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So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
I wasn't forgetting. Bretton Woods and the gold standard caused an outflow of gold and over valuation of the dollar during the oil crisis of the 1970s, and Milton Friedman's "tome" became popular in arguing that the monetary supply should just be tied to growth (or decline) in gnp so that the money supply would avoid both inflation and deflation.You seem to be forgetting the effects of our dropping Bretton Woods in the early 1970’s and why that agreement existed in the first place. After it was gone the dollar was no longer tied to ANYTHING and since much of the world uses the dollar as their reserve currency guess what their currencies are tied to?Well I agree, sort of. But the problem has nothing to do with "fiat currency" and the buzzword of today. We paid our unsecured debts we ran up in wars. The gold standard was responsible for turning a recession into a decade long global depression that was only cured with "fiat money." The problem is leaders willing to vote for crap and tax cuts regardless of budget deficits.So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
We’re doing the same thing with the dollar that the Romans did to the denarius and for the same reasons (removing spending restraint on the state), the Romans devalued their currency so badly that even the state stopped accepting it for tax payments.
Stop right there, what was the root cause of the net outflow of gold that caused Nixon to abandon Bretton Woods? the oil crisis is irrelevant since it took place after Nixons action.I wasn't forgetting. Bretton Woods and the gold standard caused an outflow of goldYou seem to be forgetting the effects of our dropping Bretton Woods in the early 1970’s and why that agreement existed in the first place. After it was gone the dollar was no longer tied to ANYTHING and since much of the world uses the dollar as their reserve currency guess what their currencies are tied to?Well I agree, sort of. But the problem has nothing to do with "fiat currency" and the buzzword of today. We paid our unsecured debts we ran up in wars. The gold standard was responsible for turning a recession into a decade long global depression that was only cured with "fiat money." The problem is leaders willing to vote for crap and tax cuts regardless of budget deficits.So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
We’re doing the same thing with the dollar that the Romans did to the denarius and for the same reasons (removing spending restraint on the state), the Romans devalued their currency so badly that even the state stopped accepting it for tax payments.
I don’t vote for Republicans, never have, never will. You’re WAY out your depth in this conversation, let the adults talk you might learn something if you take off those partisan blinders and try to be objective for a change……..So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
But you keep voting for them.
You're right. While the oil crisis was part of Nixon's motivation that actually predated the oil embargo. We'd reached "peak oil" in domestic production which caused us to import more, and that caused dollars (tied to gold) to go overseas.Stop right there, what was the root cause of the net outflow of gold that caused Nixon to abandon Bretton Woods? the oil crisis is irrelevant since it took place after Nixons action.I wasn't forgetting. Bretton Woods and the gold standard caused an outflow of goldYou seem to be forgetting the effects of our dropping Bretton Woods in the early 1970’s and why that agreement existed in the first place. After it was gone the dollar was no longer tied to ANYTHING and since much of the world uses the dollar as their reserve currency guess what their currencies are tied to?Well I agree, sort of. But the problem has nothing to do with "fiat currency" and the buzzword of today. We paid our unsecured debts we ran up in wars. The gold standard was responsible for turning a recession into a decade long global depression that was only cured with "fiat money." The problem is leaders willing to vote for crap and tax cuts regardless of budget deficits.So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
We’re doing the same thing with the dollar that the Romans did to the denarius and for the same reasons (removing spending restraint on the state), the Romans devalued their currency so badly that even the state stopped accepting it for tax payments.
Second question, how would you explain the rising popularity of crypto for transactions? I ask because it’s directly related to the first question.
hint: what do people do with respect to money when “the jig is up”?
Woof,woof Doggie always good to read your insights.
You seem upset by the voting patterns of the best-educated and most prosperous states, but I doubt if any will defer to your insistence they they follow your lead since their approach is obviously working for them.
Liberals are the biggest dumbasses on the planet. They prove it with the all disastrous things they support like letting other countries export their poverty here. How dumb do you have to be to have open borders? If they is what they are learning with their education system then some teachers need to be fired.
