Rasmussen: Voters Favor Return to Gold Standard

• Cleveland Buck

  

  Superpollster Scott Rasmussen has pulled the pin and rolled one of his patented hand grenades under the chair of the Political Class. Rasmussen’s “October Surprise” is contained in a recent poll showing 44% of likely voters favor returning to the gold standard, 28% opposed.
  
  That intensifies. If the public knew that it would “dramatically reduce the powers of bankers and the political class to steer the economy” support goes up to 57%. Opposition drops to 19%.
  
  Reducing the power of bankers and the political class — along with gold’s empirical record of turbo-charging job-creation and economic growth — is core for gold’s proponents. Thus, that inevitably will become public knowledge and make gold a potentially huge electoral asset.
  
  And there’s more. Rasmussen’s results show that 79% of Tea Party voters (and 69% of simply self-described Republicans) would favor such an elitism-constraining gold standard. The only solid majority opposition comes, unsurprisingly, from self-described members of the political class. If anybody picks up on this dynamic it could prove decisive in what remains a remarkably fluid field with early contests fast approaching.

  More: http://finance.yahoo.com/news/Octobe...327442108.html
  
  The original source for this article is behind a pay wall:
  
  http://www.rasmussenreports.com/publ..._gold_standard
  
  LOL @ "If anybody picks up on this dynamic it could prove decisive in what remains a remarkably fluid field with early contests fast approaching." Yeah, if only there was a candidate who knew something about this.
• sleeper

  

  I don't think the gold standard will work. This is one of the only things I disagree with RP about.
  
  How do you go from fiat currency into a gold backed currency? Wouldn't this cause massive deflation as there is not enough gold to cover the supply of dollars?
• I Wear Pants

  sleeper;956004 wrote:I don't think the gold standard will work. This is one of the only things I disagree with RP about.

  +1
  
  Even if it would work I don't believe it would help or change anything.
  
  And I don't really give a shit what the everyman thinks as far as fiat vs a physically backed currency goes because frankly most people don't have the knowledge or intellect to even understand those concepts.
• Cleveland Buck

  

  sleeper;956004 wrote:I don't think the gold standard will work. This is one of the only things I disagree with RP about.
  
  How do you go from fiat currency into a gold backed currency? Wouldn't this cause massive deflation as there is not enough gold to cover the supply of dollars?

  If we tried to go back to a strict gold standard at $1,700/oz. then we would definitely have massive deflation, which we need anyway. They would never do that though.
  
  What Ron Paul wants to do is legalize the use of gold and silver as money to compete with the toilet paper money. That would eventually end the paper money anyway as people stop using it when prices in dollars keep going up but prices in gold and silver keep going down or staying the same.
• Cleveland Buck

  

  I Wear Pants;956008 wrote:+1
  
  Even if it would work I don't believe it would help or change anything.
  
  And I don't really give a shit what the everyman thinks as far as fiat vs a physically backed currency goes because frankly most people don't have the knowledge or intellect to even understand those concepts.

  They absolutely don't understand it. I'm just shocked they were in favor of it after being indoctrinated for so long that creating paper money out of thin air is the way to prosperity. People who don't think it would change anything don't understand it either.
• BGFalcons82

  

  Cleveland Buck;956120 wrote:What Ron Paul wants to do is legalize the use of gold and silver as money to compete with the toilet paper money. That would eventually end the paper money anyway as people stop using it when prices in dollars keep going up but prices in gold and silver keep going down or staying the same.

  Ron wants 2 currencies in existence at the same time? I've read where he wants to return to the gold standard, which was also favored by Jack Kemp back in the day, but I haven't read what you've stated above.
• LJ

  

  Cleveland Buck;956120 wrote:If we tried to go back to a strict gold standard at $1,700/oz. then we would definitely have massive deflation, which we need anyway. They would never do that though.
  
  What Ron Paul wants to do is legalize the use of gold and silver as money to compete with the toilet paper money. That would eventually end the paper money anyway as people stop using it when prices in dollars keep going up but prices in gold and silver keep going down or staying the same.

  The US Treasury already prints gold and silver coins that are legal tender.
• LJ

  

  I Wear Pants;956008 wrote:+1
  
  Even if it would work I don't believe it would help or change anything.
  
  And I don't really give a shit what the everyman thinks as far as fiat vs a physically backed currency goes because frankly most people don't have the knowledge or intellect to even understand those concepts.

  Most of the people I see talking about the gold standard don't even understand it. Most keep saying they want a gold standard, where our money is backed by gold, then go on to describe a pegged currency, not a backed currency :laugh:
• Cleveland Buck

  

  BGFalcons82;956127 wrote:Ron wants 2 currencies in existence at the same time? I've read where he wants to return to the gold standard, which was also favored by Jack Kemp back in the day, but I haven't read what you've stated above.

  H.R. 1098: Free Competition in Currency Act of 2011
  
  112th CONGRESS
  
  1st Session
  
  H. R. 1098
  
  To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage.
  
  IN THE HOUSE OF REPRESENTATIVES
  
  March 15, 2011
  
  Mr. PAUL introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
  
  A BILL
  
  To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage.
  
  Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
  
  SECTION 1. SHORT TITLE.
  
