Gold Standard or Silver Standard?
T. James H
2011/11/27 18:14:28
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I sometimes hear that abandoning hard money was a bad idea and that someone should turnoff the printers at the Federal Reserve. Those who tell me that say we should be using hard money like gold and silver or that we should have a barter based economy. Ron Paul often uses the phrase "competing currencies".
If we were to go with hard money, what kind should we use? How might we decide what kind is best? What is the most popular replacement for fiat?
If we were to go with hard money, what kind should we use? How might we decide what kind is best? What is the most popular replacement for fiat?
Top Opinion
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Rocky 2011/11/27 18:20:32None of the above
+5Our monetary system was set up on the Gold Standard. That did not mean that other precious metals were not also included, such as Silver and Bar Platinum. And as for our Federal Reserve System, it really is un-Constitutional for it to have been instituted in the first place!
Ron Paul has (had?) a bill allowing alternative currencies. This will be a step in the right direction.
1) A bimetallic standard using BOTH gold and silver
2) Local currencies + National currency
3) Competing private currencies
I am not sure which is best for this specific geographic region, but I am sure that the people should be the ones to make the decision.
A few evil people wanted to devalue the currency to their own evil ends. They had to take us off the gold standard to make it possible, and since then prices have doubled roughly every decade as the dollar has gotten exponentially weaker.
in America most don't realize we had gold in denominations as low as $1 Weighing 1.672 grams. we also had $2, $2 1/2, $3 . $5 . $10 , and $20.
the weights would work nicely the $1 size would have a value of $100 the $20 coin .9675 oz value would be about $1600
the old silver coinage
a silver war nickel would be about $1.74.
a dime $2.24.
a quarter $5.61.
what people don't realize is that the fiat money we print cost is about 96 cents per bill and last about 6 months in circulation
a coin on the other hand lasts about 30 years
a penny costs more to make than its value !!!!
There is no reason we can't use both.
Ron Paul is correct, completing currencies would be great for our economy and our economic freedom.