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The gold standard

October 25, 2013

Since the Gold Standard was abolished, the U.S. dollar became the world’s standard currency. For the U.S. dollar to continue as that standard requires that we keep our fiscal house in order....

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Oct-26-13 7:39 AM

"It all comes down to change... You can drink cool-aid or have some tea."--BillTriumph


I also like water, milk, Ruby Red grapefruit juice, Cranberry/grape juice, Sumatra coffee, etc. No cokes, sprite, 7-up, Pepsi or other sugar/sweetener water drinks. Definitely no kool-aid. But I do like tea, generally ice tea unsweetened. In the winter, I like black tea, green tea, chai tea, Spice Market's Signature tea or African Red Bush (technically not tea but more of an herb). I went to a Teavanna shop and they had all kinds of exotic teas so I got one.

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Oct-25-13 10:16 PM

BillTriumph Oct-25-13 3:37 AM

"It all comes down to change... You can drink cool-aid or have some tea."


Great line, Jim! I'll give you a ten out of ten. A candidate for best line of 2013!

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Oct-25-13 5:09 PM

I know I've been kind of doom and gloom on this, so I'll tell you there is one bright spot. Most of the world does not want the dollar to go away. That's the only reason we are still surviving. But if we don't restore some sanity to our spending, they will have no choice but to ditch the dollar. Some countries, like China are already advocating for a move away from the dollar, but because most of the world is resisting that, we still have some time left, but we need to start showing some fiscal responsibility NOW! We have time, but no time to waste.

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Oct-25-13 5:00 PM

Scott, It's not tin-foil hat stuff. When the government won't tell you something it's because there's something they don't want you to know. Fort Knox hasn't been audited since 1974 and any time a Congressman asks for an audit, they are given the runaround. Maybe all of the gold is still there, but are you willing to bet your future on it? Even if the gold is all there, the money supply is so inflated that it would still be worthless. But I'm sure that when bread is $100 a loaf, you'll blame the greedy food companies.

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Oct-25-13 4:51 PM

David, What you said is correct except that it has nothing to do with how the value of money is determined. Like anything else it is a supply and demand thing. When the money supply is low, and demand is high, it is worth more. The problem we will have is that if the rest of the world decided that the dollar will no longer be the exchange currency, the demand will fall to almost zero. With the FED printing money at record rates to keep interest low, the supply of dollars has more than doubled. When those dollars are rejected by the rest of the world, it will make the Weimar Republic look like good times. Time is running out to fix this and those in Washington are playing stupid games, but don't worry, they'll be just fine. It will be you and me who suffer.

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Oct-25-13 4:35 PM

The U.S. would be sunk because we have very little gold left.-enigma

You then go on to say that we are not allowed to know how much. How do you come to the first conclusion then? Now if we went on the "tin foil" standard, seems to me we would be in good shape.

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Oct-25-13 4:33 PM

"Each country has it's own monetary standard that is something else that enigma doesn't understand."-Chuck

So, I'm the one who doesn't understand? The gold standard does not mean that we go back to trading in gold, it means that the value of your currency is determined by how much gold is backing it. Since this country has been printing money at a rate of $1 trillion per year and depleting its gold reserves, our money will be worthless. If you want a bright side, at least we won't be buying cheap Chinese goods anymore. We won't be able to afford them. Whether it is gold or some other currency, this will happen if our government doesn't get its fiscal house in order and remove the strangle hold it has on business. We have to reduce government spending and bring manufacturing back. You can't force them to come back, you have to make them want to come back. The only way to do that is with reduced taxes and regulatory burdens.

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Oct-25-13 3:26 PM

Two thoughts: The proper value of currency is an issue that has torn apart societies throughout history. Those that borrow want the value to decrease and those that lend want it to increase. This was seen in the fight in our country's early years between those in agriculture who wanted cheap money and those in banking who wanted expensive money. I think that tension will always exist. Second, regarding the two government shutdowns. The biggest difference I see is that Clinton and Gingrich had control of their parties and Obama and Boehner(sp?) do not.

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Oct-25-13 3:06 PM

Sidelined said:

"This year Republicans flat out said they would not compromise."

You are liar, like most liberals.

The initial GOP position was to refund the ACA.

That position was softened to eliminating the individual mandate.

Finally, that position was changed to simply postponing the implementation for one year.

Through all of this, President Obama and Sen Harry Reid refused to negotiate over those proposals.

You are trying to perpetrate lies to defend the absolute lack of negotiating by President Obama.

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Oct-25-13 1:48 PM

The world is not going to go back to the gold standard. This is what enigma doesn't get. Each country has it's own monetary standard that is something else that enigma doesn't understand.

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Oct-25-13 1:26 PM

erik, your post speaks directly to the differences of the shutdowns of '95 and '13.

Both were willing to compromise in '95. This year Republicans flat out said they would not compromise. That was the nature of the beast from the beginning. Their way or the highway. They refused to pass a budget unless the ACA, a lawful policy, was defunded. Don't come at Democrats once the gun is already loaded and up to their heads.

