Peter Schiff: We Don't Need Any Reserve Currencies at All, Just Gold

"When you see that trading is done, not by consent, but by compulsion - when you see that in order to produce, you need to obtain permission from men who produce nothing - when you see that money is flowing to those who deal, not in goods, but in favors - when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you - when you see corruption being rewarded and honesty becoming a self-sacrifice - you may know that your society is doomed.

Agree with author. Why force something inherently relative to act like an absolute?

www.originalturtletrader.com is a ponzi scheme.

There is not enough gold out there for it to serve as a reserve currency.

The Fed are now seeing the writing on the walls ... no jobs ... L shape recovery ... get out while you still can

I just can't believe how crazy everything has become. At least in the past few years, I could see how someone could massage the facts and convince themselves that the market would always go up, but today there's nothing to massage. How does one explain this? How does one explain a public insanity that's so great that even fantasy reasons don't apply? My question is:..... What event is going to trigger the inevitable crash or the major downturn to saner levels.? A hurricane? A rebound in the dollar? Another credit crisis?..Right now all I see is panic buying..by whom I don't know; but i l know the is a %100 certainty of a crash and there will be the ensuing selling/throwing of the hot potatoes, but there wont be anyone to catch them. All speculators in this bubble will feel so dumb; after the fact. Especially when the handwriting on the wall was in plain sight. "Bubble Speculation with both eyes open"

For over ten years I've been converting my after tax market gains into gold, silver and platinum. What was originally 10% of assets is now over 50% and I'm not selling because the precious metals are the only real currency.

if gold were the only reserve currency , we would have enough toilet paper world fiat currency to supply the entire planet until the year 2075'

Why WaMu Fail ? WaMu did not fail . WaMu was forceful Seized by FDIC. Than give to JPM for free. It was a biggest robbery under the day light. In front of your eyes

Can these people who post links to their websites be banned? This is a message board for financial discussion, not advertising the website you are working on in your parents basement.

Bring back the silver dollar!!!!!

How about a Virtual Gold standard. We create 1 billion units of virtual Gold. By definition Virtual gold will never increase or decrease from 1 Billion units. Now countries can fight over how much they each start out with, and from there on Virtual Gold value increases as long as the GDP's and assets of the world increase. If in the end one country ends up with all the virtual gold, then you can say the proverb: " The Golden rule, he who owns the Gold rules" is true, and there is no such thing as corruption. Virtual Gold will be gold in color and look shiny as big luminescent 3 Dimensional Gold Bars on your computer screen, much like this article.

Read the US Constitution, the supreme law of the land. Article I, Section 10, says, "No State shall coin money; emit bills of credit; make any thing but gold and silver coin a tender for payment of debts;.." Our Congress, and President are a bunch of phonies! They swore to uphold the Constitution, but they budget fiat money. The simple solution is to have the US Supreme Court do a judicial review of the Federal Reserve Act. But do you think it will ever happen? Don't hold your breath

Bring back the silver dollar! A metail coin can have two values, the fiat one and the asset one. The fiat value may go up but it will never drop bellow the price of the asset value!

Impossible. Reinstituting the gold standard would mean certain folk giving up control of the printing press. Where's the army which could take that away from them?/

Deflation will hit in full power. Most of the world's debt is in US dollars. When it needs to be paid back, it creates demand for US dollars: http://www.tradingstocks.net/html/prepare_for_market_crash.html

Simple answers for a simple mind. This interview was wasted bandwidth.

Madness reigns. Gold or commodities is a good form of barter and a system based on Gold could be used since the Gold will act as money does now in reference to credit cards. The Gold will sit in a bank and numbers via a credit card will allow trading and buying of goods and services. Somehow, most just believe that Gold has value and that makes it work. Diamonds to me will not work since its too complex to evaluate, but Gold just needs a scale. Silver can be used as physical money along with paper. With all countries printing like mad to lower their currency, who knows when the whole thing will break down? My silver source says look for sales of certain size plastic pipes to react to the storage of silver coins, since many will place coins into pipes and bury them in their back yard. Nonsense?

US dollar is going down, but how far? Financial mania continues, but how far? http://www.tradingstocks.net/html/financial_mania_continues.html

INK IS CHEAP, PAPER IS CHEAP,AND THE POLITICIANS IN OUR COUNTRY CAN PANDER TO WHO EVER THEY WANT JUST HIT THE PRINT BUTTON." AND WHEN THE SHIT HITS THE FAN THEY WILL BE GONE".."JUST LIKE N O W .. and .IF CHINA STARTS TO USE THE METALS STANDARD .the dollar wont be worth a hatian gourde