Business

GOP Considers Return to Gold Standard

For the first time in three decades, gold is making its way back into mainstream politics as the Republican Party prepares to adopt a “gold commission” as part of its official party policy, the Financial Times reports.

How did this supposedly “crazy” idea make its way back into mainstream politics? Two reasons: a) because of the unsuccessful monetary policies of the past five years and b) the tireless efforts of Rep. Ron Paul (R-TX).

As the GOP prepares for its National Convention in Tampa, Fla., next week, drafts of the party’s platform “call for an audit of Federal Reserve monetary policy and a commission to look at restoring the link between the dollar and gold,” according to the FT.

“These [issues] were adopted because they are things that Republicans agree on,” co-chair of the platform committee Rep. Marsha Blackburn (R-TN) told the Financial Times. “The House recently passed a bill on this, and this is something that we think needs to be done.”

She is, of course, referring to Rep. Paul’s “Audit the Fed” bill, which passed 327-98.

The FT report notes that the 2012 “gold commission” is similar to the one created during Ronald Reagan’s first term (it ended up deciding against reestablishing a link between U.S. currency and gold … obviously).

“There is a growing recognition within the Republican party and in America more generally that we’re not going to be able to print our way to prosperity,” chairman of the American Principles Project Sean Fieler told FT.

However, as Fieler is careful to note, outside of making recommendations, the commission (should it be adopted) would have no other power or authority.

“We’re not going to go from a standing start to the gold standard,” Fieler said, explaining that the commission is mainly about educating the American people and politicians on the importance of the precious metal.

As of this writing, it is unclear whether the GOP will formally adopt the “gold commission” at the convention. We’ll just have to wait and see.

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Comments (199)

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  • lukerw
    Posted on August 23, 2012 at 10:15pm

    The Ancient Egyptians were the First to Value Gold… as an alike to Sun God, Ra-neter. Then, with the advent of Tokens for Money… the Rarity of Gold… caused it’s use. But, Gold only became a Popular Standard when a Process for Purification was found… resulting in a consistant denomenation.

    I am saying: In Reality… only PERCEPTION attaches Value to the Concept of Money. And, Money Value is simply… whatever EVERYONE AGREES UPON!

    Report Post » lukerw  
    • soybomb315_II
      Posted on August 23, 2012 at 10:24pm

      If only the GOP platform said that there will be no healthcare mandaters in leadership…..

      Report Post » soybomb315_II  
    • Leadthemtothelight
      Posted on August 23, 2012 at 10:36pm

      You mean the government spending orgy may be coming to an end?

      Report Post » Leadthemtothelight  
    • mr.goodvibe
      Posted on August 23, 2012 at 10:57pm

      They valued gold for another reason also. It was the Gods cherished.

      Report Post » mr.goodvibe  
    • therealconservative
      Posted on August 23, 2012 at 11:17pm

      If ONLY soysauce wasn’t a closet Obama supporter

      Report Post » therealconservative  
    • midwesthippie
      Posted on August 24, 2012 at 12:19am

      …another lame attempt by the GOP to get Ron Paul supporters and Independents to vote for the progressives…the GOP will say anything to get power…one minute Ron Paul is a nut and the next minute his platform is being “adopted” by the GOP machine…i’m soooo falling for it…

      Report Post » midwesthippie  
    • Paul
      Posted on August 24, 2012 at 12:23am

      If the gold hasn’t been stolen with the rest of everything in our Country…

      Report Post » Paul  
    • lukerw
      Posted on August 24, 2012 at 3:36am

      @PAUL
      Why do you think… that the WP Mint buys Gold Coin Blanks from Australia, in order to make New US Coins?

      Report Post » lukerw  
    • Individualism
      Posted on August 24, 2012 at 5:28am

      if onlytherealconservative was a real conservative.

      Report Post » Individualism  
    • SquidVetOhio
      Posted on August 24, 2012 at 7:24am

      I‘m not sure anyone with a Gary Johnson icon should be questioning anyone’s conservatism since he isn’t one. He is a neo-Libertarian. Big difference. Conservatives don’t want legalized heroin and prostitution.

      Report Post » SquidVetOhio  
    • muffythetuffy
      Posted on August 24, 2012 at 8:48am

      ITS TOO LATE

      There is not enough Gold in the entire universe to back up all the paper money the Democrats and Republicans have printed and circulated. The price of Gold would have to be around $100,000 an ounce to back our currency. It would be better to back our money with Ink.

      Report Post »  
    • Economist
      Posted on August 24, 2012 at 9:17am

      This is why you need a gold standard:

      http://www.youtube.com/watch?v=lu_VqX6J93k

      Report Post » Economist  
    • KidCharlemagne
      Posted on August 24, 2012 at 9:42am

      SquidVetOhio
      Posted on August 24, 2012 at 7:24am
      Conservatives don’t want legalized heroin and prostitution.
      ==================================

      In other words, conservatives want to reward organized crime with a monopoly by making sure that there are fewer competitors in the marketplace.

      Report Post »  
    • atechgeek
      Posted on August 24, 2012 at 11:05am

      Going to a gold standard again would take a lot of power away from the fed. It may be a back door to bring them fed down. If so .. it will never happen. There will have to be a revolution to take out the fed.

      Report Post »  
    • k8ti
      Posted on August 24, 2012 at 5:17pm

      LUKERW…….the huge difference is you CANNOT just go print gold whenever you need it. You CAN print paper money how ever much you want (which is what our federal reserve has been doing). When you print paper notes (money) not backed by anything of value in the world….that’s when inflation occurs….and that‘s when your paper money loses it’s value. Which makes us all poor because our paper dollar doesn’t buy as much as it used to. Since 1913 (when the federal reserve took over and started printing money out of thin air)….over time our dollar has been devalued by 96% (which is what it’s worth today). A dollar from the year 1913 = ONE DOLLAR…….contrast that to a dollar from the year 2012 = 4 CENTS!

      Every major empire that took their currency off of being backed by something of value like gold…..their empire fell due to economic reasons.

      Report Post »  
    • WeDontNeedNoSteenkinBadges12
      Posted on August 25, 2012 at 3:20am

      “GOP Considers Return to Gold Standard”

      … until they open Fort Knox and find … moths. Back to the funny money, I guess.

      Report Post » WeDontNeedNoSteenkinBadges12  
  • rsanchez1
    Posted on August 23, 2012 at 10:10pm

    You can’t run up $20 Trillion in debt with gold, simply because that much gold doesn’t exist. Tying the dollar to gold will force the government to keep a budget.

