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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: Mark Bartlett who wrote (6369)6/14/1999 11:14:00 PM
From: Hawkmoon  Read Replies (1) of 81950
 
Well this nation wasn't founded upon gold. It was founded upon principles and ideas.

The only reason gold was mentioned in the constitution was that there was NO OVERSIGHT over who could print money. Individual banks could print money based upon their deposits and unless it was backed by a some shared standard of exchange (gold), its worth was dubious.

But the Federal Reserve changed that reality and provided the mechanism for nationwide oversight of the financial system. In fact, the Federal Reserve was ushered in to deal with the failure of the great financiers to properly manage national monetary policy under a gold standard.

Who cares if the US has no gold backing its currency. It has nukes and the ability to utterly destroy anyone who attempts to attack or destroy us. That inherent self-determination is what backs our currency. The relative safety of two oceans separating us from potential invasion also is a big bonus.

But let's just say for the sake of argument that the US has already sold all of its gold. What has changed physically?? What that fact becoming known alter the strenght of our economy??

Clearly no. But it would be the perception by those who worship gold that would lead to economic turmoil. They care only that there is some quantity of gold sitting in some vault somewhere, not doing anything except being shuffled from one cage to another.

Regards,

Ron
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