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Title: Republicans eye return to gold standard (another phony Reagan "Gold Commission"?)
Source:
Financial Times
URL Source: http://www.ft.com/cms/s/0/06ebfdaa- ... 0144feab49a.html#axzz24P98ATns
Published: Aug 23, 2012
Author: Robin Harding and Anna Fifield
Post Date: 2012-08-23 19:20:48 by Hondo68
Keywords: None
Views: 6367
Comments: 9
The gold standard has returned to mainstream US politics for the first time in 30 years, with a “gold commission” set to become part of official Republican party policy. Drafts of the party platform, which it will adopt at a convention in Tampa Bay, Florida, next week, call for an audit of Federal Reserve monetary policy and a commission to look at restoring the link between the dollar and gold. The move shows how five years of easy monetary policy – and the efforts of congressman Ron Paul – have made the once-fringe idea of returning to gold-as-money a legitimate part of Republican debate. Marsha Blackburn, a Republican congresswoman from Tennessee and co-chair of the platform committee, said the issues were not adopted merely to placate Mr Paul and the delegates that he picked up during his campaign for the party’s nomination. “These were adopted because they are things that Republicans agree on,” Ms Blackburn told the Financial Times. “The House recently passed a bill on this, and this is something that we think needs to be done.” The proposal is reminiscent of the Gold Commission created by former president Ronald Reagan in 1981, 10 years after Richard Nixon broke the link between gold and the dollar during the 1971 oil crisis. That commission ultimately supported the status quo. “There is a growing recognition within the Republican party and in America more generally that we’re not going to be able to print our way to prosperity,” said Sean Fieler, chairman of the American Principles Project, a conservative group that has pushed for a return to the gold standard. A commission would have no power except to make recommendations, but Mr Fieler said it would provide a chance to educate politicians and the public about the merits of a return to gold. “We’re not going to go from a standing start to the gold standard,” he said. The Republican platform in 1980 referred to “restoration of a dependable monetary standard”, while the 1984 platform said that “the gold standard may be a useful mechanism”. More recent platforms did not mention it. Any commission on a return to the gold standard would have to address a host of theoretical, empirical and practical issues. Inflation has remained under control in recent years, despite claims that expansion of the Fed’s balance sheet would lead to runaway price rises, while gold has been highly volatile. The price of the metal is up by more than 500 per cent in dollar terms over the past decade. A return to a fixed money supply would also remove the central bank’s ability to offset demand shocks by varying interest rates. That could mean a more volatile economy and higher average unemployment over time.
Poster Comment: "reminiscent of the Gold Commission created by former president Ronald Reagan in 1981, 10 years after Richard Nixon broke the link between gold and the dollar during the 1971 oil crisis. That commission ultimately supported the status quo." QE 666 coming right up!
Mitt's a fake "paultard". He'd be kissing Ben Bernanke's a$$, just like Obama.
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#1. To: hondo68 (#0)
It's amazing the impact a kooky old man who will never be president can have, huh?
"If men through fear, fraud or mistake, should in terms renounce and give up any essential natural right, the eternal law of reason and the great end of society, would absolutely vacate such renunciation; the right to freedom being the gift of God Almighty, it is not in the power of Man to alienate this gift, and voluntarily become a slave." Samuel Adams, Rights of the Colonists, 1772
Dude, it's just another globalist conspiracy... LOL... The times are changing. Perhaps, you are starting to recognize it.
I love Congresswomen Blackburn. She is one of the increasing number of elected politicians who actually get it, along with Rand Paul, Jim DeMint, Mike Lee, Tom Colburn, and many others... This is not Bob Dole or Dennis Hassert. There are more really good people in office since any time before the Great Depression.
Al Hamilton ended up getting shot and killed by VP Arron Burr in a duel. Serves him right, for inventing fiat currency.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
She is one of the increasing number of elected politicians who actually get it, LOL! Of course you do! "If men through fear, fraud or mistake, should in terms renounce and give up any essential natural right, the eternal law of reason and the great end of society, would absolutely vacate such renunciation; the right to freedom being the gift of God Almighty, it is not in the power of Man to alienate this gift, and voluntarily become a slave." Samuel Adams, Rights of the Colonists, 1772
This is no surprise to me. Every country that sees the chips falling are buying tons of gold. Is it expected that America would be so stupid as to not do the same? I'd sure be 'hedging' my bets when that is going on around the world. Unless you're a damn fool.
By the way, I think this is a silent nod from the Romney camp to Ron Paul. I think there are things in motion that some aren't discerning.
BRAVO!
BRAVO! See, I knew you'd like that.
"If men through fear, fraud or mistake, should in terms renounce and give up any essential natural right, the eternal law of reason and the great end of society, would absolutely vacate such renunciation; the right to freedom being the gift of God Almighty, it is not in the power of Man to alienate this gift, and voluntarily become a slave." Samuel Adams, Rights of the Colonists, 1772
#2. To: hondo68 (#0)
"we must as a species go into a period of shrinkage that we have not experienced since the Dark Ages and the Black Plague" -- lucysmom
#3. To: hondo68 (#0)
“These were adopted because they are things that Republicans agree on,” Ms Blackburn told the Financial Times. “The House recently passed a bill on this, and this is something that we think needs to be done.” -- Marsha Blackburn
"we must as a species go into a period of shrinkage that we have not experienced since the Dark Ages and the Black Plague" -- lucysmom
#4. To: jwpegler (#2)
(Edited)
The First Bank of the United States: 1791-1811
Sec of the Treasury Alexander Hamilton funny money, 1798 
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#5. To: jwpegler (#3)
I love Congresswomen Blackburn.
#6. To: hondo68 (#0)
#7. To: hondo68 (#4)
#8. To: We The People (#5)
(Edited)
Voted YES on promoting free trade with Peru. (Nov 2007)
Voted YES on implementing US-Australia Free Trade Agreement. (Jul 2004)
Voted YES on implementing US-Singapore free trade agreement. (Jul 2003)
Voted YES on implementing free trade agreement with Chile. (Jul 2003)
"we must as a species go into a period of shrinkage that we have not experienced since the Dark Ages and the Black Plague" -- lucysmom
#9. To: jwpegler (#8)
Voted YES on promoting free trade with Peru. (Nov 2007) Voted YES on implementing US-Australia Free Trade Agreement. (Jul 2004) Voted YES on implementing US-Singapore free trade agreement. (Jul 2003) Voted YES on implementing free trade agreement with Chile. (Jul 2003)
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