USA Today "End the Fed"

Quote from Debaser82:

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.



The Maestro.
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He held this view till he found out that central banks could in fact resist political pressure and target low levels of positive inflation
 
Quote from Random.Capital:

This is so clearly contradicted by actual history that it baffles me how it can get repeated so often.

Non-fiat currencies do NOT have fewer bubbles, and they do NOT restrain governments to "spend within their means".
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Prove it.
 
Quote from Random.Capital:

I'm not your tutor. Read a book and learn some history.
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\

LOL> You're full of shit.

Post examples. I know my history. Seems, you don't !
 
Whether there were more or less bank runs and failure, or number and severity of recessions or other things bad in the gold standards period prior to 1913 is just historical interpretations and not what's inscribed on the stone slab which Moses brought down from Mount Sinai which just got new messages deciphered. You debate till you die from self-asphyxia and you don't know the answer.

That there was this hope and battle with hopelessness within the breast of every slave ever in human history for thousands of years. There must have also been occurrences of real revolts against slavery. That the slaves failed for thousands of years to gain freedom was not a vindication that their yearnings for freedom must have been misplaced - that God decreed slaves and masters over them. That slaves should have just obeyed God's decree for ever and evermore! Similarly, it cannot be argued that the bankers finally winning and consolidating their power in 1913 in the power struggles, accompanied by economic and financial carnage, vindicates the failure of the Gold Standards and that the Fed is "economic truth". It only just recorded a period of power struggle and its outcome, just as most here in ET don't claim the Bolshevik revolution of 1917 to mean communism is right. Neither was it a proof that God approves of them (as claimed in the US100 dollar note) nor that God has sealed a new sacred covenant with the bankers placing authority in their hands that none should violate.
 
Thank God for the FED! They have protected the dollar since 1913. In constant dollars the current Dollar probably buys what cost a penny in 1913.
 
Quote from Daal:

The US had bubbles and recessions before 1913. Can someone inform Paul of this?
Oh I forget, Greenspan already told him that in a Congress hearing years ago but it entered one ear and came out in the other

It seems that he worships Murray Rothbard and Mises too much to a point where he cant possibly see how they could ever make a mistake
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Their were two central banks in the US before 1913 as well. The First and the Second Nat'l banks of the United States.

http://en.wikipedia.org/wiki/History_of_central_banking_in_the_United_States
 
You know I've been trying to understand that argument, what exactly do you guys view a 'recession' as? Because to be quite honest I don't think banks failing because of bad debt on their own can be considered that, when you have a gigantic collapse like the one the U.S is facing however.
 
Quote from Random.Capital:

This is so clearly contradicted by actual history that it baffles me how it can get repeated so often.

Non-fiat currencies do NOT have fewer bubbles, and they do NOT restrain governments to "spend within their means".
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Only because no regime can be trusted to print just enough money to reflect the amount in gold reserves.

A fiat currency system can work, but someone needs to tell congress that they can't have anymore money.
 
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