It’s fucked to tell the citizenry they can’t have silver and gold and they have to turn it all in, only to allow it at a markup shortly after.
But I don’t think pegging the dollar to gold makes sense in the modern age. Do we really want our monetary supply to be upended when a new gold deposit is found? Obviously our current monetary policy of “print more more bro” sucks, but I don’t feel like gold backed is the way either.
As opposed to the constant devaluing of the US dollar we have now? Do you have any idea how much less our dollar is worth since the 70’s? They could have found enough gold to quadruple the known amount and it still would have left the dollar worth significantly more. No gold deposits being found the world over would have effected it nearly as much as our rampant inflation we have now. A loaf of bread was 20 cents in the 70’s and paying more than a dollar a pound for ground beef was unheard of. A GOOD living wage was $35k a year. That’s poverty levels now.
Good per ounce in 1970 was $35. Thirty five fucking dollars! Do you know what an ounce of gold is now? $4,800.
The only thing getting off the gold standard was good for was making sure peoples savings and retirement money would keep being worth less and less, because the “economy” doesn’t want you to save your money. They want you to spend it and have to borrow. It makes sure whatever you have been saving will never be enough to retire on. Oh; you managed to save a 100k for retirement? Too bad that by the time you retire that’s only going to be enough for a new truck.
silver and gold…
Ah. The stuff the US dollar never should have gotten off of in the first place.
It’s fucked to tell the citizenry they can’t have silver and gold and they have to turn it all in, only to allow it at a markup shortly after.
But I don’t think pegging the dollar to gold makes sense in the modern age. Do we really want our monetary supply to be upended when a new gold deposit is found? Obviously our current monetary policy of “print more more bro” sucks, but I don’t feel like gold backed is the way either.
As opposed to the constant devaluing of the US dollar we have now? Do you have any idea how much less our dollar is worth since the 70’s? They could have found enough gold to quadruple the known amount and it still would have left the dollar worth significantly more. No gold deposits being found the world over would have effected it nearly as much as our rampant inflation we have now. A loaf of bread was 20 cents in the 70’s and paying more than a dollar a pound for ground beef was unheard of. A GOOD living wage was $35k a year. That’s poverty levels now.
Good per ounce in 1970 was $35. Thirty five fucking dollars! Do you know what an ounce of gold is now? $4,800.
The only thing getting off the gold standard was good for was making sure peoples savings and retirement money would keep being worth less and less, because the “economy” doesn’t want you to save your money. They want you to spend it and have to borrow. It makes sure whatever you have been saving will never be enough to retire on. Oh; you managed to save a 100k for retirement? Too bad that by the time you retire that’s only going to be enough for a new truck.