January 18th, 2012
01:59 PM ET
11 years ago
Gingrich: U.S. should reconsider gold standard
New York (CNNMoney) - Republican presidential candidate Newt Gingrich is calling for the United States to think about returning to the gold standard.
Speaking at a foreign policy forum in South Carolina on Tuesday, Gingrich advocated a "commission on gold to look at the whole concept of how do we get back to hard money."
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I thought Newt Gingrich was the smartest guy in the room. He knows the answer to this question better than anyone. There's not enough gold on this planet to balance off the amount wealth. By that I mean this, suppose one ounce of gold was worth one apple tree. Suppose that were one million ounces of gold in the entire world, but only 100,000 apple trees. Over time the price of an apple tree incresed to two ounces, and later five ounces. Meanwhile, the number of apple trees kept growing and growing.
Eventually, there were one million apple trees worh a total of five million ounces of gold. But, there's not that much gold in the world to account for that many trees. That is not exactly how it works, but its' close enough. The problem of not enough gold in existence to account for all of the wealth is essentially the same problem the US faced during the Great Depression when it got off of the gold standard.
So he wants to buy and store enough gold to back all the outstanding U.S. coin and currency in the world? I don't know how feasible that would be. How expensive might that make our manufactured goods abroad? Does he vet these ideas before blurting them out?
And this guy is supposed to be the smart one. I guess that's a relative scale.
Oh NOOOO!!! He's gonna take Glen Beck's job (selling gold on tv to the biggest idiots).
Funny, he agrees with Ron Paul on this one. I agree as well. It would make our currency actually worth something rather than Obama printing stimuli willy nilly.
Nixon took us off the gold standard to pay for the debt created by JFK and LBJs war and social spending spree... there isn't enough gold to pay for what President Bush and obama did to us.
Hahaha. Classic. Gold is no different than paper. They are both worth what common concensus says they are worth on a given day. How valuable would gold be after a zombie apocalypse? The only thing that has intrinsic value is labor and even that has wide market variations.
I wonder where Newt got that idea from? I guess it's nice to see all of these guys supporting Paul's platform. I just wish the mainstream sites would run these type of pieces on Paul, and not the other guys when they finally get on board.
I don't think it can happen, Newt. If you add up all of the dollars in circulation the price of gold would necessarily have to lierally syrocket by an astronomical amount in order for the reserves to be able to back up the currency. In turn, this would have a domino effect on the entire commodities market, binging about apocolyptic inflation, the likes that dwarf that which occured in the Weinmar republic. Thank the federal reserve and their ponzi scheme of fractional reserving for never being able to return to the gold standard. Ever.
Just shows who is the only leader in the GOP race.
WITH ROMNEY, THE REPUBLICANS DON'T HAVE A PRAYER!
Even SARAH PALIN, with her profound grasp of the obvious, recognizes that the party needs the formidable Gingrich to mount any challenge to Obama in the fall. Obama recognizes this and has now started his attacks on Gingrich alone. The Democrats do not want to face Gingrich in the fall.
I think the "newter" just has newtered himself, maybe that's called "imploded" – Is he sane , or what ? What's he trying to do, support or endorse Ron Paul ? I hope so, to be perfectly honest, I most definitely will Vote for Ron Paul, if his name is on the ticket in november, otherwise, most people that I know, and have spoken with, is going for Romney, and if Romney's not on the ticket, then they will have to vote for the lesser of the 2 evils, and I guess that will be Obama.
Sounds like he's trying to steal Ron Paul's idea.
Great idea (not)! At today's rate, a dollar would be worth about 1/1800th of an ounce of gold, you can't even see 1/1800th of an ounce of gold. And the price of gold keeps going up.
Another thing I agree with Gingrich on is hiring muslims. If they will not try to impose sharia law in america then hire them. I don't agree with american court system allowing sharia law to be imposed anywhere in this country, like what happened in oklahoma.
Trying to look like Ron Paul?
This just proves that Ron Paul is off his rocker for supporting a gold standard.
What I love most about all the suckers who are hoarding gold is this, and noone can seem to answer this question, if the world crumbles, and you actually have some.......how are you going to get change back?
Are people going to be bartering with shavings....I don't think so. I pity the fools who bought gold from listening to Glen Beck and Rush Limbaugh, add the purchase of emergency food, buying Limbaugh's bottled tea, donating to SarahPac, Herman Cain, Michele Bachmann, any tea party organization, Hannity's wounded warrior scam, and bought all of their books, and there you have it folks......everyone who has the same conservative values, who are such good judges of leadership that voted for W twice.....I'm laughing all the way to the bank with the bets I'm laying on Barry for those same suckers who have bought all of their huslter's wares.......I suggest fellow liberals do the same.
Fair is Fair
I don't think it can happen, Newt. If you add up all of the dollars in circulation the price of gold would necessarily have to lierally syrocket by an astronomical amount in order for the reserves to be able to back up the currency.
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EXACTLY. We went past the point of no return decades ago.
He's copying Ron Paul...Well, I am a Romney guy, but if Newt is serious about this....then perhaps I could warm up to him.
The most funniest part of this is, that it's only to get the suckers to buy more gold. Ron Paul doesn't even invest in gold, he invests in GOLD MINING.......
Wow, he can't even come up with his own original ideas.
Leave it to Ron Paul, end of story, Deal with it.
gold standard, smold standard. Its all one big house of cards. If everyone tried to collect they would see that its all one big scam no matter the monetary standard.
I had a chance to read the outrage from the right wingnuts about the keystone pipeline. While this is the only jobs project republicans will support because it helps big oil, it is interesting that the GOP will vote against the president's plan of creating hundreds of thousands of jobs, but are in favor of a project that will create 6500 temporary jobs.
Newt –
Just HOw STUPIDbdo you think the rest of us are?
All you are trying ti do is grossly inflate the dollar-demonated wealth of those people [like Glenn Beck] that have either push gold ownership or hold significant gold reserves.
I`ve not calculated how much a return to the gold standard would inflate the price of gold but I know it would make some people millionaires who are not so today.
Those people are probably the funders of your Super PAC.