Comments by "" (@tekannon7803) on "Coming GOP Plan to Kill Economy (w/ Professor Richard Wolff)" video.

  1. After listening to many videocasts from the excellent interviewer Mr Hartmann, and listening to one of America's finest voices of reason on how an economy should be run, it is with deep sadness to hear that the people in charge of the American political system have failed in every way to make running the economy a conservative effort with a balanced budget and ingenious fiscal planning. When Professor Wolff talks about the private capilalist system on life support, it only reinforces the idea that capitalism has outlived its usefulness. Former disgraced President Richard Nixon pulled the plug in decoupling redeeming dollars for gold in 1971. American citizens couldn't own gold in 1971, but foreign traders could redeem dollars for gold. Briefly, people are walking around thinking their money is worth gold. In the 1930s the commercial banks took the gold from the people in exchange for dollars. The central banks then took the gold from the commercial banks. Most of it went to the Federal Reserve Bank in New York. Then, in 1934, the United States Treasury siezed the gold from the Federal Reserve System, bearing in mind it is privately owned, and gave them a gold certificate. The Treasury owns the gold, the Federal Reserve has the gold certificates. Today, your gold, America's gold, is kept in Fort Knox and West Point. Jim Rikards, who provided this information says he believes the US Army owns the gold in 2021 in America. What am I getting at? Isn't the fix you and every country in the world that uses fiat money in, is that without having a nation's money linked to gold, the destruction of the global financial system is all but certain? My question is this: Why wouldn't the authorities have revoked Nixon's perilous decision, and reinstated the gold standard? The fiat system is like Monopoly money. They're printing trillions and it's not linked to anything of value. Professor Wolff, could you please tell us how this makes sense in an economist's view?
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  2.  @henrygustav7948  Great to hear from you. Thank you for this very interesting information. I wish I would have had this before I published my book last year on an alternative economic system 'The Treatise of Teknomix.' What is remarkable is how many different perspectives there are on the economy.
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