Heim Raj Jain
Sub:- Christianity seems to be waking-up
Ref:- (i)- After long time mankind hearing good news from USA (the temporal leader of Christian West)
(ii)- ‘Gold Standard’ suggestion of Ron Paul approved by Republicans deserves serious consideration by all the countries
(iii)- USA should take bi-partisan approach to this ‘New Gold Standard’
(iv)- ‘New Gold Standard’ does not mean that 100 % asset back-up should be in gold only
(v)- Assets can be under physical possession as well under constructive possession of money issuing authority may be in 60 – 40 ratio
(vi)- ‘New Gold Standard’ will facilitate Dollar in becoming ‘Global Currency’ with ‘Global Central Bank’ head office in USA.
(vii)- Without Global Currency smooth Globalization is impossible.
(viii)- Even private persons should be allowed to generate Dollar against gold through Central Bank.
(ix)- ‘New Gold Standard’ should not commit pre- 1971 mistake of governmentally fixed Dollar price of gold.
(x)- Like of other asset back-ups, let gold price too should be decided by market.
(xi)- This physical / constructive possession method will solve the problem of Governments for mobilizing funds against their fiscal deficits.
(xii)- Other countries should persuade USA to launch this Dollar as ‘Global Currency’ with ‘New Gold Standard’
(xiii)- In this mission, anti-gold standard propaganda by practitioners of unbridled usury through ‘easy money’ - should not deter mankind.
On one hand where rest of the world is extremely grateful to Christian West for its contribution of ~ 500 years in modern Science & Technology which has immensely benefited the mankind. On the other hand for the last ~ 100 years the entire mankind has been suffering due to global monetary system established by Christian West. With the result entire mankind is presently suffering from US financial crises 2007 triggered global economic crises and on-going Eurozone crises, both mainly the result of monetary indiscipline through ‘easy money’ out of unbridled ‘usury’ (which is against the values of Christianity too). The Governments world over are merely dancing to the tunes of the unbridled usurers who have been illegally (beyond collateral) dumping huge public debt on the Governments thus rendering the people (the old trick of usurers) as bonded labors who are free only to labor for the purpose of servicing these astronomical public debts. In USA there is one more problem. In the name of absurd concept of ‘Quantitative Easing’ huge amount of money (not worth the paper it is written on) is allowed to be generated by Central Bank, even to the tune of above 100 % of US GDP. But fortunately now promising signs are emerging from USA (the temporal leader of Christian West) which is bound to provide succor to entire mankind, as given below:-
(1)- While supporting Representative Ron Paul’s suggestion for “sound money” the Republican party platform on Tuesday, warned against the evils of “easy money and loose credit” and called for a commission to ”investigate possible ways to set a fixed value for the dollar”. This tantamount to ‘New Gold Standard’ and deserves bi-partisan support from US Congress and White House.
(2)- Without equal asset-back up there is no money. The ‘New Gold Standard’ does not mean that 100 % asset back-up should be in gold only. What is important is that there should be 100 % asset back up which can be any asset. Because gold is most suitable for various known reasons hence mankind has been using it as asset back-up of currency. But if only gold is used as asset back-up then this creates problems (including due to variation in prices of gold due to change in gold production, demand etc). This problem can easily be solved if precious metal assets are kept under physical possession and other assets like real estate etc are kept under the constructive possession of money issuing authority and which can be in the ratio of (say) 60 – 40.
(3)- While introducing this ‘New Gold Standard’ the USA should not commit pre- 1971 mistake of governmentally fixed Dollar price of gold. Rather similar to other asset back-ups, let gold price too should be decided by market. Moreover this physical / constructive possession method will solve the problem of Government for mobilizing funds against fiscal deficits. Even private persons should be allowed to generate Dollar against gold through Central Bank (which is the original purpose of money).
(4)- With the on-set of globalization (due its inevitability in view of advance in Science & Technology especially in the field of IT technology of past half century) global trade has increased phenomenally which cannot depend merely upon barter system (between currencies) of double coincidence of wants between two countries. Hence instead of two currencies of trading countries the one global currency is needed to solve this problem (similar to what the currency of a country solved in early stage of monetary development where it solved the problem of double coincidence of wants between commodities of two bartering persons of a country and making them free to purchase the commodity of their want from any where by this national currency). In a nut-shell without ‘Global Currency’ smooth globalization is impossible.
(5)- Therefore USA should simultaneous think of converting Dollar of ‘New Gold Standard’ into ‘Global Currency’ with head office of ‘Global Central Bank' in USA and its branches in all the countries of the world. In its second stage the representatives from other major countries can also be accommodated in the ‘Board of Directors’ of this ‘Global Central Bank’ with voting power commensurate with their GDP.
(6)-. In this mission, anti-gold standard propaganda by practitioners of unbridled usury through ‘easy money’ - should not deter the mankind and other countries should also persuade USA to launch this Dollar of ‘New Gold Standard’ as ‘Global Currency’
These are unmistakable signs and with Dollar as Global Currency of ‘New Gold Standard’ along with support of every kind of Christian West (USA the leader of free world too in post cold war era along with its European and Europe origin Allies) to democratic uprising in NAME countries, the ‘Arab Spring’ - the Christianity seems to be waking-up for the betterment of the entire mankind.
Hem Raj Jain
(Author of 'Betrayal of Americanism')