Some months ago, back when it seemed that he might actually matter in some small way, I was talking to a Ron Paul supporter. He angrily demanded to know why I was amused that anyone would take Dr. Paul seriously.
I said that one of the many, many crazy plans Dr. Paul had for this country was to move us back to the gold standard, and I pointed out that China mined more gold every year than the US. While the US was in the top three, Russia was not that far behind. Did anyone in their right mind want to simply hand that kind of power to Russia and China? What happened if they cut back on production, and the gold supply dried up?
Since that conversation, China has moved into first place so far as gold production. I never thought Dr. Paul had even the ghost of a chance, but it is certainly a good thing he didn’t.
But remember how I said that the reason why it was a bad idea was because China and Russia might collude to squeeze off the gold supply? Looks like Obama’s policies might be doing something similar.
Follow that last link and read how a gold investor thinks that confiscation is now possible. Hey, it happened under FDR!