Republic of Canada

Should Canada Go Republic?

  • Yes

    Votes: 8 53.3%
  • No

    Votes: 6 40.0%
  • Maybe so

    Votes: 1 6.7%

  • Total voters
    15

JLM

Hall of Fame Member
Nov 27, 2008
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I beg to differ.

You see, unlike you, I know there are huge stashes of gold in the Bank of England vaults and in Fort Knox.

It may only be worth a small fraction of the entire currency, but it's still the case that both the British pound and the American dollar are backed up by gold.

The British pound would have been even further backed up by gold had a certain socialist, economic illiterate, Scottish Chancellor not sold off 400 tons of Britain's gold reserves between 1999 and 2002 when the price of gold was at its cheapest for decades (the prices then were between $256 and $296 an ounce; and now are worth $1,615 per ounce today).

I think you are a little out of date there, bloke!

http://goldprice.org/
 

Blackleaf

Hall of Fame Member
Oct 9, 2004
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You happen to know? Prove it.








I think you are a little out of date there, bloke!

So you are denying that there's gold in the Bank of England vault?
 

Blackleaf

Hall of Fame Member
Oct 9, 2004
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1971 for the USD and Pound.


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)?
 

taxslave

Hall of Fame Member
Nov 25, 2008
36,362
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Vancouver Island
The British pound and the US dollar.



Apart from some people living in the PM's constituency.

In Britain we have a superior system. We elect the political party that we want to lead us, not the person that we want to lead us. Unlike in America we concentrate mainly on party policies rather than on the personality of the party leader during elections. Party leaders usually reflect their parties' policies and so who is the leader of the party, and therfore which PM we have, is immaterial. What matters is what PARTY is in charge.

Still, by all means change to the other, inferior system. That'll just mean one less country using the superior British system.



The British monarch, like the Canadian monarch, is a ceremonial head of state and not a politician. The monarch has few political powers.

But if the Canadians want to go down the same route as the Irish and waste people's time, not to mention money, on holding pointless elections for a ceremonial head of state then that's fine by me.

Although even the Irish system is superior to the US systen in the way that, like Britain, Australia, Canada, New Zealand, France, Italy, Germany and others, its Head of State and Head of Government are two different people with.

Apart from France the others have ceremonial heads of state.

We do not NEED a ceremonial head of state. Elected, appointed or birthed. ANd most certainly not a foreigner.
 

Blackleaf

Hall of Fame Member
Oct 9, 2004
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reserves doesn't mean the pound is on the gold standard.



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.
 

Tecumsehsbones

Hall of Fame Member
Mar 18, 2013
60,318
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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.
 

petros

The Central Scrutinizer
Nov 21, 2008
117,418
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Low Earth Orbit
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.
 

JLM

Hall of Fame Member
Nov 27, 2008
75,301
548
113
Vernon, B.C.
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.
 

L Gilbert

Winterized
Nov 30, 2006
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I beg to differ.

You see, unlike you, I know there are huge stashes of gold in the Bank of England vaults and in Fort Knox.

It may only be worth a small fraction of the entire currency, but it's still the case that both the British pound and the American dollar are backed up by gold.

The British pound would have been even further backed up by gold had a certain socialist, economic illiterate, Scottish Chancellor not sold off 400 tons of Britain's gold reserves between 1999 and 2002 when the price of gold was at its cheapest for decades (the prices then were between $256 and $296 an ounce; and now are worth $1,615 per ounce today).
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?
 

taxslave

Hall of Fame Member
Nov 25, 2008
36,362
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Is the U.S. system better than ours? They got to vote for Prez and hate him anyway!

The ones that didn't vote for him hated him long before the vote. One of the unfortunate problems with a two party system is that there is not enough candidates to spread the hate around. With our multi party politics everyone can find a politician to hate.
 

JLM

Hall of Fame Member
Nov 27, 2008
75,301
548
113
Vernon, B.C.
The ones that didn't vote for him hated him long before the vote. One of the unfortunate problems with a two party system is that there is not enough candidates to spread the hate around. With our multi party politics everyone can find a politician to hate.

A politician? I can probably think of half a dozen! -:)