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Fed and IRS Gone
I would switch our currency to both a gold and a silver backed currency in the form of certificates. Like the dollar but redeemable in gold or silver. I would allow for a 10/1 reserve requirement for every dollar in gold you have you can lend 10 dollars. I think this might be an area where we are getting crossed. That way we can still expand economically but also have a currency that has some hard value and to me gold and silver is as strong as it gets because of the history behind it.
Yes, if we used the current near 1k per ounce per dollar. A 300k house would be 300 ounces of Gold. Which is actually a large amount of Gold. a new ratio would have to be implemented, unless you want a complete oligarchy of nobles (which I do actually) the ratio would have to be 10k dollars to an ounce, and your house could be bought for 300 bucks.
Now here are the repercussions for doing this..you will see a big value decline in everything. Your house will go from being worth 300k to 30k or whatever.
That means our currency should always have value as long as gold continues to have value and as history has shown it has pretty much. Changing currencies is not going to take us back to the stone ages where we go back to the barter system I mean obviously if we went back to the barter system I would stock up on food and guns.
I disagree with you on fighting for money
In final this fraud called the FED will come to an end and Im willing to bet you any amount of money it will and it will in our lifetime.
Im going into this because I think it all intertwines because we have A LOT of money our there in fact we have 14 trillion fiat dollars out there and a majority of that money is sitting in the hands of the top 1%
I know in your last sentence you said you want the FED gone Im curious to know if the above reasons are not part of it then what are the other possible reasons?
By the bye, the historic price of gold had been $20 an ounce. In 1933, the government ordered the turning in of gold coins but paid $35 an ounce, nearly double the going price. That is why there was very little complaining. - DW
Look at it this way, which country - the US, the RF, Iran or Venezuela - can stand the high prices of oil the BEST or the easiest? - DW
I don’t know if the amount matters ... If we went to a gold backed dollar we would have 200+ billion dollars worth but that also makes the dollar much stronger which means things are much cheaper . . What I also didn’t throw in there is silver reserves ... I'm for gold and silver backed money . . people can choose . . Choice Don not stuck with one money that is inflated and inflated to pay for massive spending and benefits of a select few bankers . . I'm sure people would be rushing to buy our valuable currency killing inflation dead in its tracks . . I'm going to attempt to do the math but if oil is 800 an ounce . . its actually more right now . . i'm guesstimating a tank of gas under the new dollar would be $.30 a gallon because gold has held up with the inflating gas .... If I had to choose between 200 billion in fiat money or 200 billion in gold to me it’s a no brainer . . [my emphasis]
Originally posted by donwhite
Hey, textbooks can argue which is preferable, fiat or gold, but look around you. Gold gave you 1929. Fiat brought you here!
Mr M/B/U, you said “ . . If I had to choose between 200 billion in fiat money or 200 billion in gold to me it’s a no brainer . . “ Are you sure you don’t want TO TAKE THAT BACK?
(1) Fiat currency can work, so long as its issuance isn't controlled by a corrupt organization motivated by greed. Issuance of money must be public, controllable by the people . . (not a small private group),
. . accountable (no fractional-reserve magic accounting schemes) and the issue of compound interest deserves a very serious, hard look.
(2) One person never did this, but the banking scheme as a whole continues to collect massive and increasing interest from the public on an ongoing basis. This monster can never be satisfied... so why even attempt to feed it?
At 62, the odds don't favor my being around to witness the abolishment of the FRB ... but hopefully my 11yr old son will record that experience . .
Placing the management of a country's currency in the hands of a quasi-political special interest group, well, that's one issue ... boom-bust. Allowing this same group to short-circuit the ability of free markets to govern economic distribution ...
