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Scattered recent analysis focused on the gold standard and sustainability in the global financial system The subject is certainly very vague and sometimes confusing Consider a recent article by a competent analyst Charles Hugh Smith Site OfTwoMinds on the practical aspect of the gold standard used as the article is titled Currencies Supported problem with gold is HERE and also on the website HERE Lew Rockwell He makes several points many good opinion Jackass, analysis avoids many features of potential solutions, premature development of money and not trade, and unfortunately back in the logic the main criticism to bring to work is that it confuses the extreme difficulties caused by decades of fiat currencies, the supposed problems of installation of supported gold coin the entire article is not well developed, seems sketchy, and many features tr s passes major side are considered, it puts a lot of critical issues is the table, valid for discussion He offers no solution to its problems outlined in the modern language, logic put forward indicate that from a heroin addict so difficulty in kicking the deadly habit, ravaged tremens delusional, plagued by extreme health problems, we must conclude a move to a clean sober life would be problems and simply do not work the logic behind Unfortunately CHSmith produces straw dogs face absent solutions examine the points raised.
The Gold Standard is almost perfect, provides money sound, and requires modern tweaking to run the transition period will not be six months, but more like six, the transition is possible, feasible, but with a disturbance huge and difficult adjustment the victim nations would be many, but they hold much of the bank and military power the global Currency RESET refers essentially, making economic nations defaulters as extremely vulnerable to systemic breakdown the definition of defaulters is linked to huge trade deficits and current account deficits oversized, coupled with the extremely unmanageable national debt They tend to have inflated welfare and industry conditions decreased the US as more qualifies risk, the more out of balance, and the worst of a debt and an industrial point of view.
The Gold Standard was the Bretton Woods was broken unlawfully, illegally and brutally to begin a US dollar hegemony in 1971 here 46 years later, the distortions and imbalances are horrible as expected in 2005 in the Hat Letter Trick, the dollar King is finally defended by the outdoor covered war, it is clear that veiled to block the Russian supply chain and recently the supply chain the Iran USEconomy operates on a valid credit card, usurping the global monetary reserves USFed monetary policy of quantitative easing introduced hyperinflation injection into the foundation of the global banking reserve capital for six years, the rot castaway fake money and financial markets has forced an oriental solution will be centered on gold, first in commerce and in the banking sector, and finally focuses currency CHSmith the last board Rather than the first two boards required in error to the sequence of its main points Look, then dissect with a viable solution before sented on the table, he cites the challenges of a gold currency, not problems that make it impractical not offer a path to a solution, while the Jackass precisely will.
The alternative to the installation of the Gold Standard is unacceptable, unsustainable and not feasible is the current course toward a global systemic breakdown and wider war, it would be better to settle in a process of rabid industrialization and fault wave of bad debt, which could be more orderly than imagined, if started the movement toward the gold reserves should be quick in transition constructive path to a solution will be difficult and requires creative thinking consensus must discard all gold Keynesian madness is the arbiter of fairness, equity, balance and strength just a gold standard system is arch-enemy of the fascist state globalist can gold war stifles It puts war and domination in check, while putting the industry and trade of the vanguard while seeking balance.
The initial focus should be on the note of the gold trade, which is the weapon piercing fiat, to be used for payment of trade Sometimes view, with its main components in Eastern countries and emerging countries have the benefit of trade, real stronger industrial bases They can direct traffic with a reform of commercial payments Charles Hugh Smith focuses on gold backed currency is premature does not crown the new king before that it is identified, then walks to the throne and is in it should focus on the note of the gold trade as a commercial mechanism kills gold paper fiat is urgent that the solution to bring order, seeking balance, and to achieve peace in the world.
CHSmith indicates that for a currency that is really backed by gold, it must be convertible into gold, he says that this line of thinking is disconnected from the real mechanisms of capital flows, and how money is created in our financial system is therefore not true that he says the trade deficits of the 1970 decade would have forced the USGovt to give up his gold, leaving nothing to support the USDollar the American Empire collapsed decades ago if it n ' has not abandoned the gold standard This is wrong and utter nonsense the USEconomy was forced, due to French demands President Degaulle, strengthen its industrial base immediately and reduce federal deficits It would have forced Washington to reform quickly and immediately a national emergency setting.
