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Trump proposes returning to the gold standard.

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posted on Mar, 15 2018 @ 05:58 AM
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a reply to: TheConstruKctionofLight

Ummm, your link is literally explaining how those 5 banks set the price of gold twice every day. How is Krazy's statement that you quoted wrong?




posted on Mar, 15 2018 @ 05:58 AM
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a reply to: Doctor Smith

Or or.... the value of the dollar would simply go down to whatever it takes to back up the gold the US has in it's possession.
Think about that



posted on Mar, 15 2018 @ 05:58 AM
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a reply to: Krazysh0t

It will implode, just like 2008. All it will take is some bank run, some lack of confidence, some countries fraudulent books being exposed....

Who and how will the bail out be paid. Bail-Ins.


www.zerohedge.com...


The recklessness of the “too big to fail” banks almost doomed them the last time around, but apparently they still haven’t learned from their past mistakes. Today, the top 25 U.S. banks have 222 trillion dollars of exposure to derivatives. In other words, the exposure that these banks have to derivatives contracts is approximately equivalent to the gross domestic product of the United States times twelve.

As long as stock prices continue to rise and the U.S. economy stays fairly stable, these extremely risky financial weapons of mass destruction will probably not take down our entire financial system. But someday another major crisis will inevitably happen, and when that day arrives the devastation that these financial instruments will cause will be absolutely unprecedented.
During the great financial crisis of 2008, derivatives played a starring role, and U.S. taxpayers were forced to step in and bail out companies s......



posted on Mar, 15 2018 @ 06:07 AM
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a reply to: dragonridr



US has gild reserves from China about 600 tonnes that it refuses to return


Source of your claim please.


www.bullionstar.com...


The claimed physical gold held by the US Government The US Government claims to hold 8133.5 tonnes of physical gold in its official reserves. However its impossible to verify this number because the entire story around the US gold reserves is opaque and secretive.

Therefore, it’s impossible to say how much, or how little, physical gold the US actually has. This is so because there has never been a full independent audit of the US gold reserves, and the custodians of the gold (the US Mint and the Federal Reserve of New York) will not let anybody into the vaults to view the gold or to count it.

Even the details that have been provided on the supposed US gold holdings show that a majority of the gold bars are low purity and in weights thatdon’t conform to industry standard ‘Good Delivery” gold bar specifications.



posted on Mar, 15 2018 @ 06:21 AM
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originally posted by: openminded2011
Russia and China are rapidly backing their currency with gold...


No they aren't, stop making things up.



posted on Mar, 15 2018 @ 06:43 AM
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originally posted by: nwtrucker
Apologies for the delay in responding.

Your number one the power in the hands of the owners of the gold mines? As opposed to who has the 'power' now?

The point is that you are just handing the reigns of power to yet another player, and its not like the banks won't continue to be the gatekeepers of monetary policy anyways. So they'll still have the same power as always. You'll just have one more source of corruption to worry about.


If one controls the price that gold can be sold, one would think the real power would reside with the controllers of the price, not the mine owners.

Things work a tad differently when you are the direct producer of the monetary supply. Why do you think that bitcoin mining is such a big thing now? People want in on the ground floor of a new currency.


Your number two, then set the price for the gold even higher and leave room for more printing. Then a balanced budget amendment.

You can't just "set the price of gold higher"... The price of gold is determined on the world market. If you set it too high, then no one will buy it. The point of pricing gold is so that it can be sold later. If no one buys it then it won't be worth that price anymore.


Number three, if the banks gold is kept in the hands of the gov't, then there's a means of controlling banks from 'over leveraging' their gold.

Yeah. Now you only have to worry about the government doing it. How is that working out right now? Oh yeah, we're $20 trillion in debt thanks to our oh so responsible government and about to be even more in debt thanks to the tax bill that was just passed.


Number four . I see that. Yet, leaving it as it is and gov't taking liberties printing the stuff and piling up the debt will make those recessions look like a walk in the park.

Well for now, that remains to be seen since the last time we had a recession our government applied correct economic theory to increase government spending to take the edge off of the loss. For as misguided the bailout was for who it bailed out (banks instead of the people who were actually suffering) it was correct policy overall. It could have been implemented better, but thanks to it we have the economy we have today.

Though I AM concerned because of this recent tax cut from supposedly fiscal conservatives that is going to increase our national debt even more during a time where the economy doesn't need more spending. So maybe you'll end up being right in this case when irresponsible politicians screw up our economy. We'll see. I hope not though, because if so #'s going to get real and that's not something anyone should wish for.


What would you suggest an alternative?

I still would like to see a better monetary supply put forth, but we need to be liberal about it not conservative. We should implement technology. Bitcoin maybe the way of the future. If we can remove the human equation as much as possible, we can reduce the source of corruption. Algorithms are only as corrupt as the people who program them. Bitcoin is crowd sourced. It's impossible to create a concerted web of corruption that could overcome the crowd sourcing. At least with current technology.



posted on Mar, 15 2018 @ 06:45 AM
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originally posted by: nwtrucker
a reply to: Krazysh0t

Just another thought. Per your numbers the total value of the current gold is about 7.5 Trillion with a national debt of 20 Trillion, so the numbers don't add up.

OK. So having 7.5 trillion backing your 20 trillion debt isn't better than having nothing backing that 20 trillion debt?


