What congress is up to these days

Toolmaker · Post by **Toolmaker** » Wed Feb 25, 2009 9:24 am

Looks like we may be going back on the gold standard.

http://www.govtrack.us/congress/billtex ... l=h111-835

I think this is a good idea but I'm just a simple grease monkey type of dude. What do yall think?

ygmir · Post by **ygmir** » Wed Feb 25, 2009 9:30 am

I don't see where they're required to "store" gold to back said dollar, and, just tying it to the price of gold is no different than it is now.....unless it's backed by actual metal, IMHO, it's just another accounting scheme to make it look like we have more money than we do........

As I see it, it would be that our dollars are worth more just because gold goes up, but, if we don't have gold to back it, then.............

just my 2 cents opinion......

Toolmaker · Post by **Toolmaker** » Wed Feb 25, 2009 10:57 am

ygmir wrote:I don't see where they're required to "store" gold to back said dollar, and, just tying it to the price of gold is no different than it is now.....unless it's backed by actual metal, IMHO, it's just another accounting scheme to make it look like we have more money than we do........

As I see it, it would be that our dollars are worth more just because gold goes up, but, if we don't have gold to back it, then.............

just my 2 cents opinion......

so this is one of those newspeak empty promise things..

After Sec 3a I got lost in the language. I thought they were talkin about buyin up gold.

So I got excited for nothin.

Bummer

ygmir · Post by **ygmir** » Wed Feb 25, 2009 12:14 pm

Toolmaker wrote:
ygmir wrote:I don't see where they're required to "store" gold to back said dollar, and, just tying it to the price of gold is no different than it is now.....unless it's backed by actual metal, IMHO, it's just another accounting scheme to make it look like we have more money than we do........

As I see it, it would be that our dollars are worth more just because gold goes up, but, if we don't have gold to back it, then.............

just my 2 cents opinion......
so this is one of those newspeak empty promise things..

After Sec 3a I got lost in the language. I thought they were talkin about buyin up gold.

So I got excited for nothin.

Bummer

that's how it strikes me anyway............

maybe, I missed the buying gold part, but, I don't see it......and, if it's not buying gold/silver, it's nothing by smoke and mirrors.....IMHO.......

I see there is talk of more gold being in existence than we've been led to believe. Not sure about it all, but, this is interesting:
.........................................................................................................
Feb. 24, 2009

Black Gold

The financial elite have been divided between gold and paper factions

Apparently there has long existed a big schism amongst the financial elite. The group around the Rothschilds who began creating fiat money (out of thin air) were able to accumulate enormous wealth. To keep themselves in power, they prevented certain parties (for example the Thai royal family) from selling their vast physical gold holdings. This created what is known as â€œblack goldâ€

CapSmashy · Post by **CapSmashy** » Thu Feb 26, 2009 8:22 am

Yep, great idea. Tie the value of our dollar to global commodity. It is quite obvious that many members of Congress never took any basic economics courses.

We came off of the gold standard because our economic security was tied to something we had zero control over. The Soviets dumped a massive amount of gold onto the market and crashed the value of the dollar on more than one occasion during the Cold War.

Ugly Dougly · Post by **Ugly Dougly** » Thu Feb 26, 2009 9:48 am

CapSmashy wrote:Yep, great idea. Tie the value of our dollar to global commodity. It is quite obvious that many members of Congress never took any basic economics courses.

We came off of the gold standard because our economic security was tied to something we had zero control over. The Soviets dumped a massive amount of gold onto the market and crashed the value of the dollar on more than one occasion during the Cold War.

Hear, hear, and Harumph!

The gold standard seems to represent a holy grail to many, but it doesn't really mean that much. Balance of trade, though, has more bearing on the stability of the dollar.

Keep in mind that those who are rich and are working on getting richer, do not profit from stability.