March 2, 2018
Is Trump Serious about Returning to a Gold Standard?
While President Trump is known for saying things to control the news cycle and influence public perception, he has made numerous statements in the past about wanting to revert to the gold standard. Is he serious – and is it even practical?
What Is the Gold Standard, Anyway?
While the allure of gold is strong today, it's nothing new. Gold has been used all throughout history and has often been the currency of choice for settled governments and even rural communities and nomads. The earliest known use was in 643 B.C. in present-day Turkey.
Just as it has a rich history on the global landscape, gold is also intrinsically connected to American history. After the discovery at Sutter's Ranch in 1848, the precious metal inspired what is now known as the Gold Rush in California. Not only did the Gold Rush help settle the western part of the country, but it also brought America onto the global stage.
As the world was becoming less fragmented and more unified – at least in the sense of commerce – industrialized countries were looking for ways to standardize transactions and create a "world market." In response, the gold standard was adopted.
From the perspective of a citizen, the gold standard meant that people no longer had to carry around gold bullion and coins to handle transactions. It also meant that you could redeem any amount of paper money for its corresponding value in gold.
Congress created the Federal Reserve in 1913 as a way of stabilizing gold and currency values, but World War I soon came and threw a wrench into everything. Countries started printing paper money in massive quantities in order to pay for the expenses they were incurring as part of the global conflict. This led to hyperinflation. And while most countries did return to a modified gold standard after the war, some flaws in the system had been exposed.
The stock market crash of 1929 and the ensuing Great Depression caused the price of gold to rise tremendously, which led people to exchange their dollars for gold and start hoarding the precious metal. From 1933 all the way through the 1960s, a variety of agreements, acts, and fiscal policies from presidents like Roosevelt, Truman, and Eisenhower eventually led to such great problems that the gold standard came to an end.
"Starting in 1971, the USA refused to redeem its dollars in gold because excessive government debt and money printing had caused the price of gold in the free market to rise way above the fixed redemption price of gold," explains Money Metals exchange. "Since the dollar was backed by gold up to that point and had gained the status as the most important reserve currency, most other countries around the world had already abandoned their own gold standards and instead pegged their currencies to the dollar."
While it was met with trepidation at the time, the end of the gold standard has actually paved the way for unbridled economic growth. It also led to gold as a secondary investment mechanism, which becomes especially popular during times of recession. But despite operating without the gold standard for nearly 50 years, there are always calls to return. And because of statements he's made in the past, many wonder if President 45 is the man to do it.
Is Trump Really Considering a Return?
When the U.S. government first legalized private ownership of gold again in 1975, Trump was one of the more aggressive investors in the country. He bought in at around $185 an ounce and claims he eventually sold his stake at somewhere between $780 an ounce and $790 an ounce.
But that doesn't mean that Trump is done with gold. He still has quite an affinity for it – something clearly visible in his lavish lifestyle. And when asked about his views on the gold standard in a 2016 interview, he told GQ, "Bringing back the gold standard would be very hard to do, but boy, would it be wonderful. We'd have a standard on which to base our money."
Trump is far from alone in his stance. When you look at other supporters of a return to the gold standard, many of them were on the debate stages with him during the 2016 campaign cycle – including Ben Carson, Ted Cruz, and Mike Huckabee.
The American people, while mostly aligned on the topic, aren't exactly opposed, either. A 2015 Gallup poll shows that 39 percent of people approve of the gold standard, compared to just 15 percent who disapprove. (Nearly half of all respondents were undecided.)
"The appeal of the gold standard rests with those consumers who are growing weary of a ballooning federal deficit levels and nearly $20 trillion in national debt," Sean Williams writes for The Motley Fool. "With the need to have gold on hand to exchange for dollars on an as-needed basis, the Federal Reserve's ability to print money would be restrained, limiting the amount of debt that could be issued annually. Some pundits believe that the gold standard could be America's ticket to getting out of debt, or, at worst, balancing its federal budget."
Is It Even Practical?
As with most economic issues, there are pros and cons associated with a return to the gold standard. The benefit, as Williams touched on, is that it would rein in irresponsible spending by the Fed and possibly help the country get out of debt.
The biggest negative is that it would seriously constrain what the Fed can and can't do. (Many would say this is actually a positive.) While it's easy to disagree with what the Fed chooses to do at times, the ability to influence the economy through monetary policy is important.
In terms of practicality, moving to a gold standard is certainly possible. Most countries keep the majority of their foreign reserves in gold already, and whatever the U.S. decides to do – since most currencies are currently backed by the dollar – would almost certainly be accommodated by other countries.
But practical and probable are two different things.
It would take a lot for the U.S. to move back to a gold standard, and with so many other issues on President Trump's plate at the moment, it's hard to imagine that this is the administration's biggest priority. But if anyone were to do it, it would probably be he.