The economy then was in a whole lot better shape than the economy today. The potential for damage in the two cases don't compare at all.

Back in '95 there wasn't such the vast ideological difference between the two parties. There was a willingness on both sides to move toward the middle. Not any more, and if you look honestly, you will find that the right has dug in deeper than ever before since the inception of the Tea Party movement. And like it or not, that movement has done little to advance trust, bipartisanship, and cooperation in Washington.

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Oct-25-13 12:21 PM

DKMDKM, We don't get the gold and that's the problem. The U.S. would be sunk because we have very little gold left. It's so bad that the government will not even allow us to know how much gold is left. If the world goes back to a gold standard, we will be among the poor nations. It was our own government that took us off the gold standard, but it will not be our government that puts us back on, and in fact, our country may not go back on the gold standard, but if the world does and we don't, our currency will be worthless. This WILL happen if we don't stop printing and borrowing dollars.

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Oct-25-13 11:18 AM

Question for the people downvoting my first post. If you want to return to the gold standard, how would you do it? There has to be enough to back our currency, and we don't have enough in reserve. So, how would you return to the gold standard?

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Oct-25-13 10:08 AM

"We will not be going back to the gold standard there is too many drawbacks to it."-Chuck

What Chuck doesn't get is that it isn't his choice. It's not even the U.S. Government's choice. It's the world's choice and they aren't too happy with the dollar right now. The point is that it doesn't matter what benchmark is used, if the world abandons the dollar, we will instantly fall into a depression. This will happen if we don't get our house in order, and that means stop borrowing.

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Oct-25-13 9:28 AM

We will not be going back to the gold standard there is too many drawbacks to it.

Of course we get more ideological push back from the right.

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Oct-25-13 9:18 AM

The debt problem is clearly not a Democrat or Republican problem, it is a big government problem. There are big government people in both parties, and in fact in the leadership of both parties. They believe that they are the smartest people in the world and that the rest of us are too stupid to care for ourselves so they need to do it. The roll-out of Obamacare should remind us just how well government does things. If they are this bad at making a website, how bad will they be at running healthcare? The government needs to get back to defending our freedom and let the people take care of the people. If they would just do that, the debt would soon start to go down and the economy would go up. It would be just that easy to fix the problem, but it will never happen as long as we have people in Washington who want to control us and people in the rest of the country who want to be cradled in the 'social safety net'

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Oct-25-13 9:01 AM

Isn't amazing how the right doesn't see that many people want and need health insurance.

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Oct-25-13 8:50 AM

The people are now seeing that Republicans were right in demanding a delay to Obamacare.

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Oct-25-13 8:49 AM

'So if we all keep voting democratic for the next 20 to 30 years, the debt should get paid off !!!'

Can I sue Hilfirty? I just fell of my chair laughing and I think I hurt myself. ****.

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Oct-25-13 8:48 AM

sideliner --

How can you say the republicans lost anything, if they did what the people that voted them in office asked them to do. I believe they all won and the people are firmly behind them.

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Oct-25-13 8:00 AM


You ignore history.

In 1995, Republicans refused to pass a budget and the gov't shut down.

President Clinton and Speaker Gingrich spoke every day to find some middle ground.

In 2013, President Obama refused to negotiate "while the country was held hostage" or "with economic terrorists".

There is no difference between these two shutdowns except the first had a President who negotiated a balanced budget and the second had a President who has not signed a budget after 5 years in office.

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Oct-25-13 7:18 AM

Good letter, Jude!

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Oct-25-13 7:02 AM

Cap, so true regarding Republican control of Congress during the Clinton years, which speaks volumes to the change in today's Republican Party that has been hijacked by the extreme few. No longer will they meet in the middle somewhere or even discuss a meeting in the middle.

Today's Republican Party is willing to bet the bank in a high stakes game of chicken that they so embarrassingly lost. It was almost sad to watch. They were so convinced of their righteousness. I'm just glad that common sense weighed out over emotional and fear driven politics.

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Oct-25-13 6:49 AM

Shaman, not only were taxes raised in 1993 but that was also the beginning of the dot-com bubble. You can't attribute the success of the economy and the reduction of the deficit strictly on raising taxes just to try and prove your point. There were other factors that came into play to include the deregulation policies during the Reagan and GW Bush years that were business friendly. Clinton also had a knack for moving money around to make it look like he had reduced the deficit more than he actually had.

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Oct-25-13 6:44 AM

"Under Bill Clinton spending actually leveled off and the national debt even began to drop slowly -Hilfirty

John, you failed to mention that republicans controlled Congress 6 of those 8 years." - Capricorn1


How could we possibly forget....


"Here’s what conservative politicians said about the 1993 deficit reduction legislation that raised taxes on the top 1.2% of our wealthiest citizens:

"Clearly, this is a job-killer in the short-run. The impact on job creation is going to be devastating." — Rep. Dick Armey, (Republican, Texas)

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