I don’t vote for Republicans, never have, never will. You’re WAY out your depth in this conversation, let the adults talk you might learn something if you take off those partisan blinders and try to be objective for a change……..So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
But you keep voting for them.
Uh-huh, better an “arrogant little twit” than an individual completely devoid of objectivity, integrity, self awareness and the ability to comprehend English.I don’t vote for Republicans, never have, never will. You’re WAY out your depth in this conversation, let the adults talk you might learn something if you take off those partisan blinders and try to be objective for a change……..So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
But you keep voting for them.
What an arrogant little twit you are. If you were half as smart as you think you are, you wouldn’t be voting Republican.
You seem upset by the voting patterns of the best-educated and most prosperous states, but I doubt if any will defer to your insistence they they follow your lead since their approach is obviously working for them.
Liberals are the biggest dumbasses on the planet. They prove it with the all disastrous things they support like letting other countries export their poverty here. How dumb do you have to be to have open borders? If they is what they are learning with their education system then some teachers need to be fired.
No one I know of is advocating for your "open borders" as an immigration policy. Some free-market capitalists promote tariff-free commerce in that regard.
You captured the gist of question #1, the world figured out that we were CHEATING (printing more dollars than we had gold reserves to back them) on Bretton Woods to pay for the Great Society and the Vietnam War. People being people saw the writing on the wall and wanted gold at the fixed asset price instead of dollars (which is want to happen when they see a devaluation coming). The bullshit excuse that Nixon gave “defend the dollar from the speculators” was just that BULLSHIT, they weren’t “speculators” they knew exactly what was happening. Since then we’ve been on a grand experiment in currencies never before seen in the History of Civilization, fiat currencies tied to another fiat currency, it’s good for us as long as the dollar remains the worlds reserve currency, not so good when that ends.You're right. While the oil crisis was part of Nixon's motivation that actually predated the oil embargo. We'd reached "peak oil" in domestic production which caused us to import more, and that caused dollars (tied to gold) to go overseas.Stop right there, what was the root cause of the net outflow of gold that caused Nixon to abandon Bretton Woods? the oil crisis is irrelevant since it took place after Nixons action.I wasn't forgetting. Bretton Woods and the gold standard caused an outflow of goldYou seem to be forgetting the effects of our dropping Bretton Woods in the early 1970’s and why that agreement existed in the first place. After it was gone the dollar was no longer tied to ANYTHING and since much of the world uses the dollar as their reserve currency guess what their currencies are tied to?Well I agree, sort of. But the problem has nothing to do with "fiat currency" and the buzzword of today. We paid our unsecured debts we ran up in wars. The gold standard was responsible for turning a recession into a decade long global depression that was only cured with "fiat money." The problem is leaders willing to vote for crap and tax cuts regardless of budget deficits.So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
We’re doing the same thing with the dollar that the Romans did to the denarius and for the same reasons (removing spending restraint on the state), the Romans devalued their currency so badly that even the state stopped accepting it for tax payments.
Second question, how would you explain the rising popularity of crypto for transactions? I ask because it’s directly related to the first question.
hint: what do people do with respect to money when “the jig is up”?
Woof,woof Doggie always good to read your insights.
1970s energy crisis - Wikipedia
en.wikipedia.org
And I recall it seemed like a good idea at the time. LOL. I just wanted a job that didn't involve being part of the Vietnam adventure.
By 1966, non-US central banks held $14 billion, while the United States had only $13.2 billion in gold reserve. Of those reserves, only $3.2 billion was able to cover foreign holdings as the rest was covering domestic holdings.[7]Nixon shock - Wikipedia
By 1971, the money supply had increased by 10%.[8] In May 1971, West Germany left the Bretton Woods system, unwilling to revalue the Deutsche Mark.[9] In the following three months, this move strengthened its economy. Simultaneously, the dollar dropped 7.5% against the Deutsche Mark.[9] Other nations began to demand redemption of their dollars for gold. Switzerland redeemed $50 million in July.[9] France acquired $191 million in gold.[9] On August 5, 1971, the United States Congress released a report recommending devaluation of the dollar, in an effort to protect the dollar against "foreign price-gougers".[9] On August 9, 1971, as the dollar dropped in value against European currencies, Switzerland left the Bretton Woods system.[9] The pressure began to intensify on the United States to leave Bretton Woods.
