Thursday, October 7, 2010

China,the gold standard, and currency dumping

Click on photo to enlarge.
How times have changed, in the photo above the advent of the Communist control in the late 1940s saw Chinese citizens flock to grab gold. These very same people were summarily executed in the days that followed. Now China wants its people to purchase gold and silver. It makes it easier to move to a gold standard if everyone owns the gold!

Experience shows that neither a state nor a bank ever has had the unrestricted power of issuing paper money without abusing that power; in all states, therefore, the issue of paper money ought to be under some check and control; and none seems so proper for that purpose as subjecting the issuers of paper money to the obligation of paying their notes either in gold coin or bullion.

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