Global Gold Standard

The Global Gold Standard Alliance is an open association (unincorporated), established to assist those who choose gold and silver as their currency of exchange. It advocates the benefits of a gold and silver standard and facilitates in identifying the open exchange forms of privately issued silver and gold coins, currently available in the global market place.

GLOBAL GOLD STANDARD ALLIANCE

The importance of a sustainable and just unit of exchange is clearly seen by those who are able to think long term on this subject of currency.

Prominent personalities in banking and finance around the world understand all too well the necessity of such a standard, and yet often seem to be torn between their occupational expectations and the integrity of their personal understanding.

Allan GreenspanAllan Greenspan is a modern example of this dilemma. Although his occupational expectation was clearly to serve the Federal Reserve System, (which is just another debt creation mechanism) Mr. Greenspans’ published views on this subject, outside of his occupational expectations, tell a story of the integrity of this mans personal understanding.

The eloquence of Mr Greenspan needs no embellishment to emphasize this point as can be seen from his written works on this subject.

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard."

If Mr Greenspan was the only voice in support of a gold and silver standard one might dismiss his brilliance, and stand in the que in support of fiat currency as being the only workable exchange. Fortunately other prominant voices can be heard by those who will listen. Dr Mahathir is another such voice.

Dr. Mahathir Bin MohamadDr. Mahathir Bin Mohamad, the former Finance Minister of Malaysia, is outspoken as a strong advocate for gold reserves in support of trade. His proposal in 2002 to use the Gold Dinar for global trade sparked the interest of the Islamic world and arrested the attention of the West.

Dr. Mahathir has openly stated that there exists a need for an alternative to the fiat currency model developed by western banking and financial thought, which has been exported wherever greed and impatience takes priority over "just weights and measures" and prudence. His vision to embrace "...the use of gold as an alternative international currency" sits well with the purpose of the Global Gold Standard Alliance.

Dr. Mahathir has observed that ''With paper currency there is no intrinsic value. The exchange rate is therefore arbitrary and subject to manipulation as we saw during the Asian financial crisis."

His front row seat in the economic arena, coupled with his understanding of Islamic history and teachings on currency issues, has availed him with sufficient insight to conclude that the time tested role of precious metal in commercial exchange and trade, is a priority that can not be ignored without detriment.

Further Dr. Mahathir's view that, " If money is to be truly worth the value that it is purported to be then it must have an intrinsic value...", is one sound reason a growing number of conservative thinkers are re-examining the place of a gold and silver standard. In numerous "third world" countries and lifestyles, this standard has long been enjoyed, as it has proved to be as reliable as last nights sunset, and as necessary as tomorrow morning sunrise. It is in these communities that "government paper and metal tokens" are viewed with suspicion. Simply put, a gold and silver coin standard places a restraint on the government's ability to defraud the public through monetary inflation, and removes the necessity for individuals to place their trust in a government that is all too often broke, in debt and unaccountable.

Those who champion the cause of a Gold and Silver Standard are clearly in the minority and find themselves against the tide of thought of those who are either entrapped by fiat currency or who endorse it through ignorance.