For Free Marketers who Still Support the Federal Reserve

[Paulie]

Why not at the very least allow legal competing currencies with the fiat Dollar that the market can choose as they see fit?

SURELY if you're a free marketer, you should have zero problem with this.

Discuss.

 

[Kevin_Kennedy]

Is there such a thing as a supporter of the free market that supports the Federal Reserve? Keeping in mind that the Federal Reserve is the antithesis of a free market.

 

[Paulie]

Is there such a thing as a supporter of the free market that supports the Federal Reserve? Keeping in mind that the Federal Reserve is the antithesis of a free market.

You and I know that, but it just makes for much less bullshit bickering and bantering that takes threads off topic to put that in.

I did consider putting quote marks around free marketers in the title though.

If you supported the FR along with competing currencies, you might just get to claim free marketer status again

 

[The Rabbi]

Why not at the very least allow legal competing currencies with the fiat Dollar that the market can choose as they see fit?

SURELY if you're a free marketer, you should have zero problem with this.

Discuss.

What universe do you live in? Traders choose lots of different currencies. Germany just issued some large amount of dollar-denominated bonds.
None of that has anything to do with the Fed. Nice try though.

 

[Toro]

Currencies between countries have a cost, sometimes significant. That is why most EU countries ditched their own currencies and started the euro. I can't imagine what the costs would be if there were multiple currencies in one country.

 

[Paulie]

Why not at the very least allow legal competing currencies with the fiat Dollar that the market can choose as they see fit?

SURELY if you're a free marketer, you should have zero problem with this.

Discuss.

What universe do you live in? Traders choose lots of different currencies. Germany just issued some large amount of dollar-denominated bonds.
None of that has anything to do with the Fed. Nice try though.

A new word needs to be created to describe your ignorance, because none in existence are adequate. I'm talking about a private sector, independent, sound currency that is not created infinitely via a printing press.

We had the Liberty Dollar, but we see how the gov shut that one down as soon as they started to realize it was actually COMPETING with the Dollar.

And before you you even bother hitting me with the bullshit about LD pretending it was legal tender...not only was it clearly marked on its bills that it was NOT legal tender, nor did it even RESEMBLE any other real currency, but it also at one point in time had the blessing of the Fed, the Treasury, and a Secret Service agent as being legal.

It only changed when competition with the Dollar became recognized.

 

[Neubarth]

When in America, Canada and Mexico I only spend Dollars. When I go to Japan next week, I will only spend Dollars there. The merchants are eager to get their hands on them.

 

[The Rabbi]

Why not at the very least allow legal competing currencies with the fiat Dollar that the market can choose as they see fit?

SURELY if you're a free marketer, you should have zero problem with this.

Discuss.

What universe do you live in? Traders choose lots of different currencies. Germany just issued some large amount of dollar-denominated bonds.
None of that has anything to do with the Fed. Nice try though.

A new word needs to be created to describe your ignorance, because none in existence are adequate. I'm talking about a private sector, independent, sound currency that is not created infinitely via a printing press.

We had the Liberty Dollar, but we see how the gov shut that one down as soon as they started to realize it was actually COMPETING with the Dollar.

And before you you even bother hitting me with the bullshit about LD pretending it was legal tender...not only was it clearly marked on its bills that it was NOT legal tender, nor did it even RESEMBLE any other real currency, but it also at one point in time had the blessing of the Fed, the Treasury, and a Secret Service agent as being legal.

It only changed when competition with the Dollar became recognized.

That ranks among the stupidest posts you've made. And that's really galactic level stupidity.
The very definition of money is a stable store of value. Having umpteen currencies circulate is not money. We've seen this movie before. In the 19th century every bank issed "bank notes". A lot of these were outright frauds. Others had various valuations that varied from face. There was a brisk trade in trading these back and forth.
And guess what, none of it worked well and was a drag on the economy.
Why not use your time reviewing Grant's History of Banking or Steele's Empire of Wealth and learn instead of coming around here and posting idiotic schemes that fail the laugh test?

 

[Kevin_Kennedy]

What universe do you live in? Traders choose lots of different currencies. Germany just issued some large amount of dollar-denominated bonds.
None of that has anything to do with the Fed. Nice try though.

A new word needs to be created to describe your ignorance, because none in existence are adequate. I'm talking about a private sector, independent, sound currency that is not created infinitely via a printing press.

We had the Liberty Dollar, but we see how the gov shut that one down as soon as they started to realize it was actually COMPETING with the Dollar.

And before you you even bother hitting me with the bullshit about LD pretending it was legal tender...not only was it clearly marked on its bills that it was NOT legal tender, nor did it even RESEMBLE any other real currency, but it also at one point in time had the blessing of the Fed, the Treasury, and a Secret Service agent as being legal.

It only changed when competition with the Dollar became recognized.

That ranks among the stupidest posts you've made. And that's really galactic level stupidity.
The very definition of money is a stable store of value. Having umpteen currencies circulate is not money. We've seen this movie before. In the 19th century every bank issed "bank notes". A lot of these were outright frauds. Others had various valuations that varied from face. There was a brisk trade in trading these back and forth.
And guess what, none of it worked well and was a drag on the economy.
Why not use your time reviewing Grant's History of Banking or Steele's Empire of Wealth and learn instead of coming around here and posting idiotic schemes that fail the laugh test?