Goes to show you that selling an illusion is much easier than selling a physical object. Even recovering from crashes is easier with fiat currency than gold back currency. It's just easier to get people to trust them. Though it helps if your government doesn't do reckless things with your monetary supply to build the trust of investors and the public.



posted on Mar, 15 2018 @ 06:48 AM
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originally posted by: nwtrucker

originally posted by: Krazysh0t
a reply to: nwtrucker

Near failure? According to what metric? The stock market is still near its all time high. It may be down recently, but there aren't any signs that we are in danger of a recession starting in the near future.


The monies tied up in the stock market can be transfered to other currencies. The 'metric' is the national debt.

The need to repay the national debt is as much an illusion as the currency. If you repay the national debt then there would be no monetary supply. The economy would crash and no one would have any money to bargain with to get it back on its feet. So we don't actually WANT to repay the national debt. We just want to keep it manageable. That's why debt is always compared to the national GDP. The national GDP represents the nations output which also means taxes and the ability to repay the debt.



posted on Mar, 15 2018 @ 06:50 AM
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originally posted by: nwtrucker
then set the price for the gold even higher and leave room for more printing.


Nwtrucker, Krazy, Enlightened and Augustus all have an apple, a hungry United States consumer wants to buy one. The latter three are all asking in the $1.00 range for their apple, you want $3,500, who's apple are they going to buy?

You can locally set the price of gold at $1,000,000 ounce, now all you need is some idiot to give you the money over the daily spot price which is far, far lower.



posted on Mar, 15 2018 @ 06:53 AM
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a reply to: TheConstruKctionofLight

Ok. That's fair. I never looked up the process. However the gold price is set, the US government isn't going to be able to arbitrarily set the gold price to be ten times what it is now just to account for the current fiat monetary supply. That's ridiculous.



posted on Mar, 15 2018 @ 06:56 AM
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originally posted by: Krazysh0t
However the gold price is set, the US government isn't going to be able to arbitrarily set the gold price to be ten times what it is now just to account for the current fiat monetary supply. That's ridiculous.


We wouldn't be able to set it 10% above what it is now.



posted on Mar, 15 2018 @ 07:04 AM
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If this was really going to happen, there would have to be a culling of those who own the money (fiat). And there are more than just a hand full and they are very well funded (since they own the money). A lot would have to happen prior to returning to the gold standard.

a reply to: nwtrucker



posted on Mar, 15 2018 @ 07:09 AM
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a reply to: enlightenedservant

I thought you were more savvy than that. Krazys post implies that worldwide Govt institutions set the price in some sort of transparent way.



posted on Mar, 15 2018 @ 07:13 AM
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a reply to: AugustusMasonicus

says the troll ....



AugustusMasonicus
Stop it. You meant Warren G. Jefferson.





posted on Mar, 15 2018 @ 07:20 AM
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a reply to: nwtrucker

This is apolitical in nature, but will invariably be because, well, Trump. It could be just a tactic to keep the dollar stable and also serve as a shot over the bow of countries aiming to undermine the world fiat currency, our US dollar while we tackle our long term debt and viability.

However since we went off the standard in '72 to allow the money supply to expand exponentially and fund the globalist takeover we have seen jobs, manufacturing, and technology exit at the same rate. We have built the rest of the world up already, or those that can grab a hold of a golden life line when presented. Perhaps it is time to take care of our own? Time to give the golden goose a respite.

We have simply gone to the well too deeply in that the disparity of wealth from US to the rest of the world would allow. The leveling out is complete and it is time to stop the flow out. Seeds have been dispersed. Let the hands of others sow their own possibilities. Much has been given us, and much has been given to others. It is time to secure our children's future.



posted on Mar, 15 2018 @ 07:25 AM
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a reply to: TheConstruKctionofLight


Well I guess it would be easy for you to show us how Russia and China are creating a gold-backed currency then?

Maybe we shouldn't hold our collective breath.



posted on Mar, 15 2018 @ 07:26 AM
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a reply to: Krazysh0t




For as misguided the bailout was for who it bailed out (banks instead of the people who were actually suffering) it was correct policy overall.


So you are all for bailing out small business's as well? Why are banks not held accountable?



If we can remove the human equation as much as possible, we can reduce the source of corruption


Please do tell me how the average Joe shareholder can play at High Frequency trading???

wiki


High frequency traders try to profit from the price movements caused by large institutional trades. When a mutual fund sells a million shares of a stock, the price dips—and HFTs buy on the dip, hoping to be able to sell the shares a few minutes later at the normal price



posted on Mar, 15 2018 @ 07:28 AM
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a reply to: dashen

Feed them to the lawyers?



posted on Mar, 15 2018 @ 07:36 AM
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a reply to: Krazysh0t

? Those banks set the gold price. How much gold is there in any sovereign nation vaults that hasn't been (loaned) leased out or sold off?

If gold is valueless why is it still used in exchange between banks?



posted on Mar, 15 2018 @ 07:37 AM
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a reply to: TheConstruKctionofLight

When the US was using the gold standard, the US govt did set our price for gold and the exchange rate for how many USDs could be changed per ounce of gold. I already covered that in more detail in an earlier post.

However, I only responded to your post which was replying to when he said "Gold prices are set worldwide". Well, as of 2014 they are set worldwide by those 5 banks. But if we tried to revert back to the gold standard, the US federal govt would then have to peg the USD at a specific price. This would only affect the US's official price of gold while it wouldn't force other countries oe entities to adopt our rate, which is what I thought Krazy was talking about.
edit on 15-3-2018 by enlightenedservant because: clarified something




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