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OfflineDungenessDank
Lord of the Flies


Registered: 05/06/08
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Systematically ruining the US economy
    #468376 - 08/27/10 10:43 AM (6 years, 3 months ago)

http://www.nytimes.com/2010/08/28/business/economy/28fed.html?_r=1

The Fed is going to end up putting even more funny money into the system. They have been prolonging the inevitable with more and more money, and the money last for a shorter and shorter time before shit goes down hill again.

Without dipping into conspiracy theory, what are we supposed to do as Americans?

Elect Ron Paul in 2012

:ronpaul:


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OfflineNizzyJones
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Re: Systematically ruining the US economy [Re: DungenessDank]
    #468381 - 08/27/10 11:17 AM (6 years, 3 months ago)

He's got a lot of good points but his monetary policy is batshit insane. For instance all his points on inflation assume that you accept the Austrian school of economics which redefines inflation as a purely supply side phenomena instead of a complex relationship between supply and demand.

Libertarianism itself is one of those things that sounds like a really good idea but in practice is a really horrible idea. Just like implementing a pure laissez faire capitalist or pure socialist economy is a horrible idea. There are shared resources that have to be protected by someone, other shared infrastructures that have to be maintained by someone and in order for a capitalist system to work it has to be a free market - which contrary to what a lot of people think requires extensive regulation to insure that the barrier to entry is not so high as to essentially eliminate market competition.


Edited by NizzyJones (08/27/10 11:30 AM)


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OfflineDungenessDank
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Re: Systematically ruining the US economy [Re: NizzyJones]
    #468382 - 08/27/10 11:28 AM (6 years, 3 months ago)

So we just keep using the one we have and continue down this line of self-destruction?


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OfflineNizzyJones
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Re: Systematically ruining the US economy [Re: DungenessDank]
    #468385 - 08/27/10 11:31 AM (6 years, 3 months ago)

I don't even know what you're asking.

Using the fiat currency system? Yes, absolutely.

Edit: just so we're clear, are you saying that inflation is universally a bad thing? Because that's not exactly true. Controlled inflation has a number of benefits: http://en.wikipedia.org/wiki/Inflation#Positive


Edited by NizzyJones (08/27/10 11:35 AM)


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OfflineNizzyJones
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Re: Systematically ruining the US economy [Re: NizzyJones]
    #468387 - 08/27/10 11:48 AM (6 years, 3 months ago)

Looking at the other case (a commodity backed currency like Ron Paul is talking about) your currency valuation would only be as stable as the price of that commodity.

This charts the price of gold over the last twelve months:


A commodity backed currency would have resulted in MORE currency fluctuation. (edit: dropping those numbers because the math is too complex for me to be doing on one cup of coffee)


Edited by NizzyJones (08/27/10 11:53 AM)


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OfflineDungenessDank
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Registered: 05/06/08
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Re: Systematically ruining the US economy [Re: NizzyJones]
    #468389 - 08/27/10 11:55 AM (6 years, 3 months ago)

That's the point. A currency based on something.

I can tell you have a different view than myself, but I'm not about to start a debate.


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OfflineNizzyJones
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Re: Systematically ruining the US economy [Re: DungenessDank]
    #468398 - 08/27/10 01:27 PM (6 years, 3 months ago)

A currency based on something that is more volatile than our current system. I know that it sounds good and gives you a warm fuzzy feeling but it's a demonstrably horrible idea.

Edit: Gold originally only had value because it's shiny. Now it's actually useful in various technologies so we're hurting our economy by artificially over-valuing it.


Edited by NizzyJones (08/27/10 01:32 PM)


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Offlinekyuzo
Stranger Than Fiction

Registered: 07/06/10
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Re: Systematically ruining the US economy [Re: DungenessDank]
    #468409 - 08/27/10 01:52 PM (6 years, 3 months ago)

Quote:

DungenessDank said:but I'm not about to start a debate.




that's exactly what you did when you made this thread


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