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Re: The Gold Standard

By: micro in 6TH POPE | Recommend this post (0)
Mon, 21 Aug 23 5:01 PM | 36 view(s)
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Msg. 45173 of 58600
(This msg. is a reply to 45170 by nacl01)

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Thanks nacl01!

While I ponder at least for a few minutes what is backing the currency of our country, it raises a question in my mind why does it just have to be one precious metal? Namely Gold.

WHY cannot it be a couple of different ones like Platinum for example? Could there be more than one stockpile of precious metals ? A combination Gold, platinum and silver in enough volume might be sufficient in availability to do the job so it all isn't just dependent on always having to find more gold..

Just thinking out loud but I question why only Gold?


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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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