that is the rub. When the dollar is not longer the reserve currency, prices are gonna go UUUUUPPP. Perhaps China's endgame is for the yuan to be the new dollar. But I don's see why other countries would tie to a currency that is fixed by pols.You captured the gist of question #1, the world figured out that we were CHEATING (printing more dollars than we had gold reserves to back them) on Bretton Woods to pay for the Great Society and the Vietnam War. People being people saw the writing on the wall and wanted gold at the fixed asset price instead of dollars (which is want to happen when they see a devaluation coming). The bullshit excuse that Nixon gave “defend the dollar from the speculators” was just that BULLSHIT, they weren’t “speculators” they knew exactly what was happening. Since then we’ve been on a grand experiment in currencies never before seen in the History of Civilization, fiat currencies tied to another fiat currency, it’s good for us as long as the dollar remains the worlds reserve currency, not so good when that ends.You're right. While the oil crisis was part of Nixon's motivation that actually predated the oil embargo. We'd reached "peak oil" in domestic production which caused us to import more, and that caused dollars (tied to gold) to go overseas.Stop right there, what was the root cause of the net outflow of gold that caused Nixon to abandon Bretton Woods? the oil crisis is irrelevant since it took place after Nixons action.I wasn't forgetting. Bretton Woods and the gold standard caused an outflow of goldYou seem to be forgetting the effects of our dropping Bretton Woods in the early 1970’s and why that agreement existed in the first place. After it was gone the dollar was no longer tied to ANYTHING and since much of the world uses the dollar as their reserve currency guess what their currencies are tied to?Well I agree, sort of. But the problem has nothing to do with "fiat currency" and the buzzword of today. We paid our unsecured debts we ran up in wars. The gold standard was responsible for turning a recession into a decade long global depression that was only cured with "fiat money." The problem is leaders willing to vote for crap and tax cuts regardless of budget deficits.So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
We’re doing the same thing with the dollar that the Romans did to the denarius and for the same reasons (removing spending restraint on the state), the Romans devalued their currency so badly that even the state stopped accepting it for tax payments.
Second question, how would you explain the rising popularity of crypto for transactions? I ask because it’s directly related to the first question.
hint: what do people do with respect to money when “the jig is up”?
Woof,woof Doggie always good to read your insights.
1970s energy crisis - Wikipedia
And I recall it seemed like a good idea at the time. LOL. I just wanted a job that didn't involve being part of the Vietnam adventure.
By 1966, non-US central banks held $14 billion, while the United States had only $13.2 billion in gold reserve. Of those reserves, only $3.2 billion was able to cover foreign holdings as the rest was covering domestic holdings.[7]Nixon shock - Wikipedia
By 1971, the money supply had increased by 10%.[8] In May 1971, West Germany left the Bretton Woods system, unwilling to revalue the Deutsche Mark.[9] In the following three months, this move strengthened its economy. Simultaneously, the dollar dropped 7.5% against the Deutsche Mark.[9] Other nations began to demand redemption of their dollars for gold. Switzerland redeemed $50 million in July.[9] France acquired $191 million in gold.[9] On August 5, 1971, the United States Congress released a report recommending devaluation of the dollar, in an effort to protect the dollar against "foreign price-gougers".[9] On August 9, 1971, as the dollar dropped in value against European currencies, Switzerland left the Bretton Woods system.[9] The pressure began to intensify on the United States to leave Bretton Woods.
Crypto is a symptom of the same problem, fiat currencies return to their intrinsic value when the illusion cracks and nobody wants to be in them when it does, the cracks, they’re starting to show. All it will take is one major economy (for example CHINA) to dump their dollar reserves and the dominoes will fall.
You seem to lash out at the best-educated, most prosperous states because you are in a snit over their political proclivities.
You are confused because they are not educated. They do too many stupid Libtard things to be considered educated by any measurement.
They may tell you that they are educated but they are lying to you and you are idiot enough to believe them.
