Washington State proposed bill to make gold and silver legal tender

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:hail: Protect the 4th Amendment...Repeal the 16th Amendment! :hail:

 

Ok, you have convinced me. I will personally back your FRN’s with gold. Send me $36,742.00 and I will send you one (1) troy ounce of .999 pure gold. This rate of exchange is based on the current M2 money supply to US gold reserves as listed in previous post. Do I have any takers? Does anyone see a problem with this?

Perhaps I'm being a bit to harsh. The only way to successfully tie our currency to gold is as a fractional system. The money supply can be no more than 20 times the gold reserves. This places the limits you want on congress increasing the money supply without shoving us into instant hyperinflation or an inadequate currency.

 

How about the fact that NOT everyone in the world wants gold. What they want are goods and services that can be purchased in that currency, that is the basis for the strength of a currency. The Euro will go up if people want products that are sold denominated in Euro, CDN, AUD, USD, etc etc. All gold backing would do would be to allow possible arbitrage opportunities.

What would be perplexing would be why any country WOULD peg their currency to any commodity in particular.

 

I recommend an education in United States History if you are confused. The USA used the gold standard for 130 years and during that time we went from 13 new states to building an industrialized nation that spanned from Atlantic to Pacific and became the envy of the world. It was the greatest economic expansion the world had ever seen and all done on the gold standard. No banksters, central bank, etc. needed. Too many people in this country are ignorant of their history.

Andrew Jackson, the 7th President of the USA, had this to say about gold in 1836 as he traveled across the country:

Jackson knew exactly what fiat currency at the hand of the banksters would mean to the USA. He would be very sad today to see that we have turned over control of our currency to a handful of unelected men, who without oversight, make all the decisions concerning our money. They do it without regard for the economy, it's effects on people and with dubious motivations. It confounds me why anyone in a democratic and capitalist society would accept this and question gold.

Finally, gold isn't a "commodity". Banksers have created paper gold and have traded it on the commodities market, but this is nothing more than what bankers always do. Exactly what Jackson warned about above.

 

One should never ignore history. Have you looked to see what life was like under the gold standard in the late 1800's. Gold may have been the standard, but the average working person never saw any. Maybe he had a silver dollar or two, but he worked for script and credit at the company store. Fortunately, most of the population lived on farms and could grow most of their food. Often trade with the general store for manufactured goods involved some form of barter. Why? Because most of the gold was tied up in business to business transactions. You could always count on a stock market crash in October because it would require the nations wealth just to bring in the harvest.

As far as Jackson goes, I live in his home town, been to his house, checked out his slave quarters. I don't much like the man. He violated the Supreme Court ruling declaring the Indian Act unconstitutional and hearded a bunch of United States citizens out west like cattle. I will give him Tom Cruse points though for looking good on the twenty dollar bill.

As far as the banksters go, I will leave you this quote from Napoleon; "Never assume malice when incompetence adequately explains the situation." What we are experiencing today is not so much a case of criminality, but a case of gross incompetence. I would fire the lot of them.

 

CJay, If you are referring to where Jackson was born, I'm very familiar with the exhibits at Andrew Jackson State Park. You would also know how important gold was to that area. I don't think you can judge the way people lived by modern standards. People of that time would be aghast at the way many people are forced to live today. What do you think they would think about the rotting cores of many American cities? Where the jobs were sent overseas at the hands of a finance industry that caused it to happen.

In regards to this "I will leave you this quote from Napoleon "Never assume malice when incompetence adequately explains the situation.", even Napolean didn't believe this when it came to banksters. I will leave you with one of his most famous quotes.

It's exactly the situation we have now.

 

Touche, Thank you for the Napoleon quote. Although we may differ in our opionions and how to get there, we all ultimately want the same things. And yes, you are right about using contempory standards to pass judgement on historical figures, but I still don't like Jackson, that's just me though.

I do enjoy our converastions,

C Jay Wilson

 

Thanks, so do I.

 

There's a plan called the Gold-Certificate Reserve that does just that.

With all the "gold standard" plans out there, I'm sure there are other fractional plans also.