    Report Post »  
    • the_system_disconnect
      Posted on August 23, 2012 at 10:16pm

      It will also either keep the rest of the world in check or it will cause their downfall. I‘m okay with either since they’ve been so irresponsible with their money (particularly Europe.)

      Report Post » the_system_disconnect  
    • lukerw
      Posted on August 24, 2012 at 1:39am

      There is NOT Enough Assets in World… to account for the World Money nor Debt! It is… ALL ILLUSION!

      Report Post » lukerw  
    • chalkdust
      Posted on August 24, 2012 at 6:26am

      The road back to a gold standard is paved with death. To return to a gold standard would mean a total wiping of the slate…world wide. I’m not sure we can imagine the death and destruction that would accompany wiping out all debt. Starvation and war. As Luke points out, there is not enough real assets like gold to cover the astronomical amount of paper debt. Not even close. So, all debt, world wide would have to be written down orderly. It would have to be world wide, as much of our debt is foreign held. A large portion of the population would lose BIG. And it‘s not clear who’s population would lose big.

      Let me give you a scenario. Lets say we just switch to the gold standard partially or completely. The trillions in debt we currently have would have to be paid in gold which would not be possible. As pointed out, there’s not enough gold period, to cover it. Not even close.

      This is an empty promise…hopefully.

      With fiscal responsibility, world wide, and a long, long, long period of time we could eventually have an asset backed currency. This is just not likely to happen. Or some cataclysmic event that eliminated debt by erasing it‘s record or something that would cause all nations to not be able to pay it’s debts simultaneously.

      These are bad scenarios that are fraught with unforeseen consequences. Despots, dictators, crooks, warlords and conquerors. Let’s not do this.

      Report Post » chalkdust  
    • atechgeek
      Posted on August 24, 2012 at 12:51pm

      @LUKERW : You are correct sir .. Money is a man made entity designed to allow for control of others. Going back to a barter system would prevent monopolies like wal-mart and those “big evil banks”. The libs won‘t like this because they wouldn’t be able to take other people’s money to survive. It would be a hard road and would never happen but if there is a collapse .. this is what we will have to resort to.

      Report Post »  
  • wisehiney
    Posted on August 23, 2012 at 10:08pm

    I don’t believe that the weasel fed is going to greatly disappoint the markets very soon. They cannot print when this drought and obummers ethanol policy has driven up the cost of food so much. And gas prices. They know that will explode further, and they will get the blame. There will a big takedown first, and then when everyone is sufficiently terrified, they will print til their eyes bleed. Take a cement block and lay it on CTRL P. The Chinese have a blessing/curse…”May you live in interesting times.”

    Report Post »  
  • BlackCrow
    Posted on August 23, 2012 at 10:04pm

    Talk about throwing the world into a tornado. If even one of the worlds major currencies would return to a commodities backed currency the run to that currency would throw every other currency into a free fall. Major wars have been started by a lot less. Something like this would have to be phased in over an extended period of time to prevent total meltdown. Think about it. If the dollar were backed by gold who in their right mind would want a Euro, Yen or Ruple? Nobody! There would not be enough gold to back anywhere near the dollars that would be in demand. There would be deflation in this country like nothing ever imagined. The value of a house would fall from 250 thousand to a few hundred over night and at the same time the rest of the world would see hyper inflation as the value of their money evaporated.

    Fiat currency was a bad idea in its inception but after forty years of floating currencies the shock of returning to a commodities backed currency whatever the commodity might be would require global coordination and a very gradual transition. This fiat money is a tar baby, we have our hands on it and there is no way to put it down.

    Report Post » BlackCrow  
    • wisehiney
      Posted on August 23, 2012 at 10:10pm

      “jes don’t thro me in dat dere gold patch”

      Report Post »  
    • rsanchez1
      Posted on August 23, 2012 at 10:15pm

      They talk of forming a commission to explore returning to the gold standard. I‘m sure that commission wouldn’t just flip the switch overnight and throw the world into chaos.

      Report Post »  
    • KidCharlemagne
      Posted on August 23, 2012 at 10:22pm

      “Although the inflation ended with the introduction of the Rentenmark and the Weimar Republic continued for a decade afterwards, hyperinflation is widely believed to have contributed to the Nazi takeover of Germany and Adolf Hitler’s rise to power. Adolf Hitler himself in his book, Mein Kampf, makes many references to the German debt and the negative consequences that brought about the inevitability of “national socialism”.
      Hyperinflation in the Weimar Republic

      Report Post »  
  • KidCharlemagne
    Posted on August 23, 2012 at 9:47pm

    Actually, even Ron Paul doesn’t want to return to a gold standard…..he wants competition (resulting in the best quality for the best value) instead:

    —————————————————-
    Ron Paul: Legalize Competing Currencies
    August 13, 2012

    I recently held a hearing in my congressional subcommittee on the subject of competing currencies. This is an issue of enormous importance, but unfortunately few Americans understand how the Federal Reserve and Treasury Department impose a strict monopoly on money in America.

    This monopoly is maintained using federal counterfeiting laws, which is a bit rich. If any organization is guilty of counterfeiting dollars, it is our own Treasury. But those who dare to challenge federal legal tender laws by circulating competing currencies — at least physical currencies — risk going to prison.

    Like all government created monopolies, the federal monopoly on money results in substandard product in the form of our ever-depreciating dollars.
    http://www.ronpaul.com/2012-08-13/ron-paul-legalize-competing-currencies-2/

    Report Post »  
    • MODEL82A1
      Posted on August 23, 2012 at 9:55pm

      KID, Dr. Paul cares FAR less about the Constitutional Rights of Americans than he does about misusing the Constitution to advance his Anti-Semitic agenda.

      Report Post » MODEL82A1  
    • Mutiny
      Posted on August 23, 2012 at 10:17pm

      @model

      Proof? Yeah, I didnt think so.

      Report Post » Mutiny  
    • KidCharlemagne
      Posted on August 23, 2012 at 10:19pm

      MODEL82A1
      Posted on August 23, 2012 at 9:55pm

      KID, Dr. Paul cares FAR less about the Constitutional Rights of Americans than he does about misusing the Constitution to advance his Anti-Semitic agenda.
      ===============================

      Save the propaganda for someone who actually believes it, Model82A1:

      Jews For Ron Paul

      Report Post »  
    • progressiveslayer
      Posted on August 23, 2012 at 10:19pm

      Model I’ve seen some stupid comments today but you get the blue ribbon,Ron Paul was the only constitutional conservative running,he didn‘t get the nomination so it’s our loss.

