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Thread: The Gold Standard issue

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    Merry fucking Christmas Atmosfear's Avatar
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    Default The Gold Standard issue

    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

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    windmills of your mind Think's Avatar
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    Quote Originally Posted by Rick Scarf View Post
    Atmoscheer, I realize you're trolling me but you obviously haven't read much on the subject. The idea of a gold standard is not to burn our paper dollars and start carrying around gold chunks and jewelers eye loupes, the idea is to have paper money like we have now, except it is actually backed by something, held in reserve in vaults, to make it tough for the money supply to be expanded by simply printing more money. Gold has been the traditional "something" through time, hence the call by some for a return to the gold standard.
    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 money
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    windmills of your mind Think's Avatar
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    rick scarf are you the reason stumbleupon keeps taking me to the von mises institute

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    windmills of your mind Think's Avatar
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    if you fess up i won't be mad

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    Strangle Hazard thank mr skeltal's Avatar
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    No, I don't really use stumbleupon, but I do get daily articles via email from mises.org and read almost all of them.

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    Merry fucking Christmas Atmosfear's Avatar
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    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.

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    λεγιων ονομα μοι sycld's Avatar
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    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.
    Last edited by sycld; 01-12-2011 at 11:37 PM.


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    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.
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    λεγιων ονομα μοι sycld's Avatar
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    Quote Originally Posted by sailor jack View Post
    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.

    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?


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    Merry fucking Christmas Atmosfear's Avatar
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    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.

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    λεγιων ονομα μοι sycld's Avatar
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    Quote Originally Posted by Atmoscheer View Post
    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.
    Last edited by sycld; 01-16-2011 at 12:47 PM.


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    ))) joke, relax ;) coqauvin's Avatar
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    Quote Originally Posted by Atmoscheer View Post
    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.
    Would you cut off your nose if it became gangrenous?
    Quote Originally Posted by Nermy2k View Post
    yeah obviously we'd all suck our alternate universe dicks there was never any question about that
    Quote Originally Posted by Atmosfear
    I don't know if Obama did anything to make that happen, but I do know that he didn't do anything to stop me from blaming him.

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    Quote Originally Posted by coqauvin View Post
    Would you cut off your nose if it became gangrenous?
    Not with a dull, rusty, AIDS-infected knife.

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    Currency got us into this problem in the first place.

    I have an idea:



    let's go back to bartering.


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    feel like funkin' it up gwahir's Avatar
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    (the answer is clearly communism)

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    Journeyman Cocksmith Mr. E's Avatar
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    (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)
    Quote Originally Posted by gina View Post
    i can't tell if we're in the throes of a troll toll (to get into the boy's soul) or if there's just one more big floppy douchebag pussywhipped idiot walkin around out there

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    ))) joke, relax ;) coqauvin's Avatar
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    Quote Originally Posted by Mr. E View Post
    (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 chickens
    Quote Originally Posted by Nermy2k View Post
    yeah obviously we'd all suck our alternate universe dicks there was never any question about that
    Quote Originally Posted by Atmosfear
    I don't know if Obama did anything to make that happen, but I do know that he didn't do anything to stop me from blaming him.

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    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?
    Quote Originally Posted by gina View Post
    i can't tell if we're in the throes of a troll toll (to get into the boy's soul) or if there's just one more big floppy douchebag pussywhipped idiot walkin around out there

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    Quote Originally Posted by Mr. E View Post
    (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)
    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.

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    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.
    Quote Originally Posted by gina View Post
    i can't tell if we're in the throes of a troll toll (to get into the boy's soul) or if there's just one more big floppy douchebag pussywhipped idiot walkin around out there

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    Merry fucking Christmas Atmosfear's Avatar
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    Quote Originally Posted by Rick Scarf View Post
    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.
    THE PRESIDENT'S WISHES?!?!?!?!

    Is that a fucking joke?

    More like Goldman's wishes goodbye Lehman Brothers see ya wouldn't wanna be ya

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    Who do you think influences the President? (hint: you are right)

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    Quote Originally Posted by Rick Scarf View Post
    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?


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