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Forbes: Gold Standard Inevitable If Economy Is To Be Fixed

February 10, 2012 by  

Forbes: Gold Standard Inevitable If Economy Is To Be Fixed

Steve Forbes — renowned businessman, editor, publisher and head of wealth magazine Forbes – knows a thing or two about money, and he said at a recent speaking event that he has a cure for the economy: a gold standard.

According to Times Record, Forbes, speaking at a noon luncheon for the 124th annual meeting of the Fort Smith Regional Chamber of Commerce in Arkansas on Wednesday, said that the Federal Reserve’s stranglehold on the Nation’s economic policy is impeding growth. The Forbes Media chairman said the Fed maintains its power only because lawmakers in Washington do not comprehend how it works and are intimidated by the central bank.

Forbes told the group that the Nation must come to the realization that money is produced by the people, not allotted by the government, and that government spending essentially takes money away from a nation’s people. He told the Record reporter that the Wall Street bailout in 2008 was necessary because the economy was by then in a state “equivalent to cardiac arrest.”

In such a situation, he said, “the first thing to do is keep the patient going,” focusing on lifestyle changes after the crisis is passed. “So far we’ve not made those changes.”

If policymakers had revised economic thinking, the money guru said that the economic crises could have resolved itself in six weeks. Instead, he said, policy makers used the opportunity to launch a “power play” in the form of stimulus that ultimately vastly extended the power of the Federal government.

Forbes had some good news for gold advocates. He said that economic policy makers will inevitably come to the realization that money must have a “steady value” or it will collapse. According to the article, his assertion leads him to believe that the Nation will be forced to “re-link” the dollar to gold within the next five years if the economy is to survive.

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • Bobby

    Careful Mr. Forbes, that kind of talk makes you an EXTREMIST (read Terrorist) according to the latest FBI “warning”. Don’t question the money-changers, don’t suggest taking back our Dollar and restoring sound money – you’ll end up somewhere you don’t want to be.

  • http://personalLibertyDigest Paden Thompson

    This is the craziest thing I have ever heard. He never speaks of the real problem as to how we got in this mess. He just tries to push the deregultion idea of the republicans, which why we in the this mess. Same old story, they never mention the real problem. Funny the samt thing is going on over the world and they all do the same the just like we did you have to stop the fall of your system or the hold country goes down and we all are at real zero nothing to help and no where to go. You have to have regulartory regulations or you have what we got now. You can not allow people to just run wild with no laws to control the situation

    • s c

      P, your comments might have a bit more credibility if you could take time and define ‘deregultion.’ That word is not in my dictionary. If it’s in yours, then I can understand what the problem is.
      WHAT is the ‘real’ problem? Frankly, you sound like a childish utopian who rarely mingles with the public.
      Are you one of the stay-at-home la la land sheepers who knows little if anything that’s close to being factual? Whatever is going on between your ears, it seems safe to say that you might as well have stayed in bed. So, how much money did you make to send in your treatise? When will you graduate from high school?

  • http://www.ralphgregorio.com Ralph

    Returning to the gold standard makes sense but it is never going to happen. Right now, our currency is based on nothing, including the GDP, except the good faith of the government to pay. I have very little faith left.

  • http://personallibertydigest Gottaplenty

    What got us here is the fact you cant write bad check after bad check with no money in the bank. The gold standard was what kept America strong. The printing press was adopted by the idiots like obummer that wouldnt know what a real earned dollar is anyhow.As long as they can push paper through and the ink lasts , we got money ,,.. figure it out.

    • Nate

      Gottaplenty: Why is that I never hear people speak about the person that created the second great depression? (W) I remeber when he said that we should Spend, Spend, Spend, and we did! Look where it brought us. At least the present administrat is spending to save jobs (Automobile Industry), Your idol (W) left the country in the 2d Great Depression, and knew it. He had the chance to undo what he did, but chose to go home after taking this country(America) to the cleaners. This was intentionaly done to sabatoge Mr Obama and America. Looking at who the Republicans have running for the nomination to be President, they want to keep the Great Depression running. We don’t need Gold Water(Rick) As president. The people are not stupid.

      Go Obama!

  • http://www.youtube.com/watch?v=eD_ybaXhXno David Platter

    The government and the whole economy is running on a big credit card with funny money. When the intrinsic value of the paper is gone is gone, people will finally get it. The world’s biggest con, trust governments who can print money.

