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. . try Uruguay or Paraguay. I think one of those countries still has most of their treasury back with actual gold. It's not much of a treasury though but at least they are trying to do it sorta right.
Obama also sought to reassure China, which expressed concern on Friday that massive U.S. deficit spending and near-zero interest rates would erode the value of China's huge U.S. bond holdings. (About $1 t., 9% of US debt. Ed). "Not just the Chinese government but every investor can have absolute confidence in the soundness of investments in the United States," Obama said, noting that his comments applied to U.S. Treasuries as well as investments in the private sector.
Hi BASSPLYR. All Central Banks hold Gold as a % of official currency reserves. US = over 70%. Currency Reserves not to be confused with currency backing - convertablity - or mechanism for the settlement of international trade, i.e. The Gold Standard.
I remember reading some where that Japan was thinking about switching over to the gold standard. Can not remember where I read that just now.
Wow so that’s it huh? There are no modern day examples for us to explore to see how a gold standard works in today’s globalized economy. For all those of us who say bring back the gold standard we need a pilot program or example to show its superiority over fiat (if it is better, no way ot tell). So what do we do from here? Where do we go to prove that a gold standard works better, there are no modern day examples.
William Jennings Bryan (1860 - 1925) was the Democratic Party nominee for President of the United States in 1896, 1900 and 1908. A lawyer and the 41st United States Secretary of State under President Woodrow Wilson. One of the most popular speakers in American history, he was noted for a deep, commanding voice.
Bryan was a devout Presbyterian, a supporter of popular democracy, a 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 Darwinism, and one of the most prominent leaders of Populism in the late 19th - and early 20th century.
Because of his faith in the goodness and rightness of the common people, he was called "The Great Commoner."
Famous. Bryan‘s “Cross of Gold” speech was a speech first delivered by William J. Bryan at the 1896 Democratic National Convention in Chicago on July 9, 1896. 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 GOLD 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 [income]. It would also reverse the deflation which the U.S. had experienced from 1873-1896.
The speech gets its popular name from its ending, with its biblical allusions: “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.”
The 1896 Popular vote, McKinley, 7,112,138; Bryan, 6,508,172.
Although Bryan lost the election, his coalition of "outsiders" would dominate the Democratic Party well into the twentieth century and would play a crucial role in the liberal economic programs of Presidents Woodrow Wilson, Franklin D. Roosevelt, Harry S. Truman, and Lyndon B. Johnson.
Originally posted by donwhite
Note: Someone above said the US values its gold at $42 an ounce. The website used over $900 per ounce as the value of gold. I suppose that was the quote at the time of the writing?
The United States Bullion Depository Fort Knox, Kentucky
The gold is held as an asset of the United States at book value of $42.22 per ounce.