      Report Post » progressiveslayer  
    • MODEL82A1
      Posted on August 23, 2012 at 11:02pm

      MUTINY, “proving” intent is a simple matter of identifying behavioral patterns. There is NO DOUBT that Dr. Paul’s behavior has ALWAYS been to facilitate the isolation and inevitable destruction of Israel. The examples are so numerous, even an idiot like you can easily find them. What Paul wants more than anything is the emasculation of the US military so that Israel can be destroyed without repercussion, and to Hell with what’s left of America after the fact. Got it? Didn’t think so.

      Report Post » MODEL82A1  
    • MODEL82A1
      Posted on August 23, 2012 at 11:05pm

      KID, Do you deny that both Dr. Paul and yourself would have no moral or geopolitical problem with the destruction of Israel? (That’s a rhetorical question, because your “answer” would be a lie)

      Report Post » MODEL82A1  
    • KidCharlemagne
      Posted on August 23, 2012 at 11:08pm

      MODEL82A1
      Posted on August 23, 2012 at 11:02pm

      MUTINY, “proving” intent is a simple matter of identifying behavioral patterns. There is NO DOUBT that Dr. Paul’s behavior has ALWAYS been to facilitate the isolation and inevitable destruction of Israel.
      ==========================================

      ~~~~~~Yawn~~~~~~

      Report Post »  
    • MODEL82A1
      Posted on August 23, 2012 at 11:09pm

      PROGRESSIVESUPPORTER, Your Blue Ribbon is a Badge of Honor for me. As it would be for anyone capable of independent, practical though. Now make yourself useful and go clean Dr. Paul’s gutters.

      Report Post » MODEL82A1  
    • Individualism
      Posted on August 24, 2012 at 3:39am

      Model, NDAA is anti semetic, legislation like that led to the holocaust.

      Report Post » Individualism  
    • Individualism
      Posted on August 24, 2012 at 5:29am

      nobody cares about Israel, what about America. if you care so much about them move there.

      Report Post » Individualism  
    • atechgeek
      Posted on August 24, 2012 at 1:04pm

      @MODEL82A1 : I want to have what your having. The foggy existence must be delightful. RAND 2016 !!!!!!!

      Report Post »  
    • progressiveslayer
      Posted on August 24, 2012 at 3:00pm

      Model If you think I‘m a as you put it a ’progressivesupporter‘ you need to to work on your powers of discernment because I’ve trashed our Marxist POS fraud president more than anyone else on here.
      Speaking of gutters you should pull yourself out of them and stop bashing the only constitutional conservative not getting the nomination.

      Report Post » progressiveslayer  
  • wisehiney
    Posted on August 23, 2012 at 9:35pm

    The truth of the matter is…when we rise from the ashes, the Second American Republic will adopt the gold standard again, and we will remember next time.

    Report Post »  
  • THX-1138
    Posted on August 23, 2012 at 9:33pm

    If Ron Paul was able to make this ONE thing happen, he’d go down in my book as a Political God.

    Report Post » THX-1138  
    • watersRpeople
      Posted on August 23, 2012 at 9:42pm

      Won’t happen fully, and neither will an audit of the Federal Reserve. You’re all going to get swallowed by the waters of the Red Sea, and there will be wailing and the gnashing of teeth.

      Report Post »  
    • MODEL82A1
      Posted on August 23, 2012 at 9:45pm

      And THAT, THX, illustrates your ignorance more succinctly than I ever could.

      Report Post » MODEL82A1  
    • Altair
      Posted on August 23, 2012 at 9:48pm

      Ron Paul would make a good Secretary of the Treasury. And, it is alleged, he pays his taxes.

      Unlike the present holder of that office.

      Report Post »  
    • mlite9
      Posted on August 23, 2012 at 9:55pm

      Nixon’s taking us off the gold standard was a knee-jerk reaction to an energy crisis and being hammered by a Democrat Congress and media, not unlike the fraidy-cat stuff we see even now. It also marked the beginning of the US becoming a consuming nation, rather than a producing nation.

      When your currency is based on tangible assets rather than ‘what we say it’s worth, relatively’ you call the shots, in trade, in exchange, and in most global financial dealings. It does make the economy more volatile, but that’s the point of the repository. The Fed could use some reigning in anyway.

      Happen? Nah. Too much money in not messing with the money. Nice to dream, though…

      Report Post »  
    • KidCharlemagne
      Posted on August 23, 2012 at 10:10pm

      mlite9
      Posted on August 23, 2012 at 9:55pm

      Nixon’s taking us off the gold standard was a knee-jerk reaction to an energy crisis
      ===============================

      No it wasn’t………it was a worldwide run on the bank (like what happened during the early 1930′s). Foreign countries that were holding gold on reserve in the U.S. saw that all their deposits were being spent on warfare and welfare……..so they only did what was natural to them….they showed up at the bank and demanded their money before the whole thing collapsed:

      ——————————
      “By the early 1970s, as the costs of the Vietnam War and increased domestic spending accelerated inflation, the U.S. was running a balance-of-payments deficit and a trade deficit, the first in the 20th century. The year 1970 was the crucial turning point, because foreign arbitrage of the U.S. dollar caused governmental gold coverage of the paper dollar to decline from 55% to 22%. That, in the view of neoclassical economics and the Austrian School, represented the point where holders of the U.S. dollar lost faith in the U.S. government’s ability to cut its budget and trade deficits.”

      Report Post »  
    • progressiveslayer
      Posted on August 23, 2012 at 10:27pm

      The gold standard would go a long way in getting us out of this mess and only simpletons would advocate using the current federal reserve funny money backed by nothing.That’s one reason we are 200 + trillion in debt,there’s nothing backing our money but a promise by the federal government,translation we are FUBAR.

      Report Post » progressiveslayer  
    • Chrison
      Posted on August 23, 2012 at 10:29pm

      @WATERSRPEOPLE:

      While I welcome an audit of the Federal Reserve, what’s REALLY needed is an independent audit of the U.S. Government, itself! The Government has been “cooking the books” for so long and in so many ways, it’s doubtful anyone, including Paul Ryan, has a clue what the real facts are regarding Government finances.

      The Government is EXEMPT from following “generally accepted accounting principles” (GAAP) and, therefore, all sorts of financial chicanery goes on regularly and routinely. For instance, the Government does NOT include unfunded liabilities (e.g. future Social Security payment obligations) on the books. As a result, the so-called “16 trillion dollar deficit” is actually MUCH higher than that. People keep talking about the Government facing a debt crisis “someday” but, in fact, if the TRUE debt (INCLUDING unfunded liabilities) were know, we‘d all know that we’re in a debt crisis NOW!

      So, yes, let’s audit the Federal Reserve… the sooner the better! But, more importantly, let’s audit the federal Government too! Only that way will we truly know EXACTLY where things are at so that we can start to get things back under control!

