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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.33

+5.2%

Nov 26 4:00 PM EST

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To: Bob Dobbs who wrote (26782)	1/22/1999 1:50:00 PM
From: Hawkmoon	Read Replies (3) of 116769

Ok, Then let's just start going out and burning our Fiat money now.... I mean it is so apparently worthless that we shouldn't even be able to buy gold with it. I hope we nationalize every gold mine out there and declare it a strategic metal. That's not very democratic you say?? Well, I would suggest to you that Eminent Domain when they build the highway through your property isn't democratic either, but it happens. Make gold a strategic metal and then we can force the gov't to devote precious resources to digging this shiny little metal out of the ground. All in the name of "sound money". What a joke. Btw, your arguments about Fiat money are slightly unfamiliar. Currency originated as a paper receipt for gold. I'm not familiar with 6th century China, but up until 1971, gold played an inherent role in backing money and calming people's confidence even though the true value of that money was the gov't ability to make good on its debts. As far as I know it did throughout the Western and Eastern worlds. It played this role even though there was not enough of it available to permit the US to continue to function as a world reserve currency (regardless of the reason). Just as the gov't/Fed has the means to print or destroy money, if there is a gold standard, then the gov't should have control over that now strategic metal. A nation's currency is far too important to be left in the hands of the private sector. We found that out in the early 1800's when any bank could issue money and have it thought of as legal tender. I don't think any of us want that again. So if you want the gold standard back, then by gold let the gov't declare eminent domain over your property and confisdcate it.. Would that make you happy? (Cause it's a situation you may just create for yourselves.) Take care. Regards, Ron

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