I think it's all a moot point. I don't think they'll ever put the genie back in the bottle. Fiat = votes. And history tells us that going back to any type of gold standard can come with severe hazards if done without thinking about the unintended consequences.

 

It's the government that would need to send you that cash since it is their currency. There are no such thing as InfleXion dollars so I am not in a position to fulfill your request.

Joking aside, a fractional gold backing is exactly what I was proposing, as in fractionally backed to the degree of gold that exists per dollars in existence. Any less backing than this would be further dollar devaluation, since it would be represented by less gold. There's just not enough gold / too many USD's for a 1:1 ratio to be feasible. It is gold priced in other currencies that would determine the value of a gold backed currency based on how much gold is alotted per dollar.

 

Nobody has to use gold. A gold backed currency still allows for paper dollars to exchange hands. As long as each dollar is equivalently represented by the same amount of gold, and that amount remains static then the gold peg will fulfill its job for sound money whether or not people know the gold is behind the scenes or come in contact with it. This is why it is important what's in Ft. Knox today.

 

Yeah - the government is not you personal check book and it doesn't NEED fiscal responsibility. It doesn't make a profit. It is not a business. it can not go broke. What it needs sound economic policy. If the government wants to raise the value of the dollar. It can do that overnight by raising taxes, tarrifs and fees. Then poof goes the dollars and up goes their market on the world currency exchanges. Whether that is sound economic policy or not is another question.

But the gold standard is totally nonsense and the the proposal that we need one is paramount to an acid trip. Gold is such a lousy means of money that a few thousand crazy investors world wide have tripled its value in a few short years. Be darn glad the dollar ins't attached to that roller coaster.

 

Your understanding of the currency is simplistic and doesn't reflect reality. The current USD isn't issued by the US government, it's issued by the Federal Reserve which is solely responsible for determining monetary policy. (not the same as government economic policy) The US government could balance its books tomorrow and start paying down the debt, and it wouldn't do much at all to change the issues that face the USD.

 

Pardon your ignorance.

No - it is the Government that does it, and Congress who makes the tax policy. You didn't pass the citizenship examine, did you?

Yeah - you skipped the part were it was explained to you that balancing the government debt is irrelevant. Arguing with you is useless. You ignore the facts, and just jump over any logic in order to continue sounding like a stark raving maniac. BTW - if they DID settle there debts all at once, magically, they would FLOOD the market with dollars and THAT would whip up some nasty inflation.

 

The bill would work better if todays current "value" of silver and gold was not determined by a manipulated fiat currency.

A better way in inact such a practice again would be to let the free market determine a oz of gold or silvers true value. For instance my tenant and I decide that for their monthly rent they may pay me in 25 oz of silver or a half oz of gold, which would completely forgo a infered currency value for the commodity and instead let the metal stand upon its own two feet as a a currency in its own right.

At this current day and age this idea more then likely would not hold ground. As there is a lot of faith in fiat currency throughout a good sized percentage of the populace. However within the next few years as less and less people continue to hold faith in unbacked paper money and want a time proven system that essentually holds its roots in fair trade and commerace, a gold and silver monitary system can once again come forth. Possibly in this new day and age it would have a little brother and sister with Platinum and Poladium as well.

 

I'm with you Walrus haha

 

Here's a question that I've wondered about - if tomorrow the whole world went to a gold standard, is there enough gold above ground to cover the dollars that are in the banks, 401ks etc. I'm not an expert and this may have already been covered, but maybe an expert could enlighten me on how that would unfold if gold became world currency. Maybe it's not a good question, but I do wonder if there's enough gold for it to even happen or maybe it's a moot point?

 

I imagine a day when it's cheaper to wipe your butt with a dollar than some Charmin Ultra

 

Of course. No one said what the backing percentage had to be. They could have a gold standard where .0001 gram of gold backs up every $100 bill. Its a little detail not really discussed by gold standard proponents.

Speaking of gold quantities, did you know that there is about 9 pounds of gold in the oceans for every human on earth? I thought that was interesting.