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 Replies: 35 / Views: 6,203 |
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Bedrock of the Community
Australia
21788 Posts |
Given the price volatility of gold, if the USD was tied to the gold price and with the leverage indicated in previous posts, it would be financially similar to grabbing an enraged bull by the tail.
The Chinese Government currently has it's currency pegged to the U.S. Dollar. THAT would make them think twice!
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Valued Member
United States
182 Posts |
Yep, the Chinese bought the American dream, one horrid cheeseburger or double down at a time! The Chines HAVE TO use greenbacks to purchase our stuff. The highest selling car over there is a Buick. Reminds me of a song line by an eighties band " they softly sell you back what they stole' Think it was Del Amitri. That tiger analogy is so appropo, turned in old world language style. Kudos to the Aussie english teachers...they have it down apparently.
Had me laughing aloud.
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Pillar of the Community
 United States
2448 Posts |
Why do you think the US has an Armored Division at Ft. Knox? They just ain't for training gang. I doubt that the government really knows what's in that repository alone. There are a lot more precious things stored there than gold. I remember reading that during WWII, many crown heads of Europe were allowed to store the Crown Jewels at Ft. Knox.
The Fed Res Banks have sizable holdings of their own. It would be bad strategy to truthfully reveal the assets we hold to the world when it's not required. The greenback will rein as the commercial standard for trade until we spend ourselves into oblivion.
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Valued Member
United States
182 Posts |
This country has a strong intellectual base, the wellspring of enterprise. We can expect the world to be clamoring for IPhones and such for all of time. Never been anything like the United States, never will be again. In history, we shall be known as the new cradle of civilization, supplanting all other creative cultures combined. Now if we can just keep the earth's plates from making New York sink into the ocean like Atlantis. God bless Here.
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Pillar of the Community
3660 Posts |
Quote:
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. You've definitely got my curiosity up now. Who IS this credible source? What effects does he/she feel that such a move would have on the stock market? Edited by zeewool
09/29/2010 6:46 pm
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Moderator
 Australia
16837 Posts |
Quote:
Anyone heard anything about the US Dollar supposedly to be revalued on 9-29-10 and moved back to Gold standard?
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..where I heard it would not be considered a non-credible source. People shouldn't use no double-negatives, but I think it's safe to say that this particular non-non-credible source can now be filed in the "looney conspiracy theorist" bucket. It's the 29th today, by my reckoning, and look - no revaluation, no gold standard. Revaluations and new currencies take years to prepare in advance, and they're not done in secret and suddenly sprung upon an unsuspecting public. Not outside of North Korea, anyway. They can't just keep using the same old coins and notes currently in circulation, they'd have to withdraw them and issue new ones. Enough new coins and notes would have to be stockpiled and distributed to be ready for issue on changeover day. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
3660 Posts |
I'm with you Sap.
Edited by zeewool
09/29/2010 11:33 pm
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Valued Member
 United States
61 Posts |
Have to agree. Again the question was asked as if anyone else had heard of the rumor.
Maybe Congress scurrying off without a budget, but a stop gap measure to keep the gov't functioning through election day has worked to delay anything. heck who knows these days with the current congress & admin what may or may not occur. I would put nothing past any of them.
It did not take a long time in the 1930s to do a currency change over (granted there are more people & cash now), so who know what they might do these days. If such a thing were ever to come to pass, I would put nothing past them & I don't think they would think twice about simply calling an emergency bank holiday and shutting things down for a few days to get their act together.
Oh well lets just keep plugging along.
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Valued Member
United States
462 Posts |
Why again is gold intrinsically more valuable that a fistful of dollars? I can't eat it. And most clerks at grocery stores wouldn't accept it. It's a shiny malleable metal that does indeed have some uses (electronics and sun visors on space suits), but as far as liquidity... it doesn't really work unless you have a commodities exchange nearby.
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Pillar of the Community
United States
880 Posts |
Hey did you guys hear that in 2012 the world is coming to an end? Seems to me that it doesn't matter what the dollar is backed by...
Sorry I'm stuck at work on a Sunday.
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Valued Member
United States
160 Posts |
 Did you guys hear that there are going to be ATMs opening where you will be able to buy gold from? |
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Moderator
United States
188877 Posts |
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Valued Member
United States
160 Posts |
Oh guess I'm a little late on it then haha
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Moderator
United States
188877 Posts |
Maybe, but it is still okay to talk about.  |
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Pillar of the Community
United States
2448 Posts |
I'm nervous enough just using a cash ATM. Someone just paint a target on me and get it over with. Thank heavens they're just in the middle east. I doubt you'll see one in a mall near you anytime soon.
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Replies: 35 / Views: 6,203 |
First Page
Posted 09/28/2010 10:15 am
