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« James Grant: Life Behind Bars For Bernanke | Main | A Bug's Life Metaphor: "It Was JUST One Puny Little Ant" »
Wednesday
Aug312011

CNBC Poll: Do You Support A Return To The Gold Standard

With slightly less than 6,000 votes cast, a majority (64%) say yes.  Cast your vote now.

CNBC

Some are calling for a return to the gold standard following the explosion of government debt in Europe and the U.S.

Before 1944, the standard meant governments linked their currencies to gold at a fixed rate. Since then, currencies have been linked to the dollar, meaning money has no underlying asset to back its value, with most currencies trading freely on the foreign exchange markets.

Declining confidence in the dollar and questions about its viability as the world's reserve currency have also made the gold standard appealing. 

Proponents of such a standard argue that it would bring back fiscal stability. With a fixed money supply, they say, inflationary pressures would be largely contained and large increases in government budget deficits and public debt a thing of the past. 

Skeptics say getting the world to sign on to gold, or any other type of metal, is too big a hurdle and worry about unintended consequences.

 

 

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Reader Comments (18)

absolutely
Aug 31, 2011 at 1:59 PM | Unregistered CommenterGary
I printed on my business cards in 1978, "In Gold WE Trust", nothing has changed in my thoughts.
Aug 31, 2011 at 2:11 PM | Unregistered CommenterPanamabob
CNBC Polls. As effective as real voting!
Aug 31, 2011 at 4:30 PM | Unregistered CommenterRagnar Danneskjöld
Do you support a return to something resembling the gold standard?
Yes
67%
No
27%
Unsure
6%
Total Votes: 8740

Yep...I said YES................AB
Aug 31, 2011 at 6:47 PM | Unregistered Commenterain't bullshitt'n
After learning what I have here and Ron Paul. Yes.
Aug 31, 2011 at 10:40 PM | Unregistered CommenterDave
Don't get me wrong. I love #79, got in at $835/ounce. But a return to a gold standard strikes me as a one-size-fits-all solution that won't really get at the underlying problem, which is lying.

To review, the U.S. was supposedly on the gold standard until August 15, 1971, when Milhaus shut the window. So from 1934 'til then, you could--in theory--walk up to that window with $35MM and walk away with 1MM ounces of the good stuff.

Problem was (stop me when this sounds familiar), the U.S. was running deficits to fund expensive wars in a far-away country filled with off-white menaces. That drew into question the ability of the U.S. to back up the claim that its world-reserve currency status was deserved and indeed backed up by money--physical gold--that can't be printed.

deGaulle knew the U.S. was full of shit, and pressed his point at the window. In response, the U.S. resorted to trickery and thus the London Gold Pool was born. Like all magic tricks, the truth behind it was eventually revealed, followed shortly by the very real click of the gold window going shut. 40 years later, gold has floated up some 50 times from its astonishingly low price of $35.

Do we really want a return to a gold standard? I dunno. First thing I'd like to know is how much we have here in the officials coffers of the U.S. To know that, we'd have to trust what a tax cheat at Treasury and a willful moron at the Fed tell us. Second thing I'd like to know is what data they're relying on. Their history of forthright disclosures leaves a bit to be desired.
Aug 31, 2011 at 10:58 PM | Unregistered CommenterCheyenne
The issue is above my pay grade. I don't really know if it would be the right answer. But I voted yes as a means of fucking with Bernanke.
Aug 31, 2011 at 11:03 PM | Registered CommenterDailyBail
The best reason to trust gold is that every culture everywhere has trusted it for 5000 years, immediately and without exception regarding it as money. Eggheads discount this fact, as there is no data to explain why, at least not in those worthless textbooks that eggheads prize so highly (despite their 98% rate of devaluation in 5 years). That elusive reason, however, was best articulated by Ian Fleming, who rightly resorts to atavism:

"[I]t has two defects. It isn't hard enough. It wears out quickly, leaves itself on the linings of our pockets and in the sweat of our skins. Every year, the world's stock is invisibly reduced by friction. I said that gold has two defects." Colonel Smithers looked sad. "The other and by far the major defect is that it is the talisman of fear. Fear, Mr Bond, takes gold out of circulation and hoards it against the evil day. In a period of history when every tomorrow may be the evil day, it is fair enough to say that a fat proportion of the gold that is dug out of one corner of the earth is at once buried again in another corner."

