What Makes a Nation's Money Gain or Hold VALUE???

[Toddsterpatriot]

No it doesn't. The economy doesn't grow because the supply of money is tied to gold. That's the dumbest fucking thing I've ever heard.

everything is dumb to you because you dont think first!! The economy does grow when tied to gold because you then avoid the recessions and depressions that eat up the 3-4 % growth you might acheive in a fiat environment. See what happens when yoou think first??

No recessions or depressions under the gold standard?
You get funnier all the time.

 

[OohPooPahDoo]

No it doesn't. The economy doesn't grow because the supply of money is tied to gold. That's the dumbest fucking thing I've ever heard.

everything is dumb to you because you dont think first!! The economy does grow when tied to gold because you then avoid the recessions and depressions that eat up the 3-4 % growth you might acheive in a fiat environment. See what happens when you think first??

You've yet to show that tying the supply of money to gold avoids depressions and recessions. All you have done is state it over and over, and say "Econ 101", without supplying any actual evidence.

Do you really think you're a smart person? You're one of the dumbest motherfuckers on this board.

 

[EdwardBaiamonte]

is why would you ever lend your support to a gold standard when a k-percent rule is strictly better at keeping prices stable.

because the Gold Standard represents a far bigger commitment to stable money and stable growth and 30% of the nation is behind it while 0% are behind your perfectly irrelevant proposal

 

[EdwardBaiamonte]

You've yet to show that tying the supply of money to gold avoids depressions and recessions.

this is the conclusion of Friedman, Bernanke and Krugman using the Great Depression as the best example. Sorry!!

 

[OohPooPahDoo]

You've yet to show that tying the supply of money to gold avoids depressions and recessions.

this is the conclusion of Friedman, Bernanke and Krugman using the Great Depression as the best example. Sorry!!

No it isn't.

 

[EdwardBaiamonte]

Ron Paul has a few ignorant idiots organized around his gold standard. So what?

a few???????????????? maybe 30% of the Republicans and x % of independants and Democrats while your utterly and perfectly irrelevant idea has precisely 0% support

 

[DSGE]

is why would you ever lend your support to a gold standard when a k-percent rule is strictly better at keeping prices stable.

because the Gold Standard represents a far bigger commitment to stable money and stable growth and 30% of the nation is behind it while 0% are behind your perfectly irrelevant proposal

First off, it doesn't represent a bigger commitment to stable money. The biggest commitment to stable money is freezing the quantity of money. Second, why the fuck does that matter? We don't need "representative commitment". When the Fed Reserve Act is amended to say "you have to keep the quantity of money constant", the Fed has to obey because it's the law.

So your entire reason for supporting the gold standard over a k-percent rule is that 30% of the nation (obviously a made up figure) are extremely dumb? It doesn't matter what everybody else wants because you can have conditional opinions. You can say, I want free banking (and try to explain to people why free banking is good), but since we're stuck with a central bank I'd like it to be constrained with a price level target. Or, I want a k-percent rule (and explain to people how it's much better than a gold standard), but if the only legislation that's close to getting passed is a gold standard, I'll still vote for that.

I want you to explain why you're posing a gold standard as your first preference, when a k-percent rule is strictly better by any measure.

I also want you to answer my fucking question about whether or not you're familiar with MV=PY so I can explain about velocity shocks.

 

[EdwardBaiamonte]

You've yet to show that tying the supply of money to gold avoids depressions and recessions.

this is the conclusion of Friedman, Bernanke and Krugman using the Great Depression as the best example. Sorry!!

No it isn't.

At Friedman's 90th birthday party Bernanke said, " you're right , we caused it, but we're not going to let it happen again." If you want Krugman's version its in "Depression Economics" Sorry!!

 

[DSGE]

You've yet to show that tying the supply of money to gold avoids depressions and recessions.

this is the conclusion of Friedman, Bernanke and Krugman using the Great Depression as the best example. Sorry!!

You're talking out your arse. Find me a quote of Ben Bernanke saying that a binding gold standard avoids recessions.

 

[EdwardBaiamonte]

When the Fed Reserve Act is amended to say ".

I like the way you need to pretend it is going to be amended when the support for it is exactly and perfectly 0%.

 

[OohPooPahDoo]

this is the conclusion of Friedman, Bernanke and Krugman using the Great Depression as the best example. Sorry!!

No it isn't.

At Friedman's 90th birthday party Bernanke said, " you're right , we caused it, but we're not going to let it happen again." If you want Krugman's version its in "Depression Economics" Sorry!!

