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Why We Left The Gold Standard



 
 
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  #1  
Old July 22nd 11, 03:14 PM posted to rec.collecting.coins
Frank Galikanokus
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Posts: 291
Default Why We Left The Gold Standard


Going off the gold standard gave the government new tools to steer the economy. If you're
not tied to gold, you can adjust the amount of money in the economy if you need to. You
can adjust interest rates.

http://www.npr.org/blogs/money/2011/...-gold-standard

JAM
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  #2  
Old July 22nd 11, 04:41 PM posted to rec.collecting.coins
Some Guy[_2_]
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Posts: 107
Default Why We Left The Gold Standard


"Frank Galikanokus" wrote in message
...

Going off the gold standard gave the government new tools to steer the
economy. If you're
not tied to gold, you can adjust the amount of money in the economy if you
need to. You
can adjust interest rates.

http://www.npr.org/blogs/money/2011/...-gold-standard

JAM


You can leap tall buildings in a single bound, change the course of mighty
rivers, bend steel in your bare hands and totally destroy the economy of the
United States!


  #3  
Old July 22nd 11, 09:13 PM posted to rec.collecting.coins
Frank Galikanokus
external usenet poster
 
Posts: 291
Default Why We Left The Gold Standard

Some Guy wrote:

"Frank Galikanokus" wrote in message
...

Going off the gold standard gave the government new tools to steer the
economy. If you're
not tied to gold, you can adjust the amount of money in the economy if you
need to. You
can adjust interest rates.

http://www.npr.org/blogs/money/2011/...-gold-standard

JAM


You can leap tall buildings in a single bound, change the course of mighty
rivers, bend steel in your bare hands and totally destroy the economy of the
United States!



I think this quote from the article makes more sense than you little quip.

"Almost all economists agree, the system we have today is better than the gold standard.
Not perfect, but much better."

What has laid this country low is republican deregulation in 1999 and 2000 and the Bush
tax cuts.

http://en.wikipedia.org/wiki/Gramm–Leach–Bliley_Act

http://www.investopedia.com/terms/f/...ct-of-1999.asp

http://en.wikipedia.org/wiki/Commodi...on_Act_of_2000

http://sunlightfoundation.com/blog/2...rnization-act/

http://www.investopedia.com/terms/c/cfma.asp

http://www.time.com/time/specials/pa...877331,00.html

http://en.wikipedia.org/wiki/Phil_Gramm

http://www.nytimes.com/2008/11/17/bu...y/17gramm.html

http://dir.salon.com/story/tech/feat...8/wendy_gramm/

http://www.dailykos.com/story/2008/0...nd-Wendy-Gramm

http://www.apfn.org/enron/gramm.htm

http://en.wikipedia.org/wiki/Credit_default_swap

http://en.wikipedia.org/wiki/Derivative_(finance)

Or you could look it up for yourself.

JAM
  #4  
Old July 22nd 11, 11:11 PM posted to rec.collecting.coins
Mike Benveniste
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Posts: 36
Default Why We Left The Gold Standard

On 7/22/2011 10:14 AM, Frank Galikanokus wrote:

Going off the gold standard gave the government new tools to steer the
economy.


As far as I can tell, at no point in U.S. history did a
person holding a dollar denominated debt against the U.S.
have a legal right to be paid in a fixed amount of gold
per dollar.

So by that definition, the U.S. was never on a gold standard.

--
Mike Benveniste -- (Clarification Required)
You don't have to sort of enhance reality. There is nothing
stranger than truth. -- Annie Leibovitz
  #5  
Old July 23rd 11, 12:32 AM posted to rec.collecting.coins
Some Guy[_2_]
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Posts: 107
Default Why We Left The Gold Standard


"Mike Benveniste" wrote in message
...
On 7/22/2011 10:14 AM, Frank Galikanokus wrote:

Going off the gold standard gave the government new tools to steer the
economy.


As far as I can tell, at no point in U.S. history did a
person holding a dollar denominated debt against the U.S.
have a legal right to be paid in a fixed amount of gold
per dollar.

So by that definition, the U.S. was never on a gold standard.


Better recheck your history there, skippy.