If the definition of money is a stable store of value then our paper standard and the Federal Reserve have failed completely. The dollar has lost 95% of its value since the inception of the Fed, whereas under the gold standard the currency was stable.

 

[The Rabbi]

The currency was hardly stable.
And the figure of 95% is almost certainly misleading. But you are talking over 90 years. That's pretty stable.

 

[Kevin_Kennedy]

The currency was hardly stable.
And the figure of 95% is almost certainly misleading. But you are talking over 90 years. That's pretty stable.

Actually it was.

The Record of the Federal Reserve by Erik Voorhees

How is a dollar being the equivalent of a 1913 nickel stable?

 

[The Rabbi]

The dollar has been a store of value for over 100 years. That's stable.
Compare that to the Zimbabwean dollar. Big difference.

 

[Kevin_Kennedy]

The dollar has been a store of value for over 100 years. That's stable.
Compare that to the Zimbabwean dollar. Big difference.

The dollar hasn't been hyper-inflated, but that doesn't mean the value of the dollar has been stable. As the graph shows it hasn't been anywhere near stable.

 

[Paulie]

What universe do you live in? Traders choose lots of different currencies. Germany just issued some large amount of dollar-denominated bonds.
None of that has anything to do with the Fed. Nice try though.

A new word needs to be created to describe your ignorance, because none in existence are adequate. I'm talking about a private sector, independent, sound currency that is not created infinitely via a printing press.

We had the Liberty Dollar, but we see how the gov shut that one down as soon as they started to realize it was actually COMPETING with the Dollar.

And before you you even bother hitting me with the bullshit about LD pretending it was legal tender...not only was it clearly marked on its bills that it was NOT legal tender, nor did it even RESEMBLE any other real currency, but it also at one point in time had the blessing of the Fed, the Treasury, and a Secret Service agent as being legal.

It only changed when competition with the Dollar became recognized.

That ranks among the stupidest posts you've made. And that's really galactic level stupidity.
The very definition of money is a stable store of value. Having umpteen currencies circulate is not money. We've seen this movie before. In the 19th century every bank issed "bank notes". A lot of these were outright frauds. Others had various valuations that varied from face. There was a brisk trade in trading these back and forth.
And guess what, none of it worked well and was a drag on the economy.
Why not use your time reviewing Grant's History of Banking or Steele's Empire of Wealth and learn instead of coming around here and posting idiotic schemes that fail the laugh test?

The very definition of money is anything used for the payment of goods and services, or payment of debts. 'Store of value' and 'stable' are not mutually inclusive. If the free market decided that a certain type of money being used was not holding value, it would simply choose another.

The Liberty Dollar was growing rapidly. Many businesses were more than happy to accept it as payment for their goods and services. It was also holding a store of value, especially during inflation, because it was tied to precious metals.

You don't seem to understand what the free market is. A free market would be one where anyone could use anything they chose as a means to buy and sell, without government regulation of such.

You use your Federal Reserve notes, and I'll use my Liberty Dollar. What's the big fucking deal as long as someone is willing to accept either as payment?

 

[The Rabbi]

No, your understanding of this is simply wrong. I'd suggest going and getting a book on the subject instead of wasting time posting wrong and misleading ideas.

 

[Paulie]

No, your understanding of this is simply wrong. I'd suggest going and getting a book on the subject instead of wasting time posting wrong and misleading ideas.

Of course you provide no information to back up your position, but who's really surprised.

I challenge you to find anyone here or elsewhere that can defend your position against mine.

I'm known and respected by the econ posters on this board for the past 2 years of my membership, and you're some newbie who makes 3 sentence posts that say "you're wrong because I'm right".

You've got zero credibility. I'm surprised you're not ashamed of yourself at this point, which leads me to believe you're quite accustomed to shame throughout your life.

 

[Mike Mitrosky]

Why not at the very least allow legal competing currencies with the fiat Dollar that the market can choose as they see fit?

SURELY if you're a free marketer, you should have zero problem with this.

Discuss.

IM all for that.. How about in addition to the federal reserve note we also allow a United States Note, as well as silver and gold coin... Id love to see that kind of currency competition.

But they'll never do it, because it would put the fed right out of business, and they know it.

 

[blu]

"the rabbi" should be banned from all economic threads

 

[The Rabbi]

No, your understanding of this is simply wrong. I'd suggest going and getting a book on the subject instead of wasting time posting wrong and misleading ideas.

Of course you provide no information to back up your position, but who's really surprised.

I challenge you to find anyone here or elsewhere that can defend your position against mine.

I'm known and respected by the econ posters on this board for the past 2 years of my membership, and you're some newbie who makes 3 sentence posts that say "you're wrong because I'm right".

You've got zero credibility. I'm surprised you're not ashamed of yourself at this point, which leads me to believe you're quite accustomed to shame throughout your life.

Yawn.

Definition: Money is a good that acts as a medium of exchange in transactions. Classically it is said that money acts as a unit of account, a store of value, and a medium of exchange.

Note the "unit of account." If you have multiple currencies circulating in competition then you no longer have a single unit of account.
You have no credibility. You have admitted to being a self-schooled ignoramus on this board and your absurd posts proclaim it every time.

 

[The Rabbi]

"the rabbi" should be banned from all economic threads

You say something, Wookie?