I'm sorry, where did he say that depressions and recessions cannot happen under the Gold Standard?

 

[DSGE]

this is the conclusion of Friedman, Bernanke and Krugman using the Great Depression as the best example. Sorry!!

No it isn't.

At Friedman's 90th birthday party Bernanke said, " you're right , we caused it, but we're not going to let it happen again." If you want Krugman's version its in "Depression Economics" Sorry!!

Yeah, "We're sorry for not expanding the money supply significantly". Not, "We're sorry for not clinging to the gold standard". You're such a moron. How the fuck can you think that quote supports your position at all.

 

[OohPooPahDoo]

Ron Paul has a few ignorant idiots organized around his gold standard. So what?

a few???????????????? maybe 30% of the Republicans and x % of independants and Democrats while your utterly and perfectly irrelevant idea has precisely 0% support

Ron Paul is supported by society's biggest losers

 

[EdwardBaiamonte]

Yeah, "We're sorry for not expanding the money supply significantly". Not, "We're sorry for not clinging to the gold standard". You're such a moron. How the fuck can you think that quote supports your position at all.

no idea what you're talking about. PLease keep in mind that Friedman's conclusion was that not sticking to the gold standard caused the Great Depression

 

[EdwardBaiamonte]

Ron Paul has a few ignorant idiots organized around his gold standard. So what?

a few???????????????? maybe 30% of the Republicans and x % of independants and Democrats while your utterly and perfectly irrelevant idea has precisely 0% support

Ron Paul is supported by society's biggest losers

is that our subject?????????????????

 

[DSGE]

When the Fed Reserve Act is amended to say ".

I like the way you need to pretend it is going to be amended when the support for it is exactly and perfectly 0%.

I like the way you ignore all of my points and questions and instead say the dumbest things.

You realise we're talking about preferences, right? This may be hard for you to imagine, but give it a try. My first preference is that the Federal Reserve Act gets modified to give the Fed an explicit NGDP level target. How much support that has in reality is completely irrelevant, because we're talking about my personal preferences. We're talking about what I advocate.

Now you're posing a gold standard as your first preference. I'm asking why your first preference isn't a k-percent rule. It doesn't matter how much support it has in reality. Because, as I addressed in my post, you can have a first preference as being what you know is intellectually the best option, and try and convince people that's the best option, but out of practicality vote for a gold standard.

So once again, you stupid motherfucker, if you had the power to modify the Fed Reserve Act yourself, would you give them a gold standard or a k-percent rule?

 

[EdwardBaiamonte]

No it isn't.

At Friedman's 90th birthday party Bernanke said, " you're right , we caused it, but we're not going to let it happen again." If you want Krugman's version its in "Depression Economics" Sorry!!

I'm sorry, where did he say that depressions and recessions cannot happen under the Gold Standard?

He agreed with Friedman. Also he agrees with Ron Paul. Read "End the Fed." Paul asks Bernanke why not switch to a gold standard. Bernanke says, cant but I'm running it as if it was on a gold standard. Thats about the most a sitting Chairman could say, but it says a ton.

 

[DSGE]

Yeah, "We're sorry for not expanding the money supply significantly". Not, "We're sorry for not clinging to the gold standard". You're such a moron. How the fuck can you think that quote supports your position at all.

no idea what you're talking about.

Surprise surprise.

PLease keep in mind that Friedman's conclusion was that not sticking to the gold standard caused the Great Depression

His conclusion was that broad monetary aggregates fell by 30% and the Fed didn't expand the money supply to offset that. Have you even read A Monetary History?

 

[EdwardBaiamonte]

My first preference is

You're not important enough to have a preference that matters. Education takes place in a common context with a common language. Libertarians have been building that context for decades.

 

[EdwardBaiamonte]

Yeah, "We're sorry for not expanding the money supply significantly". Not, "We're sorry for not clinging to the gold standard". You're such a moron. How the fuck can you think that quote supports your position at all.

no idea what you're talking about.

Surprise surprise.

PLease keep in mind that Friedman's conclusion was that not sticking to the gold standard caused the Great Depression

His conclusion was that broad monetary aggregates fell by 30% and the Fed didn't expand the money supply to offset that. Have you even read A Monetary History?

he said, " the Fed didn't play by the gold standard rules in place at the time"? "They let the number of banks and the amount of money shrink by 1/3." Interestingly Krugman says bank shrunk by 50%