This is funny coming from someone who, a few posts ago, made amateurish statements like: “I don't know if there is enough physical gold on the planet to represent all the 'money' in the economy.” This proves how little you know about a gold standard, so don't sit there and then say you're going to “let” me go and educate myself.

You're right, there are plenty of views on a gold standard. Most of the counter-arguments are a variant of the statement I quoted from you above. Mostly, anti-gold people are worried about how the U.S. government is going to continue being the biggest left-wing activist in the world without being able to counterfeit currency.

As for the gold standard…someone has been reading a book on returning to the gold standard and is all high on the subject. I will let you go educate yourself as to why we don't and can't go back. There are plenty of views and theories on both sides of issue, but I don't feel like arguing either of them.

Actually, what I am experiencing is called intelligence. Our economic problems are in large part precisely because the Fed has absolutely no restraint on how much money it creates through bond purchases and, in turn, through fractional reserve banking. Why do you think foreign central banks are ditching the dollar and buying gold?

Your standard reversing-the-damage-done-by-Bush line is illiterate and therefore unworthy of a full response. Wars definitely add to our problems but how are they financed? By printing money. All major wars in our history were financed by abrogating the gold standard.

Maybe we can have the government sieze it again like we did it the first time around. How do you think they stocked out fort knox? That would go over well on FPM.

What you are experiencing is called nostalgia. Our economic problems aren't because we aren't on the gold standard. Reversing all the damage done under Bush will take some time…but once the wars stop and things get straightened out, we might be able to stat turning around the debt. We were there once before you might remember…just before the election in 2000

Since that is always where you depart from and lead back to, you will never see the reality of modern times. It's not that the people or books you cite don't exist…it's just they aren't as relevant as you want to make them.

Just skip me…when you want to rant about your crazy beliefs…just skip me.

“Asian central banks are trying to prop the dollar up but this is like trying to roll a gigantic boulder uphill. The level of global demand for US-made goods at the dollar’s current price simply isn’t high enough to justify the current value of the dollar.

Meanwhile, the interests of American tourists aside, a falling dollar is exactly what the American economy needs. It’s a way of, in effect, driving wage levels down to a level at which increasing employment is economical and getting us out of current sky-high unemployment. Of course for the same reason foreign central banks will want to bolster the value of the dollar in order to prevent unemployment from rising in Europe and Asia. I think the real risk here, however, is that foreigners will go too far in terms of trying to sustain an unsustainable situation and ultimately prompt a bigger breakdown. “

I agree with this statement from Mathew Yglasias

Could it possibly be any clearer?

http://www.independent.org/newsroom/news_detail…

Liberals are not the only ones with a penchant for cheap money.

May 14 (Bloomberg) — President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”

Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”…
http://www.bloomberg.com/apps/news?pid=20601087…

Obama admits the terrible financial destruction wrought against Americans. WHY THEN DOES OBAMA NOT IMMEDIATELY REVERSE THIS TRAGEDY?

A major investor states America is going to reach Zimbabwe hyperinflation.
http://economyincrisis.org/articles/show/2942

Billions of dollars urgently needed for America's defense is instead gifted to Islam. Nuclear Iran and nuclear North Korea both state they intend to destroy America. They are not idle threats. The same venomous hate for the U.S. is shared by other nations and Muslim terrorist organizations. The treasonous response of the U.S. government to America's increasing danger, is to drastically reduce our defenses facilitating America's annihilation.

See: Aloha, “Star Wars” By: Washington Times Editorial
Washington Times | Monday, June 29, 2009
http://97.74.65.51/readArticle.aspx?ARTID=35383

bubba4, let’s look at John Maynard Keynes, the man who was first embraced by and since has beemthe patron saint of all liberal and leftist economists in the United States.

An economist by the name of John Maynard Keynes wrote The General Theory Of Employment, Interest And Money in 1936. His book was well received, to say the least, and, as stated previously, Keynesian economics reached mainstream acceptance among economists in the United States.

Keynes was a member of the Cambridge Apostles, a secret society, during his college years. Later, he was part of the Bloomsbury group, a collection of English artists and scholars, who regularly had homosexual relations with more than one partner of the same sex.

“By a continuous process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and while the process impoverishes many, it actually enriches some….The process engages all of the hidden forces of economic law on the side of destruction, and does it in a manner that not one man in a million can diagnose.” – John Maynard Keynes Economic Consequences of the Peace, 1920

Why would this process be important to a man like John Maynard Keynes?

When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many pseudo-moral principles which have hagridden us for two hundred years….” John Maynard Keynes

It appears that this ill conceived economic principle which has been embraced by modern economists was for the purpose of bankrupting a moral society.

How would they accomplish this? By inflating the money supply! Keynes vehemently opposed the gold standard, opting for the questionable value of fiat currency.

The idea that there's not enough gold to create enough money to run a modern economy is a fallacy that was destroyed years ago by David Ricardo.