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View Diary: *New Day* — This Week In American Indian News: Stolen Masks, Stolen Children, Sherman Alexie (188 comments)

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  •  ...and silver prices have dropped... (8+ / 0-)

    ...a lot along with the price of gold. Silver was as high as $35 per ounce in it's $25 per ounce.

    Gold has dropped down to $1380 per ounce from a high near $1790 an ounce in September...a drop of $400 per ounce in 6 months...

    Ignorance is bliss only for the ignorant. The rest of us must suffer the consequences.

    by paradise50 on Mon Apr 15, 2013 at 09:42:17 AM PDT

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    •  Heh. (8+ / 0-)

      Back when I was a kid my dad's uncle gave me a gold nugget. I remember being impressed at the time because gold was at $32 an ounce (or thereabouts) which seemed like a LOT of money to me. Wish I still had that nugget, even with the recent devaluation.

      There are, in every age, new errors to be rectified, and new prejudices to be opposed. ~Samuel Johnson (1709-1784)

      by slksfca on Mon Apr 15, 2013 at 09:44:12 AM PDT

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      •  ...yes...$32 bucks an ounce... (6+ / 0-)

        ...which is what the price of gold was held at for decades. It had to be...because the dollar was based on gold backing it.

        That all had to go away. There is a very simple and logical reason that was done away with in the early 1930's. I know the "right" and FOX NEW/Ron Paul types want to go back to the gold standard. But it is a horrible idea (and they actually know it)...because it would end everything as we know it.

        When each dollar printed had gold backing, there could only be as many dollars printed as there was gold to back it. This was a real problem. The few extremely wealthy people had all the power. As the industrial revolution came about, only the uber wealthy could actually afford to take advantage of it all...and the money they had was backed by the gold there was...a finite amount of wealth!

        That's why Teddy Roosevelt broke up monopolies. It was ruining both innovation (those that were really smart and  discovering so much in all that was happening at the - industry, biology, chemistry, electricity, etc.).  AND, the wealthy quashed anything that was being created that they didn't control.

        Then the depression came about. All the world's wealth disappeared for all regular people. Guess what, the only people that had wealth after it all collapsed guessed it...people that had gold or money, which was still backed by gold.

        How do you get any "wealth potential" going again in that situation. You must de-couple money from gold because as long as money was backed by gold...there was only a finite amount of total wealth available.

        We can never go back to the gold standard...or the silver standard because it would totally destroy the way the world works now...AND...only a handful of people would have any wealth, since it would all be a finite amount of wealth again.

        So, ask yourself, Why does Ron Paul (who is actually racist and we all know it) and FOX NEWS types want to go back to the gold standard? Just who would that benefit? Just who would that hurt? Just who would have ANY ability to do anything any more?...

        Ignorance is bliss only for the ignorant. The rest of us must suffer the consequences.

        by paradise50 on Mon Apr 15, 2013 at 10:07:32 AM PDT

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