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Forbes Predicts U.S. Gold Standard Within 5 Years

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posted on May, 11 2011 @ 07:36 AM
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A return to the gold standard by the United States within the next five years now seems likely, because that move would help the nation solve a variety of economic, fiscal, and monetary ills, Steve Forbes predicted during an exclusive interview this week with HUMAN EVENTS.

“What seems astonishing today could become conventional wisdom in a short period of time,” Forbes said.

Such a move would help to stabilize the value of the dollar, restore confidence among foreign investors in U.S. government bonds, and discourage reckless federal spending, the media mogul and former presidential candidate said. The United States used gold as the basis for valuing the U.S. dollar successfully for roughly 180 years before President Richard Nixon embarked upon an experiment to end the practice in the 1970s that has contributed to a number of woes that the country is suffering from now, Forbes added.
www.humanevents.com...




posted on May, 11 2011 @ 07:37 AM
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reply to post by Surfrat
 


There's a reason we went off the gold standard. And nobody who advocates Forbes' plan is going to get elected. Fiat currency is the key to power. Deficit spending doesn't work without it.



posted on May, 11 2011 @ 07:38 AM
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reply to post by Surfrat
 


The problem would be that China will have cornered all the gold there is to be had.
Fort Knox would stay empty I am afraid, as the USA would not have enough money to buy back the amount of gold needed.
edit on 11-5-2011 by Sailor Sam because: spelling



posted on May, 11 2011 @ 07:41 AM
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reply to post by Sailor Sam
 



You're assuming it would be paid back of course....

Default and 'reset to zero' would be the only option in this case.

MR



posted on May, 11 2011 @ 07:45 AM
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mexico just bought a monster wack and they are going gold backed
Canada is too gold backed to a major degree I'm told

if the u$ doesn't fix the value subtracted quality of the USD
you won't have acurrency that will buy anything....
like biafra, or ethiopia....

I seriously doubt the uS peeep will get on the bus before it leaves.

after that little move on the comex the other day rasing the margin calls
screwing honest people to drive the USD up a couple points
all the world sees in the USD
is a giant ponzi congame
with the uS peeps and some slow others round the world on the bottom wrung(right dry)

They now just are opening a delivery only market in hong kong and the
hundred year old precious metals chinese bourse will now start trading in yaun
there are/will be other oil bourses too
thats where the real money ( gold, silver...sspices food, water good booze and dopeand slaves )
will ALL go now

along with oil which will besold
in GOLD silver etc
guess what they will open up all the US oil fields which are Capped and sell it to them others
while the US peeps starve

till the amount of peeps fits the money supply

its called Darwination




edit on 11-5-2011 by Danbones because: (no reason given)

edit on 11-5-2011 by Danbones because: (no reason given)



posted on May, 11 2011 @ 07:56 AM
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"As much as I deplore this refusal to fulfill the solemn promise of bonds of the United States, I cannot escape the conclusion, announced for the Court, that the government, through exercise of its sovereign power, has rendered itself immune from liability."~Justice Stone

We have defaulted on the Treasury Debt before. This time around,we will be screwing the world...........Big time. Gold will never be backed,unless we control a majority of it.



posted on May, 11 2011 @ 08:17 AM
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The United States holds the largest gold reserve in the world. Tthe US gold holdings are worth approximately $269.67 billion
China holds a total of almost $35 billion.
www.wealthdaily.com...



posted on May, 11 2011 @ 09:29 AM
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Originally posted by Surfrat
reply to post by Surfrat
 


There's a reason we went off the gold standard. And nobody who advocates Forbes' plan is going to get elected. Fiat currency is the key to power. Deficit spending doesn't work without it.


Sadly, you're correct. There isn't a politician (who is and/or wants to be a major player) who would ever give up that free credit card that is the fiat/Federal Reserve scam. Unfortunately, we're sunk.



posted on May, 11 2011 @ 06:05 PM
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reply to post by Surfrat
 


This guy from Forbes is an idiot.

Stabilize the currency?
Help the economy?