As a result of declining earnings and the over-issuance of it's common stock ... USA-Corp has a major balance sheet problem. Simply declaring trillions of outstanding shares to be redeemable in Gold won't repair the existing balance sheet. Besides, imagine the run on Ft. Knox
The Cross of Gold speech was a speech delivered by William Jennings Bryan (1860-1925) at the 1896 Democratic National Convention in Chicago. The speech advocated Bimetallism. At the time, the Democratic Party wanted to standardize the value of the dollar to silver and opposed pegging the value of the United States dollar to a gold standard alone. The inflation that would result from the silver standard would make it easier for farmers and other debtors to pay off their debts by increasing their revenue dollars. It would also reverse the deflation which the U.S. experienced
from 1873-1896. Follows the ending of the speech.
"Having behind us the producing masses of this nation and the world, supported by the commercial interests, the laboring interests and the toilers everywhere, we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labor this crown of thorns, you shall not crucify mankind upon a cross of gold." W. J. Bryan
PS. Bryan was a devout Presbyterian, an outspoken supporter of popular democracy, an outspoken critic of banks and railroads, a leader of the silverite movement in the 1890s, a leading figure in the Democratic Party, a peace advocate, a prohibitionist, an opponent of Social Darwinism, and one of the most prominent leaders of Populism in late 19th- and early 20th century. Bryan was the 3 times presidential nominee of the Democratic Party. He was Woodrow Wilson’s first Secretary of State. He is probably best known for his crusade against Darwinism, which culminated in the Scopes Trial in 1925. Five days after winning the case, he died in his sleep. R.I.P.
I happen to not believe I came from a monkey also but that is for another thread.
For the people who said there is not enough gold I tell you its all relative. We CAN go back to gold standard but the price of gold would have to be hiked up to keep up with the current paper money in the system. It sucks I know but when you put it in perspective it sucks that all this money is out there in the first place.
They mention competing which I have said would work for me. Have a gold backed, silver backed, and fiat money system and let people choose. Right now you can choose between fiat systems from several countries but that is no good. Let the free market decide our currency. I guarantee you the fiat would not be around long after that.
As far as the FED being more public than government I dont know DW if you have a public company that you dont know the owners of I dont know how public it actually is. How many individual shareholders can you name that own the fed? None because they have never been officially released. They have accidentally released corporate shareholders but not the individual. Why do you suppose that is?
Now on the boom bust cycles. This is what bothers me everyone talks about how there has to be boom bust cycles and I say why? If our economy is ran on productivity where would the bust come into play? Americans are one of the most productive societies why does there have to be a bust? I can see maybe a slowdown but recessions and depressions? I mean that is the problem any productivity of America is being sucked out by inflation which is why these days you have to have 2 incomes to survive. Then when the money exceeds the productivity then you have your bust which is what we are going through now. Why? Because of the mass printing of money.
I don’t know DW I mean I don’t claim to know it all I know quite a bit for my age but to me sometimes when it walks like a duck, and quacks like a duck sometimes it’s a duck and when you look at how they system is being ran both by government and the FED you have to say to yourself the system is broken and needs to be changed.
Now you’re quibbling. You’re wed to gold. We show you there is not enough gold and you respond, “make it worth less!” Or is it “more?” Regardless you say, “make it fit!” While convenience is found mostly in fiat money, stability is a MUST in any currency. And frankly, the definition for fait accompli must cover the idea that you can make gold worth whatever you want and not simply make gold into a heavy to carry version of FIAT money!
I don't believe in Darwin's theory in its complete form. The only part I do believe is the fact that we adapt to our surroundings . . “
I said that in response to the people who say there is not enough gold on the market cover the existing fiat money . . but when its all said and done there can be only so much money out there which forces government to curb spending. [Gold is] relative where as now there is no limits. Gold has always had value .... always where as fiat currencies have always failed ...
Closet socialist ..... ouch. I don't think I said anywhere I believe in wealth redistribution. what about the socialism for the banks and investment companies like Bear Stearns. Why were they not allowed to go bankrupt? When the profits were rolling in and the execs were getting huge paychecks where was the socialism?
