We should go back to the gold standard

We should go back to the gold standard,

what do you say?

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#ronpaul2012

Go ahead. I'm pretty sure if you buy gold people will accept it for what it's worth.

does going back to gold standard mean gold stocks 2damoon because they need it to have value behind all money??

gold
silver
metals

imagine using gold and silver coins to buy for stuff, and gold backed paper

your currency is an investment itself and is valuable in your hands in case the markets crash, gold still has value

sure, we may discover lots of gold in space in 100 years

but fiat looks to be crashing with all this devaluation and government control

the idea that government control over teh currency is more safe then market control is kinda off

>in case the markets crash, gold still has value
Up until the government is forced to suspend convertibility to gold anyways. Because that's never happened in history, right?

Few gold standard currencies in history were actually backed by its full value in gold, you tard. The gold standard has always just been about maintaining enough gold to satisfy convertibility demand. It's literally shittier fiat.

>we may discover lots of gold in space in 100 years
gold comes from dying stars
the universe s full of it
earth is full of it

Being on the gold standard means there's a risk of hyperinflation when the government runs out of gold. Even with Bretton Woods there was high inflation when it ended.

Also, putting the country on the gold standard is an idiotic waste of gold! The government could invest in education, in infrastructure, in science or even in healthcare: they're all much more efficient uses of resources than wasting them acquiring gold.

One simple consideration here:

Do you own gold?

If not, you will not benefit

The Nazi Labor Certificate system was the greatest monetary system ever, but it goes against the interests of the international bankers. Hence WW2

>Being on the gold standard means there's a risk of hyperinflation when the government runs out of gold.
That's not the fault of the Gold standard, that's the fault of governments printing vastly more paper than they possess Gold covering it. In that sense, it keeps money honest. Nixon was forced to end the convertibility of Dollars to Gold since there was a rush of countries trading in their Dollars for Gold and the US was going to eventually default on their obligations.

>Even with Bretton Woods there was high inflation when it ended.
Again, blame governments for printing paper. Just because we've removed the Gold backing the paper doesn't mean we've removed the risk of hyperinflation.

...

>ww2 was started for any reason other than German expansionism

There is not enough gold to cover all the money in circulation. Gold was only used in the past because securing transactions was difficult.

You can buy gold or any other commodity or asset you want if your faith in fiat currency is shaken.

>implying the polish weren't massacring ethnic Germans in new Poland which incited Hitler to attack

US could dig up Alaska to search for more gold and sustain high spending.

Or search the ocean for gold.

Or start wars with gold rich countries.

But really you can't run your car on gold. You can make some computer chips out of gold but lots of those were converted to copper when the price of gold went up. Who gives a fuck about gold anyway? What happens when US gets all the gold and has a ton of shitty mining equipment? Do you magically convert back to an industrial economy when anyone gives a fuck how much rock you can dig? What is wrong with you what a gay idea

there is enough gold.. you just have to increase the prices to 1 million dollar per ounce or something

I'm not a mouth-breathing Zero Hedge reader, so I say we shouldn't.

I am indeed implying that.

We should peg our currency to renewable energy- generation capacity. Energy independence, economic stability, reduction in carbon emissions, all in one.

I say no because all us dollars in circulation are greater than our gold reserves

We would have to inflate the price of gold to ridiculous levels

>What is gold from seawater in 30ish years

>fiat.
I don't think that word means what you think it means.

Wewlad
Vote for Bernie did you?

>That's not the fault of the Gold standard, that's the fault of governments printing vastly more paper than they possess Gold covering it.
Not being on the gold standard would eliminate the problem entirely. So it's the fault of the gold standard.

If you limit the production of money because of the amount of gold you possess, it means you're serving gold at the expense of the people. Gold becomes your master.

If you're on fiat currency, money is the servant and the people are the master.

Pegging your currency to renewable energy generation capacity means you wouldn't be able to afford more renewable energy generation capacity.

Just let it float, and buy all the renewable energy you need.

>money is the servant and the people are the master
If you're going with that analogy, what happens when masters abuse servants?
They rebel - "they" being the fiat currency and "rebel" being uncontrollable hyperinflation.

The real economy is basically the transfer of energy.

so fuck yes

I say we forget the gold standard and use the Bitcoin standard.

Why? Why does gold have more intrinsic value then fiat money? IMO its the same. Also USD is sorta backed by oil becasue of OPEC and since all currency can be exhanged for dollars we have a "oil" standard atm.

>Why does gold have more intrinsic value then fiat money? IMO its the same
See:

We should peg our currency to bitcoins.

>There is not enough gold to cover all the money in circulation.
Why do people keep repeating this fallacy? The price of Gold simply rises to accommodate. Since Gold is worthless according to Veeky Forums then $100,000/oz convertability shouldn't be a problem. Print another $10Trillion? Never mind, just redonominate Gold at $500,000/oz and devalue your currency. Nothing could ever go wrong.

>The price of Gold simply rises to accommodate.
no, the purchasing power of gold rises.

which defeats the entire purpose since over time the price of gold has risen constantly but its purchasing power is stable.

you'd ruin it.

also like I keep saying, raising the price only works if THE ENTIRE WORLD is on a gold standard. Otherwise your price goes up locally, everybody sell you their gold at your inflated price, and then nobody trades in your currency. They demand payment in gold which they then sell to you again at your inflated price.

>If you're going with that analogy, what happens when masters abuse servants?
>They rebel - "they" being the fiat currency and "rebel" being uncontrollable hyperinflation.
Well if you're going with that analogy, servants will put up with a lot more than masters will!

To get hyperinflation with a currency on the gold standard, it's easy: just print money and refuse to officially devalue until you've run out of gold. Likewise currencies on the dollar standard (like the Venezuelan Bolivar) can suffer hyperinflation when the country doesn't have enough dollars.

Fiat currencies are almost hyperinflation proof, but not quite. Fiat currencies have hyperinflated when the government has borrowed in foreign currencies, then (after the investment has gone bad and the temporary boost to their own currency has exhausted) they printed/borrowed and immediately sold their own currency to meet repayments.

But printing money for domestic investment does not cause hyperinflation unless the country's blockaded or doesn't have an effective tax system.

I know exactly what it means.
noun
inconvertible paper money made legal tender by a government decree

Gold is Money you Fag, and that paper you niggas love is just currency it has no value.
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No, because money is what the consumer of last resort demands. Right now, it's oil.

We are on an oil standard.

It failed. The government cant control monetary policy during inflations on the Gold Standard. See; Bretton Woods.

I say yes

Gold has very little intrinsic value. It's a silly benchmark.

Gold standard is what caused the 20's depression, it makes effective monetary policy very difficult.

gold is bad mmkay