mnottertail -> RE: President Obama's State of the Union Speech (1/31/2015 6:38:30 AM)
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We have been on the gold standard many times, notably during the great depression. nothing magical about a gold standard, it doesn't do shit for you unless the entire planet is on it and remains on it, and it ain't gonna happen, it is more magical thinking by innumerates. And MM, I am not so sure it wouldn't crash it, there would be a hell of a devaluation as you say, but also hellacious deflation internally, all that money having to be pulled back, even if we are running at a high multiple percentage of reserve. Unless it is some ungodly 1 million percent of reserve or some such foolishness. But the london fix will devalue gold, and we will be left with our dicks in our hands. Look at Putin, he was stacking gold, and he is mired in shit with that. Gotta peddle it all back to keep afloat.
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