Folks, check this out!
http://www.usagold.com/goldtrail/archives/another1.html
ANOTHER ( THOUGHTS! ) ID#60253:
All: I ask you, why did the world go off the gold standard in the early 70s? You have an answer, yes? For all the problems this created, could the countries not just revalue gold upward, to say $300 ( back then ) ? What was the real reason the world entered a period of "freely traded" "managed gold"? "
This question has more impact on the gold market of today than it did then! In days past, it was held as good knowledge that the US stopped gold backing to protect the dollar and keep gold from leaving to other shores.
But, in the same time frame, all central banks did sell gold to all persons, even the US. All treasuries held gold and dollars as reserves. To what end did the world financial system gain with the dollar off gold backing, and then allowed to "dirty float" against all currencies? Would the world not have been better off to find gold revalued to, say $300 and then begin a "dirty float"? Noone would have lost, and the inflation would have , at best, not have been worse!
Truly, I tell the reason for this action. The US oil companies knew that the cheap reserves were found. The governments knew this also. The only low cost oil reserves in the world at this time were in the Middle East, and their cost to find and produce was very low. It was known, that, in time, ALL oil would come from this land. As much higher US dollar prices were needed to allow exploration and production of other reserves, worldwide. But, how to get crude prices, up, when the Gulf States were OK to pump and produce in exchange for "gold backed dollars"? I will not name the gentlemen that brought this thinking to the surface in that era, but it was discussed. It was known that oil liked gold. It was known that "local oil" would be used up without higher prices. What if, the US dollar was taken off the gold standard, and gold was managed "upward" to say, $208 per ounce? The dynamics of the market would force oil to rise and allow for much needed capital to search for the higher priced oil that was known to exist! The producers would find shelter in gold even as the price of oil was increased in terms of a now "non gold dollar"! Price inflation would rise, but gold and oil would also increase. The dollar would continue to be used as the only payment for oil, and in doing so replace gold as the backing for this "reserve currency". All would be fair.
The war in 1973 and the Iran problem did make markets "overshoot", but all did work to the correct end. The result was "a needed higher price for a commodity that was, as reserves, in much over supply by the wrong countries"! It was known that the public would never have accepted this "proposition" as fair. To this end, we have come.
-->
If you don't want to understand the different
by Tbone
Nice read until I got to the cyrillic font??????? nt
by pilgrim
NRA protects gunowners
by expatuae
Class Act
by reaganiterepublicanresistance
Why?
by Repair_Man_Jack
Gotta say, love the O'Donnell witch ad
by tngal
Athieists Are Very Theological
by Repair_Man_Jack
Me Neither
by Repair_Man_Jack
Just a thought
by jeanms
Some thoughtful connections here
by civil_truth
PPP did a poll of this district for Kos too
by scarlos
Scary
by Repair_Man_Jack
If they get a bailout they are just Pravda
by Beaglescout
Well, I'd say Uncle Charlie needs more minding...
by acat
Kudos to Doug Hoffman
by rdelbov
Reading posts like yours makes me wish...
by Ron Robinson
I agree, but...
by IronDioPriest
If the annual deficit were to go to $0the interest rate spike that you mention would likely be avoided
by JSobieski
Inteligent response...not.
by rasvar
What is the status of Miller/Murkowski?
by fbks
Profound words, Repairman, profound.
by penguin2
Several others who would do well by following your lead Mr. Hoffman.
by tngal
Depends on you define "savings"
by JSobieski
Umm, maybe because they're a lobbying group, and therefore are partisans, of a sort?
by acat
Doug Hoffman is a patriot
by karenmartin
It's a Brave New World out there...
by harling
Neil, I think of it more like...
by RedBeard
So you are against paying down the debt
by Death_of_the_Donkey
She also opposed the make-my-day-better law.
by NightTwister
Remember
by banzaibob
Well Done, Sir!
by chipbennett
No surplusses are surplusses
by Neil Stevens
Nature Naturally Abhors Cities
by wolfgang
We know where the bridges and viaducts are...
by acat
Surplusses are fiction until
by Death_of_the_Donkey
He was a Dem before he became a Repub
by AnnaD
Of course, scotch is something good :) nt
by JSobieski
No we can't all agree on that
by Neil Stevens
His head's still in the barf bag
by peg_c
Agree on Imam Obama sans TOTUS (idiot board)
by peg_c
robert shumake
Why diversity turns into conformity in online <b>news</b>: An interview <b>...</b>
If you talk to any of the number of young academics who occasionally contribute to the Lab, it's likely the name Pablo Boczkowski will come up sooner rather.
The Best Tweets About Twitter's CEO <b>News</b>
But the masses have been tweeting up a storm about Twitter's CEO news. By far the best tweet is the one that Dick Costolo himself sent a year ago, foreshadowing the news -- likely unknowingly -- when he first became COO. ...
Exclusive: I have some big <b>news</b>... | Ausiello | EW.com
You may need a hug after you read this. Or I may need one. Sources confirm to me exclusively that… I just made pretty much the most difficult decision of my ...
robert shumake
Why diversity turns into conformity in online <b>news</b>: An interview <b>...</b>
If you talk to any of the number of young academics who occasionally contribute to the Lab, it's likely the name Pablo Boczkowski will come up sooner rather.