      Report Post »  
    • wisehiney
      Posted on August 23, 2012 at 10:43pm

      @CHRISON – That would create ten million auditing jobs!

      Report Post »  
    • Individualism
      Posted on August 24, 2012 at 3:40am

      we must continue it and destroy one block at a time and than recreate out of the ruins.

      Report Post » Individualism  
  • watersRpeople
    Posted on August 23, 2012 at 9:29pm

    It’s looks like the waters of the Red Sea are coming back together again. Uh Oh.

    Report Post »  
  • wootendw
    Posted on August 23, 2012 at 9:29pm

    The US should return to the gold standard, setting the price at about $7000/ounce or whatever price it takes to make every ‘printed’ dollar convertible to the 261m ounces of gold (supposedly) held in ‘reserve’. This would initially be inflationary since a gold standard not only means that dollars are convertible into gold but also that gold is freely convertible into money so everyone holding an ounce of gold will suddenly have $7000 instead of only $1670 – and gold miners will go into overtime to dig up more ‘dollars’ thus increasing the money supply. Workers would be paid with cheaper dollars but that’s better than losing their jobs. Lenders would be repaid with cheaper dollars but that’s better than not being repaid at all due to bankruptcies. After some time, the inflation would level off and could mitigated in the mean time by cutting government spending and raising bank reserve requirements. Interest rates would probably rise, hurting long term bondholders, but if it isn’t done, the only alternative, eventually, is a world-wide deflationary down spiral destroying the economies of Europe, Japan, China and, eventually, US.

    Report Post »  
  • Winedude
    Posted on August 23, 2012 at 9:25pm

    “If they dare to come out in the open field and defend the gold standard as a good thing, we shall fight them to the uttermost, having behind us the producing masses of the nation and the world. Having behind us the commercial interests and the laboring interests and all the toiling masses, we shall answer their demands for a gold standard by saying to them, you shall not press down upon the brow of labor this crown of thorns. You shall not crucify mankind upon a cross of gold.” William Jennings Bryan, 1896

    Report Post »  
    • wisehiney
      Posted on August 23, 2012 at 9:31pm

      Bryans mama called him “Deadbeat”

      Report Post »  
    • Winedude
      Posted on August 23, 2012 at 11:28pm

      He went to Northwestern University Law School. Hardly the school of a “deadbeat”. I don’t doubt that his poor prairie mother called him that…don’t know enough about her to comment.

      Report Post »  
    • wisehiney
      Posted on August 24, 2012 at 12:00am

      The point is that the real crucifixion will now be on a cross of “dollar”.

      Report Post »  
  • soybomb315_II
    Posted on August 23, 2012 at 9:22pm

    i highly doubt the gold commission will be on the platform. There are a ton of republicans who are against it

    Report Post » soybomb315_II  
    • Sirfoldallot
      Posted on August 23, 2012 at 9:26pm

      + what will Ben do ?

      Report Post » Sirfoldallot  
    • Sirfoldallot
      Posted on August 23, 2012 at 9:26pm

      Glad ur not incharge.

      Report Post » Sirfoldallot  
    • MODEL82A1
      Posted on August 23, 2012 at 9:36pm

      SOY, there isn’t even enough “fiat” money in circulation on the planet to cover America’s debt. Re-Implementing the Gold Standard would cause an instant collapse of the World economy. Your choices are 1) INSTANT Global Collapse or 2) Potential Future Global Collapse. Now, I don’t care which Devil you choose, I just demand that you and your ilk actually choose one. I do not expect satisfaction.

      Report Post » MODEL82A1  
    • American Soldier (Separated)
      Posted on August 23, 2012 at 9:37pm

      This is nothing more than pandering to the Tea Party / Ron Paul crowd.

      Sorry, I’m not going to be fooled. The GOP has zero intentions of returning to a gold standard.

      Report Post » American Soldier (Separated)  
    • MODEL82A1
      Posted on August 23, 2012 at 9:47pm

      SEPARATED (SAYS IT ALL), Damn Straight the GOP has not intention of re-instituting the Gold Standard. It would instantly collapse the Global Economy.

      Report Post » MODEL82A1  
    • mtcountrygrl
      Posted on August 23, 2012 at 9:58pm

      While I think our money should be defined (have a tangable value), the problem with the gold standard is that we have printed and inflated our money too much. There is not enough gold in the world to back it. It would be very difficult to do. But we can start by auditing the fed! And work our way to a measurable, concrete backing for our dollar. The problem I have with Ron Paul followers is they want us to return to these principles over night, and the fact is that would collapse the system and cause riots in the streets. If one in every three Americans is on a government program, you cannot take that away over night. You cannot get rid of the fed over night! You cannot cut off government programs overnight! And you guys refuse to see that America is waking up and turning the ship around. In 2008, Romney was the most conservative canidate running in the GOP. This time he was the most liberal and he seems to have moved his platform to the right CONSIDERABLY! You guys need to work within the party to keep moving it in the right direction, not voting for some guy who doesn’t stand a chance and handing a victory to those who will plow us into the iceburg.

      Report Post »  
    • TIME_2_END_THE_PAUL_CAMPAIGN_IN_12
      Posted on August 23, 2012 at 10:08pm

      Switching to the gold standard is a terrible idea. The U.S. would be unable to respond quickly and effectively to sudden economic shocks. Recessions would be deeper and longer, and the economy would be biased towards deflationary spirals. Keep in mind that the U.S., which remained on the gold standard ’till 1933, had a much longer and deeper recession than Britain, which had gone off gold in 1931.

      Report Post » TIME_2_END_THE_PAUL_CAMPAIGN_IN_12  
    • soybomb315_II
      Posted on August 23, 2012 at 10:12pm

      @mtcountrygrl
      I get what you are saying. But you misunderstand what a Ron Paul presidency would include. As president, Ron Paul would be limited to the things the Constitution allows. Gold standard, Federal Reserve, budgets, repealing federal entitlements, etc are mostly the duty of Congress. Ron Paul would be able to eliminate czars, some regulations, and approve/veto the laws congress passes. In addition, the president provides direction for the political party….All of which sounds good to me!

      Report Post » soybomb315_II  
    • The_Cabrito_Goat
      Posted on August 23, 2012 at 10:20pm

      If only, soybean.

      Report Post » The_Cabrito_Goat  
    • MODEL82A1
      Posted on August 23, 2012 at 10:27pm

      SOY, What a Ron Paul Presidency would ACTUALLY mean is that you have found yourself in the throes of a catastrophic psychiatric breakdown. In this event, I suggest that you try to remain still and wait for Emergency Services to arrive.