  #6  
Old July 23rd 11, 06:15 PM posted to rec.collecting.coins
Jud
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Posts: 1,215
Default Why We Left The Gold Standard

On Jul 22, 4:13*pm, Frank Galikanokus
wrote:


What has laid this country low is republican deregulation in 1999 and 2000 and the Bush
tax cuts.


Despite your perpetual liberal slant and Bush-bashing, the real
problem is runaway spending. Republicans and Democrats alike feel that
it's their job to spend our money, especially if it is beneficial to
their constituency, regardless of what it means to the country as a
whole. I would love to hear your take on the Carter administration
economic policies. Can't blame Bush for them! Oh, and can you also let
me know at what point in time the current administration will accept
responsibility for their own unpopular and failed policies?

How's that stimulus package working out for you?


  #7  
Old July 24th 11, 03:21 AM posted to rec.collecting.coins
Mike Benveniste
external usenet poster
 
Posts: 36
Default Why We Left The Gold Standard

On 7/22/2011 7:32 PM, Some Guy wrote:

So by that definition, the U.S. was never on a gold standard.

Better recheck your history there, skippy.


Oh, but I have. Name any date, and I'll demonstrate that the U.S.
government could either pay in paper or silver instead.

--
Mike Benveniste -- (Clarification Required)
You don't have to sort of enhance reality. There is nothing
stranger than truth. -- Annie Leibovitz
  #8  
Old July 24th 11, 03:31 AM posted to rec.collecting.coins
oly
external usenet poster
 
Posts: 3,111
Default Why We Left The Gold Standard

On Jul 23, 8:21*pm, Mike Benveniste wrote:
On 7/22/2011 7:32 PM, Some Guy wrote:

So by that definition, the U.S. was never on a gold standard.

Better recheck your history there, skippy.


Oh, but I have. *Name any date, and I'll demonstrate that the U.S.
government could either pay in paper or silver instead.

--
Mike Benveniste -- (Clarification Required)
You don't have to sort of enhance reality. There is nothing
stranger than truth. -- Annie Leibovitz


I'll choose 1893 - please proceed with your demonstration.

oly
  #9  
Old July 24th 11, 05:28 AM posted to rec.collecting.coins
Jerry Dennis
external usenet poster
 
Posts: 1,207
Default Why We Left The Gold Standard

On Jul 23, 1:15*pm, Jud wrote:
On Jul 22, 4:13*pm, Frank Galikanokus
wrote:



What has laid this country low is republican deregulation in 1999 and 2000 and the Bush
tax cuts.


Despite your perpetual liberal slant and Bush-bashing, the real
problem is runaway spending. Republicans and Democrats alike feel that
it's their job to spend our money, especially if it is beneficial to
their constituency, regardless of what it means to the country as a
whole. *I would love to hear your take on the Carter administration
economic policies. Can't blame Bush for them! Oh, and can you also let
me know at what point in time the current administration will accept
responsibility for their own unpopular and failed policies?

How's that stimulus package working out for you?


As is said on Facebook, "LIKE."

The current Obama administration has also been dubbed "Carter's Second
Term." Now that I've fueled the political fire, I'm going to sit back
and watch the fight.

Jerry
I'm such an a$$hole.
  #10  
Old July 24th 11, 01:08 PM posted to rec.collecting.coins
Mike Benveniste
external usenet poster
 
Posts: 36
Default Why We Left The Gold Standard

On 7/23/2011 10:31 PM, oly wrote:

I'll choose 1893 - please proceed with your demonstration.


Easy enough -- on April 15, 1893, John G. Carlisle recommended
suspension of redemption of notes for gold. The law of 1882 gave him
this power, and the Sherman Act of 1890 allowed redemption in either
gold or silver.

In his message asking for repeal of the 1890 Act, President Cleveland
noted on August 8th, 1893:
Unless Government bonds are to be constantly issued and sold to
replenish our exhausted gold, only to be again exhausted, it is
apparent that the operation of the silver-purchase law now in
force leads in the direction of the entire substitution of silver
for the gold in the Government Treasury, and that this must be
followed by the payment of all Government obligations in
depreciated silver.

So from these events, it's clear that the U.S. government felt it had
the legal right to redeem in silver.

--
Mike Benveniste -- (Clarification Required)
You don't have to sort of enhance reality. There is nothing
stranger than truth. -- Annie Leibovitz
 




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