What failed to end the Depression was FDR's government interferencethat is the rub. When the dollar is not longer the reserve currency, prices are gonna go UUUUUPPP. Perhaps China's endgame is for the yuan to be the new dollar. But I don's see why other countries would tie to a currency that is fixed by pols.You captured the gist of question #1, the world figured out that we were CHEATING (printing more dollars than we had gold reserves to back them) on Bretton Woods to pay for the Great Society and the Vietnam War. People being people saw the writing on the wall and wanted gold at the fixed asset price instead of dollars (which is want to happen when they see a devaluation coming). The bullshit excuse that Nixon gave “defend the dollar from the speculators” was just that BULLSHIT, they weren’t “speculators” they knew exactly what was happening. Since then we’ve been on a grand experiment in currencies never before seen in the History of Civilization, fiat currencies tied to another fiat currency, it’s good for us as long as the dollar remains the worlds reserve currency, not so good when that ends.You're right. While the oil crisis was part of Nixon's motivation that actually predated the oil embargo. We'd reached "peak oil" in domestic production which caused us to import more, and that caused dollars (tied to gold) to go overseas.Stop right there, what was the root cause of the net outflow of gold that caused Nixon to abandon Bretton Woods? the oil crisis is irrelevant since it took place after Nixons action.I wasn't forgetting. Bretton Woods and the gold standard caused an outflow of goldYou seem to be forgetting the effects of our dropping Bretton Woods in the early 1970’s and why that agreement existed in the first place. After it was gone the dollar was no longer tied to ANYTHING and since much of the world uses the dollar as their reserve currency guess what their currencies are tied to?Well I agree, sort of. But the problem has nothing to do with "fiat currency" and the buzzword of today. We paid our unsecured debts we ran up in wars. The gold standard was responsible for turning a recession into a decade long global depression that was only cured with "fiat money." The problem is leaders willing to vote for crap and tax cuts regardless of budget deficits.So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
We’re doing the same thing with the dollar that the Romans did to the denarius and for the same reasons (removing spending restraint on the state), the Romans devalued their currency so badly that even the state stopped accepting it for tax payments.
Second question, how would you explain the rising popularity of crypto for transactions? I ask because it’s directly related to the first question.
hint: what do people do with respect to money when “the jig is up”?
Woof,woof Doggie always good to read your insights.
1970s energy crisis - Wikipedia
And I recall it seemed like a good idea at the time. LOL. I just wanted a job that didn't involve being part of the Vietnam adventure.
By 1966, non-US central banks held $14 billion, while the United States had only $13.2 billion in gold reserve. Of those reserves, only $3.2 billion was able to cover foreign holdings as the rest was covering domestic holdings.[7]Nixon shock - Wikipedia
By 1971, the money supply had increased by 10%.[8] In May 1971, West Germany left the Bretton Woods system, unwilling to revalue the Deutsche Mark.[9] In the following three months, this move strengthened its economy. Simultaneously, the dollar dropped 7.5% against the Deutsche Mark.[9] Other nations began to demand redemption of their dollars for gold. Switzerland redeemed $50 million in July.[9] France acquired $191 million in gold.[9] On August 5, 1971, the United States Congress released a report recommending devaluation of the dollar, in an effort to protect the dollar against "foreign price-gougers".[9] On August 9, 1971, as the dollar dropped in value against European currencies, Switzerland left the Bretton Woods system.[9] The pressure began to intensify on the United States to leave Bretton Woods.
Crypto is a symptom of the same problem, fiat currencies return to their intrinsic value when the illusion cracks and nobody wants to be in them when it does, the cracks, they’re starting to show. All it will take is one major economy (for example CHINA) to dump their dollar reserves and the dominoes will fall.
But the problem was the gold standard failed to halt the great depression. There's a youtube of Friedman explaining what happened but essentially when one country redeemed another country's money from the other country's gold reserve .... they kept it. In theory, the state with a lot of gold would have their money become overvalued, so they'd buy stuff in other countries with a devalued currency that was cheaper, so that country would get the gold. But it all stopped. And there was no way to start it again.
