[JessePex]

The current "debt" as we all know is a purposefully inflated falsity. Based on fake money, with fake interest, divided up into a million fake versions of fake debt (Derivatives, etc) and leveraged for more fake debt.

I just don't see how a gold standard can be enacted unless the FED is dismantled, fiat is totally discontinued and destroyed, and the fake "debt" is totally forgiven. We would need a clean slate. Even then, a majority of families out there don't own any PMs, so what about them? How would they pay their bills, etc?

I am so weak when it comes to ecomonics. I just don't really get it. Is there a simple solution?

[beonecenry]

An article in the Salt Lake Tribune today:


http://www.sltrib.com/sltrib/politic...alvez.html.csp

Copyright 2011 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Interesting comment on that story.


Phoenix Roberts

I was involved in the discussions that lead to last year's legal tender act. No one is suggesting that we drop everything for coinage, that would be impractical.

Plans have been underway for some time to establish repositories that look like banks, but have significant differences: You don't deposit money, you buy metal. You then have the $ equivalent of the metal's value available through a debit card just like the one banks issue, and the repository sells metal to pay your debits. (A little oversimplified, but that's basically how it works.)

As far as anyone could see, you're doing business with a regular bank but, with a bank, if inflation is 5% this year, you lose 5% of your buying power. With a repository, the value of the metal rises with inflation, so your buying power stays the same. edit, didn't realize I didn't quote monty.

[JessePex]

What is to stop them from fractional reserve "PM Debit card" lending?

[beonecenry]

What is to stop them from fractional reserve "PM Debit card" lending?

Or, selling/leasing the gold in the depository outright and holding paper gold?

[JessePex]

These fuckers always find a way to scam us. Hold it and own it.

[Symnunidanimb]

These fuckers always find a way to scam us. Hold it and own it.

History tells us you are right.

A three part series of Dr. Vieira's comentary from 2005 on the electronic gold currency:

http://www.newswithviews.com/Vieira/edwin8.htm

http://www.newswithviews.com/Vieira/edwin9.htm

http://www.newswithviews.com/Vieira/edwin10.htm

I haven't finished reading it yet, but I believe he has considered these possibilities.

[pavilionnotebook]

The current "debt" as we all know is a purposefully inflated falsity. Based on fake money, with fake interest, divided up into a million fake versions of fake debt (Derivatives, etc) and leveraged for more fake debt.

I just don't see how a gold standard can be enacted unless the FED is dismantled, fiat is totally discontinued and destroyed, and the fake "debt" is totally forgiven. We would need a clean slate. Even then, a majority of families out there don't own any PMs, so what about them? How would they pay their bills, etc?

I am so weak when it comes to ecomonics. I just don't really get it. Is there a simple solution?

I know I sound like a broken record here, but Freegold is a simple solution. It works even with a Federal Reserve Banking system...fiat and all. Paper money is not the problem. It's the store of value function of money that ruins a monetary system because debtors are rewarded and savers are punished and the end game must therefore be the hyperinflation of a collapsed currency.

Read FOFOA and you will get the gist of it. Freegold is so simple it is almost hard to believe.

[JessePex]

I have no idea what FOFOA is.

[beonecenry]

I have no idea what FOFOA is.

http://fofoa.blogspot.com/