why is gold and silver going down right now?

I guess I was not understanding that you are infering that a gold standard will also mean a complete dismantling of IRS information reporting divisions, repeals of 50 years of information reporting requirements, and repeal of payroll tax withholding. If those things are "inferred", then yes it could cause income taxes to not be collectible.

Pretty large dang leap from "a gold standard would prevent an income tax", like a grand canyon type leap.

 

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Oh god...

Yeah I'd say so since the economy would need to contract about 1,000,000 percent.

In that case, there would be no income to tax.

Ruben

 

I never got a chance to explain this thoroughly in the other topic given the way it was being filled with troll posts. Everyone checked out of the nonsense.

Yes this is what it means. Nothing will be the same if we are forced onto a gold standard. Expect much of the Federal government to be rolled back to the level before FDR started the New Deal. If you eliminate the unlimited issuance of debt currency then the system that depends upon that debt creation can no longer exist. It collapses once the ability to pay back that debt becomes mathematically impossible and people revert back to gold & silver. It's taking hold in Europe as we speak. It will happen here too. No fiat currency lasts because once that genie is let out of the bottle, governments find it impossible to say no to the spending.

 

Nicely put. Although it seems this analysis will forever remain in the realm of the theoretical, it is possible. http://www.thetotalcollapse.com/obama-orders-press-blackout-after-us-credit-rating-cut/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheTotalCollapse+%28The+Total+Collapse%29

"A shattering report from RIA Novosti’s Washington D.C. bureau appears to prove that the mainstream press in America has become nothing more than a propaganda arm of the Obama regime when during a White House news briefing this past week they were effectively ordered not to report on this past weeks credit rating cut of US government debt..."

 

What does this have to do with the thread? It is time to move some of this stuff into the politics section of the forum.

Ruben

 

Translation - I couldn't answer any of the factual and researched or annotated counter arguments laid against me so I decided to skip over them and find easier victims to take advantage of. It won't be long before your just talking to yourself here. As it is, you now have zero credibility with the board.

Ruben

 

Why thank you. The Federal Reserve is up to creating as much debt every few months now, that it first took America to spend in 300 years including the Colonial period. It's unsustainable and since they are beyond the point of no return, it will end. Unfortunately it either means a serious war, revolution or some sort of dictatorship.

 

OMG, really?

 

It was my understanding that there is a section of the forum that moved to another forum to discuss political matters. From what I read, Silver spiked but then went down because somebody in Chicago sold tons of it which drives the price down. People buy, the price goes up. People sell, the price goes down. I do agree with comments about doomsdayers falsely inflating the price. Just look at the adds for gold and silver that also sell emergency food supply. Politics can cause this false inflation though, when the party you affiliate with doesn't win, some may try and act like the world is going to end. Some political commentators may do that just to drive sponsor's sales. It could just be for some reason prices spike and those wishing to capitalize on that spike will sell to make money, driving the price down.

 

Since the debt is no higher now as a percentage of GDP than at the end of World War II, another possibility is that it just might take a couple of decades of belt-tightening to correct, just like the last time. Whether or not this will happen is unknowable, even by you. I know your view will always lean toward catastrophe, but that is due more to your mental makup than any factual basis or prophetic vision.

 

"Mental Makup...?" That's rich coming from Cloudsweeper99, the troll with the biggest ego on Cointalk!

 

I agree. The debt situation is not good, we all agree, but to use scare tactics like quoting dollars as if they are absolute numbers, rather than putting them into perspective like percent of GDB, is simply scare mongering.

Btw, both sides of the aisle do it, so this is an extremely common tactic floating around nowadays.

 

I respect your right to say so, and would expect nothing less from someone with the name "ukgoldbug."

 

I agree. Keeping people frightened and dependent is practically a national sport.

 

Play nice people, it isn't even close to December 21. It is only Friday the 13th.

 

Is anyone coming out with an end of the world commemorative coin?

 

Source: http://www.worthpoint.com/worthoped...rmageddon-lot-3-state-gold-medals-1988-9-18mm

 

http://www.ngccoin.com/NGCCoinExplo...CatID=51&Designation=MS&PopSubCat=Ike-Dollars

 

There's no reason this can't be done with a gold standard. You are correct that they can't collect income tax if we are using gold directly, but a gold backed paper currency does not have that problem. A gold standard does not require gold to exchange hands. Paper currency can be used and then there is no issue beyond people who choose to use gold instead of the currency, which would amount to tax evasion if they did not claim it therefore it's as I said before, income tax would be collectible to the extent that people are legit, same as today even if it's not the same extent.

Also a gold standard is not impossible. It is merely the act of pegging X ounces of gold to Y number of dollars and maintaining the ratio. You could have a gold standard with 0.0001 nanograms of gold, but your currency wouldn't be worth much.

 

ugg - I'm going back to Passover...