We seem to have forgotten Real Bills. All that's needed is to restore the gold clause so people can make contracts, domestically and internationally, in their own currencies guaranteed by a quantity of gold. Gold backs the transaction, not the currency. The money supply increases and decreases as commercial demand increases and decreases. It's a private system. No gold is needed in Ft. Knox but the bank, as guarantor, must be able to perform. See the extensive writings of Professor Antal Fekete. https://professorfekete.com/
You and Prof. Fekete are correct. Gold can be used as a means of exchange in private transactions, as can anything deemed of value by both parties in a trade, though governments generally don’t like competing currencies and non-authorized monetary systems, particularly if they gain a following and traction, as Bernard von NotHaus discovered in 2011. https://archives.fbi.gov/archives/charlotte/press-releases/2011/defendant-convicted-of-minting-his-own-currency
Unfortunately, most neither own gold nor understand gold clauses, which explains widespread dependence on government-issued fiat currencies, and lack of understanding about the constitutional dollar and sound money.
Thank you for that. I have a copy of James Rickard’s book: CURRENCY WARS, I consider him to be a great source. His experience and contacts are very telling.
We seem to have forgotten Real Bills. All that's needed is to restore the gold clause so people can make contracts, domestically and internationally, in their own currencies guaranteed by a quantity of gold. Gold backs the transaction, not the currency. The money supply increases and decreases as commercial demand increases and decreases. It's a private system. No gold is needed in Ft. Knox but the bank, as guarantor, must be able to perform. See the extensive writings of Professor Antal Fekete. https://professorfekete.com/
You and Prof. Fekete are correct. Gold can be used as a means of exchange in private transactions, as can anything deemed of value by both parties in a trade, though governments generally don’t like competing currencies and non-authorized monetary systems, particularly if they gain a following and traction, as Bernard von NotHaus discovered in 2011. https://archives.fbi.gov/archives/charlotte/press-releases/2011/defendant-convicted-of-minting-his-own-currency
Unfortunately, most neither own gold nor understand gold clauses, which explains widespread dependence on government-issued fiat currencies, and lack of understanding about the constitutional dollar and sound money.
What price would gold have to be to eliminate the $36 trillion dollar debt, taking into consideration the gold reserves of the United States?
Good question, Roger.
Math is not my strong suit, but here's what I came up with. Please correct me if I'm wrong.
U.S. government debt is $36.4 trillion and the U.S. Treasury claims 261.5 ounces in gold reserves.
$36,400,000,000,000 divided by 261,498,926 ounces = $139,197 per ounce
So, if my math is correct, the gold price would have to be revalued to around $140,000 an ounce to cover the nation's outstanding debt.
Other gold analysts, including Nick Barisheff and James Rickards, have projected a future gold price of $10,000 to $15,000 an ounce and higher.
https://www.amazon.com/10-000-Gold-Inevitable-Investors/dp/1118443500
https://finance.yahoo.com/news/investing-guru-james-rickards-says-101500715.html
Thank you for that. I have a copy of James Rickard’s book: CURRENCY WARS, I consider him to be a great source. His experience and contacts are very telling.
Roger Rickards (no relation)
I have a few of Rickards' books myself, including "The New Case for Gold."