Republic of Canada
- Thread starter petros
- Start date
So can you explain Britain's gold reserves in the Bank of England (reserves which are only half the size they were before Brown sold half of them on the cheap between 1999 and 2002, but reserves nonetheless)?
reserves doesn't mean the pound is on the gold standard.
As of 2013 there are no countries on the gold standard.
Gold standard - Wikipedia, the free encyclopedia
As of 2013 there are no countries on the gold standard.
Gold standard - Wikipedia, the free encyclopedia
We do not NEED a ceremonial head of state. Elected, appointed or birthed. ANd most certainly not a foreigner.
If you believe that, you believe anything.
It may not be enough to cover the whole currency, but the pound is still - for all intents and purposes - backed by gold.
It is said that the euro is 65% backed by gold.
And you don't need a non-ceremonial one, either.
If you don't believe that those British gold reserves in the Bank of England vaults aren't there to partially back up the pound then you really are gullible.
Gold standard. Will you be transporting it by oxcart?
Listen, folks. Time to wake up. In the first place, there is currently about US$1.23 trillion in circulation. The gold in Fort Knox is worth about US$186 billion. Do the math. It means there's about 15% of the face value of US currency in gold.
And it's irrelevant anyway. The US GDP is about $US15 trillion. So all the US currency in the world is only about 8% of the total US money. Which means the gold in Fort Knox is worth about one percent and a smidgeon of the US money out in the economy.
So you gold-standard fans are about as relevant to the modern economy as Free Silver.
Listen, folks. Time to wake up. In the first place, there is currently about US$1.23 trillion in circulation. The gold in Fort Knox is worth about US$186 billion. Do the math. It means there's about 15% of the face value of US currency in gold.
And it's irrelevant anyway. The US GDP is about $US15 trillion. So all the US currency in the world is only about 8% of the total US money. Which means the gold in Fort Knox is worth about one percent and a smidgeon of the US money out in the economy.
So you gold-standard fans are about as relevant to the modern economy as Free Silver.
There is only 5.3Billion oz troy in the world with 50 million oz troy produced annually. Spot price is bouncing around $1255 oz troy.
Do the math.
Do the math.
Gold standard
From Wikipedia, the free encyclopedia
Jump to: navigation, search
For other uses, see Gold standard (disambiguation).
All references to "dollars" in this article refer to the United States dollar, unless otherwise stated.
Under a gold standard, paper notes are convertible into preset, fixed quantities of gold.
Gold certificates were used as paper currency in the United States from 1882 to 1933. These certificates were freely convertible into gold coins.
Two golden 20 kr coins from the Scandinavian Monetary Union, which was based on a gold standard. The coin to the left is Swedish and the right one is Danish.
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.
Three types may be distinguished: specie, exchange, and bullion. In the gold specie standard the monetary unit is associated with the value of circulating gold coins or the monetary unit has the value of a certain circulating gold coin, but other coins may be made of less valuable metal. The gold exchange standard usually does not involve the circulation of gold coins. The main feature of the gold exchange standard is that the government guarantees a fixed exchange rate to the currency of another country that uses a gold standard (specie or bullion), regardless of what type of notes or coins are used as a means of exchange. This creates a de facto gold standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself. Finally, the gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for currency.
As of 2013 no country used a gold standard as the basis of its monetary system, although some hold substantial gold reserves.
From Wikipedia, the free encyclopedia
Jump to: navigation, search
For other uses, see Gold standard (disambiguation).
All references to "dollars" in this article refer to the United States dollar, unless otherwise stated.
Under a gold standard, paper notes are convertible into preset, fixed quantities of gold.
Gold certificates were used as paper currency in the United States from 1882 to 1933. These certificates were freely convertible into gold coins.
Two golden 20 kr coins from the Scandinavian Monetary Union, which was based on a gold standard. The coin to the left is Swedish and the right one is Danish.
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.
Three types may be distinguished: specie, exchange, and bullion. In the gold specie standard the monetary unit is associated with the value of circulating gold coins or the monetary unit has the value of a certain circulating gold coin, but other coins may be made of less valuable metal. The gold exchange standard usually does not involve the circulation of gold coins. The main feature of the gold exchange standard is that the government guarantees a fixed exchange rate to the currency of another country that uses a gold standard (specie or bullion), regardless of what type of notes or coins are used as a means of exchange. This creates a de facto gold standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself. Finally, the gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for currency.
As of 2013 no country used a gold standard as the basis of its monetary system, although some hold substantial gold reserves.
Wrong. UK's money is backed by the amount of trust investors have in that currency and has been since Aug 2011.. http://www.theguardian.com/commentisfree/2012/jul/03/gold-standard-no-economic-sense
So now who's the gullible idiot, Blacklaff?
Is the U.S. system better than ours? They got to vote for Prez and hate him anyway!