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Bob Kneisley

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In 1970 President R. Nixon "temporarily" suspended the U.S. Gold Standard. In order to control inflation should we consider that system now?

President Nixon was embroiled in the Watergate scandal that stole the media headlines... so most Americans did not notice the abandonment of the Gold Standard. Since the standard was suspended, as now, inflation has risen each year.
Obviously, the rise of inflation is like a "tax" that siphons buying power from our citizens on a daily basis. Congress' spending was curtailed by the Gold Standard. Spending needs to be controlled today. Your thoughts?


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    Apr 24 2013: Currency (the IOU paper that governments print) floats and is best for the global economy. Currency is a commodity that can fluctuate widely depending on supply and demand. Gold has a limited supply with some countries having far too much, this severely limits or exaggerates the global economic value of gold.

    All currencies float with the good a/o bad decisions of product producers and consumers. The USA, EU, RU, JP, CN currency value force nations to be aware of their global relationships, impact, and risk. The UK was smart in promoting the Commonwealth and divestiture of the empire. The US was dumb in some global adventures (Vietnam and Iraq). We are paying for our mistakes in IOU paper which globally makes US poor for international exchange, but domestically creates great deals and good values. There are many other good reasons for sticking with currency as the method of payment. We can rebuild, reeducate, and retool with U$ currency and U$ labor and products. This works the same for all nations, the gold standard is dead by global and U$ necessity.

    National a/o Global inflation and deficits are not dependent in any way on a gold standard.

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