Franco
03-30-2012, 04:47 PM
Personally, I can't understand how the death of T Martin dominates the news and political talk when we are faced with much more serious issues. Instead of focusing on what is really important, the media does a great job of diverting attention away from the issues that really affect this country.
Take our miserable monetary poilcy...
Japan and China recently agreed to trade their currencies directly
without using the $US dollar. India has agreed to exchange
gold for oil with Iran. Russia constantly talks about working
toward a new standard. Why not prepare for this? It's
completely insane to disregard the inevitable. There is zero
chance the $US dollar remains the world's reserve currency
indefinitely, so we should at least be setting up some
commission to study a transition to commodity money. How does
that hurt? We did it in the early 80's. And yes, there is
enough gold. You don't need to establish a 100% reserve
standard. It's true that central banks would have to contract
some of the money supply, but as of late last year, our current
estimated gold reserves at market prices amounted to about 15%
of M1. To put that into perspective, when Great Britain was on
the classical gold standard back in the 19th century (and at
the time was the wealthiest society in the history of the
world), they averaged 20% gold reserves. There's simply no
getting around the fact that fiat currencies don't work. You
can't find 1 example in the history of the world; whereas, gold
has 6,000 years of history as being recognized as the best
monetary unit of exchange. I find it odd that so many people
are so quick to dismiss 6,000 years of economic law."
Take our miserable monetary poilcy...
Japan and China recently agreed to trade their currencies directly
without using the $US dollar. India has agreed to exchange
gold for oil with Iran. Russia constantly talks about working
toward a new standard. Why not prepare for this? It's
completely insane to disregard the inevitable. There is zero
chance the $US dollar remains the world's reserve currency
indefinitely, so we should at least be setting up some
commission to study a transition to commodity money. How does
that hurt? We did it in the early 80's. And yes, there is
enough gold. You don't need to establish a 100% reserve
standard. It's true that central banks would have to contract
some of the money supply, but as of late last year, our current
estimated gold reserves at market prices amounted to about 15%
of M1. To put that into perspective, when Great Britain was on
the classical gold standard back in the 19th century (and at
the time was the wealthiest society in the history of the
world), they averaged 20% gold reserves. There's simply no
getting around the fact that fiat currencies don't work. You
can't find 1 example in the history of the world; whereas, gold
has 6,000 years of history as being recognized as the best
monetary unit of exchange. I find it odd that so many people
are so quick to dismiss 6,000 years of economic law."