Gold Standards: True and False | Joseph T. Salerno

[@TheSkoaler10]

I love these lectures by the Mises Institute. Especially Joe Salerno, Tom Dilorenzo, and Tom Woods.

[@imonlyamanandiwilldiesomed4406]

"US citizens were not permitted to own gold" The land of the free and the home of the brave...

[@brendanwilliams248]

I used to be able to explain what was wrong, but didn't quite know the solution. Thanks Joseph, the solution is in that lecture.

[@RAMSEY1987]

More us need to share these videos on Social Media to help spread the information.

[@classicalnaustrianeco6270]

The 'Goldless' gold standard also has a major problem: It all is underpinned by the "price of gold". This is a problem because the authorities can manipulate the "price of gold" more (if it wants) at any time. So, it is also a 'reference-less' standard.

[@ghostrecon3214]

He sounds like Peter Schiff mixed with Jay Leno. Good info, thank you sir!

[@manulboi]

Truth is a blinding light, piercing through to illuminate and allow us to see that our current environment is a dark cesspool of evil and deceit.

[@MrLibertyFighter]

Yeah, that's exactly right

[@markociprijanovic7520]

Well, I am sorry you hold such a worldview. There are millions and millions of good, honest and hardworking people and families. And don't fall intona trap that evil and deceit is somehow prevalent today. Human history is abundant of examples of both good and evil behaviours and actions. Fiat standard relies more on trust and trust is the fabric we are made of socially and is there for natural to humans.

[@detectiveofmoneypolitics]

Economic investigator Frank G Melbourne Australia 🇦🇺 still watching this informative content cheers Frank

[@MikeGrauerJr]

As always. Thank you for sharing lectures like this.

[@imonlyamanandiwilldiesomed4406]

$20 was once worth one ounce of gold? Yikes, one ounce of gold is now worth over $1,000.

[@MJSTAMAND]

I'm Only A Man And I Will Die Some Day Now worth over $1700. 4.2020

[@matero314]

Now worth over $2000 4.2023

[@imonlyamanandiwilldiesomed4406]

"20 dollars is one ounce of gold." Uhh.... not any more :(

[@WhoIsJohnGaltt]

This is all well and good but what do we do about it? I would think instantly switching to a gold standard, especially after a century of fiat money would be catastrophic to do. With the system being so entangled in how it is at this point.

[@Barskor1]

Fort Knox has not been audited in 60 plus years anyone care to guess why?

[@MrAceman82]

Please share to us, why.

[@Barskor1]

If you paid attention to the video it is likely that the gold is gone or mostly so and all that is left is gold covered tungsten ingots for display.

[@joeycasale755]

Obviously the gold thirsty aliens took it. They are the ones that told FDR to take it from everyone in the first place.

[@joeycasale755]

I'm joking btw

[@anonymousAJ]

Deflating by gold is reasonable. Measure in money instead of ever-changing currency

[@neilanderson891]

Thank you for the explanation at 39:10 ... but how'd you make those up-arrows and down-arrows?

[@dougiequick1]

No one ever talks in terms of the "Land standard" ...federal government may not have yellow metal but they STILL have a crap load of LAND ....what if they backed dollars with land ownership?...shares in physical land that can only be used for certain things yet the holder benefits from the uses whether it be mining or timber or grazing or recreational use charged to people? Shares in it not actual title issued....something at least somewhat tangible? Like stock only in valuable real estate?

[@JustinColletti]

This was all great, except for the very last little bit. Real incomes for individuals were certainly dramatically lower in 2010 than in 1970 or 1965. The fact that we can afford more technological trinkets with less money is testament to how far technology has come-not to any lack of stability in the average value of gold. His chart also neglects to recognize that gold in 1965 and 1970 was controlled and dramatically undervalued, thereby both overstating and artificially inflating the purchasing power of the US worker’s income at the end of the Bretton Woods period. But, if you look at the average worker’s ability to afford a home and a large family-all on a single income and while staying out of excessive consumer debt-then yes, real incomes were far higher in 1965 and 1970 than in 2010. The fact that technology has made some goods more affordable does not change this. What is unseen is how much wealthier still we’d be today with the same real incomes, PLUS those increases in technology. He gets this part wrong, and I hope he has corrected his view since, but otherwise, the rest of the analysis is spot on.

[@TheGerogero]

Would a gold standard deflation also apply to the price of labor? So, a worker's purchasing power wouldn't increase over time because their wages would decrease in tandem with those of goods and services?

[@garrettjohnson7546]

Yes, else the laborer would be out of work because their real wage would be higher than their marginal productivity.

[@joeycasale755]

Initially, yes. The sudden deflation brought on by an immediate and sudden return to a true gold standard would probably hit the average person's purchasing power pretty hard. However, prices for goods and services would regularly decrease noticeably instead of staying the same or slightly increasing over time. The latter only really happens so much because of FED inflation. Our minds have been corrupted to think that it is normal because it has been happening for so many generations while being dismissed as normal in main stream economic circles.

[@SiddharthYerramsetty]

25:11 How can there be reserve ratio for central banks(mentioned in the example as 40%)? Isn’t a dollar of gold supposed to be same as dollar of note?(as dollar is defined as a weight of gold in classical gold standard)

[@TheGerogero]

I would think that while a dollar note entitles the bearer to a definite amount of gold, notes may still be printed in excess of gold to back them up, leading to a reserve ratio.

[@mohamamdazhar6813]

30:00 did he just say recession like in 2021?

[@MBarberfan4life]

He predicted the future, LOL.