Yale Daily News

Your plan is flawed and destructive. We should just let foreign nations keep our manufacturing corps. over there as their own, rather than utilizing "an enormous sum of money" from them, our corporation's inventory would be just as good, and not as senseless as just borrow from them. We don't have to buuy gold from them, as well. This nation already has a huge amount of gold cached in our treasuries' vaults around the whole country. Purpously braking the dollar would be risky. We'd have to go on lockdown all together when there is no currency to use. Our debts wouldn't be able to be paid instantly. It would take at least months. We wouoldn't need a new currency in any way shape or form, in your idea, something called the "dollar". Rather, we will just make official the gold standard for the dollar we've always have used once that money has rebounded, after we pay off our debts.

Loved your article! Great work!

The US holds the largest amount of gold of any country. In the beginning of his century, we were the richest country in the world, and we had about 90% of the world's gold. Today we are still the richest country in the world with 25% of the worlds gold (unless you count india which holds gold in the form of jewelry). Germany and the IMF have the next most gold relatively.

Gold is the only real money, anything else is just an oppressive government fraud. The Fed is a fascists institution and results in dollar socialism. The fraud of fractional reserve banking is to blame for the bankng collapses at the turn of the century, not the gold standard. Fractional reserve banking is just the practice of running insolvent businesses and hiding their insolvency from their creditors. Eliminate the central bank to end inflation. Criminalize the fraud of fractional reserve banking to stabilize banking.

I see someone's been drinking the Ron Paul kool-aid. How does it taste?

This plan is what 'should' come to pass, but unfortunately getting to print money is a great way for politicians to tax the middle and lower classes without them knowing it. The odds of those in power giving up this weapon are slim to none. It also assumes the powerful banking interests don't care that you may end up totally crushing most banks. Oh, and anyone that's actually holding US debt gets totally robbed, not just China; the number of mutual funds etc holding US treasuries are huge, they would all mostly go belly up. The sad thing is I DO think this is one of the best plans to deal with the huge US gov't deficit; by any normal standards the US gov't would be bankrupt, but they have the power to print money, so that will never happen. But the american people will continue to feel the effects of monetizing the debt through high inflation.

I think that this is a fairly decent idea... about 3 years ago. The problem is that gold is now $900 per ounce. The amount of gold we would need to buy in order to recreate and economy after the collapse would be equal to or more expensive than the debt we currently have. We would be paying twice for this debt. The other thing that would happen is that the world markets would catch on way before we could implement this idea and it would completely destabilize the world economy. This would only work if we could buy gold over a 10 year period and then wait for another 5 years to implement the collapse and cutover.

That means people woul need to buy gold/silver now. Or there entire savings in dillars would be completyl whiped out. It's a good idea for the government, but not for the average person whose money is in the bank. it might take 100 dollars to buy 5 dhollars under this plan. How many people do you know have their savings in gold? I love the plan, but evryone needs to see the downside of not being prepared for it.

Do you know how much it costs for the U.S. to purchase an ounce of gold? Answer: just $0.10. That's right, just 10 cents.

Why? Because its costs just 10 cents for the Federal Reserve to print out (9) $100 bills.