      Report Post » MODEL82A1  
    • progressiveslayer
      Posted on August 23, 2012 at 10:40pm

      For all of you bashing a return to the gold standard, listen to someone who knows what they’re talking about,listen carefully.http://video.foxbusiness.com/v/1400682003001/the-benefits-of-a-return-to-the-gold-standard/

      Report Post » progressiveslayer  
    • therealconservative
      Posted on August 23, 2012 at 10:47pm

      @soysauce

      So now you admit that Saint Paul wouldn’t be able to do ANYTHING that he campaigned on.

      Report Post » therealconservative  
    • wisehiney
      Posted on August 23, 2012 at 10:52pm

      Saving that one PSlayer. Thanks.

      Report Post »  
    • resme
      Posted on August 24, 2012 at 12:37am

      “Switching to the gold standard is a terrible idea. The U.S. would be unable to respond quickly and effectively to sudden economic shocks. Recessions would be deeper and longer, and the economy would be biased towards deflationary spirals. Keep in mind that the U.S., which remained on the gold standard ’till 1933, had a much longer and deeper recession than Britain, which had gone off gold in 1931.”

      @time, What’s wrong with honest money? Why shouldn’t the 18 year old be able to save 1,000 dollars for his retirement and still have the same purchasing power of that 1,000$ when he reaches the age of 70? Correct me if I’m wrong, The 8th commandment of the bible is “You shall not steal”. Let’s see federal reserve since 1913. How’s the last 100 years been going? Depression after Depression. The reason you do not see soup lines today is because of “Food Stamps”. God knows we can’t have a gold standard it would force a balanced budget. We know the republicans, I mean democrats like to buy votes.

      Report Post » resme  
    • resme
      Posted on August 24, 2012 at 12:40am

      “SEPARATED (SAYS IT ALL), Damn Straight the GOP has not intention of re-instituting the Gold Standard. It would instantly collapse the Global Economy.”

      I’m glad you have such a big heart for the globe.

      Report Post » resme  
    • Rothbardian_in_the_Cleve
      Posted on August 24, 2012 at 12:41am

      Switching to a gold backed currency is the only way to return to fiscal responsibility. That is will cause a global crash is just paranoia. There is a massive reset coming no matter what. The US alone already owes almost 4 times the planet GDP counting unfunded liabilities. You honestly think we are going to grow and tax our way out of that hole. Please, that’s just silly. We’re going to default and it has been the advancement of fiat currency that has killed and ruined more people than a gold or silver standard ever could. You need look no further than Hungary, China, Zimbabwe, Weimar Germany, Greece, Rome and so on to see where fiat currency ends. It ends with cartloads of cash to buy a loaf of bread. Too many drink the Fed kool-aid. They’ve printed us into poverty. The purchasing power of the dollar is 12 cents to 1913 when the Fed was created. Before that, the value held relatively constant. “Responding to economic crisis”….please. FIAT CURRENCY CAUSES THEM. The cycles from the 1800‘s that scared everyone into accepting the Fed happened because bankers didn’t capitalize correctly and rumors drove panic. Had nothing to do with fiat currency being there to bail them out.

      Report Post » Rothbardian_in_the_Cleve  
    • resme
      Posted on August 24, 2012 at 1:06am

      @roth, I’d have to say the banks intentionally caused crises prior to 1913. But, I’d be a batship crazy conspiracy theorist for that remark.

      Report Post » resme  
    • Rothbardian_in_the_Cleve
      Posted on August 24, 2012 at 1:41am

      @RESME,

      I sure wouldn’t call you crazy. 19th century banking is truly fascinating. Add to that the federal corruption of the railroads and the carpetbaggers and it was really the genesis of fascism (modern day “crony capitalism”)

      I have to say, I chuckle at how people defend fiat currency and the theft of wealth writ large. They‘d look less stupid if they’d just take 80% of what they had and just show up at the Fed one day and give it to them. At least they’d spare themselves the trouble of defending the robber in the stickup.

      “Give me control of a nation‘s money and I care not who makes it’s laws” — Mayer Amschel Bauer Rothschild

      “Specie [gold and silver coin] is the most perfect medium because it will preserve its own level; because, having intrinsic and universal value, it can never die in our hands, and it is the surest resource of reliance in time of war.” – Thomas Jefferson to John Wayles Eppes, 1813

      “Paper is poverty,… it is only the ghost of money, and not money itself.” – Jefferson to Edward Carrington, 1788

      “The system of banking have…[for]ever reprobated. I contemplate it as a blot left in all our Constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens.” – Thomas Jefferson to John Taylor, 1816

      Report Post » Rothbardian_in_the_Cleve  
    • resme
      Posted on August 24, 2012 at 1:52am

      @roth, I’d like to also add, Fiat currency promotes war. Since 1913, We have been in constant war. It’s the main reason the republicans love fiat currency.Grow our way out in republican terms is bigger defense budget. Someone has the haul the bombs, right? The bible is very clear on honest money and debt and “Just war”.

      Report Post » resme  
    • West Coast Patriot
      Posted on August 24, 2012 at 3:20am

      Yeah, leave it to Republicans on The Blaze, Ron Paul says it, he is crazy, it would never work, but now, yeah! Time-2 will fight it because it has been Ron Paul’s platform since the beginning and the reason he got into politics in the beginning. Time_2′s hatred will be the end of him. Time, you ARE irrelevant.

      Report Post » West Coast Patriot  
    • Individualism
      Posted on August 24, 2012 at 3:41am

      int‘l bankers won’t allow it alive.

      Report Post » Individualism  
    • Individualism
      Posted on August 24, 2012 at 5:33am

      people should be able to use what they want as currency not what a vermin paper wants and enforced by their cueballs.

      Report Post » Individualism  
    • TIME_2_END_THE_PAUL_CAMPAIGN_IN_12
      Posted on August 24, 2012 at 6:18am

      THIS is the bottom line. Ron Paul is gate keeper, attempting to herd the masses into the Austrian School of Economics, a false paradigm (got that word from some Paul parrots) of neofeudalism sold as Classical LIberalism. It is neofeudalism in that it treats money and land as commodities, which is more like Marxism than Classical Liberalism.

      The gold standard Paul promotes is a world standard, a standard where the banks store a bunch of gold in a warehouse and create money as interest-bearing credit with 1 out of 9 of those bank notes backed by gold. it is fractional reserve banking. it is what we have now, minus the gold stored in a warehouse. It is what we had when we had the great depression. it is what we had before 1913 and before 1776. Ron paul’s promotion of deregulating the banking industry is what caused the last economic depression with the deregulation of financial derivatives. The banks had their artificially-created boom and then an artificially-created bust to grab assets, which is what they always do and what Jefferson warned us about.

