

    Suppose I agree to paint your house for an agreed on price. In our case, we agreed that I would paint your house, and you would provide me with 3 ounces of gold. Courts should require you to live up to your end of the agreement.

    So long as the courts undermine Gresham's law, the incentive to keep a strong dollar policy is merely lip service.

  7. #37
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by DGomez View Post
    If you have a currency based on "everything" then the amount of money you could print is virtually limitless.

    Say you could only print a dollar for every ounce of gold you have. If you have 50oz of gold, you could not print more than 50 dollars. Because of the limited and finite supply of your dollars, the value would skyrocket.
    There is a reason the gold standard didn't work.
    Europe is illegally occupied by the US

  8. #38
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by Maximus Zeebra View Post
    There is a reason the gold standard didn't work.
    I love these simplistic lines of thought.

    The gold standard was effectively severed in 1913. Since that time, we had a major depression beginning in 1929, and had to declare our self bankrupt and unable to fulfill the promises made to the rest of the world in the early 1970's. Today we see ourselves on the verge of another major calamity as well....only time will tell how bad it will get.

    Nothing I see indicates that this form of monetary unit is any better at bridging the wealth gap in this country, and I would even suggest it makes it worse. It certainly provides another tool for politicians to wage war or to spend money they don't have to directly collect.

    If one can say that a gold standard didn't work, then it can certainly be said about the much shorter life span of the various systems derived after it.

  9. #39
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by Maximus Zeebra View Post
    There is a reason the gold standard didn't work.
    Please, enlighten us.

  10. #40
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    Re: Should/could the USA go back on the gold standard?

    Quote Originally Posted by SouthernDemocrat View Post
    \

    Currency backed by a limited commodity chasing a potentially infinite amount of goods is the makings of deflation which is worse for an economy than even inflation is.
    Not at all. It would be currency backed by a limited commodity chasing the amount of goods as it is within your means to pay for. That's called a budget.

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