But with any currency that is not tied to some tangible thing (seashells, tulips, gold whatever) you rightly point out that we can make as much as we want. It's like crack. But you and I can say no to crack, but we're stuck with the deficits.
ddcolrs.wordpress.com
You seem to lash out at the best-educated, most prosperous states because you are in a snit over their political proclivities.
You are confused because they are not educated. They do too many stupid Libtard things to be considered educated by any measurement.
They may tell you that they are educated but they are lying to you and you are idiot enough to believe them.
If you would like to pretend they are other objective criteria confirms, you'll have to cit credible alternative criteria. Your sniveling about them is of negligible value.
Hitler and Mussolini succeeded. Strange that.What failed to end the Depression was FDR's government interferencethat is the rub. When the dollar is not longer the reserve currency, prices are gonna go UUUUUPPP. Perhaps China's endgame is for the yuan to be the new dollar. But I don's see why other countries would tie to a currency that is fixed by pols.You captured the gist of question #1, the world figured out that we were CHEATING (printing more dollars than we had gold reserves to back them) on Bretton Woods to pay for the Great Society and the Vietnam War. People being people saw the writing on the wall and wanted gold at the fixed asset price instead of dollars (which is want to happen when they see a devaluation coming). The bullshit excuse that Nixon gave “defend the dollar from the speculators” was just that BULLSHIT, they weren’t “speculators” they knew exactly what was happening. Since then we’ve been on a grand experiment in currencies never before seen in the History of Civilization, fiat currencies tied to another fiat currency, it’s good for us as long as the dollar remains the worlds reserve currency, not so good when that ends.You're right. While the oil crisis was part of Nixon's motivation that actually predated the oil embargo. We'd reached "peak oil" in domestic production which caused us to import more, and that caused dollars (tied to gold) to go overseas.Stop right there, what was the root cause of the net outflow of gold that caused Nixon to abandon Bretton Woods? the oil crisis is irrelevant since it took place after Nixons action.I wasn't forgetting. Bretton Woods and the gold standard caused an outflow of goldYou seem to be forgetting the effects of our dropping Bretton Woods in the early 1970’s and why that agreement existed in the first place. After it was gone the dollar was no longer tied to ANYTHING and since much of the world uses the dollar as their reserve currency guess what their currencies are tied to?Well I agree, sort of. But the problem has nothing to do with "fiat currency" and the buzzword of today. We paid our unsecured debts we ran up in wars. The gold standard was responsible for turning a recession into a decade long global depression that was only cured with "fiat money." The problem is leaders willing to vote for crap and tax cuts regardless of budget deficits.So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
We’re doing the same thing with the dollar that the Romans did to the denarius and for the same reasons (removing spending restraint on the state), the Romans devalued their currency so badly that even the state stopped accepting it for tax payments.
Second question, how would you explain the rising popularity of crypto for transactions? I ask because it’s directly related to the first question.
hint: what do people do with respect to money when “the jig is up”?
Woof,woof Doggie always good to read your insights.
1970s energy crisis - Wikipedia
And I recall it seemed like a good idea at the time. LOL. I just wanted a job that didn't involve being part of the Vietnam adventure.
By 1966, non-US central banks held $14 billion, while the United States had only $13.2 billion in gold reserve. Of those reserves, only $3.2 billion was able to cover foreign holdings as the rest was covering domestic holdings.[7]Nixon shock - Wikipedia
By 1971, the money supply had increased by 10%.[8] In May 1971, West Germany left the Bretton Woods system, unwilling to revalue the Deutsche Mark.[9] In the following three months, this move strengthened its economy. Simultaneously, the dollar dropped 7.5% against the Deutsche Mark.[9] Other nations began to demand redemption of their dollars for gold. Switzerland redeemed $50 million in July.[9] France acquired $191 million in gold.[9] On August 5, 1971, the United States Congress released a report recommending devaluation of the dollar, in an effort to protect the dollar against "foreign price-gougers".[9] On August 9, 1971, as the dollar dropped in value against European currencies, Switzerland left the Bretton Woods system.[9] The pressure began to intensify on the United States to leave Bretton Woods.