      Report Post » TIME_2_END_THE_PAUL_CAMPAIGN_IN_12  
    • TIME_2_END_THE_PAUL_CAMPAIGN_IN_12
      Posted on August 24, 2012 at 6:25am

      LEFT COAST PARROT wrote…”

      Time-2 will fight it because it has been Ron Paul’s platform since the beginning…”

      That’s correct LEFTY…. now onto the next topic. There is always room in my day to fight Ron Paul’s platform (and the parrots like yourself that would attempt to spin a toxic Ron Paul brain fart into the sweet smell of a Texas Rose…)

      Report Post » TIME_2_END_THE_PAUL_CAMPAIGN_IN_12  
    • Rothbardian_in_the_Cleve
      Posted on August 24, 2012 at 9:32am

      “The gold standard Paul promotes is a world standard, a standard where the banks store a bunch of gold in a warehouse and create money as interest-bearing credit with 1 out of 9 of those bank notes backed by gold. it is fractional reserve banking. it is what we have now, minus the gold stored in a warehouse. It is what we had when we had the great depression.”

      1. You brought Paul into this as the conversation was primarily about gold standards to begin with.
      2. Despite that, Dr. Paul promotes no such “world standard”
      3. that has nothing to do with fractional reserve banking…isn’t even close
      4. Not what we have now, nor does anyone even know how much gold actually exists in the “warehouse”
      5. Gold standard had nothing to do with the Great Depression. FDR’s illegal confiscation of gold happened in 1937…because people didn’t trust fed reserve notes. So he simply forced them to. Ah, freedom. He forced them to because people knew even then that the printing of money to expand the monetary base was robbing their wealth. The monetary expansion of Keynsism was supposed to fix a depression brought about by the dust bowl and smoot-hawley and blue eagle etc. never materialized. It took WWII. But that hasn’t stopped Keynsians such as you from shoving thier failed theories down our throats ever since.

      Report Post » Rothbardian_in_the_Cleve  
    • KidCharlemagne
      Posted on August 24, 2012 at 10:06am

      TIME_2_END_THE_PAUL_CAMPAIGN_IN_12
      Posted on August 24, 2012 at 6:18am
      Ron paul’s promotion of deregulating the banking industry is what caused the last economic depression with the deregulation of financial derivatives.
      ===========================================

      Barney Frank? …. is that you? (LOL!)

      Report Post »  
    • KidCharlemagne
      Posted on August 24, 2012 at 11:12am

      TIME_2_END_THE_PAUL_CAMPAIGN_IN_12
      Posted on August 24, 2012 at 6:18am

      THIS is the bottom line. Ron Paul is gate keeper, attempting to herd the masses into the Austrian School of Economics, a false paradigm (got that word from some Paul parrots) of neofeudalism sold as Classical LIberalism. It is neofeudalism in that it treats money and land as commodities, which is more like Marxism than Classical Liberalism.
      ========================================

      Put the cap back on the glue bottle, T2:

      “5. Centralisation of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly.”
      Karl Marx: “The Communist Manifesto”

      There’s NOTHING more Marxist than the Federal Reserve….Karl Marx regarded it as a cornerstone of Communism.

      Report Post »  
  • watersRpeople
    Posted on August 23, 2012 at 9:21pm

    I was looking at the United States map showing all the Red States possibly for Romney – it’s starting to look like the Red Sea.

    Report Post »  
    • Mil Mom
      Posted on August 23, 2012 at 9:49pm

      @watersRpeople
      Posted on August 23, 2012 at 9:21pm

      I was looking at the United States map showing all the Red States possibly for Romney – it’s starting to look like the Red Sea.
      ***
      Yes, but did you notice the Blue states aren’t properly in the middle yet? How do we surround them if they can just break off the edges?

      Report Post » Mil Mom  
  • Magnum1
    Posted on August 23, 2012 at 9:20pm

    It’s certainly a debate worth having. The GOP should make it it’s business to educate Americans on our financial system, the Fed, national debt, etc. Once they have the facts, they will choose the party of financial responsibility. If they waffle, and try to do the politically correct thing, they will lose – you can’t out-weasel the likes of Pelosi, Obama, Dead Fish Emmanuel, and Harry Reid.

    Report Post »  
    • Mil Mom
      Posted on August 23, 2012 at 9:52pm

      @Magnum1
      Posted on August 23, 2012 at 9:20pm

      It’s certainly a debate worth having. The GOP should make it it’s business to educate Americans on our financial system, the Fed, national debt, etc. Once they have the facts, they will choose the party of financial responsibility. If they waffle, and try to do the politically correct thing, they will lose – you can’t out-weasel the likes of Pelosi, Obama, Dead Fish Emmanuel, and Harry Reid
      ***
      Paul Ryan has been the “lone voice in the wilderness” trying to do just that for years. I’ve seen him with his charts on cspan attempting to explain directly to the American people. That’s why I was so excited when Romney actually DID pick him. Now on to the Debate with the class clown from the other side!

      Report Post » Mil Mom  
  • CROCK-HANDLER
    Posted on August 23, 2012 at 9:19pm

    Just do it!

    Report Post »  
  • watersRpeople
    Posted on August 23, 2012 at 9:19pm

    They’ll keep printing money causing inflation yet trying to control it, and many people who have purchased gold lately will be forced to sell what they have bought before a gold standard even becomes enacted.

    Report Post »  
    • Altair
      Posted on August 23, 2012 at 9:51pm

      Pretty sick, aren’t you, that you didn’t buy a pound or two at $320/ounce.

      Report Post »  
    • Mil Mom
      Posted on August 23, 2012 at 10:13pm

      @watersRpeople
      Posted on August 23, 2012 at 9:19pm

      They’ll keep printing money causing inflation yet trying to control it, and many people who have purchased gold lately will be forced to sell what they have bought before a gold standard even becomes enactes
      ***
      We’re on much the same path. I’m not so nearly concerned about an October Surprise, as (If the cabal loses) a “Day after Election Day Surprise!”
      What can the cabal do through regulation and executive order until Jan?

      Report Post » Mil Mom  
  • wisehiney
    Posted on August 23, 2012 at 9:17pm

    In the Bible, gold is likened to wisdom, faith and knowledge.

    Report Post »  
  • watersRpeople
    Posted on August 23, 2012 at 9:16pm

    I wonder how they will span the debt of ten plus trillion with the quantity of gold that’s available? I don’t see it working.

    Report Post »  
  • JohnLarson
    Posted on August 23, 2012 at 9:15pm

    The gold standard limits economic growth severely. As productivity and output increases, so must the money supply. But the scarcity of gold holds that back.

