Sporadica
August 8th, 2011, 12:14 AM
Alright I've been hearing some Ron Paul stuff from previous elections and one of his platforms is to disband the federal reserve and bring back the gold standard
My position on this is that bringing the gold standard back would be a detriment to the US economy. The US Government holds about 267,455,850 troy ounces of gold which equates to $454,674,945,000 USD. One bad thing about going back to this gold standard is that there isn't enough gold.
The Amazing Atheist said once that gold is a currency exactly like dollars now. In an example he said
"i'll trade you 300 sheep for these 200 cattle" and gold was used so that instead of one guy having to lug 200 cattle around he just gave some gold which was rare and worth enough for easy transportation.
Dollars now are backed by the spending power of the country. Currency is just an easier way of trading because they are just pieces of paper which are bought and sold just like stocks.
What do you people think about gold standard?
My position on this is that bringing the gold standard back would be a detriment to the US economy. The US Government holds about 267,455,850 troy ounces of gold which equates to $454,674,945,000 USD. One bad thing about going back to this gold standard is that there isn't enough gold.
The Amazing Atheist said once that gold is a currency exactly like dollars now. In an example he said
"i'll trade you 300 sheep for these 200 cattle" and gold was used so that instead of one guy having to lug 200 cattle around he just gave some gold which was rare and worth enough for easy transportation.
Dollars now are backed by the spending power of the country. Currency is just an easier way of trading because they are just pieces of paper which are bought and sold just like stocks.
What do you people think about gold standard?