Posted on 12/10/2010 6:48:02 PM PST by Tolerance Sucks Rocks
If you can figure out how to increase the gold supply by a factor of 3.5 (and no more than that) then maybe we’ll talk about gold as money instead of as a totem or idol.
Yes, inflation is the price we pay for what you call “fiat” currency. But I’d rather have to reset a decimal point in the currency every 50 years than deal with the kind of ongoing recessions we suffered from when we went on the gold standard. The only reason why the economy grew in the 1890s was the Yukon/Alaska gold strike which, purely at random, increased the “money” supply. I for one don’t want our economy enslaved to mining engineering and advances in geometallurgical detection. That’s why they invented the Fed, and for good reason.
As for where or when I went to school...at least I went. And paid attention.
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