Gold Standard

3 Comments

    • ON: Thu May 22nd 22:46 PM
      Commented on:
      Let's Not Write The Fed a Blank Check
      www.yale.edu/lawweb/av...

      In President Jackson's veto message regarding the central bank at that time, the same words could apply today as well.

      "A bank of the United States is in many respects convenient for the Government and useful to the people. Entertaining this opinion, and deeply impressed with the belief that some of the powers and privileges possessed by the existing bank are unauthorized by the Constitution, subversive of the rights of the States, and dangerous to the liberties of the people, I felt it my duty at an early period of my Administration to call the attention of Congress to the practicability of organizing an institution combining all its advantages and obviating these objections. I sincerely regret that in the act before me I can perceive none of those modifications of the bank charter which are necessary, in my opinion, to make it compatible with justice, with sound policy, or with the Constitution of our country."
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    • ON: Thu May 22nd 15:41 PM
      Commented on:
      A Run on Central Banks?
      The financial crisis is only a symptom of a larger disease, that disease being the central bank. The Marxist idea of central planning has utterly failed everywhere that it has been tried, and yet the Federal Reserve stands as just another icon to that grand failure.

      If you want to cure a disease you have to kill it at the source, and not put a bandaid on a symptom.
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    • ON: Mon May 12th 12:19 PM
      Commented on:
      NYMEX: Speculators Aren't Driving Oil Market
      The only supply and demand driving today's commodity market (not just oil, look at gold and other valuable commodities), is the OVER supply of worthless US Greenbacks or Federal Reserve Notes (I refuse to call them dollars, because a dollar is a measurement of gold), and the non existent DEMAND for that worthless fiat currency.

      The US Government and its partner in crime, the Federal Reserve have been inflating the Greenback for 95 years. Since the 1970's the money supply has grown by over 1500%, and it the last few years to pay for the war in Iraq, the printing presses have been running full tilt. This is why the Greenback which used to be worth more than the Euro, is now worth considerably less.

      Had the US stayed on the Gold Standard, just like the Constitution demands, oil would be currently trading at around $3 per barrel.
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