Crypto is a symptom of the same problem, fiat currencies return to their intrinsic value when the illusion cracks and nobody wants to be in them when it does, the cracks, they’re starting to show. All it will take is one major economy (for example CHINA) to dump their dollar reserves and the dominoes will fall.
But the problem was the gold standard failed to halt the great depression. There's a youtube of Friedman explaining what happened but essentially when one country redeemed another country's money from the other country's gold reserve .... they kept it. In theory, the state with a lot of gold would have their money become overvalued, so they'd buy stuff in other countries with a devalued currency that was cheaper, so that country would get the gold. But it all stopped. And there was no way to start it again.
But with any currency that is not tied to some tangible thing (seashells, tulips, gold whatever) you rightly point out that we can make as much as we want. It's like crack. But you and I can say no to crack, but we're stuck with the deficits.
FDR’s Policies Lengthened the 1930’s Depression by ~7 Years
Source: FF, 2015 Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President …
FDR’s Policies Lengthened the 1930’s Depression by ~7 Years
Under Bretton Woods, gold was valued at a fixed price to dollars (1 oz: $35), therefore the country with the most gold could print the most currency, each unit still retained the same intrinsic value in relationship to gold and thus the value relationship to all other currencies in the system.that is the rub. When the dollar is not longer the reserve currency, prices are gonna go UUUUUPPP. Perhaps China's endgame is for the yuan to be the new dollar. But I don's see why other countries would tie to a currency that is fixed by pols.You captured the gist of question #1, the world figured out that we were CHEATING (printing more dollars than we had gold reserves to back them) on Bretton Woods to pay for the Great Society and the Vietnam War. People being people saw the writing on the wall and wanted gold at the fixed asset price instead of dollars (which is want to happen when they see a devaluation coming). The bullshit excuse that Nixon gave “defend the dollar from the speculators” was just that BULLSHIT, they weren’t “speculators” they knew exactly what was happening. Since then we’ve been on a grand experiment in currencies never before seen in the History of Civilization, fiat currencies tied to another fiat currency, it’s good for us as long as the dollar remains the worlds reserve currency, not so good when that ends.You're right. While the oil crisis was part of Nixon's motivation that actually predated the oil embargo. We'd reached "peak oil" in domestic production which caused us to import more, and that caused dollars (tied to gold) to go overseas.Stop right there, what was the root cause of the net outflow of gold that caused Nixon to abandon Bretton Woods? the oil crisis is irrelevant since it took place after Nixons action.I wasn't forgetting. Bretton Woods and the gold standard caused an outflow of goldYou seem to be forgetting the effects of our dropping Bretton Woods in the early 1970’s and why that agreement existed in the first place. After it was gone the dollar was no longer tied to ANYTHING and since much of the world uses the dollar as their reserve currency guess what their currencies are tied to?Well I agree, sort of. But the problem has nothing to do with "fiat currency" and the buzzword of today. We paid our unsecured debts we ran up in wars. The gold standard was responsible for turning a recession into a decade long global depression that was only cured with "fiat money." The problem is leaders willing to vote for crap and tax cuts regardless of budget deficits.So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
We’re doing the same thing with the dollar that the Romans did to the denarius and for the same reasons (removing spending restraint on the state), the Romans devalued their currency so badly that even the state stopped accepting it for tax payments.
Second question, how would you explain the rising popularity of crypto for transactions? I ask because it’s directly related to the first question.
hint: what do people do with respect to money when “the jig is up”?
Woof,woof Doggie always good to read your insights.
1970s energy crisis - Wikipedia
And I recall it seemed like a good idea at the time. LOL. I just wanted a job that didn't involve being part of the Vietnam adventure.
By 1966, non-US central banks held $14 billion, while the United States had only $13.2 billion in gold reserve. Of those reserves, only $3.2 billion was able to cover foreign holdings as the rest was covering domestic holdings.[7]Nixon shock - Wikipedia
By 1971, the money supply had increased by 10%.[8] In May 1971, West Germany left the Bretton Woods system, unwilling to revalue the Deutsche Mark.[9] In the following three months, this move strengthened its economy. Simultaneously, the dollar dropped 7.5% against the Deutsche Mark.[9] Other nations began to demand redemption of their dollars for gold. Switzerland redeemed $50 million in July.[9] France acquired $191 million in gold.[9] On August 5, 1971, the United States Congress released a report recommending devaluation of the dollar, in an effort to protect the dollar against "foreign price-gougers".[9] On August 9, 1971, as the dollar dropped in value against European currencies, Switzerland left the Bretton Woods system.[9] The pressure began to intensify on the United States to leave Bretton Woods.
