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Roubini: Gold Standard Fans Are ‘Lunatics and Hacks’
Moneynews ^
| 28 Nov 2011
| Forrest Jones
Posted on 12/04/2011 8:33:58 PM PST by Comparative Advantage
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...
Thanks Comparative Advantage.
2
posted on
12/04/2011 8:37:04 PM PST
by
SunkenCiv
(It's never a bad time to FReep this link -- https://secure.freerepublic.com/donate/)
To: Comparative Advantage
Keynesians see the world differently than the rest of us.
3
posted on
12/04/2011 8:39:02 PM PST
by
ClearCase_guy
(Nothing will change until after the war. It's coming.)
To: Comparative Advantage
We confine them to ivory towers for a reason.
4
posted on
12/04/2011 8:40:35 PM PST
by
null and void
(This is day 1048 of America's ObamaVacation from reality.)
To: Comparative Advantage
Maybe the gold standard’s the way to go or maybe it’s not. But this fiat thing sure ain’t working.
5
posted on
12/04/2011 8:42:30 PM PST
by
MichaelCorleone
(Stop feeding the beast; if they don't say "Merry Christmas", don't buy.)
To: Comparative Advantage
“Lunaticks and Hacks”...pretty well sums up the average Ron Paul aficionado.
6
posted on
12/04/2011 8:45:32 PM PST
by
Choose Ye This Day
(The thing that counts is not what we could do, but what we actually do. -- Leo Spears)
To: Comparative Advantage
Well, then, I am a lunatic and hack.
7
posted on
12/04/2011 8:46:40 PM PST
by
Wisconsinlady
(DEFUND NPR, PBS, THE TSA AND THE U.N.)
To: Comparative Advantage
A gold standard prevents authorities from stimulating the economy when neededThat's the general idea, yes...
8
posted on
12/04/2011 8:47:21 PM PST
by
Jim Noble
(To live peacefully with credit-based consumption and fiat money, men would have to be angels.)
To: Comparative Advantage
I appreciate the concept of a gold, or similar, standard.
Two problems I haven’t seen addressed:
- there isn’t enough of the stuff. Too many people would lose too much value to tolerate the switch.
- rate of gold supply increase does not match general wealth creation rate. Inflation or deflation ensues as GDP increases.
9
posted on
12/04/2011 8:56:15 PM PST
by
ctdonath2
($1 meals: http://abuckaplate.blogspot.com/)
To: jiggyboy; PA Engineer; blam; TigerLikesRooster; Cheap_Hessian; CJinVA; Jet Jaguar; ...
10
posted on
12/04/2011 8:57:10 PM PST
by
OneLoyalAmerican
(In God I trust, all others provide citations.)
To: Wisconsinlady
C’mon, nobody ever said you were average!
11
posted on
12/04/2011 8:58:26 PM PST
by
SaxxonWoods
(....The days are long, but the years are short.....)
To: jiggyboy; PA Engineer; blam; TigerLikesRooster; Cheap_Hessian; CJinVA; Jet Jaguar; ...
12
posted on
12/04/2011 8:58:31 PM PST
by
OneLoyalAmerican
(In God I trust, all others provide citations.)
To: Comparative Advantage
calling the gold bugs who support a return to the gold standard a "bunch of lunatics and hacks." Well then, just keep having Gov'ts borrow and spend on their cronies and social engineering projects. And then when it looks like they may default, have their Central Banks print money.
Because that's working out so well all around the world....
13
posted on
12/04/2011 8:58:51 PM PST
by
PGR88
To: ctdonath2
14
posted on
12/04/2011 9:01:12 PM PST
by
SaxxonWoods
(....The days are long, but the years are short.....)
To: Comparative Advantage
A return to the gold standard would be the death knell of the dismal science of economics. We could read von Mises' Human Action and get back to our businesses.
Therefore, Keynesian "economists", the demand stimulators, fear the gold standard.
First they ignore you ... we're making progress.
To: null and void
The confinement is imperfect, unfortunately.
16
posted on
12/04/2011 9:10:59 PM PST
by
coloradan
(The US has become a banana republic, except without the bananas - or the republic.)
To: ClearCase_guy
Keynesians see the world differently than the rest of us.
To: ctdonath2
there isnt enough of the stuff.Prices are relative determinations. When something is elevated to the role of money in the marketplace its value is determined by the participants on an individual case by case basis. There are 'enough' yen to price everything in the world, just as there are enough Federal Reserve notes. A currency denominated in gold weight would just as readily by priced by the market against all goods available.
Too many people would lose too much value to tolerate the switch.
Who? Those who get the loans of 'new money' first? Surely not those seeing the value of the dollar driven down by Bernanke's deliberate inflation of the money supply. Why do you care more about Goldman Sachs than the people who live on your block? They're losing too much now to continue with this system of institutionalized robbery in lieu of taxation.
- rate of gold supply increase does not match general wealth creation rate. Inflation or deflation ensues as GDP increases.
Changes in value (price) consequent to relative levels of production are how free market economies prioritize production. If the rate of production of two goods are different, then an increase of the money supply can't match them now anyway. This point you raise is actually irrelevant. In the event that production in general outpaced the production of gold specifically this would actually confer additional benefit upon savers, and automatically encourage even greater levels of capital formation to support even greater capital investment and increased productivity.
To: Comparative Advantage
You mean like all the central banks and major investment companies buying gold as fast as they can?
19
posted on
12/04/2011 9:25:50 PM PST
by
Secret Agent Man
(I'd like to tell you, but then I'd have to kill you.)
To: ctdonath2
G. Edward Griffin addresses this point in his book THE CREATURE FROM JEKYLL ISLAND on page 141 under the subheading: The Misleading Theory of Quantity, where he states that “The amount of gold in the world does not affect its ability to serve as money, it only affects the quantity that will be used to measure any given transaction.” This book is an excellent expose of the Federal Reserve Banking System.
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