...what the gold standard was, how it operated, the benefits and criticisms surrounding it, and how its rise and eventual collapse shaped the global monetary system.
That's a good, comprehensive coverage of the topic.
Gold is about independence.
Here is a statement I saw the other day; "When one man has to go and work for the money he gets while another man can print his money from nothing; one of those men is the master and the other his slave."
Gold gives a man independence and control of his stored labor and skill. A currency controlled by a small cabal of people, takes away the independence and control from the masses and places it in the hands of the small cabal of people.
The definition of money, the control of money, the valuation of money SHOULD NOT be placed in the hands of some "central committee," no matter what you decide to call it.
Unlike corrupt, evil men, GOLD just is. It has no plans to take advantage of you or rule the world; it just is. It doesn't develop evil schemes and machinations; it just is.
The dollar is controlled and used by EVIL people to take advantage of everyone and rule the world.
A gold standard will NEVER come back without the killing of the people that control the dollar and are hell bent on ruling the world. They don't just give that shit up. They don't quit, and you won't EVER vote their asses out of power.
Gold is about freedom.......and FREEDOM damn sure isn't free. Only blood buys freedom.
Like Thomas Jefferson said, the Tree of Liberty must be watered with blood from time to time. Not only have we not "watered" the Tree of Liberty in a long, long time; we have been "watering" the Tree of Tyranny and calling it Liberty for decades.
Thanks for posting this article. While I agree with the comment about it not being Chris’s own work (including his usual humor), I do find it very helpful when he posts this kind of stuff. I probably wouldn’t have been exposed to something like this otherwise, or I might have glossed over it if it didn’t come from him. So I hear you on being disappointed that it’s another post which is not his original work, but I find this part of his work is very valuable also.
It is 'backed by Gold', until it isn't. It is 'convertible into Silver', until it isn't. Sovereign currencies will always involve politicians. As we know, their words and promises are not as 'good as Gold'.
Yes the author really just hand-waved that away. Its a serious flaw that undermines true convertibility. At the same time, irregular, unpredictable and uncontrollable changes in supply are also a flaw under g.s. ... instability of credit. Imagine if you had to borrow gold to say, buy a house, and then had to make repayments (incl interest) in gold. The growth of godl supply would have to keep pace with general interest rates in the economy, else there would be sustained deflation. With sustained deflation you repay the loan of XX gold bars plus interest, for an asset that at the end of the period is saleable for less than XX (because deflation). Eventually the lenders will have ALL the money.
I don't know who Earle is; never heard of him in fact, but the fact that he doesn't cite Ed. Griffin's seminal book "The Creature From Jekyll Island" regarding the matters under discussion, plus the obvious idiocy of stating that a Gold Standard" won't work currently, tells me everything I need to know about another shill for fiat debt.
IT'S NOT TRUE that under the gold bullion standard "gold coins disappeared from daily use". Their use became somewhat less frequent but absolutely didn't 'DISAPPEAR"
is anyone else just a little bummed when you get a substack notification and see it’s a repost of something someone that ISN’T chris wrote? the info is always gold (pun intended), but i’m just a bit saddened that i likely won’t get blindsided by witty humor and hilariously placed f-bombs.
Good synopsis on the relationship of gold to a currency over the years, but I don't think that is going to happen anytime soon in America. FDR did it in 1933/34 when America had little debt, and it immediately made worse an already bad economy and led to the worst depression in the history of our country. Although debasing the Dollar by reducing the amount of gold it can buy, should make existing debt less of a liability, history has shown it to be a disaster for the people, especially the middle class. There are other elements of the economy that have to change before the Treasury can once again tie the currency to gold. This is why I support what Trump has done and is doing now. He is working to make those necessary changes.
I disagree that the Gold Standard could not come back. It is just a matter of implementation and valuation. In fact I would argue that we will have to go back to some kind of metals standard, because the fiat system cannot survive (at least in the US) with trillion dollar deficits.
At some point toilet paper will be worth more than the USD.
That's a good, comprehensive coverage of the topic.
