Dear friends, I wanted to let you know about a new petition I created on We the People, a new feature on WhiteHouse.gov, and ask for your support. Will you add your name to mine? If this petition gets 100,000 signatures by April 02, 2013, the White House will review it and respond! We the People allows anyone to create and sign petitions asking the Obama Administration to take action on a range of issues. If a petition gets enough support, the Obama Administration will issue an official response. You can view and sign the petition here: http://wh.gov/f80o Here's some more information about this petition: Set aside 1% of the Federal Budget for gold and silver reserves to, over decades, be enough to replace our fiat currency If we set aside 1% of the Federal Budget and used it to amass a hoard of gold and silver, over the decades we'd have enough to slowly revert back to a Precious Metals-backed currency. If Nixon did this in 1971 when he declared our money fiat (not backed by precious metals anymore), we would have trillions in reserve already. Instead we have Fort Knox which is in practicality little more than shiny bricks in a vault. To return to a Precious Metals (PMs) currency, we need enough of it to replace the dollar. 1% of the budget over time will add up to a lot... it'll be 100% a century later. Is it a solution? No. But it's a step in the right direction.
Ummm... you just made a post about our Government buying gold and silver so we can replace the dollar in the future. Not a single educated person that makes any decisions in this country regarding economics would ever consider that idea. Only people who have no clue about economics would think of such ridiculous things.
jmpet, I usually agree with your views, but I don't understand this one. What possible benefit is there to us as a nation in doing what you proposed? Does it create jobs, lower the deficit, increase our standard of living? No? Then what is the purpose?
No offense, but these petitions go in a black hole. Have you EVER heard of a petition reaching 100,000 signatures? I would be interested in all such petitions that have reached that status, but the White House is withholding the information! I found the search feature, well... I'm sure it's not all petitions. Maybe every person with a computer maybe.
Oh look at this: 69,794 people signed a petition to label GMO food. https://petitions.whitehouse.gov/pe...ng-genetically-engineered-foods-gmos/nkWHZ2Vm Have you reached 10 people yet?
"We're sorry. Only citizens of the United States are permitted to create an account on WhiteHouse.gov"
If you've ever played SimCity, and you know what happens when you type "weaknesspays", then you know pretty much everything there is to know how the Federal Reserve system works.
Maybe the government should be setting asside 1% of their budget to pay off the debt. You people do realize that the Fed is churning out money like there's no tommorow to artificially keep interest rates down? How long do you think they will be able to do that? Inflation will eventually catch up with everyone, in a sudden unexpected surge when investors decide to dump all their Treasury bonds. It is stupid idiots who think they can get something for nothing, who think the government can just magically make the economy better by manipulating market rates, without any consequences whatsoever.
The supply of gold is very limited. The US already owns a huge percentage of the current supply. If the US spent 1% of its budget buying gold, it would buy all of the gold produced that year, and have enough cash left over to buy two more years of production. The US government currently owns about 3% of all off the gold mankind has ever produced. We already have more gold than any other nation. We don't need any more.
The Fed is not churning out "money" to keep interest rates down. They are creating reserves. And how can investors "dump all their Treasury bonds". Investors can't just force the Govt to purchase their bonds at any time. If they sell them in the secondary market who is going to buy them? And when someone buys them... then what? None of what you said is actually logical.
