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Letters to Glenn Beck 3 - a golden parachute (09-22-2008)
Glenn,
After listening to your tv show tonight and having the socks scared off of me, I got to wondering about something one of your panel members said. It went something along the lines of "you will destroy the US currency if you go through with this bailout". I happen to agree with him. A country can't just print a trillion dollars without a massive effect on its overall value.
Anyway, here is my idea: the US has probably 1-2 trillion dollars worth of gold in it's reserves (only God and Bernacke know how much it truly is and where it truly is). Why can't the US do a one-time specialty printing of a trillion+ gold-backed dollars and use it for this bail out? I mean, sheesh, the gold is just sitting there collecting dust since the dollar isn't backed by it anymore. So why not use it now, when our country is in such dire times?
Doing this would provide the liquidity (sweet, I got to use that word finally) that we so desperately need to swallow up all this bad debt without absolutely destroying the value of the dollar. And yes, I realize I'm talking about creating an entirely new type of currency that is outside the realm of the US dollar. But hey, you could call it the Goldback. Or the Bushback. Ok, seriously though, what do you think? This would solve numerous problems without setting another engine of this troubled plane on fire.
Matthew Chernay
Saint Charles, MO
"your friendly NY socialist"
This Rant Brought To You By Matthew T. Chernay
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