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Thread: Trump Meeting with John Allison: Wants to abolish Federal Reserve and return to Gold Standard

  1. #61
    Quote Originally Posted by CaptUSA View Post
    Yes. A unit of measure. Just like this guy:

    Except I think it's more like Ant Man.



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  3. #62
    Not time yet for a gold standard:

    First the economy is going into severe recession.

    Then we get massive stimulus.

    Then we get a dollar collapse.

    THEN we can go to a gold standard.

    Change only happens when the pain of staying the same is greater than the pain of changing.

  4. #63
    Hope they pay off the debts to China, etc. with worthless dollars before closing the Fed.
    #NashvilleStrong

    “I’m a doctor. That’s a baby.”~~~Dr. Manny Sethi

  5. #64
    Quote Originally Posted by oyarde View Post
    A dollar is supposed to be a unit of measurement , 412 1/2 grains of 90 percent silver or 1.672 grams of 90 percent gold .Something close to that , that is from memory.
    It was also defined in terms of copper: 1100 pennyweights of copper according to the Coinage Act of 1792.

    Defining the dollar in terms of multiple metals at once was one of the mistakes made in setting up the monetary system. It amounts to price-fixing, if you think about it. This poison seed was to bear fruit many decades later, giving rise to the Free Silver Movement and William Jennings Bryan ("a cross of gold!") -- a disaster for America and for Liberty.



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  7. #65
    I would like to have real money , back it with whatever is most reasonable , gold , silver other metal etc . Whatever country does it first will be the world preferred money.
    Do something Danke

  8. #66
    Quote Originally Posted by oyarde View Post
    I would like to have real money , back it with whatever is most reasonable , gold , silver other metal etc . Whatever country does it first will be the world preferred money.
    That would have been Libya, except for....well, you know.

  9. #67
    Quote Originally Posted by devil21 View Post
    It's a huge assumption that there is any gold other than in private hands, however the dollar could be "gold backed". Just revalue gold to account for outstanding dollars. Based on your calculations, gold would be revalued upward 43x its current spot price. $51,000 per ounce would effectively establish a gold backing. Sure makes current gold prices look like a steal, no? But in reality such a revaluation would effectively declare the FRN to be trash. Hmmm, so how to get around that? Get rid of the FRN maybe and phase in a national currency? Yes that will work.

    (fwiw, bankers decided on this gold backing scenario a couple years ago...it's all scripted)

    Federal Reserve Notes are a national currency.

  10. #68
    Quote Originally Posted by oyarde View Post
    I would like to have real money , back it with whatever is most reasonable , gold , silver other metal etc . Whatever country does it first will be the world preferred money.
    when there is real money again it will be an entrepreneur, not a country, stamping it

    '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...


  11. #69
    Quote Originally Posted by Zippyjuan View Post
    Federal Reserve Notes are a national currency.
    Precious metals could be an international currency.

  12. #70

  13. #71
    Quote Originally Posted by Dr.3D View Post
    Precious metals could be an international currency.
    Do you mean as a unit for foreign trade? We could give China all of ours that way. Our trade deficit (not just with China) has been running about $40 billion a month and with $300 billion in gold we could get rid of it as quickly as eight months.

  14. #72
    Quote Originally Posted by Zippyjuan View Post
    Federal Reserve Notes are a national currency.
    No they aren't. FRNs are a private currency from a private bank for a private "governmental" corporation unless and until the republic is restored and a nationalization order is issued. Do you have evidence that the republic is restored and a nationalization order has been issued?
    Last edited by devil21; 11-29-2016 at 03:32 PM.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book



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  16. #73
    Quote Originally Posted by jbauer View Post
    Now truth be told if you went back to a gold standard we'd blow the economy up because you'd see that your FRN is nearly worthless.
    Why would the value of the dollar change? The value of it is determined by the market. Are you saying that the market is incapable of determining the value of the dollar without the assistance of the government?
    Quote Originally Posted by Swordsmyth View Post
    Pinochet is the model
    Quote Originally Posted by Swordsmyth View Post
    Liberty preserving authoritarianism.
    Quote Originally Posted by Swordsmyth View Post
    Enforced internal open borders was one of the worst elements of the Constitution.

  17. #74
    Quote Originally Posted by devil21 View Post
    No they aren't. FRNs are a private currency from a private bank for a private "governmental" corporation unless and until the republic is restored and a nationalization order is issued. Do you have evidence that the republic is restored and a nationalization order has been issued?
    SO only certain people are allowed to use them? What needs to be "nationalized"?

    "This note legal tender for all debts public and private"
    Last edited by Zippyjuan; 11-29-2016 at 03:41 PM.

  18. #75
    Quote Originally Posted by TheCount View Post
    Why would the value of the dollar change? The value of it is determined by the market. Are you saying that the market is incapable of determining the value of the dollar without the assistance of the government?
    Of course they are "needed" to determine the value of their own illusory construct. Otherwise the value would be clear to all....just paper and computer digits.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  19. #76
    Quote Originally Posted by Zippyjuan View Post
    SO only certain people are allowed to use them? What needs to be "nationalized"?

