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MADDOG 
Group: Moderator
Posts: 7821
Joined: Aug. 2003
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Posted on: Jun. 05 2012,12:39 pm |
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QUOTE This Week in History: June 5 - 11, 1933 FDR Signs the Gold Standard Act As the end of the emergency Congressional session, later to be known as the "Hundred Days," approached, President Franklin Delano Roosevelt was engaged in a virtual frenzy of activity, geared toward trying to put credit policy and economic policy on track for a sustained recovery. The Constitutional principle which the President was trying to ram through was clear: The general welfare of the U.S. population had to take priority in guiding the actions of the Federal government. On June 5, the President took one of his most controversial actions in this direction, by signing the Gold Standard Act. This bill completed the process of freeing the U.S. government from an arbitrary, deflationary gold standard, by abrogating the "gold clause" in public and private contracts, and making legal tender acceptable in settlement of such contracts. The significance of the series of actions which FDR had taken, which we will review in a minute, was succinctly summarized by author Arthur M. Schlesinger, Jr., in his The Coming of the New Deal. Schlesinger wrote this about the shift away from the gold standard: "It meant that American monetary policy was no longer to be the quasi-automatic function of an international gold standard; that it was to become instead the instrument of conscious national purpose." To put it in the language of today's analysis by Lyndon LaRouche: What Roosevelt did was to assert the sovereign right of the nation to control its own credit, rather than permit the "international marketplace" to determine what credit would be available. And he did it because the general welfare of the population depended upon it. Gold Standard
This essentially gave the Federal Reserve full control of our money. No longer was our paper money worth it's value in gold. No longer was the Federal Reserve there to supervise our monetary system. Now they had ultimate control of it. FDR and congress had now turned over the henhouse to the fox. By Roosevelt signing the Gold Standard Act, he cleared the way for the Federal Reserve Board to print money at will with no repercussions. That act still haunts us today. The term 'worth it's weight in gold' can no longer apply to our currency.
After the Ferderal Reserve board was created, our money simply turned to a promissory note rather than paper currency redemable in gold.
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Actually my wife is especially happy when my google check arrives each month. Thanks to douchbags like you, I get paid just for getting you worked up. -Liberal
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Grinning_Dragon
rideo draconigena
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Posts: 3095
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Posted on: Jun. 05 2012,9:09 pm |
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FDR was a P O S and should have been assassinated.
His policies prolonged the depression.
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*SIC SEMPER TYRANNIS / MOLON LABE / Se Defendendo
memoria of cado frater ,Semper fidelis
*The object of war is NOT to DIE for YOUR Country, but to make the OTHER BASTARD DIE for HIS...Patton
My Constitutional Rights trump your dead.
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Botto 82
Group: Members
Posts: 6293
Joined: Jan. 2005
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Posted on: Jun. 05 2012,11:52 pm |
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FDR was a child of the banking concerns we looked to escape via the American Revolution. This was largely ignored because he was the sitting President at the onset of our entry into World War II.
Do your own research, and draw your own conclusions, and remember that the history books most of us were schooled from were written by the victors.
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Dear future generations: Please accept our apologies. We were rolling drunk on petroleum.
- Kurt Vonnegut
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hymiebravo
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Posted on: Jun. 06 2012,7:54 am |
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Botto 82
Group: Members
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Posted on: Jun. 06 2012,8:12 am |
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Really?
How much is one of today's dollars worth, in 1933 dollars? Six cents, that's what.
Inflation robs people of their savings, and buying power. This is intentional. And I don't think it's a good thing.
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Dear future generations: Please accept our apologies. We were rolling drunk on petroleum.
- Kurt Vonnegut
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alcitizens
Albert Lea
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Posted on: Jun. 06 2012,11:10 pm |
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You can buy a house that was built in 2000 for less than you can build the same house today and get a 30 year fixed rate of 3.59%..
Inflation.. 
The US Dollar is the Strongest Currency in the World..
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alcitizens
Albert Lea
Group: Members
Posts: 3664
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Posted on: Jun. 07 2012,12:11 am |
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30 year fixed rate mortgage at 3.59%
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blahblahblah
Group: Members
Posts: 76
Joined: May 2011
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Posted on: Jun. 07 2012,1:41 am |
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(Botto 82 @ Jun. 06 2012,8:12 am)
QUOTE Really?
How much is one of today's dollars worth, in 1933 dollars? Six cents, that's what.
Inflation robs people of their savings, and buying power. This is intentional. And I don't think it's a good thing.
But think how inflation will help all the people with student loans.
Inflation is certainly bad for savings and lenders, but good for borrowers (like the US Gov't). I am not sold on the reduction of buying power. If you simultaneously pay me more, while prices go up, it's possible I may be able to buy exactly the same goods. So while the buying power of the individual dollar is certainly reduced, consumers may not be worse off. It's an unfortunate lever in the hands of corrupt or incompetent people though. Sounds like QE3 is on the way!
As for the gold standard, it sounds fine and all, it certainly would force a government to run a tighter ship. Keep in mind though, outside of the value of gold for manufacturing purposes most of its value is just value that we collectively have decided it has, much like fiat currency.
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Remember boys and girls,