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Want to balance the budget, go back to the gold standard

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  • cohodkcohodk Posts: 19,132 ✭✭✭✭✭
    A more effective policy would be to spend less than you take in. A gold standard would not reduce spending.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • BaleyBaley Posts: 22,660 ✭✭✭✭✭
    Soybean Standard. How many pounds of soybeans does the 'average' worker earn in a year?
    How many pounds could he grow for himself all by his lonesome??

    Liberty: Parent of Science & Industry

  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    A gold standard only works if gold remains at a fixed price. Otherwise the value of your backed currency changes value by the minute.

    Gold standard is not the answer. A fiscal responsibility standard can do it all. It has worked for me personally for many years.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • tneigtneig Posts: 1,505 ✭✭✭
    I've heard them try to explain debt being ok because the government budget is not like a family budget. But I can't understand their explanation. And I know why.

    Don't think they really want to balance the budget. Like here in NJ. They balance it by holding out pension plan
    payments and such. But that catches up with them the next year, so they do it again. I'd say it could be
    considered illegal in private business to balance your books in such a way.

    Even if there was a gold standard, it would still be the same types in office running things, and the same citizens that want their needs
    met at any cost, so same issues.
    COA
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    Government debt differs because government prints what pays their debt. The only threat to their credit and selling their debt is reaching the saturation point where no one wants to hold dollars that will be worth less tomorrow. Or, as is happening now, foreign policy destroys their relationship with their creditors. I suggest our Secretary of State be on the first US trillion dollar bill.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Unless the government conducts business within the realm of fiscal responsibility (do not spend more than is taken in), then the budget will not be balanced... the very term 'balanced' demands that. Cheers, RickO
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,294 ✭✭✭✭✭
    When the output exceeds the income, the upkeep will be the downfall.

    If it's out of balance ( deficit spending), Then the idea that anyone would/could/should "balance the budget" is really a pipe dream.
    There's nothing to balance when men of intellect raise the debt ceiling.
  • jmski52jmski52 Posts: 22,858 ✭✭✭✭✭
    A more effective policy would be to spend less than you take in. A gold standard would not reduce spending.

    Unless the government conducts business within the realm of fiscal responsibility (do not spend more than is taken in), then the budget will not be balanced... the very term 'balanced' demands that. Cheers, RickO


    I'd like to see government officials held legally and criminally liable for failure to follow a balanced budget policy. Obviously, I don't have realistic hopes & dreams for government policy.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,294 ✭✭✭✭✭
    Government is proof that people can manage their wealth.
    The Fed. is proof that the government should not attempt it.
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