CHSmith offers no solution Even when deficits exist, a gold cover clause could provide a solution to avoid complete drainage of gold reserves The underlying basis is a gold standard in the currency For example, 5 a cover clause would entitle a nation with a 1 billion surplus with the United States to claim 50 million in gold that is hardly a ruinous proposal because it is about 1 to 25 tonnes of gold the message will be delivered and heard, to correct the rapid imbalance This simple feedback mechanism, not a disaster These mechanisms are not only healthy, but nations acutely needed could change their coverage clauses to weaken their currencies in motion to clause 10 or 20 coverage would be viable for a nation with a large trade surplus to move to clause 3 of cover would be necessary and prudent for a nation with decent trade deficit the United States might attempt a clause 1 coverage, since a return to a USDollar backed by gold, as ridiculously insolvent, deeply in debt, and extent of further remedy.
The implication is the gold standard to be evident in a strong currency, based on sound money, since convertible into gold itself with checks past sales, the United States has been allowed to accumulate a large stack the debt USGovt debt recently surpassed 20 billion, which is roughly the value of 500,000 tons of gold bars at current price conditions went well Kilter path of debt doubled under the Obama administration for which he presented a medal to call him a quack is a grotesque underreporting when marionette is more apt debt is unmanageable, seen in the graph in the form of stacked bills 100 in fact, specified batteries do seem small truck trailer the value of the massive structure is only 15 trillion football fields are included for a better reference.
Harken back to the early 1970 decade, when the USGovt Nixon Administrator beat the Gold Standard by force no nation except the United Kingdom approve the gesture seemed loaded hegemony Later, French President Valérie Giscard d Estaing called the US have usurped the global currency reserve an exorbitant privilege unspoken contributing to the rapid increase in USGovt deficits was the costly war in Vietnam Smith wrote, and nations being run large deficits business will soon empty its gold reserves as international currency holders electing to convert their currency into gold, which is exactly what happened in the 1960s in the United States vicious meat grinder of war was because the first couple trillion of debt, with the hidden motive to advance the military industrial base in the United States, and capture the Triangle Cambodia heroine Again, the author abhors the correction process that is essential in any balance the pursuit of healthy system.
Indirectly, CHSmith tacitly defends war spending and gives the issue of the industrial base entirely If in 1971 the United States had lost 5 billion in gold in France and was a precedent, the American nation would have immediately gone on a state emergency and rebuilt its industry, reduced its welfare system and significantly reduce its military budget barely defense trade deficit was less than a quarter of what it is now, standing 550 billion in the last year now, the task is greater, given the lack of effort to rebalance the war has become a constant As George Orwell said, war is not meant to win; it is supposed to be continuous He was the spokesman of the elite at the time, without such recognition CHSmith cites a symptom of responsibility in the absence of justification without liability, an absurd premise.
The USGovt has begun another decade of military spending during the Reagan Star Wars Admin, extended its state of well-being, and accelerated the industry trend of outsourcing in the Pacific region and later to new nations All three market movements have proved disastrous Gold Standard the tax would have arrested the three movements in their tracks but the hegemon facing financial engineering, raised Alan Greenspan to a demigod, continued to lose industry, and relied on bubbles of financial assets to support the economy in a historical absurdity of all US- based asset bubbles burst, clear wreckage, but the United States has seen fit to re-develop the same asset bubbles no discipline was forced because no officially recognized will exists Gold standard would have prevented the financial engineering going amok in the US, with a po int exclamation.
CHSmith did not address the correction mechanisms, he mentioned the creation of credit as potentially inhibited in the modern era The credit creation was a monster that fueled the financial asset bubbles should not have been allowed to move freely in a transport trade after another, free of debt, in uncontrolled military budgets, and recently in the Medicare bill Medicaid uncontrollably the entire underwriting process is out of control, and in dire need of a fair referee witness more debt blisters and pus bubbles in the automotive, home area, and students sector, even shale fiasco energy sector around the credit engine had no control mechanism for 30 years, its wreckage does not justify avoiding a gold standard This is precisely why the gold standard, as the author referee farm in back.
A simple point must be made, often cited by other competent analysts In recent years, the money supply expanded for the USDollar something like five times since the bankruptcy of Lehman event Officials removed the Gold prices fell to its high in 1900 as dual paths are opposed to what would normally occur false argument was put forward that gold is not enough to support the monetary system Although CHSmith does not this wandering, it is a surprise to the Jackass it did not, the corrective mechanism would call for the price of gold to five times higher, as about 6,000 per ounce, in response to a massive increase in recent money supply There is a lot of gold to cover the monetary system, but gold should be adjusted the price of gold higher order of magnitude must be a much higher price, according to the monetary growth over the years come with monetary expansion even more legitimate, the gold cover clause could be an essential tool This is quite basic as a concept, and easily shakes insufficient argument.
