Capitalism is NOT Democratic: Democracy is NOT Capitalist

[dblack]

, and jail all libertarians.

That's the end game, to be sure. Totalitarian rule is your hard on.

 

[georgephillip]

The US should go back to free banking. Then banks could choose whatever form of tender they like, which would undoubtedly be the gold backed notes.

How did that work last time?

The Free Banking Era

"The result was a proliferation of banks.

"Each of these banks issued their own banknotes against their deposits of gold and silver.

"These notes did not trade one for one, and their value mostly depended on the size of the issuing bank. Issuing paper currency wasn’t just limited to banks; even drugstores and railroad and insurance companies sometimes issued their own notes."

 

[bripat9643]

How did that work last time?

The Free Banking Era

"The result was a proliferation of banks.

Yeah, having a lot of choices is not a good thing!

"Each of these banks issued their own banknotes against their deposits of gold and silver.

"These notes did not trade one for one, and their value mostly depended on the size of the issuing bank. Issuing paper currency wasn’t just limited to banks; even drugstores and railroad and insurance companies sometimes issued their own notes."

It was gold backed currency. So long as the receiving bank trusted the issuing bank, their value was determined by the price of gold. What does the value of government fiat money depend on? Nothing tangible. Your claim that they didn't trade one-for-one is also bullshit.

 

[georgephillip]

Bitcoin would quickly lose out to gold backed notes. The only reason it's still alive is the fact that private notes are illegal.

Been there.
Done that.

Gold standard - Wikipedia

"The gold standard was abandoned due to its propensity for volatility, as well as the constraints it imposed on governments: by retaining a fixed exchange rate, governments were hamstrung in engaging in expansionary policies to, for example, reduce unemployment during economic recessions.[9][10]

"There is a consensus among economists that a return to the gold standard would not be beneficial,[11] and most economic historians reject the idea that the gold standard 'was effective in stabilizing prices and moderating business-cycle fluctuations during the nineteenth century.'"

 

[bripat9643]

Been there.
Done that.

Gold standard - Wikipedia

"The gold standard was abandoned due to its propensity for volatility, as well as the constraints it imposed on governments: by retaining a fixed exchange rate, governments were hamstrung in engaging in expansionary policies to, for example, reduce unemployment during economic recessions.[9][10]

"There is a consensus among economists that a return to the gold standard would not be beneficial,[11] and most economic historians reject the idea that the gold standard 'was effective in stabilizing prices and moderating business-cycle fluctuations during the nineteenth century.'"

Wikipedia? You can't be serious.

Wikipedia is a leftwing propaganda organ.

The modern government subsidized economists all oppose the gold standard because it prevents the government from stealing your savings.

You're damn right governments were "hamstrung" - the same way thieves are hamstrung by iron bars on the Windows.

 

[georgephillip]

A libertarian is someone who favors economic freedom, the exact opposite of what socialists support.

Socialists understand capitalism elevates market values over human values. In the US libertarians prefer private tyrannies to democracy.

 

[bripat9643]

Socialists understand capitalism elevates market values over human values. In the US libertarians prefer private tyrannies to democracy.

That's irrelevant. You claimed there were socialist libertarians. That's a contradiction in terms.

 

[dblack]

That's irrelevant. You claimed there were socialist libertarians. That's a contradiction in terms.

The term "libertarian" is used a lot differently in Europe, which is where the "socialist libertarian" thing is coming from. Unlike US style libertarianism, it proposes a stateless government - so it's more properly categorized with the different forms of anarchy. which is, I guess, why they feel justified in using the word 'libertarian'. But yeah, socialism contradicts any conception of liberty that I know of.

 

[georgephillip]

Even you can't be stupid enough to believe that

Slavery invented US capitalism:

How slavery became America’s first big business

"Slavery, particularly the cotton slavery that existed from the end of the 18th century to the beginning of the Civil War, was a thoroughly modern business, one that was continuously changing to maximize profits.

"To grow the cotton that would clothe the world and fuel global industrialization, thousands of young enslaved men and women — the children of stolen ancestors legally treated as property — were transported from Maryland and Virginia hundreds of miles south, and forcibly retrained to become America’s most efficient laborers.

"As they were pushed into the expanding territories of Mississippi and Louisiana, sold and bid on at auctions, and resettled onto forced labor camps, they were given a task: to plant and pick thousands of pounds of cotton."

 

[Toddsterpatriot]

It was gold backed currency. So long as the receiving bank trusted the issuing bank, their value was determined by the price of gold.

Partially gold backed.

 

[dblack]

Slavery invented US capitalism:

How slavery became America’s first big business

"Slavery, particularly the cotton slavery that existed from the end of the 18th century to the beginning of the Civil War, was a thoroughly modern business, one that was continuously changing to maximize profits.

