DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Euro replaces Dollar as worlds favorite cash

**Lydiaswingert** · 12-28-2006, 11:20 PM

I am completely bewildered by your comments. Are you supporting the gold standard? Are you saying that the US was somehow responsible for the end of the gold standard in its most recent form in 1972? If you are arguing for the end of free-floating currencies, are you then willing to address the issues raised by the deflation that accompanies a return to the gold standard? And what, if anything, does this have to do with the topic?

Yes, I very much support a return to a gold standard of some sort and yes, Nixon put the final nail in it's coffin when he announced on August 15, 1971, that the dollar would no longer be backed by gold.

I am very willing to address the issues that would be raised by an end to the system of fluctuating fiat currencies and whatever deflation ensued. Getting our accounts in order would without question be painful but the longer we put off the inevitable day of reckoning, the more painful it will become.

As for how this relates to the topic, it suggests to me that we have dug such an economic hole for ourselves that there is no question that our empire is in the process of fading away into the sunset, as the cost of maintaining it is well beyond our economic means. When the flow of credit which presently sustains us runs dry, as it surely will, we will have no choice but to default on our obligations, just as Nixon defaulted on our obligations as per the Bretton Woods Agreement.

12-28-2006, 11:20 PM	#19
Lydiaswingert Join Date Oct 2005 Posts 535 Senior Member	I am completely bewildered by your comments. Are you supporting the gold standard? Are you saying that the US was somehow responsible for the end of the gold standard in its most recent form in 1972? If you are arguing for the end of free-floating currencies, are you then willing to address the issues raised by the deflation that accompanies a return to the gold standard? And what, if anything, does this have to do with the topic? Yes, I very much support a return to a gold standard of some sort and yes, Nixon put the final nail in it's coffin when he announced on August 15, 1971, that the dollar would no longer be backed by gold. I am very willing to address the issues that would be raised by an end to the system of fluctuating fiat currencies and whatever deflation ensued. Getting our accounts in order would without question be painful but the longer we put off the inevitable day of reckoning, the more painful it will become. As for how this relates to the topic, it suggests to me that we have dug such an economic hole for ourselves that there is no question that our empire is in the process of fading away into the sunset, as the cost of maintaining it is well beyond our economic means. When the flow of credit which presently sustains us runs dry, as it surely will, we will have no choice but to default on our obligations, just as Nixon defaulted on our obligations as per the Bretton Woods Agreement.
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