More people need to see this.

Moving this video to Constitutional_Patriot's personal queue. It failed to receive enough votes to get sifted up to the front page within 2 days.

*promote ... I'm sorry but I prefer real silver and gold to paper with no statements like "payable to the bearer on demand" that they used to say and cheap knockoff coins.

Self promoting this video and sending it back into the queue for one more try; last queued - promote requested by original submitter Constitutional_Patriot.

I don't think he's correct when he says that the price or value of precious metals like gold and silver retain their same value throughout time. Nowadays, gold is a precious metal which means it has only ornamental value. In the days when the gold coin was around, it was used as currency and thusly they needed a lot more of it. If you smelted down the old gold coins to make a piece of jewelry today, I'm pretty sure that it would cost less to make a golden necklace out of coins than what the same necklace is being sold for now. Maybe the karat of the gold matters significantly, in which case gold has inconsistent value even within itself (nowhere in the video does he mention karats of gold so I'm assuming he means fairly high-quality gold).

Nevertheless, I upvoted anyways because i is a neat crash-course in inflation. If'n you Yanks are fucken up tha 'conomy, I'd at least like to know how.

let's all go back to 1-cent bubblegum and walking to school uphill both ways in the snow.

Oh geez. Another gold-bug. Here's a brief primer to counter with intelligence these fever-dreams: http://www.econbrowser.com/archives/2008/05/what_if_wed_bee.html

Response to that very short article posted by qualm which has no real backing in it's claims other than a few statistics of some "countries that had removed the gold standard" in favor of a fiat system(hardly a good argument for why we shouldn't be on it). The world bankers prefer all countries on their controlled system of non-backed notes. The case has been made that after analyzing the manner in which we were removed from the gold standard indicates deception to where our economy can be manipulated by a small group of rich bankers that hoard the gold and create money from a printing press. So what are the ways we can pay back this national debt to the bankers? I believe they take gold, don't they?

http://www.videosift.com/video/Milton-Friedman-explains-role-of-gold-in-Great-Depression

"a very few statistics..." LOL... GRAPHS that were pulled from a comprehensive paper that's linked in the main article. Take anything Constipational_Tootriate posts with a grain of salt. Not only is he apparently shilling for Milton Friedman (NAIRU, Chile, 1973?) but he also believes the deeply anti-semitic Protocols of the Elders of Zion is legitimate, rather than the acknowledged forgery that it is.

Anyone who isn't of the Lizard-People/Jewish Conspiracy stripe should find the link in my previous post to be instructional.

Oh yeah. Milton "laisse faire" Friedman was a major proponent of unemployment as the prime control of inflation. Think about that for a moment.

I dunno, but something about this whole thing seems off...

The main reason the founding fathers began the gold standard was to counteract their first attempts at creating a monetary system that no one else would accept.

He throws out a lot of numbers in the video (years and prices), but the prices stop after 1931. Why? I wanted to know so I checked a few things out. I found out that in 1971, the price of gold sky rocketed (source, click on "1833-1999 Yearly Averages"). This would support qualm's remarks that speculation would have created a serious deficit for the federal government.

But this is in US$ still! If the dollar is inflating so rapidly then of course going off the gold standard would have this effect! Let's compare it to all the other nations of the world and then we will see how the dollar is sinking fast! http://www.goldprice.org/gold-price-history.html

It's also worth mentioning that this website is a site that SELLS gold for these exact reasons to protect yourself from inflation. Pay special attention to the curve similarities/differences between the major world economies (US$, the Yen, the Euro, the Swiss Franc, even the Canadian Dollar).

I'm not seeing a panic here, I'm seeing the price of gold inflating around the world at the same rate everywhere. Where's the flaw here?

the lithuanian one cent coin costs two lithuanian cents to manufacture lololol

>> ^MINK:
the lithuanian one cent coin costs two lithuanian cents to manufacture lololol


Ya, and if this guy had his way, it would cost $3.11 to manufacture a $0.25 US coin....(plus the cost of the copper)

>> ^Aemaeth:
>> ^MINK:
the lithuanian one cent coin costs two lithuanian cents to manufacture lololol

Ya, and if this guy had his way, it would cost $3.11 to manufacture a $0.25 US coin....(plus the cost of the copper)


Do you understand inflation? Do you really understand what it is? That statement shows ignorance of what inflation is. Why has inflation valued that that quarter to $3.11? The devaluation of the US Currency has inflated that quarter to 3.11. This would not make the cost of a producing a quarter 3.11... but rather a few cents. This whole concept that using money backed by real silver and gold is archaic is astounding. You prefer the fiat banking system and how the dollar is systematically devalued pushing us into repetative recessions - soon to be a depression?