For Free Marketers who Still Support the Federal Reserve

[Neubarth]

"the rabbi" should be banned from all economic threads

You say something, Wookie?

Rabbi, you genius, you. How bout a photo of you when you were a young man?

Personally I don't go younger than 38 as it makes too many men insanely jealous and the women far too horny. They pester me all the time.

 

[The Rabbi]

"the rabbi" should be banned from all economic threads

You say something, Wookie?

Rabbi, you genius, you. How bout a photo of you when you were a young man?

Personally I don't go younger than 38 as it makes too many men insanely jealous and the women far too horny. They pester me all the time.

Sorry, I'm not your type. And I doubt you could handle all of me anyway.

 

[Neubarth]

I'm straight. It would be nice if the regular intelligent posters here would post their photos. The irrational and uneducated spammers like Pinky, of course, could continue to post other photos as they would not want us to identify them in public.

 

[Neubarth]

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.

IM all for that.. How about in addition to the federal reserve note we also allow a United States Note, as well as silver and gold coin... Id love to see that kind of currency competition.

But they'll never do it, because it would put the fed right out of business, and they know it.

We do not need to give legal sanction to a highly speculative commodity as a reserve for our currency. the productivity of the American worker is all the backing the American Dollar needs.

 

[Paulie]

No, your understanding of this is simply wrong. I'd suggest going and getting a book on the subject instead of wasting time posting wrong and misleading ideas.

Of course you provide no information to back up your position, but who's really surprised.

I challenge you to find anyone here or elsewhere that can defend your position against mine.

I'm known and respected by the econ posters on this board for the past 2 years of my membership, and you're some newbie who makes 3 sentence posts that say "you're wrong because I'm right".

You've got zero credibility. I'm surprised you're not ashamed of yourself at this point, which leads me to believe you're quite accustomed to shame throughout your life.

Yawn.

Definition: Money is a good that acts as a medium of exchange in transactions. Classically it is said that money acts as a unit of account, a store of value, and a medium of exchange.

Note the "unit of account." If you have multiple currencies circulating in competition then you no longer have a single unit of account.
You have no credibility. You have admitted to being a self-schooled ignoramus on this board and your absurd posts proclaim it every time.

In a free market where anyone can choose to charge any price they want for any accepted form of payment, your 'definition" of unit of account means jack fucking squat. Inflation tends to destroy the notion of unit of account anyway.

What good is a currency that has your version of unit of account, if it's continually inflated and deflated as seen fit by a government, especially in the face of the fact that businesses are regulated on what type of payment for goods they can receive, let alone how government debts are paid?

If a competing currency that is sound happens to generate more value than a fiat Dollar bill, that currency can become considered the preeminent unit of account by the market.

Stop making excuses for the Fed. Just say you're scared of change and we can just move on.

 

[The Rabbi]

Why are you still posting in this thread? Why havent you thrown yourself off a cliff in shame? Or better yet buried yourself in the econ section of the local library, so you don't sound like an idiot?
I'd start with "it isn't my definition of unit of account". But even that is beyond you. I'll bet the term unit of account is beyond you. I know it is based on your response,which strongly suggests you don't have a clue what it means.
Please. Go bake muffins or something.

 

[Paulie]

Why are you still posting in this thread? Why havent you thrown yourself off a cliff in shame? Or better yet buried yourself in the econ section of the local library, so you don't sound like an idiot?
I'd start with "it isn't my definition of unit of account". But even that is beyond you. I'll bet the term unit of account is beyond you. I know it is based on your response,which strongly suggests you don't have a clue what it means.
Please. Go bake muffins or something.

If unit of account implies or at the very least RELIES on stability, how is the USD worthy over any other currency in the free market, in the face of its continual inflationary treatment throughout history?

One can not predict accurate performance of the Dollar, especially given this past year's occurances, which renders its unit of account practically inferior to a currency that could be backed by a hard commodity and not manipulated by a central bank for whatever its stated purpose for doing so was at that point.

There's no argument on your part for unit of account somehow nullifying the viability of a competing currency in the marketplace. A free market need not make consideration for unit of account in regards to the USD if it simply chooses not to accept it any longer as payment because another one is considered more stable.

We're looking for stability in a currency here, and the USD doesn't provide that over the long term. If it did, you'd still be able to buy a brand new car for only a few thousand Dollars.

You don't understand the free market. In fact, I don't think you understand the market on ANY front. You should consider yourself an embarrassment to your fellow Yid for that ALONE.

 

[Neubarth]

You're right!

It is good that the Rabbi agrees with you all of the time. The board is getting to be a downright friendly place now.

 

[Paulie]

You're right!

It is good that the Rabbi agrees with you all of the time. The board is getting to be a downright friendly place now.

I think he got tired of agreeing with me and put me on ignore, like a good little pussy. Historically in my experiences, message board ignore features are used for either someone who is just downright disruptive, or for someone who you have conceded to as having lost and can't handle the confrontation any longer.