"To grow the cotton that would clothe the world and fuel global industrialization, thousands of young enslaved men and women — the children of stolen ancestors legally treated as property — were transported from Maryland and Virginia hundreds of miles south, and forcibly retrained to become America’s most efficient laborers.

"As they were pushed into the expanding territories of Mississippi and Louisiana, sold and bid on at auctions, and resettled onto forced labor camps, they were given a task: to plant and pick thousands of pounds of cotton."

Huh... first, you blame slavery on capitalism. Now you blame capitalism on slavery. You seem confused.

 

[Toddsterpatriot]

It won't go down to 1800

View attachment 566869

It was below $1800 as recently as August and again in September.

If the bank sets the exchange rate at 1846, then it will have to return an ounce of gold if someone turns in 1846.

And when it goes above $1846, how long will their notes continue circulating?
Is the note going to read "Exchangeable for 1/1846th of an ounce"?

Like I said, clunky.

The advantage is that you have no inflation.

Why would a Bank of America, for example, gold-note stop inflation?

The value of a note will remain the same in terms of gold.

And if gold drops to $1700, your 1/1846th is now worth 92 cents.

You obviously don't understand how a gold backed currency works.

In the above examples, not very well.

Less than 2 weeks, down over 4.4%

 

[Toddsterpatriot]

Huh... first, you blame slavery on capitalism. Now you blame capitalism on slavery. You seem confused.

He believes in marxism. Confusion is the least of his faults.

 

[bripat9643]

Slavery invented US capitalism:

How slavery became America’s first big business

"Slavery, particularly the cotton slavery that existed from the end of the 18th century to the beginning of the Civil War, was a thoroughly modern business, one that was continuously changing to maximize profits.

"To grow the cotton that would clothe the world and fuel global industrialization, thousands of young enslaved men and women — the children of stolen ancestors legally treated as property — were transported from Maryland and Virginia hundreds of miles south, and forcibly retrained to become America’s most efficient laborers.

"As they were pushed into the expanding territories of Mississippi and Louisiana, sold and bid on at auctions, and resettled onto forced labor camps, they were given a task: to plant and pick thousands of pounds of cotton."

Slavery couldn't invent capitalism anymore than the alphabet could write the Bible. Capitalize didn't need slavery, as was irrefutably demonstrated by the fact that it continued on after the war when slavery had been abolished.

Your Marxist theories are moronic and obviously wrong.

 

[bripat9643]

Partially gold backed.

Nope. It was fully gold backed. AFter the federal Reserve was created the dollar was pseudo gold backed.

 

[Toddsterpatriot]

Nope. It was fully gold backed. AFter the federal Reserve was created the dollar was pseudo gold backed.

You can't find a single bank that had 100% gold coverage for every note they issued.

 

[bripat9643]

You can't find a single bank that had 100% gold coverage for every note they issued.

They all did. What's the point of partial coverage? What does that even mean? Do they renege on their promise to return a specified amount of gold for the note?

 

[Toddsterpatriot]

They all did. What's the point of partial coverage? What does that even mean? Do they renege on their promise to return a specified amount of gold for the note?

They all did.

You're confused.

What's the point of partial coverage?

So that they can redeem a portion of their notes with gold coin.

What does that even mean?

It means that you don't understand free banking.

Do they renege on their promise to return a specified amount of gold for the note?

If enough notes were redeemed, they reneged the shit out of their promise.

https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/economic-insights/2016/q3/eiq316_free_banking_era.pdf

See this part at the end?

WHY DID SO MANY FREE BANKS FAIL?

Was it the consequence of unrestricted entry, or something else? A free bank’s reserves of gold and silver were typically small compared with the par value of its notes in circulation. Because their gold and silver reserves paid no interest, banks sought to keep only enough cash in their vaults to meet that day’s expected redemptions. But because free banks were required to pay the holders of their banknotes gold or silver on demand at par value, they were subject to runs if for some reason an unusually large number of note-holders decided to redeem their notes at the same time.

Normally, one would expect only a small fraction of outstanding banknotes to return to the issuing bank for redemption within a few days. But should the public suddenly suspect that the bank is in financial difficulty because, for instance, it made too many bad loans, an unusually large number of note-holders might simultaneously choose to redeem their notes, causing a bank run. Sometimes, bank runs start not necessarily because people believe that the bank is insolvent but simply because each note-holder believes that other note-holders will choose to redeem their notes today and everyone fears being last in line

 

[georgephillip]

Could you quote the document where it says that?

"In many ways, Magna Carta only protected the rights and privileges of nobles. • Limited the power of the king and ended the idea of rule by divine right."

https://www.dcs.k12.oh.us/cms/lib/OH16000212/Centricity/Domain/293/Feudal%20Decline_Magna_Carta%20PowerPoint.pdf

 

[georgephillip]

No debt in the USSR, how'd that work out for them?

Better than Enron.

26 years on, Russia set to repay all Soviet Union's foreign debt