Not enough gold ever produced. Gold cannot send you into the moon. Gold cannot free people from hunger (food does)
--- In obrolan-bandar@yahoogroups.com, Cumi Cabe Ijo <cumie...@...> wrote: > > Can anybody explain why did we abandon gold standard in currency? > > WARNING: Cumi-cumi mengandung 1,170mg kolesterol per 10 gr, sedangkan daging > ayam tanpa kulit hanya 50mg saja. > > > ---------- Forwarded message ---------- > > > > Can anybody explain, why do the USA, Germany, France, Italy, Spain, > Switzerland have their reserves mostly in gold while China, India, Saudi > Arabia only a small fraction? > > > > > > The USA only has 8,133.5 ton of gold. What will be the back up for their > dollar printing? Military power (which can not even conquer the > flip-flop-wearing Taliban) or their ability to tax their citizen (which now > don't have anything to be taxed)? > > > > If gold is priced at $900/oz and using 10 times fractional reserves, US' > gold only translated to 8,133.5 ton X 32,151 oz/ton X $900/oz X 10 = > $2,353,501,426,500.00 or $2.3 billion. As of December 2007, There was about > $829 billion dollars of U.S. currency in circulation; the majority is held > outside the United States. That is 353 times bigger than their gold > reserves. Lately, the US want to bailout their failing companies by printing > $700 billion. What will back this fiat money up? Only trust. Can you trust > USA? >
