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  • Why Paulson and Bernanke's Plans Don't Work [View article]
    "Instead it should benefit the general public (the victim) in some way." - moonbat

    Looks like you're close to stepping on a statist banana peel there.

    One question: Who gets to decide how the public is 'benefitted'?

    The only way to make things 'fair and honest' all around is to forbid any fractional reserve banking efforts and require 100% backing of all currency. This would be extremely difficult to do under current circumstances.

    About the only way would be to instantaneously devalue the dollar so that every outstanding dollar is backed by the same amount of gold. This would push the price of gold into the $35,000+/oz realm just to cover our national debt (based on US gold holdings), much higher if you include all the fractional reserve money based on that debt, possibly as high as $315,000/oz.

    You would also need to immediately stop all redistribution programs and deficit spending. The economic dislocations would be very severe and painful to a large segment of the population.

    Given my holdings of gold I wouldn't mind. Such a change would set me up for a life of ease, but many others would suffer greatly in the aftermath.
    Nov 17 12:14 pm |Rating: 0 0
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