Occupy Wall Street Calls For The Gold Standard Now!
As TheGoldStandardNow has said: the gold standard is neither right nor left. It's small-r republican money, the people's money, the money of the working person's prosperity, security, and liberty. An activist at Occupy Wall Street says it beautifully: "Gold and silver. Been honest money since the dawn of time. The only money that's ever worked...."
The resistance continues at Liberty Square and Nationwide!
From OccupyWallSt.com: Gold will always play a role as a money, or as a check against a money system that is out of control. But the simple facts are the gold backed money has never worked any more than fiat money, as the powers that be simply change the valuations whenever it's to their liking (cue FDR and Nixon). What's needed are strict Constitutional rules related the CREATION and CONTROL of money. Gold will always have an important role - but it is not the panacea to our debt issues - Constitutional oversight is: http://economicedge.blogspot.com/2010/01/fallacy-of-gold-backed-money_02.html Please, Oh please, end this tired debate. To all those who think that returning to the gold standard is going to be the saving grace of all humanity, I have one request: Please pick up your history books and READ about the havoc that the Gold Standard has been wreaking on economies for the years that it was used and appreciate how non-sensical this idea is. Or better, read an Economics textbook. Or speak to an Economist (who isn't Robert Mundell). That'll clear up all the fog and idiocy behind this post. You're the one who needs to read their history, though it's clear you know nothing of the history of the United States. The US became the most prosperous country on earth because of a currency with intrinsic value. Gold and silver currency keeps real wealth in the hands of the most humble worker. Paper currency steals that wealth and transfers it to banksters. That's why America's founders wrote a gold and silver currency into our constitution. Yeah, you go read your "economics" textbooks, lol. I'll take Thomas Jefferson over anything you've been brainwashed with. U.S. Constitution - Article 1 Section 10 Article 1 - The Legislative Branch Section 10 - Powers Prohibited of States No State shall...make any Thing but gold and silver Coin a Tender in Payment of Debts And before that, FDR stole it from the American people through confiscation. Americans were forced to take paper while FDR allowed his European elite friends to cash in their US dollars for gold. In one fell swoop, FDR transferred the real wealth of the American people to rich Euroslime. Gold and silver. Been honest money since the dawn of time. The only money that's ever worked.... U.S. Recession Fix: Dollar Stability or More Stimulus?
Recovery from the Great Recession of 2007-09 has been painfully slow. Unemployment remains stubbornly high. The housing market is still in arrears. Central bankers, policy makers, and academic economists are running out of ideas. This latter point might actually be cause to celebrate if the outlook were not so bleak. In a special report on the world economy, Financial Times contributor, Robin Harding, summarized the situation this way, “Three years after the peak of the Great Recession, the world’s central bankers are like a walking party that has set off for a very long trip in the mountains and remains far from its destination. Despite trillions of dollars of quantitative easing, huge liquidity operations and a range of experiments in central bank communication, the legacy of the financial crisis has not yet been overcome.” A wedge is being driven between the two monetary policy camps which are largely defined by their willingness (or not) to provide additional stimulus. Members of the “more is better” approach hope to see QE3. Led most publicly by Paul Krugman, they argue that the record-breaking monetary interventions to date were not large enough. Members of the “enough is enough” camp include the likes of Charles Plosser of the Philadelphia Fed who said in June that, “We must be willing to act…This includes taking the right actions at the right time to exit the extreme accommodative policy that is now in place.” There is a burgeoning third camp: the “less is more” crowd. This does not simply mean the Tea Party, though some members certainly overlap. This means that with a stable monetary standard in place, like the true gold standard, individuals alone choose how many dollars to hold. The credit-creating Federal Reserve and commercial banking systems could no longer systematically supply excess dollars to the market without the production of new goods and services—that is, without real economic growth. These excess dollars artificially increase purchasing power, encouraging runaway budget and balance-of-payments deficits. Advocates of the true gold standard have history on their side. Proven in the “laboratory of human history,” the classical gold standard provided for long periods of uninterrupted economic growth and general price level stability. Mr. Lewis Lehrman carefully explains The Dollar Problem and Its Solution in a new essay. He says, “To restore long-term price stability and to sustain an equitable market for growing world trade, the dollar, a monetary yardstick, must again be defined in law as a precise weight unit of gold… A dollar as good as gold is the way out of the monetary maze in which we are currently lost.” Financial Times report: http://www.ft.com/intl/reports/world-economy-2011 Lewis Lehrman’s article: http://www.thegoldstandardnow.org/featured-articles/780-the-dollar-problem-and-its-solution Because We Have Monetary Policy, We Have Social Security
