That's the end game, to be sure. Totalitarian rule is your hard on., and jail all libertarians.
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That's the end game, to be sure. Totalitarian rule is your hard on., and jail all libertarians.
How did that work last time?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.
Yeah, having a lot of choices is not a good thing!
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."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."
Been there.Bitcoin would quickly lose out to gold backed notes. The only reason it's still alive is the fact that private notes are illegal.
Wikipedia? You can't be serious.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.'"
Socialists understand capitalism elevates market values over human values. In the US libertarians prefer private tyrannies to democracy.A libertarian is someone who favors economic freedom, the exact opposite of what socialists support.
That's irrelevant. You claimed there were socialist libertarians. That's a contradiction in terms.Socialists understand capitalism elevates market values over human values. In the US libertarians prefer private tyrannies to democracy.
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.That's irrelevant. You claimed there were socialist libertarians. That's a contradiction in terms.
Slavery invented US capitalism:Even you can't be stupid enough to believe that
It was gold backed currency. So long as the receiving bank trusted the issuing bank, their value was determined by the price of gold.
Huh... first, you blame slavery on capitalism. Now you blame capitalism on slavery. You seem confused.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."
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.
Huh... first, you blame slavery on capitalism. Now you blame capitalism on slavery. You seem confused.
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.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."
Nope. It was fully gold backed. AFter the federal Reserve was created the dollar was pseudo gold backed.Partially gold backed.
Nope. It was fully gold backed. AFter the federal Reserve was created the dollar was pseudo gold backed.
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?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?
"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."Could you quote the document where it says that?
Better than Enron.No debt in the USSR, how'd that work out for them?