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slyfoxx7 (November 30, 1999 at 12:00 am)
i'll concede, there is a problem with the "first come, first served" nature of money. bankers shouldn't make more than any other profession. also, private profits and public debt, need to be adressed. there was once a time when a surgeon and a guy on wall street made the same. this balnace needs to be restored. wall street has been a brain drain for decades. some of these gifted minds (some corrupt) need to feel they can make just as much money in another field.
slyfoxx7 (November 30, 1999 at 12:00 am)
a fiat currency is fine, if trust is kept by the government. the government needs to simply report an honest money supply, and focus on inflation. "monopoly money" is only formed when checks are sent to people before any production has occured. that's why tax cuts are the best way to stimulate an economy. it encourages an after tax (after production) savings. despite common misconceptions, money doesn't need to be backed by anything. the market always determines the worth of money.
slyfoxx7 (November 30, 1999 at 12:00 am)
bryan351 you're a dolt. having a currency tied to a gold standard is archaic. any standard is useless. commodities already reflect inflation, as does every other good and service produced. money shouldn't be backed by anything, because the system falsely inflates the value of the commodity the money is tied to. the fed's job is to keep the money supply in balance with the goods, services, and assets in an economy. if it does this, no harm is done.
sinitskyd (November 30, 1999 at 12:00 am)
If paper money is illegal, can we default on all loans and stop paying taxes? Then the whole system will collapse.
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. |
