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Quick "shift to gold standard" question

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Wheylous posted on Tue, Sep 6 2011 9:02 PM

I saw this comment on a youtube video:

"There is currently 166,600 metric tonnes of Gold mined in human history. 32,150.722 troy ounces in every tonne. Gold closed at $1,813.80 per troy ounce on august 26th. That according to august 26th =$9.7 trillion. There is in fact $9.3 trillion in Dollars in circulation. The US has only 8,133 metric tonnes of gold or roughly 4.8 percent of all the gold ever mined. PLEASE EXPLAIN WITH THESE FACTS HOW RON PAUL CAN MAKE THE GOLD STANDARD WORK????"

What is the response to this? Is it that gold is currenlty undervalued? Is it that the currency in circulation will actually be reduced?

Sorry for my ignorance.

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Sigh.  One more time:

1) Ron Paul has never said a gold standard is the answer to anything.  Ron Paul talks about "competing currencies" or simply "sound money".

2)

Gold as Money: FAQ

 

Also, Rothbard explains how a shift back to a gold standard might occur in a practical, step-by-step plan...

The Case for a 100 Percent Gold Dollar, & The Case for a Genuine Gold Dollar by Murray Rothbard

 

(and you might go ahead with

just for good measure)

 

Actually, here's the full recommended reading list, in order.

 

Then of course, you have all the threads where this was addressed before.  Here's a few of them:

Help me argue for a gold standard.

Why Gold

Is there enough gold in the world to go back to a gold standard?

Question about gold as money

AE full reserve banking proposal

The Case Against Gold: Why Ron Paul is Wrong About The Gold Standard by Gregg Hilton

Against The Gold Standard

Question about returning to the Gold Standard

 

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Ron Paul actually argues for a competing currency against the dollar, not necessarily that the dollar be pegged to gold, or vice versa.  That competing currency could be anything, but would most likely be gold.  

Goods and services would then be priced in accordingly in oz of gold, instead of dollars.

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Moderator

The person didn't actually posit a question.

The market has this thing called a price. As supply and demand changes, the price changes. If people like the price, they trade. If they don't, that means they have some better alternative.

Nothing about this implies people should be imposed upon, and have their choices taken away.

  • | Post Points: 5
Top 10 Contributor
6,953 Posts
Points 118,135

Sigh.  One more time:

1) Ron Paul has never said a gold standard is the answer to anything.  Ron Paul talks about "competing currencies" or simply "sound money".

2)

Gold as Money: FAQ

 

Also, Rothbard explains how a shift back to a gold standard might occur in a practical, step-by-step plan...

The Case for a 100 Percent Gold Dollar, & The Case for a Genuine Gold Dollar by Murray Rothbard

 

(and you might go ahead with

just for good measure)

 

Actually, here's the full recommended reading list, in order.

 

Then of course, you have all the threads where this was addressed before.  Here's a few of them:

Help me argue for a gold standard.

Why Gold

Is there enough gold in the world to go back to a gold standard?

Question about gold as money

AE full reserve banking proposal

The Case Against Gold: Why Ron Paul is Wrong About The Gold Standard by Gregg Hilton

Against The Gold Standard

Question about returning to the Gold Standard

 

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