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There isn't enough gold on earth to back our currency, therefor, we will not being going back onto the gold standard.
There isn't enough gold on earth to back our currency, therefor, we will not being going back onto the gold standard.
I done told you es to look into gold, told you last year and yet you ignored it.
When the dollar collapses, there sure will be enough gold to go back into it as the standard tbh...
More like wishful thinking... we're not going back to the gold standard.
when is that?
As Schiff predicts... it could be in the next presidential term.
could be? That's some prediction... I think Schiff is full of ...
Schiff was full of when he predicted 2008 too right?
He was hardly the only guy spotting the bubble... a lot of people spotted the dotcom bubble too...
Still waiting for this 'hyperinflation' claim from 2007 to materialize... not holding my breath...
Some predictor...
I bet he made good money selling books during his 15 mins of fame though...
Beat me to it.
Some people are prepared.
what an annoying youtube that was. those drum sound effects... jesus...
the problem with gold is that there are so many people and not enough gold that you'd literally have to pay for small purchases with like 1 grain of a gold fleck
sorry about that. I have the audio muted here so I had no idea
Go filter a bottle of goldschlager
i mean you wouldn't literally do that as you'd use a dollar backed by gold but still..that 5 dollar bill you hand the clerk would literally be backed up by like a tiny grain that you could only see under a microscope. i wonder exactly how much gold there would be per dollar if you backed up every dollar in circulation.
The gold standard is a solution in search of a problem. If we had been under such a system in 2008, we would be in a second Great Depression right now.
Say o to your new Boss.
China has far bigger problems than we do.
I know, no Walmarts.
http://economix.blogs.nytimes.com/20.../?ref=businessI asked Maurice Obstfeld of the University of California, Berkeley, a noted expert in international economics, what he thought the consequences would be of returning to a gold standard today.
Professor Obstfeld pointed out that support for a gold standard, both in 1980 and today, appeared to be linked to a recent sharp run-up in the price of gold. But whereas the earlier run-up was clearly because of inflationary expectations, today’s is related to financial instability. This is important, because while gold might have helped reduce inflationary expectations, it would make financial instability worse. Professor Obstfeld says “it could be disastrous.” As he explains:
If financial distress continues to push the relative price of gold upward in the coming years – whether due to a euro collapse, Israeli strike on Iran, whatever – then the Fed, if on a gold standard, would have to engineer deflation to hold the nominal gold price constant.Professor Obstfeld further notes the problem of huge capital flows, domestic and international, for a modern-day gold standard:
Because of both the sheer size and the array of securities now available in modern asset markets, the supply and demand forces the United States government might have to withstand to peg the price of gold are orders of magnitude greater than they were even a couple of decades ago, and certainly greater than in any other epoch when a gold standard was seriously entertained.It would appear, therefore, that if the goal is to reduce governmental influence in monetary affairs and reduce financial instability, a gold standard would move in the opposite direction on both counts.
For example, speculators could take immense short positions against the dollar, in favor of gold, through highly leveraged derivatives contracts. To withstand this immense market pressure, the government would have to impose severe restrictions on asset markets – not just on international transactions, but on purely domestic transactions as well.
Furthermore, the government would not want to find itself in a position where a bear squeeze on speculators would lead to chains of counterparty failures that throw the financial system into crisis. So a broad range of financial activities might have to be more tightly regulated for this second, distinct, reason.
Yet nobody guarantees hyperinflation in the near future, it's just that hyperinflation is the eventual result of endless fiat money printing, tbh....
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