Dr. Paul wants the US back on the gold standard.
Okay, let’s see what that will do for us:
Major gold producers are:
China – 15%
South Africa – 10%
Australia – 10%
US – 10%
Peru – 10%
Russia – 7%
We see China and Russia ganging up against the rest of the “free” world on the Syria issue.
Okay, it really doesn’t affect us thousands of miles away, does it? So, no one here really cares about it, or in most cases, knows about it.
Different scenario, same Sino-Russian bond. For the fun of it they dump tons or gold reserves on the market and with that THEY sink the Dollar to previously unknown levels. Nothing we can do about it. All the gold in Fort Knox is less than ten percent of the world’s annual supply. Within weeks, we will be worse off than we were during the great depression. Remember we are tied to the price of gold and there is nothing we can do to get out of that spiraling trap.
Or, on the other hand one of the corrupt tiny producing nations decides to hoard its gold, and one or two other producers follow suit. Then what? Well, the dollar would gain so much value that we are back in the biggest economic bubble and no one can buy anthing American.
Wait, there’s more…. Private companies have most of the mining rights and get most of the profits. So, now we can actually have one or two mega conglomerates manage our economy at will.
Do you really want to give up any and all decision-making powers? At least we can vote out the bums if it gets really bad.
All we can do with a sovereign nation is sit idly by or turn them into glass. In either case, not really desirable.
Perhaps it wasn’t such a bad idea some 100+ years ago when gold was mined in colonies of a few western nations where control was concentrated with a few elites. These are no longer colonies, and the power is no longer centralized with a few elites; now there is power of the masses to worry about!
Nixon did the right thing for the USA, albeit much later than most other countries had learned their lesson. Let’s leave this as part of history. Please.