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[Chinookman]

Originally Posted by checkthisout

There is no reason to back money with gold unless you think people that mine for gold or people who happen to find some on their property are more valuable to society than everyone else and should thus be richer. Not true, this is a basic flaw in understanding the term money and it's application. Gold is not bought by the population for buying groceries. Read about how those that escaped the Wiemar Republic used precious Metals to rebuild their lives after the war.

Currency stability is provided through sound banking regulation and currency value is provided by what we do as a country. This is very flawed, we presently used what is called fractional reserve banking. The banks only need to have 10% cash reserves on hand. Our congress allowed the "Too big to fail" banks to continue the huge 'derivative' plays with the SEC looking the other way.With no gold standard to back out money there is no stability as we had the first 150 years or so. Once off the gold standard we the nation were pillaged and plundered under the hidden tax of inflation through monetary policy and monetization of our debt.


A generation of people about to retire has sold off our ability to produce turning us into a country of consumers with debt and no savings, they are dismantling our educational system making our country more stupid and they have raised a generation of people who think that sitting behind a computer and typing or running a cash register at a store that sells chinese junk is useful work. You are dead on but narrow the retirees please...lol..it was the co-operation of our Congress and the captains of industry that "globalized" our country and created legislative inducements for exporting our industry. Examples: we have our Reactor head poured and machined in Japan, Our replacement turbine in Germany and our steam generators in Spain. the frustration of us being a 'consumer' nation will keep us in debt because we produce so little; unless we wake up and vote out ALL the incumbents into the unemployment line!

Our ability to produce, the intelligence of our population and our ability to move about efficiently are the things that give us our wealth and give our currency value, not backing it by gold and going "see, we have nothing but at least our currency supply is limited by the amount of precious metal we can mine".

Yep we be in deep doo-doo........