Crypto is a symptom of the same problem, fiat currencies return to their intrinsic value when the illusion cracks and nobody wants to be in them when it does, the cracks, they’re starting to show. All it will take is one major economy (for example CHINA) to dump their dollar reserves and the dominoes will fall.
But the problem was the gold standard failed to halt the great depression. There's a youtube of Friedman explaining what happened but essentially when one country redeemed another country's money from the other country's gold reserve .... they kept it. In theory, the state with a lot of gold would have their money become overvalued, so they'd buy stuff in other countries with a devalued currency that was cheaper, so that country would get the gold. But it all stopped. And there was no way to start it again.
But with any currency that is not tied to some tangible thing (seashells, tulips, gold whatever) you rightly point out that we can make as much as we want. It's like crack. But you and I can say no to crack, but we're stuck with the deficits.
I'll take your inability to provide any data that contradicts that which rates the best-educated and most prosperous states as an admission that you have nothing of substance to offer. You're just pissy about the political orientation of the best-educated and most prosperous states.
You are still confused aren't you? How can anybody be "educated" and support Libtard policies that are always a disaster?
Well we learned that the answer to hyperinflation is to just hike rates till there is no demand for goods. Of course that means a lot lose jobs. Reagan's first term was no dance in the candlelight. lol And we do in theory act in concert with other national banks. China ... not.Under Bretton Woods, gold was valued at a fixed price to dollars (1 oz: $35), therefore the country with the most gold could print the most currency, each unit still retained the same intrinsic value in relationship to gold and thus the value relationship to all other currencies in the system.that is the rub. When the dollar is not longer the reserve currency, prices are gonna go UUUUUPPP. Perhaps China's endgame is for the yuan to be the new dollar. But I don's see why other countries would tie to a currency that is fixed by pols.You captured the gist of question #1, the world figured out that we were CHEATING (printing more dollars than we had gold reserves to back them) on Bretton Woods to pay for the Great Society and the Vietnam War. People being people saw the writing on the wall and wanted gold at the fixed asset price instead of dollars (which is want to happen when they see a devaluation coming). The bullshit excuse that Nixon gave “defend the dollar from the speculators” was just that BULLSHIT, they weren’t “speculators” they knew exactly what was happening. Since then we’ve been on a grand experiment in currencies never before seen in the History of Civilization, fiat currencies tied to another fiat currency, it’s good for us as long as the dollar remains the worlds reserve currency, not so good when that ends.You're right. While the oil crisis was part of Nixon's motivation that actually predated the oil embargo. We'd reached "peak oil" in domestic production which caused us to import more, and that caused dollars (tied to gold) to go overseas.Stop right there, what was the root cause of the net outflow of gold that caused Nixon to abandon Bretton Woods? the oil crisis is irrelevant since it took place after Nixons action.I wasn't forgetting. Bretton Woods and the gold standard caused an outflow of goldYou seem to be forgetting the effects of our dropping Bretton Woods in the early 1970’s and why that agreement existed in the first place. After it was gone the dollar was no longer tied to ANYTHING and since much of the world uses the dollar as their reserve currency guess what their currencies are tied to?Well I agree, sort of. But the problem has nothing to do with "fiat currency" and the buzzword of today. We paid our unsecured debts we ran up in wars. The gold standard was responsible for turning a recession into a decade long global depression that was only cured with "fiat money." The problem is leaders willing to vote for crap and tax cuts regardless of budget deficits.So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currencyYes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
We’re doing the same thing with the dollar that the Romans did to the denarius and for the same reasons (removing spending restraint on the state), the Romans devalued their currency so badly that even the state stopped accepting it for tax payments.
