That's deficit spending, not inflation. I'm going to leave you with your illusions.
That's deficit spending, not inflation. I'm going to leave you with your illusions.
Well, thank you! But I don't think our country would be 22 trillion dollars in debt if we hadn't broken away from the gold standard. But that allowed government to print more dollars than we had backed by reserves. And that allowed government to deficit spend like a person using one charge card to make payments to another charge card, until the interest gets to be more than they make and they end up bankrupt. You can live high on the hog until fate catches up to you. And that is where inflation is taking this country.Quote:
Originally Posted by Judy
Well, let me ask you a simple question. When $800 billion a year of our money, US dollars, flies out of the country every year to foreign lands in trade deficits, do we have to reprint that money or do we just reduce our own money supply as a result of it?Quote:
Originally Posted by jtdc
I don't really see a relationship between ending the gold standard and monetary deficits. I opposed ending the gold standard, mainly because I just liked having the gold on hand to back it up in case we needed it for some catastrophic reason, but I see strong relationships between the monetary deficits, trade deficits, massive immigration and the evil income tax.
Trade deficits are business losses, not government money. So it neither comes out of the Treasury nor does it require the printing of more money!Quote:
Originally Posted by Judy
I can see that. If the government were mandated to maintain deposits to cover every dollar, they couldn't legally print more dollars than the reserve could cover. They would be forced to live within a budget.Quote:
Originally Posted by Judy
Maybe there is a glimmer of hope for you! We had runs on banks because they had more money on paper than they had in reserve. What happened? The Great Depression! If you go the the bank to buy something and they can't give you your money, you aren't happy.Quote:
Originally Posted by Judy
You see income tax as evil, I see inflation as evil!Quote:
Originally Posted by Judy
Uuuuh, the gold standard doesn't apply to the government, it applies to the Federal Reserve which is a private business, FYI, and the value of the US dollar, not national debt.
jtdc wrote:
Gee, that was when we had the Gold Standard, so how did that work out for you?Quote:
We had runs on banks because they had more money on paper than they had in reserve. What happened? The Great Depression! If you go the the bank to buy something and they can't give you your money, you aren't happy.
LOL!!! I knew that simple question would be a winner. Ooh boy.
jtdc wrote:
Yeah, it's really odd that anyone would be more worried about inflation they don't have to pay than the income tax they do have to pay. BONKERS!!Quote:
You see income tax as evil, I see inflation as evil!
So you are saying that the Chair of the Federal Reserve, Janet Yellen, is appointed by it's board, not the President Of The United States? You mean the place where the Federal Reserve stores the gold that is supposed to be the security for our money, Fort Knox is not a government facility, it is private? It used to be that local banks issued their own money secured by deposits in their banks, but now by governement law, the government through its Federal Reserve issues money that is "Legal tender for all debts public and private".Quote:
Originally Posted by Judy
So the gold standard doesn't apply to the government? :confused:Quote:
Wikipedia:
The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the Treasury Department, Federal Reserve Notes carry the (engraved) signature of the Treasurer of the United States and the United States Secretary of the Treasury.
At the time of the Federal Reserve's creation, the law provided for notes to be redeemed to the Treasury in gold or "lawful money." The latter category was not explicitly defined, but included United States Notes, National Bank Notes, and certain other notes held by banks to meet reserve requirements, such as clearing certificates.[8] The Emergency Banking Act of 1933 removed the gold obligation and authorized the Treasury to satisfy these redemption demands with current notes of equal face value (effectively making change). Under the Bretton Woods system, although citizens could not legally possess gold (except as rare coins, jewelry, for industrial purposes and the like), the federal government continued to maintain a stable international gold price. This system ended with the Nixon Shock of 1971, and starting in 1975 Americans were allowed to possess unlimited amounts of gold with its value dependent on the market price. Present-day Federal Reserve Notes are not backed by convertibility to any specific commodity, but only by the collateral assets that Federal Reserve Banks post in order to obtain them.
I wasn't born yet.Quote:
Originally Posted by Judy
I find it really odd that a supposedly educated person doesn't realize that the interest on that Nation Debt is born by our taxes so it very much affects how much income tax we all have to pay! :(Quote:
Originally Posted by Judy
The Gold Standard applied to all dollars, your dollars, my dollars, business dollars, everyone's dollars, including the government's dollars. There are many more dollars outside of the government than inside the government.
The Federal Reserve consists of Federal Reserve Banks, they are private corporations that issue stocks to their member banks, that are also private corporations, who earn dividends, from the Federal Reserve Banks, they are profiteers like any private corporation.
The Federal Reserve was created in 1913 by DemoQuacks, the same year the DemoQuacks created the mandated income tax and passed the 16th Amendment.