Let me ask you something where does that money come from? Where did the FED get 50 billion to just give to Chase? Ill tell you where they borrow it and if they cant borrow it then they print it. Either way I pay for it both through inflation and my normal taxes. Is this fair? In fact its kind of socialistic don’t you think?
“ . . we have a government who spends money like there is no tomorrow why because our monetary system allows for it. There is no limits. But nothing comes for free and someone will be paying for this mass spending and its being paid in taxes and in the inflation tax. So who’s the socialistic one?
I call for small government, balanced budgets, and a monetary system that doesn't rob the people . . I don’t see the big issues of having competing currencies. We can start there. Do it slowly. Issue gold and silver backed currencies that is redeemable for anything and let the people choose. I do not see how this though of letting the people choose is some weird foreign thought ... then again maybe things really have changed that much.
This is a classic apples and oranges debate. FYI the US has printed $400 b. in currency. Greenbacks. It’s divided 65/35% with the most being used here and the smaller amount being used abroad. The first and so far the only world currency. Recent Federal mismanagement has put that exalted status in jeopardy. It is very advantageous to us that the world trades in US Dollars.
OK, I was putting you on! Actually the reasons I used for forming that opinion was your criticism of the lack of “protections” afforded by the government for discriminatory actions by the rich against the poor. The rich have subverted the regulatory system. As much as I hate the RICH who are manipulating us, we need Bear Stearns, J P Morgan and so on. It was cheaper on us to bail them out than to let them go under. Now, there should have been many side agreements reached between the Fed and Bear Stearns, J P Morgan etc., before the money was forthcoming. If not, then you can add Mr Ben Bernanke to the list of bandits in waiting. It’s like having the fox watch the henhouse.
Well, to offset this complaint of yours, you must support a graduated income tax with fairly high top bracket rates. I’m advocating 50% on income over $300,000. And a surtax of 20% on any amount over $1 million. (That’s 60%). We had 91% for the top bracket rate from 1942 to 1962. A period of prosperity. That is why I ignore those who CRY crocodile tears when they have to pay taxes.
Presently we are paying 9% of Federal revenue in interest on debt. If we had been paying taxes on the 1993 Clinton tax rates, that would just 6%! That’s $90 b. or more, per year, to spend on our bridges falling down, our schools and our 43 million uninsured health care citizens. But Republicans always take care of their own.
Changing currencies is almost like changing GODs. The current form of money used in the US began in the late 19th century and was last modified - size changed - in 1933. People around the world recognize US currency. They have faith in it especially if their own currency is not so good. It would take a generation before that degree of confidence was regained. Many people hoard (legally) money. Governments like it when these people are brought out in the open. The people have their own reasons for not wanting their money amounts known. Until people learn the new values of the new money, commerce would suffer. For what I do not see as an advantage would be costly to us.
Maybe we are on a different page but I show outstanding money to be at 14 trillion
Basically we are at the worlds mercy if we want to continue to spend the kind of money that we are spending. You are also correct that the fed and government has ruined the dollar with its policies. When we have to kiss China and Saudis butt so they don’t dump our currency and crash it where is the sovereignty at?
We need Bear Stearns? Says who? I understand the implications that it would have on our financial system by letting them go down but this is my point. We keep patching up this system and bailing it out ... laymen’s terms we are fixing the symptoms but not curing the disease which is our federal reserve.
You want in on a secret? Im for NO income taxes. If there HAS to be income taxes then tax people who are in the top 1% but the tax to be minimal. Im for curbing our government spending to a point to where it is possible to cut all income taxes or only for the top 1%. The problem is as long as we police the world, police our people, run a welfare state, and fight wars we shouldn’t be in then no taxes will not happen.
As long as we have a currency that allows our government to spend the kind of money that they spend my wish for no taxes will not happen. The chart below shows that an income tax is not needed at all if we spent only money we should be spending.