Should We Go Back to the Gold Standard?

With fiat currencies losing their value and inflation rates skyrocketing, Dr. Peterson and Peter Schiff discuss the idea of backing their currency with a tangible asset such as gold.

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[cx]

Our Congress is addicted to spending money. Gold standard puts a limit and THEY just can't deal with limiting their spending or controlling the budgets.

[book]

We should, which is why it wont happen.

[kevinmorris]

Gold standard is the only way we've ever had money. Currently we spend agreed upon paper that government can change as they want. Anyone out there thinking giving your money to government to rename the value is a good idea?
Come on people.

[kevinmorris]

Makes sense on the cpi... what I see from things I buy is more like 15 to 60 percent depending the items. NOT the small increase that's told. It's more like twice what they tell.

[thatguy]

Peter Schiff (the interviewee) wrote a book called "How an Economy Grows and why it Crashes"

It's a great read and everything is put into very simple terms. Highly recommended

[kimobrien.]

Inflation benefits property owners since the value of property rises while wages are held down using the excuse that wages are driving up prices.

[BookerT]

besides curbing inflation the only benefit to going on a gold standard is that it would force everyone to go back to basics. Going to a gold stand would decimate discretionary spending.

[JayM]

2:16 I don’t know who “they” are, but as stated, there are plenty of things that go down in value over time that have a huge market. Look at any secondhand market. By that logic, no one would buy a new car.

[harryzero]

We ìn the UK, used to pay for fuel in gallons, now by pay by the litre the increases dont seem to appear quite so awful.
Except, when we stop transferring the fuel at the price level we expect to pay, the fuel gauge barely shows a difference.
Cars in general are now more fuel efficient, but we never see the benefit in lower consumption.
When we buy low emissions more expensive diesel vehicles, because we are incentivised by lower road tax, another authoritarian body wants to take up the savings by imposing zero emissions.
Now we are getting another reason for inflating the cost of motoring, rubber on road, to impose a tax per mile.
If we were all on the bottom rung of society, paid subsistence currency, supplemented by government credits, we could be pigeon-holed into serving our political masters in what they want us to do.
Inflation eventually enslaves a population by pushing them into indebtedness, if it doesnt revolt before that happens.

[aleksandr]

Yes. Return to Gold Standard. This will save the world.

[notninja]

I personally think going back to the gold standard is good but is not necessary. Removing taxes on the sales of gold and insuring that the government never illegally confiscates gold again like they did with the gold reserve act of 1934 is more important.

[BeckyJB]

Wow that’s really frightening 😢 and sad for me to hear. The way people think nowadays doesn’t seem promising for change.

[seancrisci]

The intellectual conversations I could have with you is would be such would be such an inspiration it would change my outlook on life itself and perception of this world

[stevenrowlandson]

Since Canada has no official gold reserves and limited resources at the mint it would be difficult to have gold and silver coin as money especially if legal tender status for fiat currencies was abolished.

[TheDoc]

"They" won't let us do anything that could sway their control.

[celuiquipeut]

W3 should have never strayed from it in the first place.

[tylermeyer]

Of course we should which is why it won't happen because that'll affect the politicians way of life.

[Firsk]

How can the U.S. govt back the dollar with gold when they have very little gold? The gold they claim to have in Ft. Knox and the New York Fed hasn't been audited since Eisenhower. It's not a matter of just deciding to have a gold standard. You actually have to have the gold to back your currency.

[Pumpkinshire]

What about if we actually had gold coins? Could we get rid of paper money altogether have minted silver and gold coins in 123 5 10 20 50 100 Dollar denominations? People would have to carry around coins to pay for lunch, but people did that before and they can do it again. Also we need to get rid of consumer credit.

[mr.invisible]

Where does the money to pay all the interest come from??? It does not exist. Fact.