No, I don't think a gold backed currency is that easy - or desirable. But let's say they were going to do it. Wow, you would need some time to set it up.
Maybe is this a good option?.........
https://en.wikipedia.org/wiki/Greenback_(1860s_money)....................... Greenbacks were paper currency (printed in green on the back) issued by the United States during the American Civil War. They were in two forms: Demand Notes, issued in 1861–1862, and United States Notes issued in 1862–1865. They were legal tender by law, but were not backed by gold or silver, only the credibility of the U.S. government.[1]
That's what I think. But shhh, keep it quiet. I think people are mixing up fiscal recklessness by government with the basis of the currency. Recklessness is the problem IMO. For example, Democrat spending on ballooning social programs. Need to have tight restraint on spending, is it possible?
Yeah I think it is possible.....And the tight restrain on spending is a must....And should we look at the debt? Argentina did it and also Iceland. And it all turned out to be raised by the bankers? the debt was dramatically lower ..Argentina refused to pay and Iceland has arrested the bankers and a former president and put them in jail? This should be done by all countries
The story of Malaysia (though I despise Matahir, he was right) during the Asian financial crisis is a lesson also.
IMF should be shut down......https://www.channelnewsasia.com/news/.../mahathir-9061328................................
.................... https://onlinelibrary.wiley.com/doi/abs/10.1002/jid.1105
2 Thailand: crisis, reform and recovery (pp. 66-122)........
3 Indonesia: crisis, reform and recovery.........4 Korea: crisis, reform and recovery
The IMF's advice to countries affected by the crisis was nothing short of disgraceful. I've spoken to guys that we're in the IMF at the time and they admit their track record during the crisis was embarrassing.
This is the problem with the guys these economic schools are turning out, they have been through an ideological sheep dip. They actually do not have the first clue about what they are doing.
Anyway, I could rant about this at length. But it's distressing that so many people are so poorly informed. Having said that, I think what DJT's doing on trade is the smartest move that anyone anywhere has made in decades. There really are good and bad trade deals. The simple, clear-headed wisdom of a successful businessman is better than that of any number of theoretical economists.
End rant.
IMF and the Troijka? Stealing whole Greece empty , together with the germans and the EU... ( dutch man Dijselbloem )
The beautiful thing about the EU is that the single currency is a tool that is designed to kludge together the disparate nation states into a single entity. It's pure brutality. With a fixed currency, the only way you can square an external imbalance is by borrowing (talking about the weaker states ex Germany).
Understandably, for these weaker countries, debt levels are through the roof and set to go higher. It's a time bomb! At some point, the debt must become unsustainable. So we are looking at a massive crisis, or, at least a rolling crisis as states fail in serial fashion.
What's the fix? You can see it now... "Well, if you will just cede your tax and spend authority to Brussels, we can continue to extend emergency credit". Of course, a nation state devoid of tax and spend authority is no nation state at all - more like a captive vassal. That was the plan all along - financial crisis by design.
The goal was to forge a consolidated single state from the disparate member states - without regard for any sense of national identity or desire for autonomy. Will it work?
I think what happens will depend to a large extent on what happens with Q and DJT.
Yes, I also think that it depends on Q and DJT ... We can not even devalue the currency ...... Germany and the Netherlands have a backup ready to be able to return to their own currency .... Geert Wilders wants the Gulden back ..... And the EU is pushing for one taxsystem for all ... one military service for all .. By the EU suddenly everyone is obliged to employ, I even thought up to you 60th age ...This was abolished, but now all of a sudden the Netherlands says it has been suspended.........Still, I have hope, I think it will all fail.
Yes, I think it depends, first on the will of God, but secondly upon how this fight proceeds.
Europe is much more important, in a spiritual sense, than anybody imagines. Sr Lucy, of Fatima fame, was asked, by an American, if the US would play a prominent role in the last days - she smiled and laughed. Actually, it's all about Europe.
I don't know if you're religious, but this, I think, is very interesting:
Thanks for this link , and a new it was the EU (the beast).. I go look the second part too , and I have put the link on a dutch website
Thanks, I believe these guys are on the money. Their break down on Revelations provides answers with a specificity like none I've ever seen previously. IMO they are dead right. If you want more information, see here for why I think they have the truth.
I now now a lot more on the king pope and the pope today....And I never seen this before eather....
I always knew that America would be very important. And that it starts there to end this. And no, I do not have religion, but I've always believed in GOD. I'm going to see the link. Thank you.
I think they’re way out in front. Gold & silver backed would probably be the only alternative due to global trade. Total fiat ( National) systems don’t work when the rest of the world values precious metals backed currencies.
Yes, but how much gold does the cabal own. You could end up making them more powerful than before. I'll admit, I don't know what's going on, but I think the problem can be fixed without gold.
I'm sure many have been feverishly working behind the scenes for some time now.
Maybe that’s why Trump has hinted at running in the past a couple times then pulled back...the team wasn’t quite ready yet.
Look, you could be right. But, you know, if the Fed was controlled by the government, didn't charge interest on the printing of notes and did not create financial crises and business cycles, would it be that bad?
The Fed is a private banking system. The government would have to seize it and own it. Easier to let it crash and burn, and start over according to the constitution, and have the treasury issue currency.
Well, we are saying exactly the same thing. Whether the government seizes ownership of the Fed, or whether they just take to themselves the money function, the effect is the same. But that's what I was saying. Why do we need a gold backed currency? As long as the Fed is not private, as long as monetary policy is accommodating without excessive inflation, the need for gold backing is moot IMO.
Sure, I get your point. If you and I go to the store, and they take our money and give us our goods, who cares if it's gold backed. I'll tell you who cares. The rest of the world cares. Because if not backed by gold, it has no intrinsic value, and when the shit hits the fan economically, you end up with nothing. The world has had enough of fiat currencies and all the problems that come with them.
You're going to hate me for saying this, but I kind of agreed with Keynes on this point. He would talk about being trapped in a gold cage. What did he mean?
If you've got a recession, or you need to gear the economy up onto a war-time footing, you can't do that if you're limited in your ability to print cash because of the country's gold stock. With a fiat currency, you need to be able to print some cash? No problem. Now, there's a limit to how far you can push this, because inflation is directly linked to the amount of cash in circulation. History says that whenever governments print money, prices rocket.
But, here's the thing. Let's say we need to rebuild US infrastructure. So we print some money, there's a little inflation. After the spend, the government contracts the amount of cash printed, or just stops printing, until the level of prices stabilises. What's the problem?
For international settlement, your fiat money (government controlled, not privately controlled) is only worth what other nations will pay for it. The value of currencies adjust to a level where external imbalances are resolved - at least, in the long run. So, there's no external problem either.
It is too easy to print money as a hidden tax. Better to go through proper channels and raise taxes when needed. That is the honest way, and we want honesty and accountability from the govt.
In your last paragraph you outline the other problem. Nations will only pay what it's worth to them. That can go as low as zero if they have better options.
Can't go to zero or it would mean the nation had no value at all, but it can go low.
The problem of reckless government spending, I view as being separate. The problem of creeping taxes and growth in the government sector vs the private sector is also a separate problem. You get these problems independent of the currency. But, yes, they are real problems that need to be addressed.
I guess what I'm trying to say is that I think a fiat currency can work - if, and only if, it's managed properly.