|By PR Newswire||
|December 31, 2012 04:40 PM EST||
SANTA MONICA, Calif., Dec. 31, 2012 /PRNewswire-USNewswire/ -- Prior to 1971, the United States was on various forms of a gold standard where the value of the dollar was backed by gold reserves and paper money could be redeemed for gold upon demand. Since 1971, the United States dollar has been a fiat currency backed by the "full faith and credit" of the government and not backed by, valued in, or convertible into gold.
ProCon.org, a nonpartisan research organization devoted to critical thinking on controversial issues, debuts a brand new issue website, gold-standard.procon.org, and delves into the pros and cons of whether or not the United States should return to a gold standard.
Proponents of the gold standard, including Congressman Ron Paul (R-TX) and Steve Forbes, Editor-in-Chief of Forbes magazine, argue it provides long-term economic stability and growth, prevents inflation, and would reduce the excessive size of government. They say a gold standard would restrict the government's ability to print money at will, run up large deficits, and increase the national debt. They say the economy has historically performed best under a gold standard.
Opponents of the gold standard, including Nobel Prize-winning economist Paul Krugman and Federal Reserve Chairman Ben Bernanke, argue a gold standard would create economic instability and spur periodic economic deflations and contractions. They say a gold standard would hamper government's ability to stimulate the economy during recessions and financial crises. They say economists agree that the gold standard is a bad idea that has historically caused problems for the US economy.
In addition to in-depth research on the pros and cons of returning to a gold standard, the new ProCon.org website contains a historical background section, videos, images, over 100 footnotes and sources, and Did You Know? facts including:
- According to the World Gold Council, the total amount of mined gold that exists in the world weighs about 170,000 metric tons or 5.5 billion troy ounces. Melted across an NFL football field, it would rise 5.4 feet.
- As of 2012, the United States Treasury holds 261.5 million troy ounces of gold. At the current market price of gold ($1,662 as of Dec. 27, 2012) the total value of United States Treasury held gold is $434.6 billion.
- If the United States sold its entire gold reserves at market price, it would pay down 2.7% of the $16.3 trillion national debt. In order to cover the US national debt, the price of gold would need to be about $62,475 per troy ounce.
- On Apr. 5, 1933, President Roosevelt issued an executive order forbidding the private possession of gold. All gold coins, bullion, or certificates over $100 were to be turned in to the government and compensated at $20.67 per ounce. Personal gold jewelry and gold coins with numismatic value were exempted. The right to own gold was not restored until 1974.
- On Aug. 15, 1971, President Nixon announced that the United States would no longer back the dollar with gold reserves ending the last ties between the dollar and gold. Between 1971 and 2012 the US currency in circulation (M1) increased from $48.6 billion to over $1 trillion dollars.
The 47th ProCon.org website is sponsored by Teletrade (www.teletrade.com), an online coin and currency auction house since 1986.
For pros, cons, and related research on whether or not the United States should return to a gold standard, visit http://gold-standard.procon.org.
ProCon.org (online at www.procon.org) is a 501(c)(3) nonprofit public charity whose mission is promoting critical thinking, education, and informed citizenship. Information is presented on 47 different ProCon.org issue websites in subjects ranging from Obamacare, alternative energy, and medical marijuana to the death penalty, illegal immigration, and gay marriage.
ProCon.org websites are free of charge and require no registration. The websites have been referenced by over 700 media entities, cited 36 times by the governments of 11 countries (including 21 US states and nine US federal agencies), and used by teachers, librarians, and educators in over 3,300 schools in 50 countries and all 50 US states.
Media/Press Coverage of ProCon.org Includes
60 Minutes, ABC, Associated Press, Atlanta Journal-Constitution, BBC, Bloomberg, Business Week, CBS News, CNN, CNBC, Contra Costa Times, Dallas Morning News, Esquire, Forbes, FOX News, The Guardian, Houston Chronicle, Huffington Post, Los Angeles Times, Minneapolis-St. Paul Star Tribune, Mother Jones, NBC, New England Journal of Medicine, New York Times, The Oregonian, Orlando Sentinel, PBS, Reuters, Slate, USA Today, Washington Post, Wired, and many others.
CONTACT: Kambiz Akhavan, +1-310-587-1407
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Aug. 27, 2016 08:45 AM EDT Reads: 713
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Aug. 27, 2016 08:00 AM EDT Reads: 593
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Aug. 27, 2016 07:45 AM EDT Reads: 647
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 27, 2016 07:45 AM EDT Reads: 768
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 27, 2016 06:15 AM EDT Reads: 2,334
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 27, 2016 03:15 AM EDT Reads: 1,768
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Aug. 27, 2016 02:30 AM EDT Reads: 2,001
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 27, 2016 01:45 AM EDT Reads: 1,731
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Aug. 27, 2016 01:30 AM EDT Reads: 2,092
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 27, 2016 01:15 AM EDT Reads: 2,014
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 27, 2016 12:45 AM EDT Reads: 2,936
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Aug. 27, 2016 12:45 AM EDT Reads: 2,151
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 27, 2016 12:15 AM EDT Reads: 2,291
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Aug. 26, 2016 10:45 PM EDT Reads: 2,077
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 26, 2016 10:00 PM EDT Reads: 1,859