    Let’s also not forget that China produces the most gold.

    This is just another reason why libertarian nutters can’t be trusted with power.

    Report Post »  
    • wisehiney
      Posted on August 23, 2012 at 9:33pm

      Yep, and the great error we will make is not opening our Mint to gold before China does.

      Report Post »  
    • GhostOfJefferson
      Posted on August 23, 2012 at 9:38pm

      This article is not about libertarians. Additionally the “gold standard” written by those “nutter libertarian Founding Fathers” also included silver. So seeing as you’re against the Founding Fathers and stuff, can we assume you’re neither conservative nor libertarian?

      Report Post » GhostOfJefferson  
    • KidCharlemagne
      Posted on August 23, 2012 at 10:03pm

      JohnLarson
      Posted on August 23, 2012 at 9:15pm

      The gold standard limits economic growth severely. As productivity and output increases, so must the money supply. But the scarcity of gold holds that back.

      Let’s also not forget that China produces the most gold.
      =============================================

      Let’s also not forget that China owns the most U.S. Treasury bonds (except for Ben Bernanke) too….

      What do you think would happen if they suddenly put all those Treasury bonds up for sale on the market all at once?

      Report Post »  
    • Rothbardian_in_the_Cleve
      Posted on August 24, 2012 at 12:44am

      If production increases there will be a corresponding increase in money supply because those goods and services must be sold. Ask China if they have a problem with money supply and/or gold. There current account balance is waaaaay in the black. So much so it is causing inflationary pressure.

      There problem here is that money supply is growing quickly and we don’t make squat. Hmmmm, how’s that work?

      Report Post » Rothbardian_in_the_Cleve  
    • Individualism
      Posted on August 24, 2012 at 3:50am

      there for currency competition not gold standard and Keynesian can‘t be trusted with power look what happened in Germany in 1930’s didn’t work out so well.

      Report Post » Individualism  
  • RamonPreston
    Posted on August 23, 2012 at 9:14pm

    It has worked in the past. Napoleon pulled France out of a depression by stating all transactions would be done in gold. The Federal Reserve started this “phony paper money” to create debt and inflation…and get rich.

    Abraham Lincoln and the Czar of Russia were both assinated because they opposed paper money. The founding fathers warned about paper money.

    President James A. Garfield said: “Whoever controls the money in any country is absolute master of industry [legislation] and commerce”.

    Report Post » RamonPreston  
    • Locked
      Posted on August 23, 2012 at 9:29pm

      “Abraham Lincoln and the Czar of Russia were both assinated because they opposed paper money.”

      Uh… Yeah, I’m sure John Wilkes Booth assassinated Lincoln because linked opposed paper money. Not because of, say the Civil War (Booth was from the south) or because of slavery (Booth was an anti-abolitionist and thought Lincoln would eventually free all slaves), or because it would give one side an advantage (he believed killing the leaders of the North would embolden the South to rise up with renewed vigor and turn the tides of the war in their favor).

      Definitely because he opposed paper money. Right.

      Report Post »  
    • Altair
      Posted on August 23, 2012 at 9:55pm

      Head up and LOCKED.

      Report Post »  
    • mr.goodvibe
      Posted on August 23, 2012 at 10:59pm

      The golden rule: He who controls the gold makes the rules.

      Report Post » mr.goodvibe  
  • svan71
    Posted on August 23, 2012 at 9:13pm

    There isnt enough gold in the world to cover 16 trillon dollars.

    Report Post » svan71  
    • wisehiney
      Posted on August 23, 2012 at 9:15pm

      Small pieces.

      Report Post »  
    • THX-1138
      Posted on August 23, 2012 at 9:38pm

      “There isnt enough gold in the world to cover 16 trillon dollars.”

      One ounce would cover it. It’d just be very, very valuable gold…

      Report Post » THX-1138  
    • MODEL82A1
      Posted on August 23, 2012 at 10:01pm

      THX, you ALMOST get it. How much Gold do you own?

      Report Post » MODEL82A1  
    • flipper1073
      Posted on August 23, 2012 at 10:37pm

      Buy your Gold now before it reaches
      1 Million dollars an ounce.

      I know that would more than cover the National Dept.
      but You have to factor in that Politicians are going to
      continue to overspend .

      Report Post » flipper1073  
    • Individualism
      Posted on August 24, 2012 at 5:36am

      under that system the vermin would own even more of the wealth than they do now.

      Report Post » Individualism  
    • Hrothgar
      Posted on August 24, 2012 at 11:02am

      There is that much gold it just hasn’t been mined yet. An exploration firm found a gold deposit with a 100 year life span and huge yields near my town. Of course it would take 7-10 years before anything will be produced thanks to the EPA.

      Report Post » Hrothgar  
  • Independent4ever
    Posted on August 23, 2012 at 9:10pm

    Where’s all the Ron Paul bashing? That’s what I usually see on the Blaze. Now that the RNC platform will include the gold standard it’s OK right? lol…..a bunch of GOP sheep.

    Report Post »  
    • wisehiney
      Posted on August 23, 2012 at 9:18pm

      Audit the Fed AND gold standard in the platform. I won my bet. You guys still are gonna be jerks.

      Report Post »  
    • loriann12
      Posted on August 23, 2012 at 9:19pm

      The ONLY thing I have against Ron Paul is his foreign policy. I’ve said it before. Once you become isolationist, everyone wants a piece of you. From what I understand (and I admit it ain’t much on this topic) ultimately it would be great, but it will be really rocky in the beginning. Too much fiat money in play. The dollar would be devalued because we don’t have that much gold in Fort Knox. You really want everyone suddenly see their money worth 20% of what it was yesterday?

      Report Post »  
    • Sirfoldallot
      Posted on August 23, 2012 at 9:28pm

      & there isn’t a common calculater that goes that high

      Report Post » Sirfoldallot  
    • Independent4ever
      Posted on August 23, 2012 at 9:29pm

      No it’s a win for everyone if Romney is serious. If not we’re all screwed.

      Report Post »  
    • wisehiney
      Posted on August 23, 2012 at 9:30pm

      Loriann, 20% cut is preferable to the highly negative true value of the debt and vapor that paper represents, but you would not take a cut. Gold would just be VERY valuable.

      Report Post »  
    • KidCharlemagne
      Posted on August 23, 2012 at 9:41pm

      loriann12
      Posted on August 23, 2012 at 9:19pm

      The ONLY thing I have against Ron Paul is his foreign policy.
      ==============================================

      EVERYTHING costs money (especially foreign policy)….

