Originally Posted by
Brian d marge
Gold standard ,
in 1933 roostervelt , blamed the hording of gold as one of the reasons for Amerika downfall , so envoked the #6102? act ,bill? under trading with the enemies of the state act , this banned the saving of gold by private people only by governments
before that (1917) the us dollar had been a classical gold standard , untill washington dc , for good of king and country asked people to transfer their gold to the fed . safe keeping dont ya know ...!
you could see where FDR was coming from .....
The gold standard appeared briefly after the war ( until Bretton woods ) but England was broke and its gold was in America anyway , so they tied currencies to the us dollar at an fixed exchange rate ,35 dollars an ounce ??? all good until Vietnam and Nixons final nail in the coffin ( of the gold standard , when he started to print money to pay for the war , the french demanded their gold back all hell broke loose but that was the end of the gold standard , and allowed gold to be freely traded since august 15th 1971 the US has operated on a fiat money system
The reasons the gold is good , is that the rate at which new gold enters the system is roughly inline with growth , but if as per industrial revolution production increases , then there are larges booms and busts as gold enters and leaves the system ( see charles dickens oliver twist) also its a byatch to buy tea with ,
I think Lysander Spooner had it right , Fk you , I am me own man living by my own means , I didnt ask to be part of you gang , I dont wat to be , but due to the way it is I kinda have to , but if you dont bother me I wont bother u ,,,and I aint joining no war ( or something like that !)
Stephen
Bookmarks