Professor Bernanke rails against gold standard

[Seraphim]

No, that is the problem with a government gold standard - arbritrary value pegs.

Let the value float, like the value of ALL goods/services float.

Competing currencies.

I'm not very good with monetary and economics and all that but wouldn't a simple solution to the "not enough gold for a gold standard" problem be to change the amount of dollars tied to an ounce of gold? Say instead of a $20 gold coin like back in the day, they made the same size coin but worth $1000 face value or more for example?

[Domalais]

God is a cloud vagina?

[Lord Xar]

Anyone have a point by point rebuttal to this article supporting Bernanke?

http://www.businessinsider.com/ben-b...#ixzz1ptDkUG58

[Bern]

Not specifically addressing Bernanke's propaganda, but speaking to the common myths he promulgated:

http://www.cato.org/publications/bri...netary-systems

direct link: http://www.cato.org/pubs/bp/bp100.pdf

BTW - gold standard is a red herring. free competition / HR 1098 is where the real focus should be.

[GeorgiaAvenger]

I recall reading an article about the history of gold standard and/or free banking, written by an Austrian with an Asian name, but I cannot remember his name nor the article name.

Can somebody help me with this?

[Bern]

Point by point rebuttal to (one of?) Bernanke's presentation(s) at George Washington University:

http://www.zerohedge.com/news/annota...discredit-gold

[WilliamC]

Something I am learning is that supposedly Adam Smith in his economic treatise "The Wealth of Nations" was the one who formalized the idea that gold was not a valid means of backing a currency but rather a Nations currency should be based on the labor and productivity of its citizenry.

For example, Adam Smith argues

Labour, therefore, it appears evidently, is the only universal, as well as the only accurate, measure of value, or the only standard by which we can compare the values of different commodities, at all times, and at all places.

But of course Adam Smith lived before the age of machinery, so the value of labor is not universal at all. One man with a backhoe, for instance, doing nothing but sitting and moving his hands and feet, can do the labor of 100 men with shovels using their own muscle power.

[Travlyr]

Something I am learning is that supposedly Adam Smith in his economic treatise "The Wealth of Nations" was the one who formalized the idea that gold was not a valid means of backing a currency but rather a Nations currency should be based on the labor and productivity of its citizenry.

For example, Adam Smith argues

But of course Adam Smith lived before the age of machinery, so the value of labor is not universal at all. One man with a backhoe, for instance, doing nothing but sitting and moving his hands and feet, can do the labor of 100 men with shovels using their own muscle power.

How about only on productivity? Farmers produce food, manufactures produce goods, miners produce resources, etc. The amount of labor that goes into each good or service is important to the producer and the price but labor itself doesn't back the currency... only the produced good or service.

[Danke]

Bernanke at the bar before he gave his speech

C:\Users\dale\Pictures\bald eagles\Drunken_Ben-R_jpg_635x345_crop-smart_upscale_q85[1].jpg

We are supposed to look in dale's C drive?


How about this link:

[Revolution9]

The biggest problem I can see with returning to the gold standard would be other countries trading their fiat money for our gold. Second is how would you have something like FDIC insurance on your bank account? Third we need laws to protect people from getting their gold taken by the government otherwise history could repeat.

The Government likes to go off of gold currency to help fund wars via printing money or electronically printing money. That is one reason Ron would have such a hard time getting them to change their ways. Another reason they would not want to do it is that there would be a power shit to countries that have gold. I also wonder if we have enough gold to support gold as a standard since the population of the world is so large now.

You would be surprised how much gold is in the background and not at Fort Knox. There is still an incredible amount in the ground that ain't coming out till the cabal falls. They have military bases over them just to be sure. Same with silver mines from Arizona to Colorado. And worldwide there is the Thai gold at over 65k MT, the Mayan , Aztec and Egyptian treasures, King Solomon's mines hoarde, The Chinese dynastic gold which the US has made use of prior..and old gold in the European dynastic houses. Bernanke knows this but they like to pretend the amount is based on mining in the last couple hundred years.

Rev9