Gold is about independence.
Here is a statement I saw the other day; "When one man has to go and work for the money he gets while another man can print his money from nothing; one of those men is the master and the other his slave."
Gold gives a man independence and control of his stored labor and skill. A currency controlled by a small cabal of people, takes away the independence and control from the masses and places it in the hands of the small cabal of people.
The definition of money, the control of money, the valuation of money SHOULD NOT be placed in the hands of some "central committee," no matter what you decide to call it.
Unlike corrupt, evil men, GOLD just is. It has no plans to take advantage of you or rule the world; it just is. It doesn't develop evil schemes and machinations; it just is.
The dollar is controlled and used by EVIL people to take advantage of everyone and rule the world.
A gold standard will NEVER come back without the killing of the people that control the dollar and are hell bent on ruling the world. They don't just give that shit up. They don't quit, and you won't EVER vote their asses out of power.
Gold is about freedom.......and FREEDOM damn sure isn't free. Only blood buys freedom.
Like Thomas Jefferson said, the Tree of Liberty must be watered with blood from time to time. Not only have we not "watered" the Tree of Liberty in a long, long time; we have been "watering" the Tree of Tyranny and calling it Liberty for decades.
Excellent synopsis. I've never claimed to entirely 'get it', but this certainly helps.
Thanks for posting this article. While I agree with the comment about it not being Chris’s own work (including his usual humor), I do find it very helpful when he posts this kind of stuff. I probably wouldn’t have been exposed to something like this otherwise, or I might have glossed over it if it didn’t come from him. So I hear you on being disappointed that it’s another post which is not his original work, but I find this part of his work is very valuable also.
It is 'backed by Gold', until it isn't. It is 'convertible into Silver', until it isn't. Sovereign currencies will always involve politicians. As we know, their words and promises are not as 'good as Gold'.
One point stands out to me: fractional reserve lending as "innovation." Fractional reserve lending is simply institutionalized fraud.
Yes the author really just hand-waved that away. Its a serious flaw that undermines true convertibility. At the same time, irregular, unpredictable and uncontrollable changes in supply are also a flaw under g.s. ... instability of credit. Imagine if you had to borrow gold to say, buy a house, and then had to make repayments (incl interest) in gold. The growth of godl supply would have to keep pace with general interest rates in the economy, else there would be sustained deflation. With sustained deflation you repay the loan of XX gold bars plus interest, for an asset that at the end of the period is saleable for less than XX (because deflation). Eventually the lenders will have ALL the money.
I don't know who Earle is; never heard of him in fact, but the fact that he doesn't cite Ed. Griffin's seminal book "The Creature From Jekyll Island" regarding the matters under discussion, plus the obvious idiocy of stating that a Gold Standard" won't work currently, tells me everything I need to know about another shill for fiat debt.
IT'S NOT TRUE that under the gold bullion standard "gold coins disappeared from daily use". Their use became somewhat less frequent but absolutely didn't 'DISAPPEAR"
is anyone else just a little bummed when you get a substack notification and see it’s a repost of something someone that ISN’T chris wrote? the info is always gold (pun intended), but i’m just a bit saddened that i likely won’t get blindsided by witty humor and hilariously placed f-bombs.
Superb essay. Thank you.
Good synopsis on the relationship of gold to a currency over the years, but I don't think that is going to happen anytime soon in America. FDR did it in 1933/34 when America had little debt, and it immediately made worse an already bad economy and led to the worst depression in the history of our country. Although debasing the Dollar by reducing the amount of gold it can buy, should make existing debt less of a liability, history has shown it to be a disaster for the people, especially the middle class. There are other elements of the economy that have to change before the Treasury can once again tie the currency to gold. This is why I support what Trump has done and is doing now. He is working to make those necessary changes.
I disagree that the Gold Standard could not come back. It is just a matter of implementation and valuation. In fact I would argue that we will have to go back to some kind of metals standard, because the fiat system cannot survive (at least in the US) with trillion dollar deficits.
At some point toilet paper will be worth more than the USD.