Trump is meeting with an ex-bank CEO who wants to abolish the Federal Reserve and return to the gold standard
On Monday, Trump will meet with John Allison,
the former CEO of the bank BB&T and
President and CEO of The Cato Institute.
Last edited by goldenequity; 11-28-2016 at 12:55 PM.
As previously stated in the other thread, if Trump picks Allison for Treasury, it'd be his best pick yet.
But if it's some lower level appointment, it will be a DISappointment.
"And now that the legislators and do-gooders have so futilely inflicted so many systems upon society, may they finally end where they should have begun: May they reject all systems, and try liberty; for liberty is an acknowledgment of faith in God and His works." - Bastiat
"It is difficult to free fools from the chains they revere." - Voltaire
love the kelo stance.
Seattle Sounders 2016 MLS Cup Champions 2019 MLS Cup Champions 2022 CONCACAF Champions League - and the [un]official football club of RPF
just a libertarian - no caucus
One can hope.
-Major General Smedley Butler, USMC,There are only two things we should fight for. One is the defense of our homes and the other is the Bill of Rights. War for any other reason is simply a racket.
Two-Time Congressional Medal of Honor Winner
Author of, War is a Racket!
- Diogenes of SinopeIt is not that I am mad, it is only that my head is different from yours.
This would be a good time to get on Brian's twitter crusade and tweet the crap out of this. I actually do think he pays attention to feedback from anyone he thinks is supporting him. Hell, fake it, I do.
"The Patriarch"
Is this a screen shot? I don't get anything trying to click the links so I can tweet it. Maybe because Im on my phone?
"The Patriarch"
Awesome!
For the Republic! For the Cause!
The Truth About Central Banking and Business Cycles
http://www.youtube.com/watch?v=YaxIPPMR3fI#t=186
Here ya go.Originally Posted by Origanalist
http://www.businessinsider.com/trump...andard-2016-11
ok, done, tweeted it.
Originally Posted by Origanalist
Why would Trump pick him? Trump loves the FED and he loves low interest rates.
Ridiculous. Trump could not possibly afford any of the policies he wants to implement if he did anything other than print money.
I get the impression that he is a guy that likes to have people with competing ideas battle it out. At least this would give us another gladiator to root for in his arena.
He does seem to do that. He also seems to have few ideas of his own and goes with whatever the last person he talked to said on the subject- hence his frequent changes on issues.
So we just need to make sure he appoints Allison, then make sure Allison has Trumps last meeting of the day scheduled everyday. presto!
Honestly, it's a win just getting him in the door.
Serious question......What I want to know is who has all the gold these days? Go back to the gold standard? But who has it? I'm a novice when it comes to gold. In my mind the slavemasters have confiscated all the gold anyways.
Last edited by PatriotOne; 11-28-2016 at 03:38 PM.
Well, in reality "go back to the gold standard" is probably a dumbed down version of his full stance, as it would be with Dr. Paul.
In another thread, it was discussed that he is a big Hayek fan. So maybe he would support the competing currencies legislation that Ron used to submit every year.
US Treasury has 261,498,926 troy ounces as reserves. At $1200 (today's rough spot price) that is would be worth about $315 billion dollars. https://www.fiscal.treasury.gov/fsre...ent_report.htm
Is that enough to back the US dollar with gold? The economy is over $14 trillion a year. As measured by M2 (the most commonly used money supply measure), the supply of money is $13.2 trillion. https://fred.stlouisfed.org/series/M2 or 43 times the value of our gold reserves.
How would a gold standard work? Could dollars be converted to gold if you wanted? (If not, you really don't have a gold standard). If so, you risk losing gold if you run a trade deficit (as we do). Foreign companies getting paid in dollars for the goods we buy could decide to trade those dollars for gold- depleting our supplies (which is why Nixon closed that window in 1972) and lowering the value of our currency. Between 1962 and 1972 we lost over half of our gold reserves.
Last edited by Zippyjuan; 11-28-2016 at 04:01 PM.
What does Ron propose the competing currency is backed with in his plan?
That's a frighteningly low amount. Got a link that shows the worlds gold reserves? I wanna see where that freakin gold is that Trump wants us to be dependent upon..
Last edited by PatriotOne; 11-28-2016 at 03:59 PM.
It's called supply and demand. Supply and demand. You never have understood that, Juan. And they gave you a degree!Affirmative action.
Everything is enough for everything else.
The price system works.
