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For the last time, Rick Scarf, Ron Paul followers were not considered weird because they didn't endorse either party, they were considered weird because the gold standard is a stupid fucking idea and Ron Paul should burn in hell for even suggesting a robust, complex, and diverse global economy should be lashed to the discovery of an arbitrarily valuable metal.
Mod edit: this was split from another discussion into its own thread. -gwahir
urm I don't think atmosfear's poking fun at the idea of carrying gold around, pretty sure he's making a reference to the economic versatility of fiat moneyQuote:
Originally Posted by Rick Scarf
rick scarf are you the reason stumbleupon keeps taking me to the von mises institute
if you fess up i won't be mad
No, I don't really use stumbleupon, but I do get daily articles via email from mises.org and read almost all of them.
Think is correct I am poking fun at the thought that digging holes in the ground should somehow not only increase our "wealth" but also increase our money supply, as opposed to a conscious, planned decision to increase the volume of currency.
But yeah, digging more has here historically been a fantastic policy for currency supply growth.
also if any holder of american currency wants to trade in their money for gold, they have to have the right to at any time. If those are foreign holders of currency...
also my friend and i agree that sarah palin's lustrous hair is only possible with fresh squeezed baby juice.
when ron paul said that most americans would rather take a box with 2 gold coins than a box with a million dollars in paper money, i lost all respect for his argument, which i only respected in the first place because it was totally batshit crazy but he was willing to argue it on national television.
not to mention that most americans would probably rather have the million dollars... easier than having to liquidate gold. if the dollar was inflating by a factor of 180% per month like brazil's currency was in the mid 80's to mid 90's.Quote:
Originally Posted by sailor jack
also where exactly is the gold going to be stored that must be accessible to people on demand when they wish to trade in their bills for gold? and as i said above, how will we prevent a gold and silver drain when people take america's gold out of the nation or when we conduct foreign trade? it'd result in an economic depression as the "fat" behind the currency was drained out, and hence less money can stay in circulation (or the conversion rate would have to be cut severely).
we could just not have the dollar float and control it like China controls the value of its yuan; how would that be any different at all from using a gold standard, aside from having the amount of wealth in the US be tied completely to how much gold the US posses?
Well the point of the gold standard is to remove that ability from the control of an interest group like the Fed.
The problem is that I don't cut off my nose just because I've developed a cold.
Yeah yeah I know. It's to prevent artificial currency manipulations.Quote:
Originally Posted by Atmoscheer
Would you cut off your nose if it became gangrenous?Quote:
Originally Posted by Atmoscheer
Not with a dull, rusty, AIDS-infected knife.Quote:
Originally Posted by coqauvin
Currency got us into this problem in the first place.
I have an idea:
let's go back to bartering.
(the answer is clearly communism)
(The answer is clearly a more knowledgeable Fed chairman, shorter terms for members of the Board of Governors, greater transparency, and restrictions on its dealings with private corporations directly)
that sounds like government intervention no thank you sir i like my market as free as my ranged chickensQuote:
Originally Posted by Mr. E
You're against government intervention in the body that controls the country's monetary and fiscal policy? Against government intervention in that same body that they appoint and confirm the board members of?
To be honest, Bernanke is an incredibly knowledgeable person on the topics he is in charge of, I really can't think of anyone who would be better than him in that spot in that aspect. (Bernanke has written papers in support of the gold standard by the way before he worked at the Fed). The problem is that the Fed is supposed to be outside the influence of political persuasion but that is faaaar from the case. Fed chairmen are very willing to carry out the President's wishes in regards to monetary policy.Quote:
Originally Posted by Mr. E
I can't name anyone more knowledgeable either, but I do know that someone exists. We need apolitical acorporate people in charge, and that is not Bernanke. I am generally indifferent to the gold standard, though tend to float in the 'what-atmosfear-is-saying' direction.
THE PRESIDENT'S WISHES?!?!?!?!Quote:
Originally Posted by Rick Scarf
Is that a fucking joke?
More like Goldman's wishes goodbye Lehman Brothers see ya wouldn't wanna be ya
Who do you think influences the President? (hint: you are right)
This is why we need to go to a gold standard whose artificiality is completely out of our control rather than a fiat system where there is some control over the system's artificiality?Quote:
Originally Posted by Rick Scarf