Is it a good idea to return the gold standard ? by justaguy
(libertarian)
Saturday, February 2, 2008
I do not like the idea of money being manipulated, and I don't think the gold standard accomplishes the fact of honest money.
Money is just an idea backed by confidence, confidence that when you accept a sea shell for your labor, you can change that shell into food or whatever. Gold doesn't really help the confidence level unless your shells are pronounced conterfeit. It wouldn't be a bad idea to back currency with silver and gold if we actually had the 2/3 of the world's gold in Ft Knox (mostly confiscated from US citizens) but it is quite doubtful that Ft Knox holds any gold at all and the Federal reserve corporation claims title to whatever is there anyway.
I think that a fiat currency can work, but only if backed by people in government like Ron Paul. If he wants to call for for a return to the gold standard at least we may get an audit on "The people's gold" and that would be interesting.
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Ron Paul talks about gold and silver because that is what is specified in the Constitution and it was never amended to change that. It would be encouraging if people used a little logic to therefore conclude... Federal Reserve Notes are unconstitutional!
After reading some of Ron Paul's writings it becomes clear that he is well aware of the problems associated with a true gold standard. That is why he talks about "hard assests" more than he does gold.
Ron Paul is for "sound money". He easily knows much more about economics than all the other candidates combined.
