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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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(34)

DKMDKM

Oct-25-13 1:41 AM

So... where do we get the gold?

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JohnHilfirty

Oct-25-13 2:56 AM

Interesting sidelight:

A little quick research shows that under the last four Republican Presidents the rate of spending has increased vs the last four Democratic Presidents who have all slowed the rate of increase in spending.

(Under Bill Clinton spending actually leveled off and the national debt even began to drop slowly.)

Even then there wasn't only a dramatic increase in spending, but the sharply rising annual deficit was exacerbated much more by two major tax cuts which mainly benefitted the two highest income brackets.

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

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USABorn

Oct-25-13 3:00 AM

JohnHilfirty - 2:56 AM

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

That's the most pathetic comment I have ever read on this forum.

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BillTriumph

Oct-25-13 3:37 AM

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

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Capricorn1

Oct-25-13 4:12 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.

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MrShaman

Oct-25-13 6:28 AM

"Or, as proposed by Steve Forbes, return to gold as the standard." - Jude Richardson

*

Steve Forbes had ALSO suggested a flat-tax shouldn't include income from stock-dividends; only DIRECT-income.

I haven't trusted him, since!!!!

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MrShaman

Oct-25-13 6:32 AM

"Interesting sidelight:

(Under Bill Clinton spending actually leveled off and the national debt even began to drop slowly.)" - JohnHilfirty

*

...AFTER he'd wiped-OUT deficit-spending!!!!!!

*

See:

1993 Deficit Reduction: A Lesson On Tax Policy

"Not only was the entire national deficit eliminated after raising taxes on the wealthy in 1993, but the economy grew so fast for the remainder of the decade that many conservative economists thought that the Fed should raise the prime interest rate in order to slow it down."

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MrShaman

Oct-25-13 6:35 AM

JohnHilfirty - 2:56 AM

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

That's the most pathetic comment I have ever read on this forum." - USABorn

*

You quite-obviously haven't had your fill of T-Bagger "droppings", here.

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MrShaman

Oct-25-13 6:41 AM

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

*

For the more-mature/long-term devotees of politics (since, even, BEFORE the Black-dude was elected President)...maintain your intake/output of common-sense.

Everything's temporary...even the herd o' Tories/T-Baggers "at-the-gate".

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MrShaman

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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Capricorn1

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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sideliner

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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rmiller

Oct-25-13 7:18 AM

Good letter, Jude!

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eriklatranyi

Oct-25-13 8:00 AM

sideliner:

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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SpineyRogue

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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SteelerFan

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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eriklatranyi

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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CMReeder

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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enigma

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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CMReeder

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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enigma

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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DKMDKM

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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enigma

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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sideliner

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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CMReeder

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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