The Best Tweets About Twitter's CEO <b>News</b>
But the masses have been tweeting up a storm about Twitter's CEO news. By far the best tweet is the one that Dick Costolo himself sent a year ago, foreshadowing the news -- likely unknowingly -- when he first became COO. ...
Exclusive: I have some big <b>news</b>... | Ausiello | EW.com
You may need a hug after you read this. Or I may need one. Sources confirm to me exclusively that… I just made pretty much the most difficult decision of my ...
robert shumake
Folks, check this out!
http://www.usagold.com/goldtrail/archives/another1.html
ANOTHER ( THOUGHTS! ) ID#60253:
All: I ask you, why did the world go off the gold standard in the early 70s? You have an answer, yes? For all the problems this created, could the countries not just revalue gold upward, to say $300 ( back then ) ? What was the real reason the world entered a period of "freely traded" "managed gold"? "
This question has more impact on the gold market of today than it did then! In days past, it was held as good knowledge that the US stopped gold backing to protect the dollar and keep gold from leaving to other shores.
But, in the same time frame, all central banks did sell gold to all persons, even the US. All treasuries held gold and dollars as reserves. To what end did the world financial system gain with the dollar off gold backing, and then allowed to "dirty float" against all currencies? Would the world not have been better off to find gold revalued to, say $300 and then begin a "dirty float"? Noone would have lost, and the inflation would have , at best, not have been worse!
Truly, I tell the reason for this action. The US oil companies knew that the cheap reserves were found. The governments knew this also. The only low cost oil reserves in the world at this time were in the Middle East, and their cost to find and produce was very low. It was known, that, in time, ALL oil would come from this land. As much higher US dollar prices were needed to allow exploration and production of other reserves, worldwide. But, how to get crude prices, up, when the Gulf States were OK to pump and produce in exchange for "gold backed dollars"? I will not name the gentlemen that brought this thinking to the surface in that era, but it was discussed. It was known that oil liked gold. It was known that "local oil" would be used up without higher prices. What if, the US dollar was taken off the gold standard, and gold was managed "upward" to say, $208 per ounce? The dynamics of the market would force oil to rise and allow for much needed capital to search for the higher priced oil that was known to exist! The producers would find shelter in gold even as the price of oil was increased in terms of a now "non gold dollar"! Price inflation would rise, but gold and oil would also increase. The dollar would continue to be used as the only payment for oil, and in doing so replace gold as the backing for this "reserve currency". All would be fair.
The war in 1973 and the Iran problem did make markets "overshoot", but all did work to the correct end. The result was "a needed higher price for a commodity that was, as reserves, in much over supply by the wrong countries"! It was known that the public would never have accepted this "proposition" as fair. To this end, we have come.
-->
If you don't want to understand the different
by Tbone
Nice read until I got to the cyrillic font??????? nt
by pilgrim
NRA protects gunowners
by expatuae
Class Act
by reaganiterepublicanresistance
Why?
by Repair_Man_Jack
Gotta say, love the O'Donnell witch ad
by tngal
Athieists Are Very Theological
by Repair_Man_Jack
Me Neither
by Repair_Man_Jack
Just a thought
by jeanms
Some thoughtful connections here
by civil_truth
PPP did a poll of this district for Kos too
by scarlos
Scary
by Repair_Man_Jack
If they get a bailout they are just Pravda
by Beaglescout
Well, I'd say Uncle Charlie needs more minding...
by acat
Kudos to Doug Hoffman
by rdelbov
Reading posts like yours makes me wish...
by Ron Robinson
I agree, but...
by IronDioPriest
If the annual deficit were to go to $0the interest rate spike that you mention would likely be avoided
by JSobieski
Inteligent response...not.
by rasvar
What is the status of Miller/Murkowski?
by fbks
Profound words, Repairman, profound.
by penguin2
Several others who would do well by following your lead Mr. Hoffman.
by tngal
Depends on you define "savings"
by JSobieski
Umm, maybe because they're a lobbying group, and therefore are partisans, of a sort?
by acat
Doug Hoffman is a patriot
by karenmartin
It's a Brave New World out there...
by harling
Neil, I think of it more like...
by RedBeard
So you are against paying down the debt
by Death_of_the_Donkey
She also opposed the make-my-day-better law.
by NightTwister
Remember
by banzaibob
Well Done, Sir!
by chipbennett
No surplusses are surplusses
by Neil Stevens
Nature Naturally Abhors Cities
by wolfgang
We know where the bridges and viaducts are...
by acat
Surplusses are fiction until
by Death_of_the_Donkey
He was a Dem before he became a Repub
by AnnaD
Of course, scotch is something good :) nt
by JSobieski
No we can't all agree on that
by Neil Stevens
His head's still in the barf bag
by peg_c
Agree on Imam Obama sans TOTUS (idiot board)
by peg_c
No comments:
Post a Comment