re: #133 The Vicious Babushka

Why returning to the “Gold Standard is fucked up.

I have a better reason, the U.S.A. currently has $1.39 Trillion in currency in circulation. That is the bare minimum amount of gold the Treasury would have to have on hand in order to back all dollars with gold.

Wiith gold at its current price of $1078.80 per Troy ounce the math goes like this…
1.39 Trillion divided by 1078.8 equals
1,288,468,668.9 Troy ounces of gold.
(The Treasury only has 261,498,926)

How about if we try volume, how much gold is that?
1,288,468,668.9 Troy ounces at 0.098 cubic inches each gives you 126,269,929.55 cubic inches of gold. Converted into cubic feet this is approximately 73,073 cubic feet of gold!

How about by weight the normal person can understand?
1,288,468,668.9 Troy ounces each of which are 0.0686 of a pound equals a whopping 88,352,137 pounds of gold!

Anyway the whole thing is a pipedream to start with unless they can explain how the Treasury is going to suddenly come up with 5 times the gold it currently has. ;)