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Posted by Floyd Bernier on 6/21/2009 6:49:15 AM
I wish you had pressed Mr. Morgan a little more on his statement "going back to a strict gold standard would be difficult" in his opinion. We had the strongest currency in the world when we backed it with gold and silver. What does he think would happen if China or Russia or Brazil decided to back their currency with precious metals,maybe even all at the same time? My guess is we would quickly have a new world reserve currency.
Reply from the Daily Bell:
Good point. If the paper money order collapsed tomorrow, the day afterward people would be using gold and silver to buy and sell, in our opinion.
Posted by Erick Tippett on 6/22/2009 3:50:26 AM
I have followed Morgan's website for several years and have found
it very informative and helpful. I agree that eventually the manipulation of the precious metals is bound to collapse under the weight of demand for delivery and silver should rise precipitously
in the near future perhaps.
Reply from the Daily Bell:
It seems a certainty.
Posted by Ronald Burcham on 7/12/2009 4:30:56 AM
The return to a precious metals standard could be effected if the US government would relinquish its monopoly on money and allow the market to choose mediums of exchange. We all know that the market will fill the need more efficiently than any government plan and the dollar can go out without a bang or even a whimper. The market will simply displace the dollar with a freely chosen alternative or alternatives. The transition would be least painful under a free market solution than could ever be possible with a government mandated alternative. Just wishful thinking. I know the government will never consider a free market alternative. The economy will have to collapse and then if the union devolves into another political framework possibly there will be no choice but a free market medium of exchange.
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