Article

2009-03-31 Economy

Russia backs return to Gold Standard to solve financial crisis

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by phil_b 2009-03-31 03:08|| || Front Page|| [2 views ] Top

#1 Russia has become the first major country to call for a partial restoration of the Gold Standard to uphold discipline in the world financial system.

America was on the gold standard up till the 1930s but still had Panics, recessions, and The Depression. The element in most is uncontrolled speculation. That requires not only laws and regulations on the books, but the will to enforce them. Gold is no substitute for will.

Posted by Procopius2k 2009-03-31 07:30|| 2009-03-31 07:30|| Front Page Top

#2 The gold standard enhances the problems of deflation.

Posted by Bright Pebbles the flatulent 2009-03-31 08:23|| 2009-03-31 08:23|| Front Page Top

#3 Yea, but Russia has a lot of gold.

Posted by g(r)omgoru 2009-03-31 08:34|| 2009-03-31 08:34|| Front Page Top

#4 Nations will only return to the gold standard when a major civilization changing event happens.

Aka, major meteor impact, super volcano, zombie attack...

Posted by DarthVader 2009-03-31 09:54|| 2009-03-31 09:54|| Front Page Top

#5 Deflation is not a problem unless a society has massive debt, like ours. Otherwise, there is nothing objectively problematic with deflation.

Posted by mjhlaw 2009-03-31 10:40|| 2009-03-31 10:40|| Front Page Top

#6 I did return to the gold standard already.

Ever heard of a guy who said: OMG I bought gold and now I've lost everything?

Posted by European Conservative 2009-03-31 11:11|| 2009-03-31 11:11|| Front Page Top

#7 Russia may have lots of gold but we don't. Therefore this is another move by an adversary (not unlike the Chinese central banks) to weaken the dollar but it will not pass. Dollar is strengthening every day even with the Obamanation of our current economic situation.

Posted by Jack is Back!">Jack is Back! 2009-03-31 11:52|| 2009-03-31 11:52|| Front Page Top

#8 I invested in Lead, Brass and Steel.

Posted by Hellfish 2009-03-31 13:00|| 2009-03-31 13:00|| Front Page Top

#9 The US has by far the largest gold reserves (remember Ft Knox) at over 8000 tonnes. More than twice the next largest, Germany's. Russia is listed #11 at 596 tonnes. In addition, the US has in possession for safe keeping a lot of other nation's gold reserves.

Posted by ed 2009-03-31 13:19|| 2009-03-31 13:19|| Front Page Top

#10 "You shall not press down upon the brow of labor this crown of thorns! You shall not crucify mankind upon a cross of gold!"

The "Boy Orator of the Platte" William Jennings Bryan, 1896.

Posted by borgboy 2009-03-31 14:40|| 2009-03-31 14:40|| Front Page Top

#11 There are an estimated 400,000 ounces of gold remaining in the mines of Cripple Creek, Idaho Springs, Empire, and Blackhawk. Unless the price stabilizes at about $1200 an ounce, it's too expensive to mine it. The same is true of silver and gold in western Colorado, and gold dust in some dozens of local rivers and streams. Alaska, Wyoming, Nevada, Arizona, New Mexico, Utah, Oregon, Idaho, and Washington have reserves.

Russia doesn't have any idea how much gold it has, because much of the metal exists in areas either near or above the Arctic Circle, and is virtually impossible to extract. There isn't enough gold, however, to back every single unit of every currency in the world - a necessity for the entire world to go onto a gold standard.

Posted by Old Patriot">Old Patriot 2009-03-31 19:18|| http://oldpatriot.blogspot.com/]">[http://oldpatriot.blogspot.com/] 2009-03-31 19:18|| Front Page Top

23:27 Gluting Fillmore6653
23:27 Skidmark
23:23 Gluting Fillmore6653
23:18 Halliburton - Mysterious Conspiracy Division
23:17 Old Patriot
23:13 Old Patriot
23:08 Old Patriot
22:56 tipover
22:48 Thing From Snowy Mountain
22:37 JosephMendiola
22:29 Bill Clusose5913
22:25 Asif Zardari
22:23 whatadeal
22:22 whatadeal
22:20 DMFD
22:17 JosephMendiola
22:13 JosephMendiola
22:11 JosephMendiola
22:06 JosephMendiola
22:04 JosephMendiola
22:01 Scooter McGruder
22:00 Emmaline
21:54 Frank G
21:50 Frank G