Obama: Capitalism dosen't work and it has never worked

[achilles28]

Quote from 4thaugust1932:

What if Fed puts an expiry date on dollar notes?

How would that work.... ?

 

[4thaugust1932]

Quote from achilles28:

How would that work.... ?

Unlike capitalism, globalization is zero-sum.
To counter/regulate globalization Fed should put an expiry date on dollar notes.

 

[achilles28]

Quote from 4thaugust1932:

Unlike capitalism, globalization is zero-sum.
To counter/regulate globalization Fed should put an expiry date on dollar notes.

How would that benefit dollar savers, including American citizens?

 

[zdreg]

Quote from 4thaugust1932:

Unlike capitalism, globalization is zero-sum.
To counter/regulate globalization Fed should put an expiry date on dollar notes.

this is exactly the tactic that is used in 3rd world countries who believe that devaluing the currency is the road to prosperity.

it is quite a sight to watch the decline of the US.

 

[Brass]

Quote from piezoe:

...If the Keynes prescription is not properly applied, you can't blame Keynes.

Yes, but the ET Crazy Right contingent is incapable of comprehending that very fact: if you don't follow the recipe, you can't blame the cookbook.

 

[Brass]

Quote from Lucrum:

...I figure I know at least as much as your messiah, Odumbo.

I don't think you're sufficiently self-aware to even realize what you don't know. And while you may take it as an insult, it is a plain statement of fact.

 

[Lucrum]

Quote from Brass:

I don't think you're sufficiently self-aware to even realize what you don't know. And while you may take it as an insult, it is a plain statement of fact.

"I don't think"? Sounds more like an opinion to me.

 

[zdreg]

Quote from Brass:

I don't think you're sufficiently self-aware to even realize what you don't know. And while you may take it as an insult, it is a plain statement of fact.

The Unknown

As we know,
There are known knowns.
There are things we know we know.
We also know
There are known unknowns.
That is to say
We know there are some things
We do not know.
But there are also unknown unknowns,
The ones we don't know
We don't know.

bottom line nobody messes with lucrum's head except lucrum. that is a known known. what a mess.

 

[piezoe]

Quote from MKTrader:

We didn't get rid of regulations in the net (the number grew/grows every year) and the tax cuts weren't met by spending cuts. David Stockman noticed the problems while he worked for Reagan. The whole "Reagan tried the laissez faire approach and it didn't work" line is another myth. He only tried the easy parts of it--just like all modern politicians.

Agreed he only tried the easy parts. But full-on laissez faire has been in tried at other times in our history and it didn't work, except for the few of course. I think capitalism works best for everyone when you have good regulation. In fact, I think without good regulation you end up with what the U.S. is mired in now. We have had some bad regulation in recent years, mostly originating with special interests.

 

[piezoe]

Quote from achilles28:

"Lawful money" is defined by legal precedent as only federal reserve notes. Competing currencies is an idea put forth by Ron Paul, which legalizes alternative currencies to fiat, federal reserve notes. It could be silver and gold-backed notes. It could be commodity-back money (oil/cattle/grains etc). It could be time-value notes, where laborers trade their own time in lieu of payment. It could be something nobody has thought of, but the market later accepts and runs with it. The Feds shut-down E-gold and Liberty Dollars because they intend to suppress the movement towards alternative currencies. If left to take root, commodity-backed money would spread like wild fire. The basis of Government and Banking power is seniorage, which implies 1) a fiat currency and 2) the general economy using that fiat currency in all transactions. If we move to an alternative currency, something that can't be counterfeited, both the Government and Bankers would lose their counterfeiting monopoly ("monetization" and "loan creation"), which would erase the massive power they hold over the nation. It's all academic, but it's an age-old battle that's raged on for thousands of years.

Very interesting ideas. I heard just the other day that there is a community that has adopted a local currency. I can't recall the towns name though. (was it perhaps Ithaca?)