The Triffin Paradox presents challenges for a reserve currency, rather than justifying the Gold Standard does not work No nation should use as a global currency reserve asset To do this, absurdly destructive Triffin explained that reserve currency has two distinct sets of users and home users users worldwide Everyone has different needs, so integrated in a conflict between the two user groups of the USDollar global users need huge amounts of dollars to be used as reserves to pay debt denominated in USD and facilitate international trade the only way the nation emission can provide enough foreign exchange to meet this global demand is to launch large permanent trade deficits, it would actually export dollars in exchange for goods and services, the pressure would be massive deficits to provide the world adequate reserves that meet the foundation of the banking system This is all wrong, therefore no nation should use the global reserve as national cur rency, as the US did with gold bars the horrific violence would be much better in the function of the type of asset Triffin paradox world reserve is not a paradox at all it is rather an argument for the Gold Standard, and never for a nation to use global reserve asset in its national economy CHSmith completely misses the point.
The absurdity of the fiat system is illustrated in two ways First, the USDollar is implicitly backed by US Treasury bonds, which is the USGovt debt for debt as a basis for banking system is back and it mad ensures a systemic failure, as what is seen today invites calamity in supply chains throughout the global economy Implicitly CHSmith tacitly defends the fiat system for determining his results is again extraordinarily difficult and intractable the nature of the back of the system and its extreme challenges to address, does not justify the continuation of the current system broke a gold standard system that is in place on the right side is preferable, although difficult to install, and even tumultuous first disorder Secondly, Germany has in the past two years showed a flaw in the system, it has emanated from surpluses are the result has been insufficient debt to fund the bond market, and thus the negative interest rates are the rule of the day This is upside No nation should be subject to the absurdity negative rates when it is economically strong with a solid industrial base the US is flooding the global financial system with the debt, even the production of false debt via derivatives, to maintain his control and his balance is supplied false and untenable.
For a Gold Standard to succeed, the Jackass preached that the collection of coins covered in gold must have a critical mass Give a unique hypothetical example of Slobovia and currency quatloo is wandering off the mark not one nation, or even a group of a few nations can successfully establish a gold standard, since the forces are too great to absorb and manage in normal feedback mechanisms the important concept is the critical mass, which is exactly what the Eurasian commercial area attempts to reach They gather the nations to participate in a better system they build non-USD platforms, construction of non-USD market mechanisms, soon reveal the golden role they Turkey recently signed as a potential supplier of gold for the gold trade all important This will be used in payment of trade, kicking at the edge of sidewalk Bill US Treasury.
Imagine the chaos when the Saudis sell gold in China and most of Asia, in terms of RMB and later Notes gold trading When a much larger organization of nations, as the mass meeting Eurasian commercial area, the BRICS nations with emerging market nations countries in tow, agreed the gold standard in commercial payments and bank reserves and currency in training, they have strength If they control the majority of trade, they dictate the rules of the combined GDP of the specified group was to draw attention, as they form the critical mass already Russia and China are in possession of at least 60,000 tons of gold they soon will the rules.
Examine the final conclusion made by CHSmith In a real gold coin, each new one currency must be supported by the addition of 1 gold reserves If the supply of gold remains constant, but the supply of money increases permanently, the measured value of gold currency in circulation decreases accordingly a currency is only really backed by gold if it is convertible into gold Why hold a gold coin that can be diluted 10 times during the night by the government bank issuance Any nation issuing a gold currency can not control the world price of gold, and thus the currency of that country is hostage to fluctuations independent of his will if the fixed emission ankle nation to gold, this piece is subject to the whims of the central bank and the State in other words, the ankle is just another flavor of the currency in simple terms, there is no way to save a currency reserve or a System e bank of fractional reserve gold is easy to say that would be a very little credit world a good world, but it would be a world with limited debt-based consumption, ie a world with little growth and no growth, the system implodes almost nothing above makes sense to cover, factual or correct one by one.
The gold cover clause could make $ 1 billion supported by 50 million in gold, or 1 25 tons of gold bullion policy would be very easy to manage, and also flexible with a percentage of the flexible cover covenant export powers would have a higher coverage clause, while deficit countries would have a lower percentage the concept is already distributed.
No nation would need to control the price of gold This is upside down, the referee of gold would control the value of competing currencies Multiple currencies backed by gold would be on the table, ranging in gold reserves , surplus to the deficit of state for their economies, raw materials resource base, in the wisdom of the national leadership in trade policy cooperation, including military aggression, and other factors Nations would not be held hostage to fluctuations in the gold price of gold is constant, while the coins vary in value depending on the conditions inherent in the control of the individual currency would be the main objective, as has CHSmith back.