  This Act may be cited as the ‘Free Competition in Currency Act of 2011’.
  
  SEC. 2. REPEAL OF LEGAL TENDER LAWS.
  
  (a) In General- Section 5103 of title 31, United States Code (relating to legal tender), is hereby repealed.
  
  (b) Clerical Amendment- The table of sections for subchapter I of chapter 51 of title 31, United States Code, is amended by striking the item relating to section 5103 and inserting the following new item:
  
  ‘5103. [Repealed].’.
  
  SEC. 3. NO TAX ON CERTAIN COINS AND BULLION.
  
  (a) In General- Notwithstanding any other provision of law--
  
  (1) no tax may be imposed on (or with respect to the sale, exchange, or other disposition of) any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion, whether issued by a State, the United States, a foreign government, or any other person; and
  
  (2) no State may assess any tax or fee on any currency, or any other monetary instrument, which is used in the transaction of interstate commerce or commerce with a foreign country, and which is subject to the enjoyment of legal tender status under article I, section 10 of the United States Constitution.
  
  (b) Effective Date- This section shall take effect on December 31, 2011, but shall not apply to taxes or fees imposed before such date.
  
  SEC. 4. REPEAL OF SUPERFLUOUS SECTIONS.
  
  (a) In General- Title 18, United States Code, is amended by striking sections 486 (relating to uttering coins of gold, silver, or other metal) and 489 (making or possessing likeness of coins).
  
  (b) Conforming Amendment to Table of Sections- The table of sections at the beginning of chapter 25 of title 18, United States Code, is amended by striking the items relating to the sections stricken by subsection (a).
  
  (c) Special Rule Concerning Retroactive Effect- Any prosecution under the sections stricken by subsection (a) shall abate upon the taking effect of this section. Any previous conviction under those sections shall be null and void.
• I Wear Pants

  Cleveland Buck;956120 wrote:If we tried to go back to a strict gold standard at $1,700/oz. then we would definitely have massive deflation, which we need anyway. They would never do that though.
  
  What Ron Paul wants to do is legalize the use of gold and silver as money to compete with the toilet paper money. That would eventually end the paper money anyway as people stop using it when prices in dollars keep going up but prices in gold and silver keep going down or staying the same.

  So you want no federal currency then?
• Cleveland Buck

  

  LJ;956154 wrote:The US Treasury already prints gold and silver coins that are legal tender.

  Contracts in gold and silver are still unenforceable and people still have to pay various taxes when they buy and sell gold and silver. Get these laws out of the way and stores will start taking them and people will use them as legal tender.
• Cleveland Buck

  

  I Wear Pants;956167 wrote:So you want no federal currency then?

  They can have a currency if they want. They shouldn't have a monopoly on it. It should have to compete in the market.
• LJ

  

  Cleveland Buck;956173 wrote:Contracts in gold and silver are still unenforceable and people still have to various taxes when they buy and sell gold and silver. Get these laws out of the way and stores will start taking them and people will use them as legal tender.

  The coins are legal tender, but you have to accept them at their face value. $50, $25 and $5
• I Wear Pants

  Cleveland Buck;956177 wrote:They can have a currency if they want. They shouldn't have a monopoly on it. It should have to compete in the market.

  So how then do things like gold coins, etc work if there isn't some sort of standard size, shape, marking, etc?
  
  Seems like it'd be extremely difficult to implement across society when you think of how it would effect things like vending machines and such. Do I have to wait for the Walmart cashiers to weigh and certify my gold/silver?
• LJ

  

  I Wear Pants;956183 wrote:So how then do things like gold coins, etc work if there isn't some sort of standard size, shape, marking, etc?
  
  Seems like it'd be extremely difficult to implement across society when you think of how it would effect things like vending machines and such. Do I have to wait for the Walmart cashiers to weigh and certify my gold/silver?

  Paul basically advocates a barter system, but only mentions precious metals in order to make it sound legit.
• Cleveland Buck

  

  I Wear Pants;956183 wrote:So how then do things like gold coins, etc work if there isn't some sort of standard size, shape, marking, etc?
  
  Seems like it'd be extremely difficult to implement across society when you think of how it would effect things like vending machines and such. Do I have to wait for the Walmart cashiers to weigh and certify my gold/silver?

  The federal government has the authority in the Constitution to mint the gold and silver coins. And I'm sure if stores starting taking gold and silver coins that some entrepreneur could come up with a fast and easy way to weigh and verify the coins and sell it to the stores. If you also have precious metals banks and a debit card you could just swipe your silver card the same way you do now. It really isn't that difficult to grasp.
• I Wear Pants

  Cleveland Buck;956202 wrote:The federal government has the authority in the Constitution to mint the gold and silver coins. And I'm sure if stores starting taking gold and silver coins that some entrepreneur could come up with a fast and easy way to weigh and verify the coins and sell it to the stores. If you also have precious metals banks and a debit card you could just swipe your silver card the same way you do now. It really isn't that difficult to grasp.

  You're ignoring the complication of what you just said. And then that doesn't help things like food carts, craft sales, etc, etc.
  
  Also lol at assuming some innovation to avoid 40hr lines at Walmart with your proposal.