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The Forum > General Discussion > New US Currency? Ron Paul HR 4248

New US Currency? Ron Paul HR 4248

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Yabby ,if you read Ron Paul's proposal you would have realised that there are taxes on bullion and restrictions in many states of minting currency.The US Fed has the monopoply on the creation of money.This should not be the case.

People need small denominations for small transactions.There is no point in buying $200 coin from a bank to catch a bus.

The Fed did create this crisis just like the Great Depression using the same tactics.see "Fall of the Republic" http://www.youtube.com/watch?v=VebOTc-7shU This explains the whole economic debacle that is yet to play out.
Posted by Arjay, Sunday, 13 December 2009 7:04:07 PM
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RawMustard, sure, when Greenspan was in charge of the Fed, we can
say with hindsight that he kept interest rates too low for too long.

He has admitted to that, but of course its easy to be smart with
hindsight. It was not Savings Banks like Wells Fargo etc, who
got into trouble, but investment banks, which are really banks
in name only. Its like comparing NAB with Babcock and Brown, they
are quite different in nature.

The money that sloshed around America, came from all over the place,
notably China, Japan and the Middle East.

This is all quite different to Arjay's claim that the Fed caused
the GFC.

Lehman Brothers was not a savings bank, but an investment bank.
AIG, which got into the most trouble, is in fact an insurance company,
not a bank.

*People need small denominations for small transactions.*

Arjay, people already have small denominations now. They don't need
gold coins for that and as Pericles has pointed out, there is simply
not enough gold to cover all money circulating.

Your claim was that money was losing its value. My point is that
if people are concerned, they can buy all the gold coins that they
want, right now.

Fact is that the average punter with a mortgage, in fact benefits
from a bit of inflation. Given housing loans at 6.5% and inflation
at 4%, his real cost of a housing loan is only 2.5% in real terms.
Posted by Yabby, Sunday, 13 December 2009 11:48:05 PM
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As ever, puzzling ones way through Ron Paul's logic is a bit like re-reading Through the Looking Glass, only in Sanskrit.

Even when you have managed the translation process, the words still don't make sense in the real world.

The confusion begins in the second paragraph of HR4248

"This medium of exchange should satisfy certain properties: it should be durable, that is to say, it does not wear out easily"

The assumption that our existing medium of exchange somehow "wears out" is quite bizarre. Many people conduct the bulk of their financial transactions online - I know I do - and I have seen little evidence that the zeroes and ones decay in transit.

Once you get into the meat of the proposal though, it becomes clear that it is just another cry for attention, using a return to the gold standard as its hook.

Sad, really.

The confusion he causes by making public his hallucinations are evident in Arjay's observations.

>>...precious metals will reach much higher levels than anyone ever dreamt of... Ron is trying to make stable currency available to everyone<<

Oka-a-a-ay, Arjay, let's have a look at those two ideas.

If you are going to base a currency as pervasive as the US dollar in a precious metal, the demand for that precious metal will most certainly go through the roof. As soon as Ron gets his Bill through, China will buy up every nugget it can lay its hands on - we'd see $50,000 an ounce before you could blink, as the Treasuries waged economic war on each other, one to control the market price, the other trying to avoid economic disaster.

Nor does it matter what physical medium you employ, gold, silver, beryllium...

>>It is no good having just a few people with wealth having the ability to buy gold<<

But that is exactly, precisely and incontrovertibly what will happen. If you disagree with this fundamental truth, Arjay, perhaps you could describe how you would prevent it.

There isn't a snowball's chance in hell that this idiocy will "make stable currency available to everyone"
Posted by Pericles, Monday, 14 December 2009 8:54:33 AM
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But wait, there's more.

>>Ron it seems wants a number of sources in competition to keep the Fed honest.<<

This gave rise to another Through the Looking Glass moment.

Arjay's assessment of the currency landscape often comes down to this, or a version of it.

>>Since 1913 the US Fed is comprised of a private cartel of 12 banks with Govt members on it's board.<<

This is a problem, Arjay tells us, because...

>>90% of our money is created as debt via the banking system<<

On those numbers, if we follow Arjay's plan to back money with something "tangible", 90% of the economy will disappear overnight.

Nowhere, in Ron Paul's proposal or Arjay's interpretation of it, is this given even a passing thought.

But that's so much fantasy. Real life is far more prosaic.

Here's another question for you to cogitate Arjay.

HR4248 becomes law. How does a Ron Paul bank compete with the rest of the economy, given that it has to find gold (or silver, or beryllium) before it can open its doors and lend money.

Bear in mind that HR4248 doesn't roll back the Fed, merely allows competition, and that the gold price is presently well north of $1,000.

And please, please don't use this as an excuse to blabber on about 9/11.
Posted by Pericles, Monday, 14 December 2009 9:11:44 AM
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Pericles,you are not the font of all knowledge.The US $ will collapse and ordinary people need a currency they can rely on.The Fed continues to loan their counterfeit money to the US Govt and put the people into more debt funding Obama's socialist agendas and wars which the Fed will glading oblige since they and their cronies profit from it.

Their aim is for a World Govt under their single currency.At the last G20 meeting this was on their agenda.They want to collapse the US $ and substitute their own,which they can again steal wealth by counterfeiting.ie creating inflation by producing more currency than the economy can handle.

Nearly 80% of Americans now are aware of the Fed and want an audit.
Shouldn't the US people have the right to know where their tax payer $ have gone?It is a totally immoral and corrupt system that must come to an end.

There will be problems minting coins using precious metals but nothing compared to the hyper-inflation generated by the Fed.

JFK was in the process of issuing currency via congress when he was murdered.It can be done and the sooner the better for the US people.

Why do you think we are in a slightly better situation than the US? We own our currency under the RBA but have too many corporates on the board who manipulate currency for their own corporate gain.
Posted by Arjay, Monday, 14 December 2009 12:38:15 PM
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Nor do I claim to be, Arjay.

>>Pericles,you are not the font of all knowledge.<<

I do however have the ability occasionally to discern my arse from my elbow, a task with which you seem frequently to have endless difficulty.

>>The US $ will collapse...<<

A "collapse" is always a possibility, of course. Although it would be strongly resisted by those to whom the US owes those many trillions of dollars.

But then you lose the plot, entirely...

>>The Fed continues to loan their counterfeit money to the US Govt and put the people into more debt... Their aim is for a World Govt under their single currency... They want to collapse the US $ and substitute their own<<

Errrr... run that past me again?

The Fed is going to engineer the collapse of the dollar so that... what? They can create another one, and make it the single currency of a World Government, that doesn't actually exist?

That's pretty wild, Arjay, even for you.

Let's assume for the sake of argument that the US dollar does "collapse". They default on their overseas debt obligations... then what?

What makes you think that any "alternate" dollar is going to have the slightest credibility? What will back it?

I know you think that all money is somehow counterfeit, but the current system is pretty well accepted across the globe. On your logic, replacing one "counterfeit" currency with another is somehow a simple exercise.

I don't get it.

Can you explain how it's done?

>>There will be problems minting coins using precious metals but nothing compared to the hyper-inflation generated by the Fed<<

I disagree. Who will issue them? Who will use them? For example, how will the US Government - a significant employer - decide which "money provider" to use to pay its staff, and on what grounds?

>>JFK was in the process of issuing currency via congress when he was murdered<<

Now you're back in conspiracy fantasy-land. You shouldn't do it, you know, it's very bad for your health.
Posted by Pericles, Tuesday, 15 December 2009 7:56:14 AM
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