"Thank you and Fuck you!" AIG thinking to sue US - Page 2

Professor Smarmiarty · 01-09-2013, 05:53 AM

Obviously we should switch back to the gold standard. Because there was literally no economic crises on the gold standard. And the rates of exchange, inflation etc were all stable as. And when we were on the gold standard we kept to it staunchly. The mongols abandoned the standard and look what happened to them.

Magus · 01-09-2013, 04:20 PM

What's so ironic about gold is it never really went up in value until we went off the gold standard. All the people making a killing on gold did so because of deregulation. So when all these libertarians say they want to go back on the gold standard they are going against capitalism. Fighting inflation is not a capitalistic endeavor.

shiney · 01-09-2013, 10:33 PM

I recall reading something like we would need around 4x the amount of [mined and processed] gold in existence in the world to be able to cover the amount of US currency in circulation. So I dunno if this is doable.

I could be wrong. My memory is faulty at best.

RobinStarwing · 01-10-2013, 12:04 AM

Quote:

Originally Posted by Professor Smarmiarty

Obviously we should switch back to the gold standard. Because there was literally no economic crises on the gold standard. And the rates of exchange, inflation etc were all stable as. And when we were on the gold standard we kept to it staunchly. The mongols abandoned the standard and look what happened to them.

Quote:

The end of the United States Gold Standard began in 1933 when President Franklin D.Roosevelt declared private ownership of gold to be illegal, except in the case of jewelry. The Bretton Woods System, however, allowed foreign governments to continue to sell their gold to the United States Treasury at a price of $35 per troy ounce from it's inception in 1946 until President Richard Nixon ended the program in 1971, thus enabling gold to be traded at fluctuating market prices rather than the fixed price of $35 per troy ounce. This marked the end of the Gold Standard on a global level as no major economic system has employed the Gold Standard since that time.

Let's see here how many recessions/depressions happened before 1933-1971?

Great Depression 1929-193?

I believe another happened between 1880-1900...

Anybody else want to take a stab at this? I'm not a history major.

Magus · 01-10-2013, 11:23 AM

Quote:

Originally Posted by RobinStarwing

Let's see here how many recessions/depressions happened before 1933-1971?

Great Depression 1929-193?

I believe another happened between 1880-1900...

Anybody else want to take a stab at this? I'm not a history major.

He was being sarcastic though.

Loyal · 01-11-2013, 03:06 AM

Looks like they're backing down.

Osterbaum · 01-11-2013, 06:07 AM

Either it was a rumor blow out of proportion, or they were basically testing the waters.

Bells · 01-11-2013, 06:11 AM

or they thought they could actually get away with it

RobinStarwing · 01-11-2013, 12:53 PM

Quote:

Originally Posted by Bells

or they thought they could actually get away with it

That's my thought. My mother also shares my sentiments.

01-09-2013, 05:53 AM	#11
Professor Smarmiarty Sent to the cornfield Join Date: Mar 2007 Location: K-space Posts: 9,758	4 out of 5 sentences in every post are a lie Obviously we should switch back to the gold standard. Because there was literally no economic crises on the gold standard. And the rates of exchange, inflation etc were all stable as. And when we were on the gold standard we kept to it staunchly. The mongols abandoned the standard and look what happened to them.

01-09-2013, 10:33 PM	#13
shiney Derrrrrrrrrrrrrp. Join Date: Nov 2003 Location: The land of fartz and buttz Posts: 8,266	I recall reading something like we would need around 4x the amount of [mined and processed] gold in existence in the world to be able to cover the amount of US currency in circulation. So I dunno if this is doable. I could be wrong. My memory is faulty at best. __________________ boop

01-11-2013, 06:07 AM	#17
Osterbaum The revolution will be memed! Join Date: Mar 2004 Location: FIN Posts: 5,967	Either it was a rumor blow out of proportion, or they were basically testing the waters. __________________ D is for Dirty Commie!

01-11-2013, 06:11 AM	#18
Bells That's so PC of you Join Date: Sep 2004 Location: In a Server-sided Dimension where time is meaningless Posts: 10,490	or they thought they could actually get away with it __________________ *BELLS STORE : Clothes! You wear* them! Free US Shipping Subscription System? WTF?! Zazzle Black!**

01-09-2013, 04:20 PM	#12
Magus Archer and Armstrong vs. the World Join Date: Apr 2005 Location: Pennsylvania Posts: 7,164	What's so ironic about gold is it never really went up in value until we went off the gold standard. All the people making a killing on gold did so because of deregulation. So when all these libertarians say they want to go back on the gold standard they are going against capitalism. Fighting inflation is not a capitalistic endeavor.