Chinese Gold Standard Would Need a Rate 50 Times Bullion’s...

Chinese Gold Standard Would Need a Rate 50 Times Bullion’s Price.

How do golbugs know that? Probably by reading Nostradamus or listening to the speaches of Pinyin Ronpau an honorable member of the Chinese People's Assembly affectuously known in China as the Chinese Ron Paul.

And what does Pinyin Ronpau wants for China? Nothing more nothing less than the abolishment of the People's Bank of China and a return to free banking based on some form of gold standard, a system where each individual bank will be free to set its on level of gold reserves , reserves bought, of course, with the system's surplus dollars at a rate 50 or more times the current bullion price. And what is the rational behind that? First, to allow goldbugs in the West and East to enrich themselves literally overnight, and second, to allow goldbugs in the East and West and to get even richer at times when everybody else is getting poor as "the natural cyclical path of a free-banking system under a gold standard would be an increasing demand for money in recessions, associated with an increasing monetary demand for gold by banks as reserves, causing an increase in the value of gold and a fall in prices."