      Our ‘foreign policy’ right now is financed on credit by the rest of the world and one of these days the world is going to take the credit card away and then you‘ll start seeing the escalated inflation once again like we saw during the 1970’s. In fact, that already happened 41 years ago:

      The Nixon Shock (August 15, 1971)

      The Vietnam War was burning up all the reserves of gold held on deposit by the rest of the world, so the world started the equivalent of a bank run on the Treasury. Nixon realized that more paper dollars had been printed than could actually be redeemed for gold so he closed the gold window (default) and that started the great inflation of the 1970′s.

      History is about to repeat itself once again and when that happens, foreign policy will be the very LAST thing on your mind.

      I don’t know why conservatives have this idea that money simply grows on trees and that we can somehow ignore the law of supply and demand by printing dollars infinitely.

      Report Post »  
    • wisehiney
      Posted on August 23, 2012 at 9:48pm

      Hey KID, I think you are confusing rino’s with Conservatives.

      Report Post »  
  • Cosmos102
    Posted on August 23, 2012 at 9:03pm

    Great idea.

    Report Post » Cosmos102  
  • WAKEUPUSA2012
    Posted on August 23, 2012 at 9:00pm

    Yet ANOTHER ISSUES that RON PAUL brought to the modern day GOP, we must return to the gold backing the dollar. If we listen to people like TIME2END and “therealconservative” they will tell you Ron Paul (who won CPAC 2 years in a row) is NO conservative and has no good ideas, so screw them and anyother paul HATER. Ron Pauls ideas (which are just the original founding father ideas) are the wave of the future for the GOP. So all you neocons are on notice.

    Report Post » WAKEUPUSA2012  
    • wisehiney
      Posted on August 23, 2012 at 9:15pm

      Thank goodness for Ron Paul. But you youngsters really need to learn about many other Conservatives who have fought just as hard for sound money.

      Report Post »  
    • soybomb315_II
      Posted on August 23, 2012 at 9:29pm

      i think that is exactly why the Liberty movement should work parallel to the republicans ONLY on issues that we agree on. Even if it is on the platform, it is meaningless when Washington starts playing politics. Even after the Tea Party revolution, there are only a handfull of republican congressmen worth a grain of salt.

      Report Post » soybomb315_II  
    • WAKEUPUSA2012
      Posted on August 23, 2012 at 9:39pm

      wisehiney

      I agree. But I was just saying its PAUL who has brought it to the modern day gop. There are many people who have done just as much if not more as Paul.

      Report Post » WAKEUPUSA2012  
    • wisehiney
      Posted on August 23, 2012 at 9:50pm

      You did say modern day. Right on.

      Report Post »  
    • TIME_2_END_THE_PAUL_CAMPAIGN_IN_12
      Posted on August 23, 2012 at 9:51pm

      WAKEUP(GONEBACKTOSLEEP)… wrote… “If we listen to people like TIME2END and “therealconservative” they will tell you Ron Paul (who won CPAC 2 years in a row) is NO conservative and has no good ideas ”

      Lemme’ correctly word that for you SLEEPY.

      Ron Paul (who’s miscreant supporters bum-rushed the CPAC 2 years in a row just to hear Paul speak then abruptly left was like a similar bum-rush when they bowled over Jews in the Special Vegas Caucus. And let’s not forget skewing on-line polls and Military donations) is NO Conservative but has a couple good ideas.

      Report Post » TIME_2_END_THE_PAUL_CAMPAIGN_IN_12  
    • WAKEUPUSA2012
      Posted on August 24, 2012 at 12:05am

      LOL I love it.

      Report Post » WAKEUPUSA2012  
  • fande3rls
    Posted on August 23, 2012 at 8:59pm

    Great Idea , Do it now . restore the honor in our money .

    Report Post » fande3rls  
    • flipper1073
      Posted on August 23, 2012 at 11:15pm

      It would be a Great Idea if the Dumbass politicians
      hadn’t already PAWNED Fort Knox to China
      to secure our National Dept.
      16.5 Trillion Dollars
      There’s no-where that much Gold in Fort Knox

      Report Post » flipper1073  
  • Dan
    Posted on August 23, 2012 at 8:52pm

    It would be helpful to actually have gold at Ft. Knox…

    Report Post »  
    • chips1
      Posted on August 23, 2012 at 8:59pm

      Isn’t it in New York?

      Report Post »  
    • Darmok and Jalad at Tanagra
      Posted on August 23, 2012 at 8:59pm

      Well, we do have the little green men and a UFO at area 51, that has to worth a few bucks. And we also have all those gold wrapped cooked babies they serve at Bildeberg.

      Or they could just do like FDR, and outlaw the private ownership of Gold.

      Report Post » Darmok and Jalad at Tanagra  
    • Wolfgang the Gray
      Posted on August 23, 2012 at 9:04pm

      I wouldn’t mind going back to the gold standard. When you could take a dollar in and exchange it for a dollar of gold. Right now the Dollar is only worth the fairy dust that the Feds are using and Obama is promising.

      Report Post » Wolfgang the Gray  
    • Darmok and Jalad at Tanagra
      Posted on August 23, 2012 at 9:11pm

      @Wolfgang the Gray
      Don’t forget, the dollar is also worth a troy oz. of Unicorn Farts, but only worth a drop of Leprachaun tears.

      Report Post » Darmok and Jalad at Tanagra  
    • RamonPreston
      Posted on August 23, 2012 at 9:19pm

      I have “heard” that there is more gold on earth than the public is told. If the public knew how much gold we have the price of gold would fall through the floor. Scarcity keeps the value up.

      Report Post » RamonPreston  
    • Darmok and Jalad at Tanagra
      Posted on August 23, 2012 at 9:28pm

      @RamonPreston
      I heard the same thing about common sense, it’s value is kept high due to the scarcity in our soceity.

      Report Post » Darmok and Jalad at Tanagra  
    • Mil Mom
      Posted on August 23, 2012 at 10:18pm

      @chips1
      Posted on August 23, 2012 at 8:59pm

      Isn’t it in New York?
      ****
      I was told they moved it to the basement of the World Bank facility. But then that may just be hollywood speaking”

      Report Post » Mil Mom  
    • flipper1073
      Posted on August 23, 2012 at 10:48pm

      Chips it’s in Kentucky
      You guys crack me up.

      Report Post » flipper1073  
    • nzkiwi
      Posted on August 24, 2012 at 5:42am

      @Flipper

      Actually Chips is right. While there is a substantial amount of gold stored in Kentucky, there’s far more stored in New York underneath the Fed building.

      Not all the gold stored there belongs to the US, but the total amount there is about one quarter of the world’s official reserves. That’s a lot.

      Report Post »  
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