machinehead Posted March 13, 2003 Report Share Posted March 13, 2003 "Nestor Kirchner, seeking to become president of Argentina, will try to return the country to a monetary system where the peso is backed by gold reserves, the Buenos Aires Herald said." In Gold We Trust Link to comment Share on other sites More sharing options...
Yoshaviah Posted March 13, 2003 Report Share Posted March 13, 2003 IMF rules forbid any country from backing its currency with gold. Link to comment Share on other sites More sharing options...
Jorma Posted March 14, 2003 Report Share Posted March 14, 2003 At this point I'm not sure the electorate in Argentina cares much for IMF rules. 60% of the populace is now below their poverty line, income wise, as if anyone cares. The problem with this idea is where exactly are they going to get the gold to back the currency. Now I'm the oddball here who sees no salvation in absolute gold based hard money. Whatever. You've got to have a reserve before you start such a system so I won't bother with the theoretical issues of a gold based currency. IMF or no IMF Argentina can't pull it off. Link to comment Share on other sites More sharing options...
Sphinxter Posted March 14, 2003 Report Share Posted March 14, 2003 Oddly, the IMF would have absolutely no objection if a country wanted to back it's currency with, say, Orvis split Tonkin cane bamboo fly rods. Or Zinc. Nothing in the rules to prevent that. Just gold. Which got hammered today. How odd this excessive obsession with ignoring gold by the cartels. "Methinks the Senator doth avert his gaze too steeply!" Once I read "The Gold Wars" by Louis Lips (Lipps? ... book is downstairs and I am lazy tonight...) my world-view of gold was forever altered. Kings and bankers fear this odd yellow metal. If I were Argentina and had been reamed up the stool-chute as soundly as they had been by the IMF, I would go to a gold standard just to poke it in the eye of the IMF. But I am a spiteful man. Link to comment Share on other sites More sharing options...
Space Modulator Posted March 14, 2003 Report Share Posted March 14, 2003 It's "Gold Wars" by Ferdinand Lips. Fascinating book. Link to comment Share on other sites More sharing options...
machinehead Posted March 14, 2003 Author Report Share Posted March 14, 2003 The problem with this idea is where exactly are they going to get the gold to back the currency. Uh ... lease it from JPM? Link to comment Share on other sites More sharing options...
Sphinxter Posted March 14, 2003 Report Share Posted March 14, 2003 It's "Gold Wars" by Ferdinand Lips. Thanks. I was tired AND sloppy last night. Was at the end of a rough 48 hours away from the internet and I could only get my 'news' from crapvision and stoolpapers. It's no wonder that non-netizens have zero clue what's going on. So now we have certain Islamic countries exploring moving towards the gold Dinar for trade reconcilliation and Argentina making noises. Unfortunately, I'll wager that the Argentine presidential hopeful somehow, magically, does not win. He'll be badly outspent by his opponent(s). Still, I'm hopeful that we someday move back to a non-fiat monetary system. Humans just can't seem to resist getting in massive trouble with fiat money. Link to comment Share on other sites More sharing options...
Bizarro-Greenspan Posted March 15, 2003 Report Share Posted March 15, 2003 Where will they get the gold? Ahem,Argentina is a major producer of gold,furthermore,it is one of the most prospective areas of the planet to explore for gold(and silver,check out the name,ARGENTina). If anyone has the ability or the reason to throw a f*ck into the IMF/Fed racket,it's Argentina. Put on yer soccer boots and kick 'em in the nutz,Argentina! Only right,only proper. Link to comment Share on other sites More sharing options...
Sigmoid Friend Posted March 15, 2003 Report Share Posted March 15, 2003 Where will they get the gold? Ahem,Argentina is a major producer of gold,furthermore,it is one of the most prospective areas of the planet to explore for gold(and silver,check out the name,ARGENTina). If anyone has the ability or the reason to throw a f*ck into the IMF/Fed racket,it's Argentina. Put on yer soccer boots and kick 'em in the nutz,Argentina! Only right,only proper. Don't forget 'deep storage' gold (which I assume means still in the ground somewhere) to back a new peso. Deep storage holdings have, I believe, been used (abused) by various other entities, including the US if I'm not mistaken, to massage (a much nicer term than the other 'm' word) data reporting on gold. I say go get'm, Argentina. Link to comment Share on other sites More sharing options...
Guest BEARDRECH Posted March 16, 2003 Report Share Posted March 16, 2003 Where will they get the gold? Ahem,Argentina is a major producer of gold,furthermore,it is one of the most prospective areas of the planet to explore for gold(and silver,check out the name,ARGENTina). If anyone has the ability or the reason to throw a f*ck into the IMF/Fed racket,it's Argentina. Put on yer soccer boots and kick 'em in the nutz,Argentina! Only right,only proper. luis Firpo for the next Argentinian finance minister bdrech Link to comment Share on other sites More sharing options...
Guest BEARDRECH Posted March 16, 2003 Report Share Posted March 16, 2003 and speaking of argentina is it true that if hillary fails to get the nomination for us president, that shes preparing to elope with a very radical argentinian military attache,reputed to be somewhat lycanthropic, now lurking in dc, and just aching to sink his part-time fangs into both cheeks of her ass??? or is it merely a rumour???? bdrech where are you evita now that we need you--Dont cry for me mrs america--amiga,i will very much enjoy living on your schmuck farm Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.