    "This note legal tender for all debts public and private"
    You sure you want to go down this road Zip? I don't think I have the patience to rehash this for the 10,830th time with you. Carry on with the disinfo.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  20. #77
    Quote Originally Posted by devil21 View Post
    Otherwise the value would be clear to all....just paper and computer digits.
    Again, the implication here is that the market is incapable of understanding the value of things without government intervention. Why would sellers of products be willing to accept an insufficient number of dollars in compensation for these products? Better yet, how are they be capable of staying in business if they are continually selling their products for less than their actual value?
    Quote Originally Posted by Swordsmyth View Post
    Pinochet is the model
    Quote Originally Posted by Swordsmyth View Post
    Liberty preserving authoritarianism.
    Quote Originally Posted by Swordsmyth View Post
    Enforced internal open borders was one of the worst elements of the Constitution.

  21. #78
    Nobody would value casino chips if the casino weren't standing behind them.

  22. #79
    Quote Originally Posted by helmuth_hubener View Post
    Nobody would value casino chips if the casino weren't standing behind them.
    Poor example. Casino chips are the equivalent to a gold standard, not a fiat currency.
    Quote Originally Posted by Swordsmyth View Post
    Pinochet is the model
    Quote Originally Posted by Swordsmyth View Post
    Liberty preserving authoritarianism.
    Quote Originally Posted by Swordsmyth View Post
    Enforced internal open borders was one of the worst elements of the Constitution.

  23. #80
    Quote Originally Posted by helmuth_hubener View Post
    Nobody would value casino chips if the casino weren't standing behind them.
    I think a better comparison is to say that nobody would value casino chips if you didn't have to buy them to play the casino's chip based games. Someone can choose to not visit the casino, however (read: sovereignty). In modern society, everyone is born inside the casino without realizing it and there are very few doors to exit the casino....and they're hidden behind false walls and mirrors.
    Last edited by devil21; 11-29-2016 at 03:59 PM.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book



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  25. #81
    Money is a medium of exchange. It is whatever people decide to use and has whatever value the market gives it.

  26. #82
    Quote Originally Posted by Zippyjuan View Post
    Money is a medium of exchange. It is whatever people decide to use and has whatever value the market gives it.
    Well, paper isn't a very good medium of exchange as it doesn't have much value. Ask the people of Zimbabwe.

  27. #83
    Quote Originally Posted by helmuth_hubener View Post
    That is fascinating! Sometimes the off-topic posts are the most interesting.

    Wow, 7-1/2 cents -- just think of the long-term ramifications. You could price things in half cents. How annoying! Or would it be convenient? With sound money, it probably actually would be convenient.
    Price Optimization: http://www.retailtouchpoints.com/fea...e-optimization

    Gulag Chief:
    "Article 58-1a, twenty five years... What did you get it for?"
    Gulag Prisoner: "For nothing at all."
    Gulag Chief: "You're lying... The sentence for nothing at all is 10 years"



  28. #84
    Quote Originally Posted by Dr.3D View Post
    Well, paper isn't a very good medium of exchange as it doesn't have much value. Ask the people of Zimbabwe.
    What do they use instead now? US dollars.

  29. #85
    Quote Originally Posted by Zippyjuan View Post
    What do they use instead now? US dollars.
    The real question is, why did their paper become worthless?

  30. #86
    Quote Originally Posted by Dr.3D View Post
    Well, paper isn't a very good medium of exchange as it doesn't have much value. Ask the people of Zimbabwe.
    Quote Originally Posted by Dr.3D View Post
    The real question is, why did their paper become worthless?
    Name one capitalistic or semi-capitalistic country that has had hyperinflation which wasn't on the losing end of a war. Zimababwe elected a kleptocrat who took land away from all of the wealthy in the country and the people with money had to figure out how to get their wealth out of the country. It just doesn't happen because Ben Bernanke lowers interest rates a quarter of a point.

    Hyperinflation is almost impossible in a market economy. Japan has proven that you really have to try to ruin a currency and even they haven't been able to do it.

  31. #87
    Quote Originally Posted by Krugminator2 View Post
    Name one capitalistic or semi-capitalistic country that has had hyperinflation which wasn't on the losing end of a war. Zimababwe elected a kleptocrat who took land away from all of the wealthy in the country and the people with money had to figure out how to get their wealth out of the country. It just doesn't happen because Ben Bernanke lowers interest rates a quarter of a point.

    Hyperinflation is almost impossible in a market economy. Japan has proven that you really have to try to ruin a currency and even they haven't been able to do it.
    So putting the country 20 Trillion in debt isn't really trying?

    It's nice to have something for money that can't become worthless.

  32. #88
    So how often does hyperinflation occur with fiat money? It is actually pretty rare though it does happen. More often related to loss of confidence in the government.
    Last edited by Zippyjuan; 11-29-2016 at 05:08 PM.



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  34. #89
    Quote Originally Posted by Dr.3D View Post
    So putting the country 20 Trillion in debt isn't really trying?
    No. Not really. It is a problem for growth. It isn't a risk for hyperinflation. The US has lower debt levels as a share of the economy than almost every country in Europe. Germany has a similar debt load. Japan has triple the debt level of the US.

  35. #90
    Quote Originally Posted by Zippyjuan View Post
    So how often does hyperinflation occur with fiat money? It is actually pretty rare though it does happen. More often related to loss of confidence in the government.
    Research Shows ALL Paper Money Systems Failed
    http://goldsilverworlds.com/gold-sil...ystems-failed/
    Last edited by Dr.3D; 11-29-2016 at 05:18 PM.

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