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BRYAN351 (November 30, 1999 at 12:00 am)
Furthermore, slyfoxx7, gold isn't the only thing one can back up paper notes with. Silver, platinum, precious gems, the list goes on and on. The point is that slips of paper must be backed up by something with inherent value otherwise the paper is Monopoly money. Understand?
Miners wouldn't hoard all the gold under their beds, just as they don't today. Miners, like anyone else, have to buy things, so the gold gets exchanged for other things, and the gold spreads throughout the economy.
BRYAN351 (November 30, 1999 at 12:00 am)
slyfoxx7, your ignorance is depressing. You don't want wealth determined by who owns the most "yellow metal?" How about we determine it by who owns the most Monopoly money? I've got lots. Should I be rich?
Neither Monopoly money or American currency is backed by anything of value, so they're both funny-money. The only reason American money spends is because the govt accepts it as payment for taxes. If the U.S. govt goes away, U.S. currency is worthless, but gold will always be valuable.
BRYAN351 (November 30, 1999 at 12:00 am)
slyfoxx7, WHY is the Federal Reserve needed? Did you pay attention to the movie??
BRYAN351 (November 30, 1999 at 12:00 am)
duck, you need to watch the movie again. The whole point of it was that a central bank is NOT necessary, and causes all kinds of disasters if there is one.
The Founding Fathers realized the dangers of an entity controlling a nation's money supply, and how it would lead to the eventual economic collapse and enslavement of that country.
The Constitution gave government the power to COIN money, not print it out of thin air. Notes must be backed by gold or something of value.
duckinmypants (November 30, 1999 at 12:00 am)
A Federal Reserve or a Central Bank as an entity to issue and regulate money may be necessary, but why does it need to be owned by private bankers? Why can't that power be directly in the hands of Congress as it was before 1913? Why do we need to pay the Federal Income Tax which only purpose is to pay the interest on the money that is issued?
RPFS2008 (November 30, 1999 at 12:00 am)
You dont see the change because A. The presidents like to spend spend spend and B. Most people just vote for the President who offers them the most "goodies".
Whilst you have a fiat currency you will NEVER see any change. Government will fudge inflation numbers - as they do now - n order to steal from the next generation, instead of this one.
slyfoxx7 (November 30, 1999 at 12:00 am)
the federal reserve is needed. it's a much needed monster much like militaries. if they act irresponsible, we rightfully become frightened of the power they wield. however, our president appoints the chairmen, and we elect the president. the two party system is currently flawed. neither party for years has offered the change i'd like to see. i'm glad to see voelker talking in obama's ear. there are better ways to address growth and employment than creating easy money by the fed.
jodenz (November 30, 1999 at 12:00 am)
you make a good point! but then again when you think of the number of recession's and the great depression and are currently economic crises, the federal reserve does not seem like a beautiful thing! dont you think?
slyfoxx7 (November 30, 1999 at 12:00 am)
the problem is not the federal reserve. it's the fed's dual mandate. we need to simply target inflation, not growth and employment. 1-3% inflation is very healthy. less than that is stiffeling. more than that is robbery.
slyfoxx7 (November 30, 1999 at 12:00 am)
moreover, a federal reserve system is a beautiful thing if it only targets inflation between 1-3%. the gold standard is just as corrupt and asinine. do you really want wealth determined by who owns the most yellow metal (gold). the miners would become the new bankers. we'd have a gold rush all over again. instead of poeple trying to invest in innovative corporations to become wealthy, they'd start digging holes and panning. |
