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It was an event-filled and turbulent evening last night as the results for the 45th US presidential election rolled in, signalling that the majority of the American electorate had voted for Republican candidate Donald Trump. Trump received over 270 of the 538 electoral college votes needed to secure a majority. Trump will now be inaugurated as US President on Friday January 20, 2017.
rump and a Gold Standard
Beyond these short-term benefits to the gold price and the prices of other precious metals from a Trump victory, there are some other longer-term benefits to gold that a Donald trump presidency might create.
These longer term potential benefits to gold stem from Trump's affinity for the use of a gold standard as part of the US monetary system. A gold standard, to define the term generally, is a monetary system that employs gold as a monetary unit, and links the economy's currency to that monetary unit of gold. When used by a number of countries, each country's currency can then be expressed in terms of gold, i.e. the exchange rates between the currencies are defined in terms of gold.
Donald Trump is known to be sympathetic to the concept of a gold standard, and even attracted to the prospect of implementing a gold standard as a way of maintaining the stability and value of the US Dollar. The first of Trump's recent references to a gold standard came in a 2015 interview with WMUR-TV, New Hampshire, in a segment called ‘Conversation with the Candidate’, published on March 31, 2015, in which Trump commented on the gold standard in response to an audience question:
Question: “Can you envision a scenario that this country ever goes back to a gold standard?” Trump: “In some ways, I like the gold standard and there is something very nice about it but you have to go back at the right time... We used to have a very solid country because it was based on a gold standard for it. We do not have that anymore. There is something very nice about the concept of that. It would be very hard to do at this point and one of the problems is we do not have the gold. Other places have the gold."
The transcript of this interview can be read in an archived page of the WTAE-TV Pittsburgh website. See ‘web extra’ section. WTAE is a sister channel of WMUR.
Following his March 2015 comments, Trump again addressed the gold standard in November 2015 in a short video interview with GQ magazine when he said:
“Bringing back the gold standard would be very hard to do, but boy would it be wonderful. We'd have a standard on which to base our money."
originally posted by: BrokedownChevy
Yayyyyyy ATS just went full circle. Gold standard thread.
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The gold standard is a horrible idea for many reasons. He also wants to increase interest rates for the same reason- it will make people who already have lots of money very rich.
Of course they will get rich at the expense of everyone else who will be impoverished as the cost of their debts balloon and the amount of money they can attain decreases due the to money supply not keeping up with growth and demand.
We don't have enough gold anyways to realistically achieve this.
Look up fractional reserve lending
originally posted by: HUMBLEONE
originally posted by: JesusXst
originally posted by: HUMBLEONE
There is know gold. Bubba done stole it.
Time to steal it back from Bubba.
I agree. Who knows where it is now? Remember the old conspiracy theory that all the gold in Fort Knox was gold plated tungsten?