You Decide

Thanks konane, it's about time to get the Fed out of manipulating the value of our monies, paper is paper but time honored gold standard is historically respected throughout the world :-)

Thanks Eddessa. I remember the 60's were prosperous and stable ... back when we were under the gold standard.

Big blow to the cabal, hopefully it is handled carefully as there can be a downside if in the wrong hands.

Thanks Sully. Agree.

What does money boil down to in the end. It is just a different approach to the barter system.
I dig a ditch for someone and receive money instead of a bushel of potatoes and a couple chickens.

Thanks JAP. If our money is indexed back to gold controlled by our treasury, I hope it will be more stable with less room to manipulate.

Comment by konane - Today, 10:26 am
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Yep,
We need something more stable for international transactions than a couple chickens for the value of the dollar.

Thanks JAP. Out of curiosity I've been casually watching the price of gold for the past several years. I felt it might have been intentionally suppressed but now it's rising.

This link is not intended as any form of advertising for this site but they seem very current. https://www.kitco.com/market/

I don't think it has to be gold; since we're now a net oil & gas exporter, we could have "Petro-Dollars". Having to exchange our current fiat currency for gold to those countries with which we have huge trade imbalances seems to me as though it could drain our reserves very quickly.

As I've mentioned at least a dozen times in these blogs, I'm probably one of the least-conspiratorial people you'll ever find, but I'm not sure there's any gold left in Fort Knox. It's been decades since the public was allowed to see inside.

Thanks Mike. Excellent points. Oil is expendable, can be depleted. Gold can't be changed into other substances so remains fixed.

Yeah, but if it/gold leaves our borders it most likely ain't comin' back, esp. if it goes to another country such as China. Since we're not gonna use much of it, we could create "coal dollars" or better yet, "wheat bucks".   Plus, as oil and gas become more scarce, the value will go up. Gold and other precious metals can be easily manipulated, as long as the holder can ride out the storm if they decide to hoard it. (example: the price of diamonds) The Hunt Bros. manipulated the silver market back in the late 70's and 80's. My ex and I bought some silver ingots back then and I made a few bucks off it when I needed some money a few yrs. later.

*Some* people think oil is being replenished from deep in the earth nearly as fast as we use it up. I'm not one of those abiogenic believers, but I do think there's more than we think; it's just that the easily gotten to hydrocarbons are becoming more and more rare.   I predict Vietnam will be a extremely rich country in a decade or two, thanks to the massive amounts in the Mekong River delta (if China doesn't steal it from them), ditto for some S. American countries with the Amazon and other countries around the world with massive rivers.

Thanks Mike. From what some of the X-22 Report videos are saying, more countries other than the US may be returning to the gold standard where they will hold their own gold and base their respective currencies on that.

Maybe I'm not understanding it completely, but I was under the impression that "returning to the gold standard" meant I could go to the bank and swap my paper money for gold. That would also hold true for any other country holding an American dollar. I skimmed that article you linked to but guess I didn't read it well enough.

But yes, our money needs to be backed by something other than the "full faith and credit" of the U.S. govt. I have little faith in the Feds, namely because they've been operating on credit for far too long.

I get annoyed when we Boomers are bashed, but I can understand *some* of the criticism, but sheesh...I was several yrs. away from even being able to vote in 1971 (when the gold standard was done away with) and so were half the rest of us.

And later? Don't blame me, I voted for Ron Paul!

Thanks Mike. Many years ago holding gold other than made into jewelry was against the law. We can buy and hold gold now unless the law has changed. This may give some credibility to converting back to the gold standard if or when that happens.

Yes, I knew that. I used to watch those "gold" shows, the miners w/ huge sluices and the ones diving in the ocean using the dredges mounted on boats/barges. My uncle and his sons did that for a while in Canada, but got in trouble w/ the Mounties, not exactly sure what laws they broke. They were lucky to get off w/out any jail time, I understand.

I know we can buy gold, but we can't swap our cash for it w/ the govt., that's what I meant, that's what I thought the gold standard meant.

I knew a guy who bought an old farmhouse and the couple of acres it sat on not far from where I grew up. It was a money pit b/c he was trying to restore it as authentically as he could, but of course wanted to update the plumbing and wiring. He started in on the foundation and started to crawl under the house and was sprayed by a skunk. He managed to get it and her babies out, then started crawling under it again...then heard a rattlesnake.

He got the nest cleared out, but was terribly apprehensive about crawling under it again, but finally worked up the nerve and noticed a small lock box right under the bedroom. He crawled out w/ it, covered in cobwebs...and spiders...and after he was done freaking ot about it, he pried open the box and found two dozen double eagles as they were called then, $20 gold pieces.

He brought the box over to my dad, not sure of what he exactly had and dad told him. I remember looking at those coins and getting a desire to find some gold of my own. After watching those gold shows on TV, I could understand their lust for the stuff.

Thanks Mike. That was an awesome find for him. Hope you're lucky enough to dig up one of those old strongboxes which were buried back in the old wild west.