Posted: 1/19/2011 2:51:15 PM EDT
|
How many of you that feel the US should have a gold backed currency have actually converted their holdings/accounts to gold backed accounts? I was talking to a person today saying we all should go to a gold standard , so when i asked him why he hadn't , he didn't really give me a answer. In today's electronic world, it's not too difficult to have a gold conversion account or similar (Fidelity & Ameritrade both have them, fidelity is VERY easy and issues a visa debit card for your account , which can be held in gold, silver, wheat , oil, corn and/or a mix). |
|
Quoted:
How many of you that feel the US should have a gold backed currency have actually converted their holdings/accounts to gold backed accounts? I was talking to a person today saying we all should go to a gold standard , so when i asked him why he hadn't , he didn't really give me a answer. In today's electronic world, it's not too difficult to have a gold conversion account or similar (Fidelity & Ameritrade both have them, fidelity is VERY easy and issues a visa debit card for your account , which can be held in gold, silver, wheat , oil, corn and/or a mix). Have I? No. First off––the consequence of the US going back to a gold standard would be to basically eliminate deficit spending. That doesn't sound so bad to normal folks but it gives most politicians nightmares. Especially Republicans, since they like spending but don't like the backlash from raising taxes. And they wouldn't be able to call the other guys "tax and spend Democrats" any more. Secondly––many people who feel that the dollar is insecure, also feel that most of the metal-backed funds are essentially fraudulent themselves in that they are underfunded (there is not as much metal as there should be, and whatever metal there is would be seized by government in the event of a currency collapse anyway). So any "security" they offer over any other dollar-based investment account is very dubious. ~ |