A Golden Anchor For The Dollar
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By Rory Hall
Dr Warren Coats, former Chief of the SDR with the title Assistant Director of the Monetary and Financial Systems Department at the IMF penned an article on a return to the gold standard in 2013 – A Hard Anchor for the Dollar. Not a classic gold standard, but an “updated version” of a gold standard that would allow for entities like the IMF, World Bank and BIS to stay involved and be part of the global banking system. This would allow these global banks to continue dictating monetary policy and continue to squash our freedoms and human rights.
Fractional reserve banking is a big part of the problem the Federal Reserve Note currently suffers. When a so-called bank, like Goldman Sachs or any of the Federal Reserve member banks, can simply state, for example, their books are 10 times greater than the reality, that is a major problem and allows for serious imbalances in the economy and the financial system. Eliminate fractional reserve banking and inflation would collapse and our economy would begin to improve almost overnight. The too big to jail banks would all collapse, which used to be called capitalism. When a privately owned company acts irresponsible and these banks are nothing more than another private company, like a neighborhood hardware store, plumbing company or auto repair shop, when they get themselves into financial trouble they should go bankrupt and not be “saved” by the people, the people’s taxes nor any other public means.
cartoon via The Burning Platform
The greatest period of growth the world has ever seen was during the classic gold standard period between 1792 (Coinage Act was introduced) to 1934. The Federal Reserve, under Ben Bernanke, admitted to engineering the Great Depression, which in turn, is an admission of destroying the global economy and global financial system for personal gain. The hijacking of our economy and financial system by the Federal Reserve in 1913 set in motion 99% of the economic problems we are dealing with today. Eliminate the Federal Reserve and return the issuance of currency back to the people – Congress/U.S. Treasury – where it belongs according to the Constitution and our economy and financial system would have a better opportunity of returning to health instead of what we have today, which is nothing more than corruption, malfeasance and a stock market that is having a “front loaded wealth effect” , according to former Dallas Federal Reserve President, Richard Fisher. Full disclosure of the ESF (Exchange Stabilization Fund) and returning this currency back to the people and eliminating any and all laws, bills, acts, rules and/or regulations supporting the ESF would be another step in the right direction.
Dr. Coats states the price of the “anchor” – gold – was a weakness. Weakness for who? The economy was robust, growing and innovation between 1792 and 1934 was one of the largest expansions of global economies the world has ever seen. Not sure that I see this as a weakness.
Dr. Coats states Expanding the anchor from one commodity to 10 to 30 goods and services with collective stability relative to the goods and services people actually buy (e.g. the CPI index), would reduce this volatility.
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