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Re: The Gold Standard

By: Decomposed in 6TH POPE | Recommend this post (0)
Mon, 21 Aug 23 4:50 PM | 34 view(s)
Boardmark this board | 6th Edition Pope Board 		Msg. 45172 of 58600
(This msg. is a reply to 45170 by nacl01)
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nacl01:

Re: “That is a rather simplistic view of the situation. They had a series of ‘financial panics’ during those years. This site: https://www.thoughtco.com/financial-panics-of-the-19th-century-1774020 recounts panics in 1819, 1837, 1857, 1873 and 1893.”They did - because of fractional reserve banking, cheating and a lack of oversight. Back then, wildcat banks used to pull shenanigans such as catching wind that they were about to have their gold reserves audited and shuttling the gold from numerous banks to the first one the auditors were working. When the auditors moved on, so did the gold... always a step ahead of the auditors.

The 1837 depression was actually created INTENTIONALLY by the head of the bank that held the Central Bank charter for the United States (Biddle). Biddle wanted to force premature renewal of the bank's charter since public sentiment was turning sharply against it. Andrew Jackson pushed back and said no, so Biddle called back its loans and forced a severe contraction of the money supply and depression, for which he hoped the public would blame Jackson. He'd have gotten away with it too except that he had a big mouth and bragged about what he'd done in an audience that included a journalist.

I can recount similar stories on every one of the contractions you listed. They were all caused by corrupt bankers, sometimes with the assistance of liberals in Congress.

But, I also have to remind you of when the WORST and LONGEST of the contractions took place. Far and away the worst. 1929. 16 years after the fiat money system that was supposed to fix all the economic instability we'd seen was implemented. It didn't work too well, did it?

These bankers are EVIL.








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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months


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The above is a reply to the following message:
Re: The Gold Standard
By: nacl01 in 6TH POPE
Mon, 21 Aug 23 3:49 PM 		Msg. 45170 of 58600

The United States had a gold based currency for a century and it prospered.

That is a rather simplistic view of the situation. They had a series of ‘financial panics’ during those years. This site: http://www.thoughtco.com/financial-panics-of-the-19th-century-1774020 recounts panics in 1819, 1837, 1857, 1873 and 1893.

I read the book, The Lords of Finance ( http://www.amazon.com/Lords-Finance-Bankers-Broke-World/dp/0143116800/ref=sr_1_1?crid=1TEOR1ZZ194KJ&keywords=lords+of+finance&qid=1692624411&s=books&sprefix=lords+of+finance%2Cstripbooks%2C144&sr=1-1 ) and they said that it was prosperous until the population rose enough to put a strain on the gold supply, then things got tight until another gold strike was found, although, at a quick glance I couldn’t see the correlation.

While I know our current path is leading to disaster, I am not sure gold is the ultimate solution.

nacl

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