the LION's Blog.....

Response to Steve Forbes 

https://www.youtube.com/watch?v=hwGWz6aRDw8

 

 

@eliasthienpont6330

7 minutes ago (edited)

🦁🦁🦁THE LION🦁🦁🦁, Richardton, ND

 

Interesting, but... The price of gold is not set by fiat, it is set by the market. It goes up if I am willing to pay more for gold, and it goes down if nobody will buy it at this price.

   §   But are all of the countries in the world going to go on the gold standard, And are you once again going to prohibit the private ownership of gold? If other countries will not limit the private ownership of gold then the price of gold will fluctuate and we will find that the tail is not only wagging the dog, buy it is wagging the doghouse as well.

   §   And if we do go on the gold standard am I able to take my gold certificates to the bank and exchange them for gold? You probably will not let me take gold or even gold certificates out of the country, but what is to stop me from going to South Africa and buying $2000 worth of gold there. I am sure they will let me take the gold out of the country, so suppose that I take this gold to Nigeria and exchange it there for $2800. I can send $800 back to my savings account in the USA, and then go back to South Africa to repeat the process. And I take no gold out of the USA, and bring no gold or foreign currency back into the USA. 

   §   The dollar is fiat currency: It is not real money at all. Gold is money. Silver is money and even coconut shells are money if I can exchange them. If you peg gold to the dollar all you have done is to turn the gold into fiat currency and the economy goes on as before.

   §   My degree is in nursing and thus I know little about economics. Still if I see a hemorrhage, I do know enough to put a bandage on it. As for me and my wealth, I keep my  600 pounds of gold in a dusty vault under my castle where it is guarded by a pair of manticore, and I have a phoenix up in the watch tower waiting for those pesky revenuers to cross my moat, because we still have an oubliette in our dungeon just waiting for them.

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