I don't know who owns the gold in Fort Knox and the other locations, whether it's the US government or the Federal Reserve. I guess the gold is still there owned by someone. I sure hope so anyway. Either way, I don't think there's enough gold there to back every US dollar in circulation today, let alone what's in circulation and the national debt.
The government doesn't have the money to buy gold, so how do they pay for buying gold to back our dollar? It's all a strange quacky quandry if you ask me. That's why I call Democrats, "DemoQuacks". They're always coming up with some stupid strange quacky scheme to rip off Americans, and so far I'd say they've done a fine job with that.
What a concession! You previously said "the gold standard doesn't apply to the government".Quote:
Originally Posted by Judy
But they didn't appoint Janet Yellen, as a private corporation would. The government put her there. And they don't vote on whether to change the interest rate, Yellen dictates that.Quote:
Originally Posted by Judy
If you read the Wikipedia article, there had been several predecessor federal reserves before this permanent one was authorized by Congress and the President. So it wasn't a sudden DemoQuack idea.Quote:
Originally Posted by Judy
Well, let's look at the clues. It is a military base! It has military personnel protecting it. How many private banks are you aware of that have military personnel guarding their assets?Quote:
Originally Posted by Judy
Well, I would guess that it is jointly owned by We The People! Much like you put your money in your bank and you get a deposit slip and a bank statement saying that money belongs to you. The money in your wallet or purse says that is your money deposited in Fort Knox!Quote:
Originally Posted by Judy
Exactly what I have been saying. If you have a bank account with $100 in it, and you write a check for $1000, it bounces for insufficient funds. And doing that can get you thrown in jail. Yet the government can write checks against insufficient funds, and just print more dollar bills. If you did that, you would be thrown in jail. And note that states can't do that either, Only the federal government.Quote:
Originally Posted by Judy
If North Korea prints U.S. dollars and circulates them, we get real upset. If counterfeiters print their own U.S. dollars we get upset. Why? Because it devalues the real money we have. There is no product or service in exchange for it. So why is the government printing dollars any different?
They don't? They have been collecting taxes from everybody for centuries. The banks of old accepted gold and the like from prospectors, put it in their safe, and gave the person a certificate for the deposit, much like money is today. The government bought gold and issued certificates for it, until we went off the gold standard. It is like the Strategic Oil Reserves. The government buys that oil from the oil industry and banks it. They use money collected from taxpayers to buy that commodity. It is a asset that when they decide to supplement the oil market, they sell that reserve oil back to the market, for money.Quote:
Originally Posted by Judy
I'm not interested in your has been stuff. Sorry!
Very exciting positive things I support and believe in are happening now. What or why of 50 years ago about something the DemoQuacks cooked up is just of no interest to me at all now. Back then it made common sense to keep the gold standard, but I can't see any harm done as a result of decision to end the gold standard. What most people want to know is who owns the gold, where is it and can we slow sell it to pay off the national debt. I think not, because I don't think the government actually owns it. I think it's owned by the Federal Reserve. But I don't know for sure one way or another and neither does anyone else.
How much gold is in Fort Knox and is it enough to get the USA out of debt?
Yair Livne, Head of Product at Quora (2016-present)
Updated Jan 6, 2018 · Author has 380 answers and 3.4m answer views
According to the U.S. Mint [1], there are currently 147.3 million ounces of gold in Fort Knox, KY. At a current price of about $1776 per ounce, this is worth 261.6 Billion dollars. This comes very short of getting the US out of its 14.7 Trillion national debt - the gold holdings are worth less than 2 percent of the U.S. Public Debt.
https://www.quora.com/How-much-gold-...-was-cashed-in
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What would happen if all that gold was cashed in?
Regarding the last question, if all the Fort Knox gold was cashed in, it would probably cause a significant drop in gold prices for a short while, while putting a minor dent in the national debt that would be completely erased by next year's deficit.
But here is the rub: even if Fort Knox held all the gold ever mined in the world, estimated at 185,000 tons [3], at current prices this would be worth only 10.5 Trillion dollars, still less than 72% of the national debt.
https://www.quora.com/How-much-gold-...-was-cashed-in
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The US Treasury currently owns 8,134 tonnes of gold of which 7,716 tonnes is stored by the US Mint (4,583 tonnes at Fort Knox, 1,364 tonnes in Denver, 1,682 at West Point) and 418 tonnes at the Federal Reserve Bank Of New York. We've focused on the first audits of the gold stored by the US Mint. Jun 2, 2015
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Has the Federal Reserve Sold the Gold at Fort Knox?
https://www.thenewamerican.com/.../21212-has-the-federal-reserve-sold-the-gold-at-f...
Jul 8, 2015 - The famed Fort Knox is a facility managed by the U.S.Mint. ... In total US official gold reserves account for the 8,134 tonnes, owned by the US Treasury.”. . .