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Proponents of Gold Standard May Be Violent Extremists; Report ALL Suspicious Activity To the FBI
If you support returning the United States monetary system to sound money backed by the gold standard and believe that our country is bankrupt as a consequence of out-of-control spending and fiat money printing, then you may soon receive a visit from your local DHS/FBI office.
This morning your family, friends and neighbors were alerted by representatives of the Federal Bureau of Investigation that you and those who share similar ideas as you are potentially dangerous extremists that could threaten the national security of the United States:
Anti-government extremists opposed to taxes and regulations pose a growing threat to local law enforcement officers in the United States, the FBI warned on Monday.
These extremists, sometimes known as Read more…
Why Are Economists Allergic To Gold?
As the old saying goes, the more things change, the more they stay the same.
Some 32 years ago, Ronald Reagan ran for U.S. President, in part, on a promise to appoint a “gold commission” to study the issue of whether and how the United States should return to some variation of the gold standard.
The nation had just come through a couple of tough decades during which, at times, it seemed as if the whole fabric of American society was being ripped apart. Devastating inflation and a lagging economy only made worse the social and emotional turmoil created by changing mores and standards surrounding civil rights, gender roles and military intervention. President Richard Nixon’s shocking act of severing the U.S. dollar’s ties to gold had failed to bring economic prosperity to the nation, and the Republican Party was feeling a bit of buyers’ remorse. The idea of a return to a gold-based monetary system gained steam.
A recent New York Times article describes the pre-election environment:
Gold Price Nears $1,550, Time for a Gold Standard?
GOLD PRICE NEWS – The gold price, at $1,542.50 per ounce, traded near unchanged Monday morning despite modest strength in the U.S. dollar. While gold prices were flat, silver advanced higher by 1.5% to $36.79 per ounce. Global equity prices have been under pressure over the past month with the S&P 500 falling for five consecutive weeks. Weak data points in housing, manufacturing, and labor have all combined to heighten worries over the prospect of a double-dip recession. Precious metals, notably gold, have benefited from their safe haven qualities as investors seek to lower their risk profiles.
The strong performance of the gold price in recent years has led to a growing collection of calls for the United States to return to a gold standard. Steve Forbes, the billionaire CEO of Forbes Inc., wrote a piece in Forbes Magazine urging candidates for the 2012 U.S. presidential election to consider returning to some form of gold standard to support the value of the U.S. dollar.
Forbes began the article by stating that “Monetary policy is one of Read more…
What You Need to Know About the International Monetary Fund
The International Monetary Fund is in the news again for scandals of a more personal and dubious type—the arrest of fund chief Dominique Strauss-Kahn over allegations of sexual assault. This comes at a time when the IMF can least afford to be embroiled in political scandals—the global recovery is tenable at best, and the combination of rising prices, declining credit, and falling faith in fiat currencies is becoming a cocktail for disaster. But this does give us a great opportunity to help people understand what the IMF does, who pays for it, and how it works.
What the Heck is it?
Most people in the world couldn’t describe what the IMF does; yet if your country is one of the 187 member countries, you have paid for it. ABC World News says this:
And what do they do with all that fiat currency? To answer that, we need a little history lesson.
The IMF was founded after World War II during the beginning of the Bretton Woods system. In the Bretton Woods system, exchange rates were Read more…
United States to hit debt ceiling on Monday
WASHINGTON — The debt-laden US government’s credit card will hit its limit Monday, creating a cash crunch that puts the country’s credit standing at risk as politicians battle over its long-term deficit.
Reaching the $14.29 trillion ceiling set by Congress will not have an immediate impact on government finances, because the Treasury has found about ten weeks of wiggle-room in short-term adjustments and an unexpected April jump in tax revenues.
But with Republicans refusing to increase the ceiling without massive future spending cuts, the longer the fight over bridging the country’s deficit goes on, the higher the stakes will get.
If nothing is done by about August 2, there is a chance the United States, which has always merited a top-grade credit rating, could do the unthinkable — default on its debt payments.
Few think it will get that far, as the White House leads behind-the-scenes talks on a grand strategy on the deficit — with Republicans insisting on spending cuts and Democrats demanding tax increases as well.
Still, some liken the fight to a game of chicken being played with the country’s credit standing at Read more…
Is This The New Great Depression?
One of the precious few things that politicians, historians, and economists can all agree on is that policy makers blew it in the Great Depression. During the singular moment when they should have most allowed free markets to take care of things—they compounded them with protectionism, isolationism, taxes, and tariffs.
In this video, James Grant, of Grant’s Interest Rate Observer, and Liaquat Ahamed, Pulitzer Prize winning author of Lords of Finance discuss the legacy being left behind by the central bankers of today.
James Grant has been called a wingnut, but you can immediately sense that he has studied cycles and monetary history. Last year, in the New York Times, he wrote an article in which he criticized the Fed, and longed for the classical gold standard of yesteryear:
Forbes Predicts U.S. Gold Standard Within 5 Years
A return to the gold standard by the United States within the next five years now seems likely, because that move would help the nation solve a variety of economic, fiscal, and monetary ills, Steve Forbes predicted during an exclusive interview this week with HUMAN EVENTS.
“What seems astonishing today could become conventional wisdom in a short period of time,” Forbes said.
Such a move would help to stabilize the value of the dollar, restore confidence among foreign investors in U.S. government bonds, and discourage reckless federal spending, the media mogul and former presidential candidate said. The United States used gold as the basis for valuing the U.S. dollar successfully for roughly 180 years before President Richard Nixon embarked upon an experiment to end the practice in the 1970s that has contributed to a number of woes that the country is suffering from now, Forbes added.
If the gold standard had been in place in recent years, the value of the U.S. dollar would not have weakened as it has and excessive federal spending would have been curbed, Forbes told HUMAN EVENTS. The constantly changing value of the U.S. dollar leads to marketplace uncertainty and consequently spurs speculation in commodity investing as a hedge against inflation. Read more…
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