Markets clear.
It's called: Supply and Demand.
Supply and Demand: It's not just a good idea... It's the Law!
As per Austrian economic theory "money" should only be backed with subjective value found by market forces; money is just the most widely traded commodity. In Ron's plan to decentralize the money supply, private mints would issue gold and silver certificates; the value of these certificates would be relative to market confidence in the mint; the dollar, backed by nothing; with its legal tender and monopoly fiat stripped, would have to compete and as a result monetary policy would become reluctant to expand the total outstanding USD, as the devaluation would cause the dollar to fall relative to competing currencies; which would move wealth into these currencies and away from the dollar.
Ron's plan is to:
1)
repeal legal tender laws
2)
repeal laws that prohibit private mints
3)
repeal federal laws imposing capital gains and sales taxes on gold and silver
for more info keyword:
Free Competition in Currency Act
Last edited by presence; 11-28-2016 at 04:23 PM.
'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988
Awareness is the Root of Liberation Revolution is Action upon Revelation
'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3
Flectere si nequeo superos, Acheronta movebo.
...the familiar ritual of institutional self-absolution...
...for protecting them, by mock trial, from punishment...
Supply and demand for the US to back their currency with gold would be $51,600 an ounce if you went with a 100% standard.
How much gold in the world? Estimates vary but: http://www.cheatsheet.com/stocks/how...tml/?a=viewall
US reserves are about 8,000 tonnes.The latest annual survey conducted by Thomson Reuters GFMS agrees with Buffett. According to the organization, there is about 377 million pounds of gold above ground, or roughly 171,000 tonnes.
This is very close to Buffett’s estimate of 170,000 tonnes made last year. Buffett explained at the time, “Today, the world’s gold stock is about 170,000 tonnes. If all of this gold were melded together, it would form a cube of about 68 feet per side.” While the current estimate of 171,000 tonnes is reasonable, other research suggests the actual gold supply could be even smaller…
Last edited by Zippyjuan; 11-28-2016 at 04:12 PM.
Oh no. Not that.
Please, please, not that.
https://en.wikipedia.org/wiki/The_De...ation_of_Money
Hayek advocates a system of private currency in which financial institutions create currencies that compete for acceptance.[5] Stability in value is presumed be the decisive factor for acceptance. Hayek makes the assumption that competition will favor currencies with the greatest stability in value since a devalued currency hurts creditors, and an upward-revalued currency hurts debtors.[6] Hence users would choose the moneys which they expected to offer a mutually acceptable intersection between depreciation and appreciation. Hayek suggests that institutions may find through experimentation that an extensive basket of commodities forms the ideal monetary base. Institutions would issue and regulate their currency primarily through loan-making, and secondarily through currency buying and selling activities. It is postulated that the financial press would report daily information on whether institutions are managing their currencies within a previously-defined tolerance. Hayek's effort has been cited by economists George Selgin, Richard Timberlake, and Lawrence White
Was that from Ron's book?
Here is the bill the last year he introduced it.
https://www.congress.gov/bill/112th-...ouse-bill/1098
Since his retirement, other members have introduced the same bill.
I guess I better read one of Ron's books. This is one area I have avoided because it all sounds so boring. Then again I thought politics and religion sounded boring at one time. So wrong. End the Fed a good primer for the novice? Or is there a Money for Dummies book somewhere...lol.
The Denationalization of Money - Hayek 1976
that's the source material you're after
available here:
https://mises.org/library/denational...gument-refined
https://iea.org.uk/publications/rese...ation-of-money
https://liberty.me/library/denationalization-of-money/
http://nakamotoinstitute.org/static/...nalisation.pdf
Last edited by presence; 11-28-2016 at 05:45 PM.
'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988
Awareness is the Root of Liberation Revolution is Action upon Revelation
'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3
Flectere si nequeo superos, Acheronta movebo.
...the familiar ritual of institutional self-absolution...
...for protecting them, by mock trial, from punishment...
How would you construct a gold standard? How would it work? Sure you can have a partial standard where a dollar was only partially backed by gold. Given our current money supply and gold reserves, it could be 50:1 rather than one to one. That would be closer to the current gold price. The standard was partial in the past as the supply of gold failed to keep up with the demand for money.
Gold standards do not involve a free market price for gold. The government says how much gold one dollar is worth. Supply and demand become irrelevant.
Last edited by Zippyjuan; 11-28-2016 at 04:33 PM.
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