At 12:03 PM 1/7/2003 -0500, Patrick Chkoreff wrote:
And when I say "gold standard," I don't mean some Lawrence Kudlow pablum like "Greenspan pulls levers to keep gold hovering around $350." I mean FULL GUARANTEED REDEMPTION. Nothing less. I mean notes that say "There have been deposited in the U.S. Treasury 20 Dollars in Gold Coin Payable to the Bearer on Demand." The problem we're seeing in this discussion is that under that standard, 20 Dollars is likely to get you about 2 centigrams at the Fed window. Don't sneeze.Interesting dialogue on this topic. I agree that the gold standard would never happen. When I originally posted the question, I didn't mean a gold standard in the US. Rather a global gold standard. Which makes it more impossible.
As Paul Volcker, Former Chairman Federal Reserve stated "A global economy requires a global currency." So, if it's not gold, what will it be? Is a global currency even possible? Is there too much government intervention?
George
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Dr. George Matyjewicz, Chief Global Strategist
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