Second question, how would you explain the rising popularity of crypto for transactions? I ask because it’s directly related to the first question.
hint: what do people do with respect to money when “the jig is up”?
Woof,woof Doggie always good to read your insights.
1970s energy crisis - Wikipedia
And I recall it seemed like a good idea at the time. LOL. I just wanted a job that didn't involve being part of the Vietnam adventure.
By 1966, non-US central banks held $14 billion, while the United States had only $13.2 billion in gold reserve. Of those reserves, only $3.2 billion was able to cover foreign holdings as the rest was covering domestic holdings.[7]Nixon shock - Wikipedia
By 1971, the money supply had increased by 10%.[8] In May 1971, West Germany left the Bretton Woods system, unwilling to revalue the Deutsche Mark.[9] In the following three months, this move strengthened its economy. Simultaneously, the dollar dropped 7.5% against the Deutsche Mark.[9] Other nations began to demand redemption of their dollars for gold. Switzerland redeemed $50 million in July.[9] France acquired $191 million in gold.[9] On August 5, 1971, the United States Congress released a report recommending devaluation of the dollar, in an effort to protect the dollar against "foreign price-gougers".[9] On August 9, 1971, as the dollar dropped in value against European currencies, Switzerland left the Bretton Woods system.[9] The pressure began to intensify on the United States to leave Bretton Woods.
Crypto is a symptom of the same problem, fiat currencies return to their intrinsic value when the illusion cracks and nobody wants to be in them when it does, the cracks, they’re starting to show. All it will take is one major economy (for example CHINA) to dump their dollar reserves and the dominoes will fall.
But the problem was the gold standard failed to halt the great depression. There's a youtube of Friedman explaining what happened but essentially when one country redeemed another country's money from the other country's gold reserve .... they kept it. In theory, the state with a lot of gold would have their money become overvalued, so they'd buy stuff in other countries with a devalued currency that was cheaper, so that country would get the gold. But it all stopped. And there was no way to start it again.
But with any currency that is not tied to some tangible thing (seashells, tulips, gold whatever) you rightly point out that we can make as much as we want. It's like crack. But you and I can say no to crack, but we're stuck with the deficits.
You’re correct though, the gold standard does suffer from liquidity problems always has always will, but fiat currencies suffer from a bigger problem, increasing devaluation risk leading to the return to intrinsic value (0). Which outcome is worse for the citizenry, Depression or hyper-inflation?
Who knows, perhaps crypto will be the way to “start it again”, if we can solve the transaction scalability problems, switch from effort based mining to stake based mining and achieve real psuedonimity of the blockchain ledger. A fully democratized, decentralized currency system, nice idea, huh?
The 3rd world will break Americas Medicaid
That’s a big part of it, the lions share of the problem comes from the fact that when you make a good or service “free” for the consumer, over-consumption and thus market failures inevitably follow.This is the fault of government. Their failure to properly manage and control the program allows people to abuse it.It’s actually worse than that, my spouse works at a health care provider and the problems that they are having with Medicaid patients overconsumption of service are causing massive problems with their practice. They routinely schedule appointments and don’t show, they schedule appointments and show up not for treatment but just expecting prescriptions, they refuse to follow treatment plans, they abuse the system in every way possible. Of course that doesn’t mean that all Medicaid patients are like that but it’s reached such epidemic proportions that it’s costing too much money and causing problems seeing other patients that the practice is considering just dropping their contracts with Medicaid, they can’t afford it anymore and it’s negatively impacting all the other private insurance and Medicare patients.That's really quite incredible. Less than 150M working people out of 330M have to pay for their own health care and also these 80M others' health care.In the richest nation on earth. That’s a lot of poor suffering Americans.
What a great country!
Pandemic Swells Medicaid Enrollment to 80 Million People, a ‘High-Water Mark’
A family of two has to pay for the health care of three.
So the bottom line is, the taxpayers aren’t just paying for the Medicaid patients to get treatment, they’re paying for all the WASTE that Medicaid patients are incurring along with paying for getting worse service. Of course Medicaid is administer by the State so this will vary from State to State but I suspect it’s pretty wide spread.
