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<p>[QUOTE=&quot;webstandardcss, post: 1993531, member: 72151&quot;]In discussion of a gold standard as the basis of the U.S. dollar, it has been estimated that all the gold mined in the history of the world by the end of 2009 totaled is 165,000 tonnes. At a price of 1000.00 per oz one ton of gold or 32150.75 troy ounces, has a value of approximately $32.15 million. The total value of all gold ever mined in the history of the world would barely exceed $5 trillion at that valuation. </p><p><br /></p><p>The officially admitted national debt of the United States as of August 2010 was 13.3 trillion dollars, with unofficial estimates by private economist placing the the actual deficit - including non-budgetary items like unfunded liabilities of Medicare, Medicaid, Social Security and the defense budget - at $202 trillion. Source: <a href="http://www.eutimes.net/2010/08/official-us-deficit-put-at-staggering-202-trillion/" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.eutimes.net/2010/08/official-us-deficit-put-at-staggering-202-trillion/" rel="nofollow">http://www.eutimes.net/2010/08/official-us-deficit-put-at-staggering-202-trillion/</a> </p><p><br /></p><p>In an earlier letter to &#039;The Paper&#039; (June 25, 2010), a letter signed by Democrat Congressmen Gary Akerman and Mike McMahon was quoted, that placed the total US private derivatives business of large US based financial institutions at 600 trillion dollars, this is in addition to whatever valuations can be placed upon the total public debts outstanding of the United States as previously mentioned here - with those numbers being in the gazillions of gazillions of dollars, I ask the readers;</p><p><br /></p><p>Can we afford to go back to a gold standard for the infamous &quot;Greenback&quot; as some are suggesting? </p><p><br /></p><p>Because if we go to a gold backed dollar with bank reserve requirements based on the total ounces of gold on hand, then we are going to have a very meager, miserly, mean economic existence - you can bet your last bottom dollar, on that...[/QUOTE]</p><p><br /></p>

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