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Oh dear. Possible Gold standard

With more and more goobermint intervention, and regulation of a free market, my biggest fear has always been with our leaders turning more and more against the electorate.

http://www.financialsense.com/editor...2009/0710.html

Re: Oh dear. Possible Gold standard

The mention of gold here is from the late 60's early 70's

Quote:

S.D.R.’s in place of Gold in the Seventies.
Special Drawing Rights were created by the I.M.F. in 1969 to support the Bretton Woods exchange-rate system that collapsed in 1971 after the $ was “floated” against gold. Gold sales followed thereafter, first from the U.S. [who saw few nations were convinced and snapped up the U.S. gold], then by the I.M.F. seen by many as an act in support of the $, which was rapidly moving to its position as the world’s reserve currency. The I.M.F. also saw that gold sales were a failure and stopped them. The discrediting of gold as money was part and parcel of these moves. It was hoped that the S.D.R. act as a currency, but few nations were willing to trust it, as the I.M.F. was considered [and still is to some extent] an arm of the U.S. Treasury. Now S.D.R.’s act as a unit of account rather than a currency. The S.D.R. is issued against cash provided by each member and is then disbursed as S.D.R.’s in proportion to the money each member nation pays into the fund. China will be most keen to hand over its $ reserves in exchange for S.D.R.’s and partially escape the collapse of the $ that may happen then.

Re: Oh dear. Possible Gold standard

AGRO,

I read through the link, however, its this last daunting piece that is concerning;

"I.M.F. rules to change?

The I.M.F. itself will have to change its rules too. The U.S. 16.83% of votes and a need for 85% of votes to pass any resolution will have to change for the I.M.F. to be a truly international body. The U.S. will have to step back to a role of just another member or no S.D.R. role will be plausible. It is even possible that in time its headquarters will move away from U.S. shores? No national or nationally controlled currency will be allowed to rule the roost.

Is there to be a Role for Gold in the S.D.R.? Will China and Russia [and developed nations] want this? Subscribers only

��.If this does happen, there will be a rising chance globally, that governments will attempt to confiscate locally owned gold! This may well not be restricted to the U.S.A.!"

SH

Re: Oh dear. Possible Gold standard

Understood. However I doubt the gold standard will would ever be "fully" re-instated for many reasons.

Likewise, if the GVMT tries to confiscate gold, unless it be, from the super wealthy they will face more problems they did way back when.

Re: Oh dear. Possible Gold standard

Quote:

Originally Posted by smilershouse (Post 1811534)

The I.M.F. itself will have to change its rules too. The U.S. 16.83% of votes and a need for 85% of votes to pass any resolution will have to change for the I.M.F. to be a truly international body.

That's always made me laugh. The US, with a seemingly minority stake, still has effective veto power over anything it does not support. Slippery bastards, those banksters.