PLAN for the worst, Hope for the Best

[achilles28]

Quote from jprad:

Sorry. I assumed you had the intellectual capacity to comprehend what the food produced by a nationalized food industry would "cost" to it's citizens...

LOL!

What makes you think for one second your half-baked predictions would fly in a real world scenario??

Coming from a guy who wants to inflate wages by 50% without affecting street-level prices, yea, you're a real Weekend Warrior!

Quote from jprad:

Unfortunately, history shows that large numbers of farms during the Depression went bankrupt.

The reason? Currency deflation. The value of their exports dropped by 80% while the volume only dropped in half.

And that has any relevance, how??

People starved during the Great Depression, despite excess capacity.

Whats currency deflation got to do with it when the Government could have "nationalized food"??

Who's to say it won't happen again??

YOU?!?

 

[Susannah]

Someone that knows more about history than me, please explain what the confiscation of gold was about economically.

What I've read seems to indicate it gave a floor to the price of gold, which in turn gave a floor to the price of other commodities, starting up a round of inflation to get the US through its deepening deflation.

This makes sense to me, but I'm sure there are some other explanations.

 

[jprad]

Quote from achilles28:

People starved during the Great Depression, despite excess capacity.

You keep saying that, how about something to back it up?

While you're at it you might want to check into the Agricultural Adjustment Act that Roosevelt passed in '33...

 

[jprad]

Quote from Susannah:

Someone that knows more about history than me, please explain what the confiscation of gold was about economically.

Up until that time anyone could walk into a bank and demand gold in exchange for paper money.

People saw what was going on and were pulling gold out in droves, hoarding it.

Worse, it was also happening internationally, but Roosevelt couldn't stop them from demanding gold for their dollars.

The net result was that it was depleting the government's gold reserves.

So, he closed the banks until the order was established. You were then forced to surrender your gold for the fixed price of $20/oz.

After the gold was seized Roosevelt raised the price of gold to $35/oz. which devalued the dollar by 40% overnight.

It mutated to the Bretton Woods Agreement until '71 when Nixon took us off gold for good.

 

[TraderZones]

Quote from jprad:

Precious metals? No, only gold was confiscated because of Roosevelt's order.

Silver was still out there. Except for pennies and nickels, all coin was 90% silver until '64 except for Kennedy half dollars, which were reduced to 40% silver until '70.

Little chance/motivation to do the same today since we're no longer on a gold standard.

Gold-bugs refuse to accept the impracticality of having a gold standard today much less admit to the problems that can occur when on one.

The best we can hope for today is sound monetary policy, but you can't have that when private banking is in control of it.

I read most of your stuff, and I say "pretty accurate". I read achilles stuff, and it is like he cuts and pastes most of it out of a comic book or doomsday magazines.

talking to achilles is like talking to a potted plant. Except the plant is much brighter.

I cannot believe the 3rd grade level stuff he spews. I suspect anyone who finds him interesting are his alter egos.....