Discussion in 'Economy' started by Kevin_Kennedy, Apr 23, 2009.
Trust Mises and Gold, Not Keynes, Bernanke, and Fiat Money
The gold standard is a better monetary system.
"The far right advocates the gold standard because it gets government out of the business of controlling the money supply. They fear that printing money creates inflation, and retracting money causes recessions. But the opposite is also true: printing money cures recessions, and retracting it cures inflation. Governments in the last 60 years have used these policies with tremendous success. There has not been a single depression or bank panic in any nation anywhere in the world using Keynesian monetary policies. But during the Gilded Age of the late 19th and early 20th centuries, depressions and bank panics were common. The historical record is so strong that mainstream economists reject the gold standard almost universally."
You may find it odd that somebody like me who thinks the gold standard is a silly idea agrees with the above, but I do.
A Fiat money economic is no better than the people who control it.
The people who controlled ours in the last thirty or fourty years didn't do it on behalf of the American economy, they did it on behalf of themselves.
As soon as one of you Miseian genuises can explain to me how to overcome the inherent problems of the gold standard you may find a convert.
Thus far your entire argument for the gold standard is the problem of fiat monetary systems run by gangsters.
THAT problem I fully understand.
Your gold standard solution, I DONT.
All wrong. Every panic, recession, downturn, and depression great and small can be traced back to government or national or central bank interference in the market. Also, these policies being used "with tremendous success" is quite a stretch. The Great Depression lasted until 1946, and that's a great success?
The every other day "gold is great" thread by KK that have been rebutted ad naseum in multiple threads already in the short time I've been here.
If we really were interested in the daily report from the Mises institute we could subscribe there.
Kevin, just of curiousity, how much of your assets do you hold in gold?
We "gold bugs," as you like to call us, have tried to explain the benefits to you, but you simply reject our answers. I don't think it's a lack of understanding on your part, I just think you disagree with the idea of a gold standard completely. Not everyone's going to agree, but we'll keep trying to convert you.
My personal finances are of no concern to an online message board.
I had thought that you had said earlier you had invested in gold and were doing well by it. I could very well be mistaking you for someone else.
I agree your personal finances are your personal business and you are certainly under no obligation to share such information.
Though it would sure explain why you are so in favor of a gold standard.
An actual gold standard really can't work now, because there's far more wealth than available gold to represent it. Doomsday-bunker building luddites are a bit stuck on an actual gold standard, out of some romantic nostalgia for the "good ol' days" when a buck was worth something--something valuable--and thought wrong in particulars, they make a vlid point in principle. The more thoughtful "gold bugs" aren't asserting that money has to actually equate to gold, but rather that money should have some objectively predictable and measurable value; that money should equate to a value not subject to the caprices of political expediencies. That's the real Gold Standard argument--not that gold, and only gold, is the end-all and be-all of economic stabilty, but that a monetary system founded upon an objective standard is more stable than one founded upon some retard's capacity to print money, or force an interest rate."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."--Alan GreenspanThe welfare statists, predictably, will have the same issues with any monetary system based upon an objective standard--it interferes with their ability to control wealth that they have not created, and posses wealth they have not earned.
You must be thinking of somebody else.
Separate names with a comma.