Which Central Banks are PRIVATE ???

[forextrades]

Quote from Tresor:

Please explain something to me in plain English:

Assumptions http://en.wikipedia.org/wiki/Official_gold_reserves:

1. all ever mined gold the whole world over totaled 145,000 tonnes = $3.4 trillion

2. USA official gold holding is 8,133 tonnes

How is it possible to effectively implement (and subsequently maintain) the Gold Standard in the US if the money in circulation in the US is $ 7 - 8 trillion? - 2 x higher than all gold ever mined.

How would you stretch thinner the gold in circulation knowing ahead of time there is not sufficient amount of gold anyway?

Not to mention exponential increase in the price of gold and possible shortage of this metal in periods when the financial system needs inflow of money?

Regards

You need to get that $3.4 trillion figure out of your head. It has no basis in reality. You're using a paper currency that isn't backed by anything tangible to measure something that is tangible.

With a gold dollar, a car might cost $600 instead of $6,000, but the exact amount of the medium of exchange used wouldn't matter. The quantity of money adjusts itself necessarily through prices to the demands of the public.

To clarify, I actually don't believe in the gold standard alone. I believe that a currency should be backed by a basket of commodities- not just gold.

A currency heavily backed by agricultural commodities would be ideal.

 

[Haroki]

Quote from forextrades:

You need to get that $3.4 trillion figure out of your head. It has no basis in reality. You're using a paper currency that isn't backed by anything tangible to measure something that is tangible.

With a gold dollar, a car might cost $600 instead of $6,000, but the exact amount of the medium of exchange used wouldn't matter. The quantity of money adjusts itself necessarily through prices to the demands of the public.

Exactly.

The thing is, if the right situation arose, Congress would just "adjust" how much gold backed each dollar. Hence my statement about the "politicizing" of such an agency....

So what are the views here?

Is the FED responsible for the national debt?

Or is Congress, for their overspending?

 

[ProfitTakgFool]

I would say both. The Fed has the power to create money so what the heck, they create money at alarming rates. Some would argue that Congress doesn't fully understand the situation and how the Fed works. I highly doubt that. You don't have to be a highly educated person to understand how the Fed works. Congress knows full well how the banking system works and they embrace it because it feeds into their corrupt culture. My God, when you see some of these guys on TV they just look like a flock of vultures hovering overhead. They just oooze with greed and they stand on a podium pretending to be shocked and outraged at the abuses of the system. That's laughable. The Fed and Congress are in bed together and they are having a grand old time at the expense of the tax payer.

Then there's AIG. $500k on bailout money for a big old party.

Thain pays $34,000 for a freaking commode with legs, pays his drive $200k for a years work.

Merrill Lynch pays an advisor $1.2M as a talent retention bonus. That for a guy whose investors lost 40% last year. YEAH, gimme some of that fucking talent.

WTF! Where does this shit end. I wouldn't believe 1/2 this stuff if I read it in a fiction novel years ago but this shit is actually happening in real life today. The USA has become one of the most corrupt countries in the world. Who do we make our next tax payment payable to? Bank of America. Shit, just eliminate the middleman. Save a tree, wire the money direct to BAC.

Quote from Haroki:

Exactly.

The thing is, if the right situation arose, Congress would just "adjust" how much gold backed each dollar. Hence my statement about the "politicizing" of such an agency....

So what are the views here?

Is the FED responsible for the national debt?

Or is Congress, for their overspending?

 

[Tresor]

Quote from forextrades:

You need to get that $3.4 trillion figure out of your head. It has no basis in reality. You're using a paper currency that isn't backed by anything tangible to measure something that is tangible.

With a gold dollar, a car might cost $600 instead of $6,000, but the exact amount of the medium of exchange used wouldn't matter. The quantity of money adjusts itself necessarily through prices to the demands of the public.

To clarify, I actually don't believe in the gold standard alone. I believe that a currency should be backed by a basket of commodities- not just gold.

A currency heavily backed by agricultural commodities would be ideal.

Now, it' clear. You do not advocate the gold standard alone. When I first read your post about my ignorancy in a funny subject called ''economics'' I got the impression that you favoured this idea.

I recollect a number of good-hearted economics theories (Gold Standard is such a utopia given the shortage of gold) that seemed perfect on paper but didn't work in practice. Let's take the idea of communism for example; a nice academic theory that was unfortunately deployed in real life and produced one of the greatest disasters in human history.

If introduced, the Gold Standard, would produce similar negative consequences. If it takes 1 day of your work to buy a Xeon CPU today, it would take 30 day of your work to buy it in future (gold is most costly component of CPUs).

If it takes now 5 days of your work to buy a ring for your fiancee, it would take several months of your work to buy it in future.

ETC, etc.

Still not scared? Now imagine you live in a poor country in Africa or Asia. The only computer you would see would be the one on a photograph and the only girl you would marry would be an ugly 70 year old teetless and blind lady who could not distiguish steel from a gold.

Still not scared? Imagine several countries introducing the gold standard at the same time and multiply all the negative outcomes for the world.

A basket of commodities would be a much nicer potential.

Regards

 

[Tresor]

Guys,

Please read the subject of the thread:
''WHICH CENTRAL BANKS (except for the FED) ARE PRIVATE???''

I really want to help my girlfriend with her MA thesis and as a result be BJed for the next few years


Thank you.

 

[ProfitTakgFool]

Well shit, why didn't you say that in the beginning. How can we not help a guy out? Off to google I go. I'll give you a shout when I find something. Stay on topic here guys. This dude needs some lovin'

Quote from Tresor:

...girlfriend with her MA thesis and as a result be BJed for the next few years


Thank you.

 

[ProfitTakgFool]

Alright, here you go homey. Does this sound familiar? This should be good for one BJ.

http://ezinearticles.com/?The-Reserve-Bank-Of-Australia-Is-A-Conspiracy-Of-Satan&id=694253

 

[Tresor]

Quote from ProfitTakgFool:

Well shit, why didn't you say that in the beginning. How can we not help a guy out? Off to google I go. I'll give you a shout when I find something. Stay on topic here guys. This dude needs some lovin'

Hello PTF

Thanks, I mentioned the purpose of this thread somewhere in the middle of the thread.

As it is 4.40 am my time (time to go to sleep), I will be able to thank for any fruitfull contribution tomorrow.

Regards

 

[ProfitTakgFool]

Yeah, I caught that but I guess I wanted to use your thread to open up a little rant. Sorry bout that. The only thing I could find about another private bank was in Australia. Hit Australia's Google site and see what you can find. I suspect you'll have a hard time finding information on this. Perhaps the library?

http://www.google.com.au/

Quote from Tresor:

Hello PTF

Thanks, I mentioned the purpose of this thread somewhere in the middle of the thread.

As it is 4.40 am my time (time to go to sleep), I will be able to thank for any fruitfull contribution tomorrow.

Regards

 

[rothschild]

Quote from forextrades:

You need to get that $3.4 trillion figure out of your head. It has no basis in reality. You're using a paper currency that isn't backed by anything tangible to measure something that is tangible.

With a gold dollar, a car might cost $600 instead of $6,000, but the exact amount of the medium of exchange used wouldn't matter. The quantity of money adjusts itself necessarily through prices to the demands of the public.

To clarify, I actually don't believe in the gold standard alone. I believe that a currency should be backed by a basket of commodities- not just gold.

A currency heavily backed by agricultural commodities would be ideal.

That would be great, a basket of commodities which we all need truly would at least push us into making things more simpler instead of calculating that our brain in an overpopulated world has more value than an acre of land that feed more than me alone.

Ok that is not easy to get in the topic..