The final point made by CHSmith is wandering He says that a currency pegged to gold is subject to the whims of the central bank and the peg would not be just another flavor of fiat money, hardly the case, would be part of a set of measures to judge the value of a sustained gold coin set 'gold-backed Arab stupid dinar and the currency would weaken compared to a gold backed Euro Nordic carefully arranged the gradual disappearance of Arab oil monarchies compete against the Germans Stalwart wise If the Arabs fail to compete in the gold arena, they will lose their gold, truckload truck they would have to make adjustments under cover of feedback mechanisms on the contrary, central banks would be held responsible is necessary after extreme abuse since QE began in the West in 2012 .
CHSmith reveals its shortcomings by jumping to the conclusion that, in its opinion, no way exists to support a reserve currency gold The fact means that it does not include creation of the Gold Standard mechanisms and implement its systems complex of limited credit creation is precisely part of the upcoming credit abuse solution has become the norm, which must be resolved quickly, he implicitly gives tacit approval to the absurd situation cancerous fake credit fueling the financial markets the credit behind the interest rate derivative mechanism, credit trying to hold together the sector of the comatose power, fueling credit car loan company nutty, credit, feeding the corpse of the market housing, credit finance repurchases ridiculous action by large companies, credit fueling high freq stock trading algorithm ence, and credit behind the war machine leave off drug for another day and another article in his new role in guerrilla warfare These are credit ABUSE must be put in check the Gold Standard is exactly what is necessary Furthermore, extreme spending deficit for most countries is often linked to poorly unbalanced states of well-being and unjustified military spending credit should be directed urgently to the re-industrialization of the scale, and capital formation with entrepreneurship at the local level It seems that the advanced countries have lost their way, are no longer competent in capitalism and entrepreneurship, as in socialist business taxation and oppressive assurance systems the Gold standard can be used to effectively rebuild the industry with appropriate incentives.
The gold standard requires defense and defends Jackass is the standard, and defends some innovative thinking is still needed, the logic can be used properly and no back way of rejecting or its role over economic thought in modern society aujourd 'hui is atrocious and heretic, in the defense of a deeply corrupt system Even within the gold community, although thinking is wrong and illogical.
Over time, expect a refusal East producing countries to accept US Treasury bills in payment for trade The Government in the United States can not continue on many fronts blatant gross negligence and serious violations These violations have prompted nations BRICS alliance to accelerate development of various non platforms -USD towards the goal of moving the USDollar while simultaneously taking measures for the return of the gold standard.
New Scheiss Dollar arrive to ensure a continuous supply to import USEconomy will be given a 30 devaluation of the door, and many other similar variety devaluations The new dollar fail any foreign and Eastern control the USGovt will be forced to USTBill react to rejection in the US ports must welcome with neo-Scheiss Dollar to ensure the supply of imports, and alleviate many future deadlocks the United States is on the slippery slope the third World, a Jackass forecast that has been presented since Lehman fell best described as killed by JPM and GSAX the only apparent alternative is for the US Government to rent a large amount of gold bullion as 10,000 tons China to properly launch a gold currency the annual trade deficit would immediately make the whole batch of gold or risk losing such a lease open the doors for a generation of commercial colonization, but act ual progress in the return of capitalism in the US The cost would be a supply shortage in USEconomy, following huge increases in exports to China While USGovt can get a great treasure of gold, like the Bush family and Rubin crisis clan stolen gold reserves at Fort Knox, the United States will be vulnerable to an annual trade deficit of 550 billion settlement after his a year would exhaust all 10,000 tons, since 1300 oz of gold this tonnage would be worth 420 billion the United States is really trapped in a situation of economic insolvency, with the industry and inadequate a huge trade deficit unresolved.
Failure to produce a coin in good faith supported gold legitimate and adequate industrial base, would mean the United States will face a real big villain monetary crisis Any new currency, even with the support of gold, would be subject a series of devaluations because of the huge trade deficit the result would be powerful heavy painful price inflation ahead import the effect would be to reverse a generation of inflation exported by the United States would in the entire USEconomy a downward spiral with rising prices, supply shortages, and social disorder However, the price increase would come from the currency crisis, and not so much of the trillions flood monetary hyperinflation was actually firewalled during the recent crisis, the price of gold will find its true appropriate value between 5000 and 10 000 per ounce Then later, he goes as he seeks the balance of years a new world where gold is used as the arbiter in world trade and b Anking and currencies.
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