Gold Standard

[Michael74]

States have fantastic deficits.

 

[jasonc]

States have fantastic deficits.

I am aware of the deficits. im on a pension plan(was) in two days I will no longer be on that. its gone for me. I will collect what was promised to me for sure but nothing like it was. so I do know why. the city couldn't keep the pension going. some say its a bad decision. I see why in that it was stupid how they forced me and others to loose it and go to a 401k style rather then just new hires only on the 401k. cest le vie.

 

[Milk-Drops]

Also, consider that we have fewer planes and ships each year, despite borrowing quite a bit. The bank is confiscating purchasing power from revenue, so there is less for everyone except bankers and their allies.

So how does switching to the gold standard change the fact that banks are the ones with the majority of the gold?

 

[jasonc]

im for the gold standard if its doable and im not a dreamer in that its a cure all for all economic problems. copper is far more abundant then gold. easier to mine, a conductor as well. what else is gold good for? electronics? yes, jewelry? yes but nothing else. copper, coins, electronics,antannae(gold probably could work too).

 

[jasonc]

a copper , plumbing!

 

[Michael74]

A copper standard would be fine, as long as it leads to consistent weights and measures.

 

[Michael74]

So how does switching to the gold standard change the fact that banks are the ones with the majority of the gold?

A gold standard protects citizens from inflation. It worked fine for our ancestors.

 

[jasonc]

A gold standard protects citizens from inflation. It worked fine for our ancestors.

real well for Egypt and their gods of gold, same with Babylon, Greece too. oh where are those today? where do you think isreal got that gold, silver and copper from when they left Egypt?

 

[jasonc]

A copper standard would be fine, as long as it leads to consistent weights and measures.

yet copper rusts. well so does silver. that is why you have to brasso those.

 

[Michael74]

I see why in that it was stupid how they forced me and others to loose it and go to a 401k style rather then just new hires only on the 401k. cest le vie.

Companies did not want to take inflation risk, so they eliminated defined benefit plans in favor of 401k plans. Now states and cities are doing likewise.

Now you are the one taking inflation risk, instead of the employer. You are the one who will eat cat food if the bank inflates your 401k away.

 

[Michael74]

It doesn't matter what standard you use, as long as it prevents bankers from going wild. As long as it prevents inflation.

 

[Milk-Drops]

A gold standard protects citizens from inflation. It worked fine for our ancestors.

It works until someone hordes it. Its like any other commodity, inflation would still happen because the government would still print money, it would just inflate as it was printed, as it is right now. Its not inflation that the Gold Standard prevents, it limits credit.

 

[Michael74]

It is not justice for bankers to confiscate resources from the elderly, and then loan the loot to hedge funds.

Where do you think those resources come from that bankers are loaning to rich hedge fund managers? They come from you. Bankers take them from you via inflation.

 

[jasonc]

Companies did not want to take inflation risk, so they eliminated defined benefit plans in favor of 401k plans. Now states and cities are doing likewise.

Now you are the one taking inflation risk, instead of the employer. You are the one who will eat cat food if the bank inflates your 401k away.

so somehow when we go to the gold standard china will just not expect that 17 trillion in payments? like that will just be dropped? that is what milk is saying we were debtees to brittian after ww1. meaning we were loaning money to the uk during that war. they went off the gold standard to fight the war as we did during most of wars. civil war, war of 1812, revolutionary war. we didn't take their gold back pounds and they had to stay off the gold as they didn't have the gold to back the funds to repay the debts.

im well aware that but I also work for the taxpayer is it fair to them that they must pay me for life? somebody will pay either way. I wish the fantasy promised to my father and his before him was possible but its not. my fil retired from the same city I work for as firefighter in 1977. do the math on his pension. the city before his departure gave up fire fighting. the county took over the fire stations. the city at times took it back but the city pension of his is with the city only. the county had paid into it. but the city took it and still pays a few of those of his era. my fil is 81. do the math when he left. he got his money off of his bars, car racing wins and homebuilding. his pension isn't much. he said that firefighting thing was for benefits while he went to make the real money.if you are a poor fireman when you retire its because you didn't use your off time wisely.

 

[Michael74]

BTW, our country had no overall inflation during the 19th century. People could buy a loaf of bread with the same amount of money 100 years later. A gold standard works. It protects us from inflation.

 

[jasonc]

http://www.telegraph.co.uk/finance/...k-of-England-abandoned-the-gold-standard.html

 

[jasonc]

BTW, our country had no overall inflation during the 19th century. People could buy a loaf of bread with the same amount of money 100 years later. A gold standard works. It protects us from inflation.

do you read what we also didn't have then? no pensions for the poor. no child labor laws. no health insurance. workers rights. no unemployement benefits. im anti-union in many ways but really that isn't a time I would want to live in. certainly not in my state. yes it was so good that plant workers had to work 16 hours to make it by. yup good times in the later part of the 19th century.

 

[Michael74]

so somehow when we go to the gold standard china will just not expect that 17 trillion in payments?.

The wicked borrow and do not repay... Psalm 37:21a NIV

Are you suggesting that we not repay? That is wicked. The Bible says so.

 

[Michael74]

Machines made things better, by producing additional goods.

 

[jasonc]

The wicked borrow and do not repay... Psalm 37:21a NIV

Are you suggesting that we not repay? That is wicked. The Bible says so.

ok well then you have a problem then, paying them is INFLALATION. if we DONT have the GOLD to back it up we cant switch no can we! so all you saying that that really inflation will freeze or rise slowly. government will still have to pay those retirees, hire more to replace them. it not going to shrink. debts of banks and mortages and trust funds etc will not just disappear. so Im not see much a change at this point.