For Free Marketers who Still Support the Federal Reserve

Discussion in 'Economy' started by Paulie, Oct 17, 2009.

  1. Paulie
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    Paulie Platinum Member

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    Why not at the very least allow legal competing currencies with the fiat Dollar that the market can choose as they see fit?

    SURELY if you're a free marketer, you should have zero problem with this.

    Discuss.
     
  2. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    Is there such a thing as a supporter of the free market that supports the Federal Reserve? Keeping in mind that the Federal Reserve is the antithesis of a free market.
     
  3. Paulie
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    Paulie Platinum Member

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    You and I know that, but it just makes for much less bullshit bickering and bantering that takes threads off topic to put that in.

    I did consider putting quote marks around free marketers in the title though.

    If you supported the FR along with competing currencies, you might just get to claim free marketer status again :D
     
  4. The Rabbi
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    The Rabbi Diamond Member

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    What universe do you live in? Traders choose lots of different currencies. Germany just issued some large amount of dollar-denominated bonds.
    None of that has anything to do with the Fed. Nice try though.
     
  5. Toro
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    Toro Diamond Member

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    Currencies between countries have a cost, sometimes significant. That is why most EU countries ditched their own currencies and started the euro. I can't imagine what the costs would be if there were multiple currencies in one country.
     
  6. Paulie
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    Paulie Platinum Member

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    A new word needs to be created to describe your ignorance, because none in existence are adequate. I'm talking about a private sector, independent, sound currency that is not created infinitely via a printing press.

    We had the Liberty Dollar, but we see how the gov shut that one down as soon as they started to realize it was actually COMPETING with the Dollar.

    And before you you even bother hitting me with the bullshit about LD pretending it was legal tender...not only was it clearly marked on its bills that it was NOT legal tender, nor did it even RESEMBLE any other real currency, but it also at one point in time had the blessing of the Fed, the Treasury, and a Secret Service agent as being legal.

    It only changed when competition with the Dollar became recognized.
     
  7. Neubarth
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    Neubarth At the Ballpark July 30th

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    When in America, Canada and Mexico I only spend Dollars. When I go to Japan next week, I will only spend Dollars there. The merchants are eager to get their hands on them.
     
  8. The Rabbi
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    The Rabbi Diamond Member

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    That ranks among the stupidest posts you've made. And that's really galactic level stupidity.
    The very definition of money is a stable store of value. Having umpteen currencies circulate is not money. We've seen this movie before. In the 19th century every bank issed "bank notes". A lot of these were outright frauds. Others had various valuations that varied from face. There was a brisk trade in trading these back and forth.
    And guess what, none of it worked well and was a drag on the economy.
    Why not use your time reviewing Grant's History of Banking or Steele's Empire of Wealth and learn instead of coming around here and posting idiotic schemes that fail the laugh test?
     
  9. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    If the definition of money is a stable store of value then our paper standard and the Federal Reserve have failed completely. The dollar has lost 95% of its value since the inception of the Fed, whereas under the gold standard the currency was stable.
     
  10. The Rabbi
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    The Rabbi Diamond Member

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    The currency was hardly stable.
    And the figure of 95% is almost certainly misleading. But you are talking over 90 years. That's pretty stable.
     

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