  • http://www.youtube.com/watch?v=eD_ybaXhXno David Platter

    Why is Steve Forbes not backing Ron Paul? He is to smart to back anyone else. What is he waiting for?

  • sabulaman

    I feel we need to phase back in the gold standard gradually. Say 20 – 25% at a time. It could be done. It would slow down the press. A little inflation, and higher interest rates wouldn’t hurt anything either. Coupled, they might slow down the insanity, and force value to the dollar, and encourage saving again.

  • s c

    Show me a politician who wants nothing to do with a gold standard, and I’ll show you a politician who has sold his or her ass so many times that pimps and hookers are envious. People, a gold standard keeps politicians from INFLATING the money supply. Gold acts like a stake through the heart of a vampire.
    Gold keeps a currency HIGH in value. Gold is like having strong hands on the throats of those who know how to manipulate and destroy.
    Forbes is right, but America is so far into the toilet that it will take miracles to get us out of that toilet – let alone do to our politicians what they’ve done to America for so many generations.
    At this point, almost any standard would be an improvement. A gold standard, however will help keep America FREE.
    By the way, ANY country that invests seriously in GOLD knows why paper money is just another form of TOILET PAPER. China knows that. Russia knows that.
    WAKE UP!

  • Steve

    Hmmm. I’m not an expert but I can’t think of any countries that were in a financial mess like we’re in right now and have found a way out of it without inflating and destroying the currency. No, I think we’re going to ride this horse till it’s heart explodes in it’s chest and it throws us to the ground. At that point we may see some move back to gold but not until then. As long as people find value in our “paper” and we can print it for next to nothing then that’s just too good of a deal to pass up. The majority of the people will never understand the issue of inflating currency. Don’t think countries are buying right now as a pre-crash solution but a post-crash insurance. Put your seat belts on and assume the crash position people. What goes up must come down.

  • Wayne

    Mr. Forbes, RIGHT ON, to bad I DIDN’T HEAR ANY POPING WHEN PEOPLE PULLED THEIR HEAD OUT, OF (well some of us know what the poping means). Vote for the Dr. Ron Paul, THANK YOU AMERICANS FOR THE GOOD U.S.A. WE NEED TO CHANGE BACK TO BEFORE 1873, TAKE THE POWER BACK FROM THE CORPS. LOVE, PEACE, WAR, GREED, POWER,AND IMAGINATION, LIFE WILL ENVOLVE IF THE ONES THAT HOLD THE STRINGS OF POWER LET THE PEOPLE OF EARTH ENVOLVE. Oh I forgot were preadors, our nature won’t allow anything but we do. We should not forget how to die to give to others. We have 5 billon more years to figure out who’s right or you is wrong, then on to something better. zzyzz 9why’ed you wake me I was sleeping!!!! Latter

  • http://Verizon Francis Peter Ardito,Sr

    Good idea by Forbes. I, for one, have spoken about this for years. One must also realize that a return to the Gold Standard would stabilize inflation.

  • JeffH

    :(

  • Marty S.

    Actually Forbes makes sense because when Nixon took us off the gold standard in 1971 the savers in this country lost big time. It no longer makes any sense to hoard almost worthless paper. The USD is a shadow of what it used to be and is really not much more than a scribbled note IOU. The one good thing is our economy will continue just not in the fashion we are all accustomed to.

  • meteorlady

    Yes, that’s fine, but with gold at an all time high what would happen to the value of our current savings if this were to become so? I’d like to see it happen, I think it would restrain our government from spending, but is it fair to devalue everyones savings?

  • http://gravatar.com/angelwannabe Angel Wannabe

    test!

  • Bill

    How come no one feels sorry for the retirees whose pensions and healthcare are stolen by the corporations.
    The money taken from the rank and file workers who really grew the companies was then used to fund generational wealth for the ceo’s.

  • Carl W.

    Yes the gold standard would help. But people should not be able to turn in paper money for gold, not that, its for stability. But one of main reasons for our economy/jobs to leave ourshores…. is…. regulation…regulation… regulation… over and over so small business cannot survive. And we must stop the entitlement mentality and teach in school, subjects we need…..not indoctrination …. the list of improveing ways to help our economy are endless, but one must take first step, then another and another,I feel sorryfor my grandkids and yours. Where is Mr. Spock now….. Live long and prosper…… hmmmmm

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