How about instantly bankrupting the country?

We have no Gold to back our currency with ..

And we cannot have a trade deficit, because that's Gold flowing out .. of .. the .. country..........

Many countries can use the Gold Standard, and for many it would help them .. for the US .. it would destroy us. There is a reason we ditched it to begin with, our economy is a sham.



posted on May, 11 2011 @ 06:07 PM
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Thats why they invaded Libya, to fill up fort knox.



posted on May, 11 2011 @ 06:08 PM
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Originally posted by Surfrat
The United States holds the largest gold reserve in the world. Tthe US gold holdings are worth approximately $269.67 billion
China holds a total of almost $35 billion.
www.wealthdaily.com...



When was it last audited? (and verfiied not to be Tungsten bars)



The cheap Dollar is an agreement with China.

US and china want a cheap dollar
edit on 11-5-2011 by zookey because: (no reason given)



posted on May, 11 2011 @ 06:35 PM
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Originally posted by Surfrat
The United States holds the largest gold reserve in the world. Tthe US gold holdings are worth approximately $269.67 billion
China holds a total of almost $35 billion.
www.wealthdaily.com...


Actually according to the article below, the U.S. has $396 billion in gold total, with $223 billion at Fort Knox, $66 billon at Denver, CO. West Point, NY has $82 billon, and the NY Federal Reserve Bank has $20 billion in gold. (don't want to keep it all in one place you know).....



And based upon the note at the bottom of the chart presented in the article those figures only total $391 billion dollars in gold. It does note however that several billion (which should be $5 billon) if the total is correct, is scattered between the four locations in the form of gold coins.

And it doesn't look like we will be selling any of it anytime soon.....


By Charles Riley @CNNMoney May 11, 2011: 5:20 AM ET



NEW YORK (CNNMoney) -- This just in from the Treasury Department: The United States will not be unloading its nearly $400 billion stash of gold to delay hitting the debt ceiling.

At least not if Treasury Secretary Tim Geithner gets his way.


Source: money.cnn.com...






edit on 5/11/2011 by manta78 because: (no reason given)



posted on May, 11 2011 @ 06:40 PM
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reply to post by manta78
 


And if/when the USA goes to the gold standard, there must be a asset value behind each dollar.
What will that be US$3000 pr ounce of gold, US$4000, US410000?
Who would know.



posted on May, 12 2011 @ 03:56 AM
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It is not only happening but will happen. No more basing our monetary value based exclusively and solely upon a variable commodity like petrolchems whose 80 yr dominance is coming to a close.

No more manipulation of our money or our economy.



posted on May, 12 2011 @ 03:57 AM
link   

Originally posted by manta78

Originally posted by Surfrat
The United States holds the largest gold reserve in the world. Tthe US gold holdings are worth approximately $269.67 billion
China holds a total of almost $35 billion.
www.wealthdaily.com...


Actually according to the article below, the U.S. has $396 billion in gold total, with $223 billion at Fort Knox, $66 billon at Denver, CO. West Point, NY has $82 billon, and the NY Federal Reserve Bank has $20 billion in gold. (don't want to keep it all in one place you know).....



And based upon the note at the bottom of the chart presented in the article those figures only total $391 billion dollars in gold. It does note however that several billion (which should be $5 billon) if the total is correct, is scattered between the four locations in the form of gold coins.

And it doesn't look like we will be selling any of it anytime soon.....


By Charles Riley @CNNMoney May 11, 2011: 5:20 AM ET



NEW YORK (CNNMoney) -- This just in from the Treasury Department: The United States will not be unloading its nearly $400 billion stash of gold to delay hitting the debt ceiling.

At least not if Treasury Secretary Tim Geithner gets his way.


Source: money.cnn.com...


edit on 5/11/2011 by manta78 because: (no reason given)


That $400 or so Billion is just what we will publicly admit to holding but the true value is far greater then that and BTW, I know the actual amount but it is classified!
edit on 12-5-2011 by TheImmaculateD1 because: (no reason given)



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