As presidential candidates debate whether Social Security is a "Ponzi scheme," it is worth noting what a deal Social Security purports to be. Whatever you put in, you get back plus inflation and a little interest. That’s the government’s guarantee. And yet what if money never lost its value, if there were no such thing as inflation? If you saved money, on retirement, you’d get your savings back plus inflation (in this case zero) and interest – the same deal as Social Security. And yet because inflation is such a certainty in real life, because we have a Federal Reserve pursuing monetary policy in lieu of a gold standard, we cannot trust our own selves to be savvy enough to know how to save. How do you beat inflation? Certainly not by salting money away in the bank; stocks can win, but they can lose too; same with bonds…drat to all of it, have the government guarantee my savings! We should recognize that Social Security – including its prospective insolvency – is yet another cost of not being on gold. For with stable prices, saving for retirement is so simple that everyone can do it without the help of the big hand of government. The New York Sun: "Looking Forward to Gold"
As President Obama promotes his deficit-reduction plan, our attention is on James Grant. We’re adding the editor of Grant’s Interest Rate Observer to our list of sages who can articulate the case for monetary reform in the spirit of Charles de Gaulle. Mr. Grant didn’t summon 1,000 journalists to a press conference in the salle de fetes the way the president of the Fifth French Republic did in 1965. He went him one better, appearing this week on an edition of CNBC’s Squawk Box devoted to the gold standard. The result is a memorable piece of journalism that is yet another instance of an important institution — CNBC — taking a new and suddenly more respectful look at what has in recent decades been set down as, to use Keynes’ phrase, a barbarous relic.
>snip< [Would have included it all but the Sun likes you to go there to read; a most reasonable wish.]
Looking Forward to GoldEditorial of The New York Sun | September 1, 2011
We wouldn’t want to get so far up on our high horse that we fail to acknowledge that Mr. Bernanke has some things he could do to cause value to flow back into the Federal Reserve notes he has been issuing. Chairman Volcker showed us that in the 1980s. But it’s going to be hard for Mr. Bernanke absent a president to work with of the vision of the Reagan that stood in the White House for much of the period that Mr. Volcker ran the Fed. The irony is that President Obama will shortly be giving a speech on jobs. We are in a cru in which, as Ralph Benko, among others, has been pointing out, sound money is the most important plank of a real jobs program. This has so far eluded the Obama administration, and the chorus grows for the kind of profound, era changing reform that is being called for by Mr. Grant and the growing chorus that wants to move forward to a gold standard.
Read All About it here: http://www.nysun.com/
And purchase 'It Shines for All:' The Gold Standard Editorials of The New York Sun. "This brilliant book is The Federalist Papers for a gold standard. It succinctly, dazzlingly - and convincingly - makes the irrefutable case for re-linking the battered dollar to gold. Alexander Hamilton would have been impressed - and you will be, too." -- Steve Forbes
Washington Post: "Republican presidential candidates want to ... restore the gold standard...."
As observed by this writer at Forbes.com: "Republican presidential candidates... wouldn’t mind ... putting the country back on the gold standard. I realize economics isn’t a science the way biology and physics are sciences, but it’s close enough to one that there are ideas, principles and insights from experience that economists generally agree upon. Listening to the Republicans talk about the economy and economic policy, however, is like entering into an alternative reality." ... Too facile and too glib, Steve. Hayek, speaking about the “Pretense of Knowledge” upon his acceptance of the Nobel Prize in Economics (kooky, Steve?), talked about the very “ideas, principles and insights from experience that economists generally agree upon” on which Pearlstein’s confidence depends:
There is something more than a little disorienting at seeing one of the soldiers of the Washington Post, red as its coats have grown, conclude his column with a triumphant embrace of the president whose downfall his predecessors at the Post brought about: “It took a while, but even Richard Nixon came around to declaring himself a Keynesian. Maybe there is still hope for Perry and the gang.”
Hope? This seems to say that it is Pearlstein’s hope that GOP candidates like Rick Perry (and the “gang”) will … measure up to … the personal integrity? … the wonderful stagflation? … of Richard Nixon. Yet … Pearlstein writes that “Listening to the Republicans talk about economic policy … is like entering into an alternative reality.” Discuss. More Articles...
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Gold and silver are real money. Fed reserve notes = debt. Use your paper, ponzi currency to buy gold and silver while you still can!
no, gold and silver are solid things being used to con scam you into a simple repeat of history.http://en.wikipedia.org/wiki/Shays%27_Rebellion