[Ron: As I understand it, in due course the fraudulent Talmudic Federal Reserve System will be abolished and the US Treasury will resume responsibility for creation and distribution of money (US Treasury Notes however described) in the US. At the same time the BIS and the Rothschilds' controlled Central Banks around the world will also be abolished and responsibility for money creation and distribution will be placed in the hands of appropriate governance authorities on a national (localised) basis everywhere.
For a discussion of the current situation see eg: If You Look Closely You Can See The Plan To Reset The System - Episode 1768a - http://abundanthope.net/pages/True_US_History_108/If-You-Look-Closely-You-Can-See-The-Plan-To-Reset-The-System---Episode-1768a.shtml
Presumably every nation will establish and administer its own money creation and distribution mechanisms and be responsible for the value of the monetary units placed in circulation. I expect that the International Treasury Controller will oversight this process and support, as appropriate, the various national Treasuries using the wealth available from the International Collateral Combined Accounts of the Global Debt Facility (Collateral Accounts).
The Collateral Accounts are under the absolute dispositional control by the unnamed but duly appointed International Treasury Controller, as Legal Heir, Owner, and Sole Arbiter who succeeded H. E Ferdinand Marcos, QEII and then H. E. Dr Ray Dam. The current Controller of the Collateral Accounts is unnamed for security reasons. It is illegal (and cosmically, ie divinely, unlawful) for any Government, Government Authority, Agency, or Banking Institution whether Central Bank, Commercial Bank, or International Financial Organisation, to appropriate, sequesterer otherwise take or use these assets, impede or restrict movement of assets, or similar, unless such action is initiated by the International Treasury Controller. The 1995 and 2012 International treaties, plus the "Sovereign" Laws of the ITC enacted 2012 and 2013; totally removed/rescinded, from 1945 -1995, any powers or authorities held by the former Trilateral, Trillenium, Tripartite, Gold Commission (TTTGC), together with all agreements, appointments, decisions, directives, or similar issued to Third Parties working in conjunction with the former TTTGC, for the purpose of preventing the furtherance of fraud, theft, deception, or other criminal activities that were so prominently operated by the former TTTGC during their Fifty (50) year term - 1945-1995. See eg: http://abundanthope.net/pages/Whistleblower_and_OITC_114/DAVID-CRAYFORD-FULFORD-IS-AT-IT-AGAIN.shtml
Arguably the dream of a global economy of abundance was destroyed loong ago by the Rothschilds' led banksters when they instigated free range serfdom to replace chattel slavery during the American Civil War. They followed that with WWI, the Great Depression, WWII and the Bretton Woods Agreement and then arranged for the US, UK and France to control the TTTGC and the Collateral Accounts. The US, UK and France then abused their trust by stealing from the Collateral Accounts which were meant to be spent on elevating the economies of EVERY nation after WWII. See eg: Money Imperialism - http://abundanthope.net/pages/Political_Information_43/Money-Imperialism.shtml
Senior Consultant to the OITC: The structure is not as complex as people would imagine. The complexity comes into how the security of the assets allocated to each Trust, Foundation, is arranged and operated, which is an issue that can not be disclosed for asset security reasons. What I can say is that each Trust, Foundation (of which there are in excess of 30,000 throughout the world) would be Custodians of assets for the Collateral Accounts.
Again the Diagrammatic view below should assist on this.
The above is a basic diagrammatic example of the structuring of Trusts / Foundations under the Collateral Accounts legally owned by The International Treasury Controller, which should be construed as an example only and for the purpose of simple explanation.].
Read more: https://www.americanthinker.com/articles/2018/03/is_trump_serious_about_returning_to_a_gold_standard.html#ixzz58om8ZdaM
[Comments in square brackets added.].
If You Look Closely You Can See The Plan To Reset The System - Episode 1768a - http://abundanthope.net/pages/True_US_History_108/If-You-Look-Closely-You-Can-See-The-Plan-To-Reset-The-System---Episode-1768a.shtml
The Office of International Treasury Control (OITC) Speaks to Abundant Hope's Readers - http://abundanthope.net/pages/Whistleblower_and_OITC_114/The_Office_of_International_Treasury_Control_OITC__3635.shtml
The Insignia Project - Update - 8-30-18 - http://abundanthope.net/pages/Political_Information_43/The-Insignia-Project---Update---8-30-18.shtml
DAVID CRAYFORD ……………… FULFORD IS AT IT AGAIN…………. - http://abundanthope.net/pages/Whistleblower_and_OITC_114/DAVID-CRAYFORD-FULFORD-IS-AT-IT-AGAIN.shtml
Money Imperialism - http://abundanthope.net/pages/Political_Information_43/Money-Imperialism.shtml