Talisman of fear. Remember that phrase the next time you check on the price of yellow metal.
Aug 31, 2011 at 11:26 PM | Unregistered CommenterCheyenne
Been hoarding some Krugerands since 1978.
Aug 31, 2011 at 11:35 PM | Registered CommenterDailyBail
DB from your post here do you mean that your vote of yes is in spite of Bernanke and only because of him? I ask sincerely because I still have an idea at best of what it really means now. Something I didn't have before. It was this video I found here that really got me asking that question to begin with. Just curious.

http://www.youtube.com/watch?v=-Ey07aRKc8o&feature=youtube_gdata_player
Sep 1, 2011 at 1:24 AM | Unregistered CommenterDave
I've seen the video and posted it here on the site. All I meant Dave was that I am not qualified to decide whether going back to a gold standard would be the right idea. I am not an economist by training. I am a trader. I understand markets and the human emotions that guide them. Deciding whether it is wise to return to a gold standard is above my pay grade.
Sep 1, 2011 at 2:11 AM | Registered CommenterDailyBail
I see what your saying DB. I know you posted the video here. It was one that taught me something about Gold I didn't know. Perhaps Ron Paul was making a point about it as well? With that said I don't know if my vote of yes is right. Above your pay grade, above my comprehention. LOL.
Sep 1, 2011 at 3:19 AM | Unregistered CommenterDave
I voted yes even though my finances are so limited I could never afford to possess any myself.

I myself am going to the brass and lead standard.

A wise old friend told me after the crooks, idiots, radicals, and religious fanatics, finish destroying the country, the twenty two rim-fire cartridge will become a standard unit of exchange. I hope to have at least a few hundred rounds acquired when the crap hits the fan.
Sep 1, 2011 at 12:38 PM | Unregistered CommenterSagebrush
Any person that believes we should return to the Gold Standard should Google and read "The History of the Money Changers" by Alfred Hitchcock. They would then be educated on why the Gold Standard is not the solution.
Sep 1, 2011 at 2:03 PM | Unregistered CommenterTimish
Neither is FIAT money printing....

If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs-Thomas Jefferson

If you are right and Jefferson was wrong...we are DOUBLE FU-KED!!!!!!!!.....AB
Sep 1, 2011 at 7:07 PM | Unregistered Commenterain't bullshitt'n
And I would not so much worry about GOLD but would begin hedging my bets in pure .9999 SILVER......while the poor man still can....AB
Sep 1, 2011 at 7:08 PM | Unregistered Commenterain't bullshitt'n
I got me 13 Chunks of it in my Mouth.....I aint gona be-a-smileing any time soon.......but i can tell ya's one thing.......You can shove yr shit up yr ass, cuz when im hungry, i sure dont want to Poop out gold or silver............

Food, water, wiskie, sex, and Americas Got Tallent n Hells Kitchen,, is gona get ya one more day on this planet. No realy, it worked before, but im not so sure it will now.

Holly-Fuck, we may not have an Oz, other than the 13 teeth in my mouth......................Keep yr mouth shut Dar !
Sep 2, 2011 at 12:58 AM | Unregistered CommenterTexas Dar
I would eventually like to have a total return to the gold standard, but for now, even a partial return would be good. Switzerland, by the way, has an ultra stable currency and is only backed partially by gold. but that is good enough it seems. We had better move quickly. China is buying up all available gold out there.
CB
Sep 5, 2011 at 7:09 PM | Unregistered CommenterCl Bart

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