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 Replies: 35 / Views: 6,199 |
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Valued Member
United States
61 Posts |
 Anyone heard anything about the US Dollar supposedly to be revalued on 9-29-10 and moved back to Gold standard? I know this has been rumored for many months, but this new date ........ Curious if anyone else has heard of this most recent rumor proposed date or what an exchange rate might be? I heard 10 or 12 to 1
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Pillar of the Community
3660 Posts |
Haven't heard anything other than foolishness made public by some very questionable sources. It isn't going to happen.
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Pillar of the Community
 United States
2448 Posts |
The US can't afford to make that move. Nor are our Representatives that stupid. Although, I've been wrong before.
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Pillar of the Community
United States
2373 Posts |
With as many dollars printed it is scary to think what the price of gold would be. The supply of gold is limited but the currency grows exponentially. nlp
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Valued Member
United States
364 Posts |
Why would it be stupid to move back to the gold standard?
(Just curious -- no political stake in this issue as of yet, except for it seems like fiat isn't working out)
Edited by TenSense
09/27/2010 10:56 am
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Pillar of the Community
United States
3294 Posts |
Because the amount of gold the US owns is far, far smaller then the value of the US dollars that are out there.
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Pillar of the Community
United States
2448 Posts |
 What he said. |
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Valued Member
United States
380 Posts |
Before Alan Greenspan drank the cool-aid, he wanted to move the country back to the gold standard. Now... he is another fool, albeit a rich fool.
Movement away from the gold standard was a grab at power. The Federal Reserve knew it could not flood the world with US dollars if it had to back them by gold. Once the gold was gone, the fed immediately started buying countries using our dollars by loaning foreign governments money they could not repay, making the Fed the power hungry imitation government institution it claims to be today. The Fed, just like the IRS need to be closed, doors shut, and history re-written to show the unconstitutional powers usurped by power and money hungry banks and politicians.
Then I woke up.
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Valued Member
 United States
61 Posts |
Sorry, wasn't trying t get something started. I was just curious if anyone else had heard these most recent rumors. No kidding the US doesn't have the gold to cover all the dollars, thus a revaluation.  Also no kidding the fiat money isn't working!  Finally, where I heard it would not be considered a non-credible source. I can't say one way or the other if I think it would be good or bad at this time, but I will vote that the current setup (Fed Res) sucks. If it does happen, it will send shock waves around the world and you can bet we will see a banking holiday, not to mention what else the Fed might pull. Bernake recent stated it is within their right to shut down any bank they want for any reason if the Fed feels it is necessary and in the best interest of the Fed. Oh well we will wait and see. |
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Pillar of the Community
United States
4085 Posts |
The United States has a huge - absolutely huge - gold reserve. Close to 9,000 tonnes and the largest in the world.
When you are a debtor nation, why tie your currency to gold and deplete your gold reserves when other countries are willing to accept paper money backed by nothing as payment for tangible goods and services?
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Pillar of the Community
United States
505 Posts |
Quote:
The United States has a huge - absolutely huge - gold reserve. Close to 9,000 tonnes and the largest in the world. Where did you find this info?...Ive heard the exact opposite! |
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Pillar of the Community
United States
4085 Posts |
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Pillar of the Community
United States
2661 Posts |
Quote:
When you are a debtor nation, why tie your currency to gold and deplete your gold reserves when other countries are willing to accept paper money backed by nothing as payment for tangible goods and services? And we work for the same worthless paper money.  The government would not want to tie the paper dollar to a tangible asset such as gold or silver because those of us who could afford it would be trading in our extra dollars for precious metals thus depleting the reserves. |
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Pillar of the Community
United States
3294 Posts |
Even with a 9,000 metric ton gold reserve, that only translates to $374 Billion. The US GDP generally runs at $10+ trillion a year, so there would be some serious problems changing to gold.
Edited by nod2003
09/27/2010 4:43 pm
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Valued Member
United States
61 Posts |
I hope you are not really relying on CNBC for your source of honesty in government or our gold supply. Like someone said, 9000 metric tons equates to roughly $380 billion dollars; comes up a bit short for our debt load.
Remember the Fed Reserve Note is simply another debt instrument with no value, other than the value of the paper.
Mes thinks the system is going to collapse soon.
Oh well, hold on for an interesting ride.
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Pillar of the Community
United States
4085 Posts |
The Wikipedia article quoted 8,133.5 tonnes as of Dec. 2009. CNBC quoted just under 9,000 tonnes as of May, 2010. Two sources are good enough for me. I don't know why you would see CNBC as an unreliable source. Do your own google and see if you can find any facts to counter those two numbers.
Like I said, why tie your currency to gold when the rest of the world accepts paper instead? You send me a TV and I sent you a couple slips of printed paper. Who's got the better end of that deal?
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Replies: 35 / Views: 6,199 |
Posted 09/27/2010 10:32 am
