The Gold Standard: For or Against?

[Hess]

Looks like you are really into Jewnomics.

huh? what do Jews have to do with this?

[Svipdag]

You cannot create buying power by printing more paper money. The more scrip there is, the less it's worth. "Increasing the money supply" by printing more bills is like increasing the amount of punch at a party by adding more water to it. As Gresham's Law says, "Bad money drives out good."

Of course, WE have to accept anything that the government chooses to call money. The legal tender laws require us to. However, they are not binding on foreigners and they soon realise that the currency has been watered down and the exchange rate is adjusted accordingly.

It remains an incontestible fact that YOU CANNOT RUN OFF GOLD ON A PRINTING PRESS. Base metal coinage can be stamped out in just as vast quantities as paper money because the raw material is cheap. Currency has to be made of an expensive material so that the government cannot go hog-wild in over-producing it .

Any precious metal could be used, but platinum is too scarce. Gold and silver both meet the requirements of scarcity and expense. This is why they have been used for currency since about 750 BC.

Paper money based on gold and/or silver can be produced in excess of the amount of gold and silver available to back it up and, unless there is a run on the treasury, no one will notice the deception. The only REALLY trustworthy currency is precious metal coinage.

When I advocate the "gold standard" , inasmuch as the government cannot be trusted not to print gold-backed paper money in excess of its gold reserves, I advocate the abolition of paper money ! This would be horribly inconvenient, but NO paper currency is trustworthy. The value of a precious metal coin can NEVER be less than its bullion value.

Gold coins would be suitable only for very high denominations. For everyday transactions, silver would be more practical, and copper is so expensive now, that it could also be used for low denomination coins.

[Breedingvariety]

Fixed gold and silver ratio has many problems. I'm for floating gold and silver standard. Gold is too much concentrated in the hands of super rich. Silver is peoples money. That's why I'm not for strictly gold standard. It must be gold and silver.

[Fortis in Arduis]

What skullnboner is talking about is almost a separate issue: the problem of interest, which is fundamental. Yes, fractional reserve banking is no good, and a gold standard would ameliorate this to extent, but the problem is usury, as it always was, and until this is dealt with, we might as well have a turd standard because it will always lead to collapse.

[Quorra]

What skullnboner is talking about is almost a separate issue: the problem of interest, which is fundamental. Yes, fractional reserve banking is no good, and a gold standard would ameliorate this to extent, but the problem is usury, as it always was, and until this is dealt with, we might as well have a turd standard because it will always lead to collapse.

Are you saying we should have no loaning?

[Fortis in Arduis]

Are you saying we should have no loaning?

Interest-free loans. Got it?

Americans often find this and co-operative economics really hard to understand or accept. It was the reason I left Stormfront; I was being flamed by white supremacist capitalists for my economic suggestions.

[Quorra]

Interest-free loans. Got it?

Americans often find this and co-operative economics really hard to understand or accept. It was the reason I left Stormfront; I was being flamed by white supremacist capitalists for my economic suggestions.

Yep. Free Capitalism is one of those things you've got to be in a succinct lock step with over there. I don't why because it's completely contradictory to everything they want and to Hitler.

So you mean a nationalised system of loaning. I agree, that would keep it under control and people could still be able to get a head a little as well.

[Fortis in Arduis]

Yep. Free Capitalism is one of those things you've got to be in a succinct lock step with over there. I don't why because it's completely contradictory to everything they want and to Hitler.

According to the majority of Stormfront, capitalism would work if it weren't for the j00s, and the 'mud races', who spoil the party for the good white folk, who would all be like benevolent Henry Fords. Co-operative economics is RED, and doomed to failure, despite it having been the underpinning of every good fascist state. Argue the case for co-operatives and steal from the White Man!

The only thing they like about Nazism is the stuff that looks mean, like the Holocaust (which didn't actually happen, don'tcha know? lol ) and eugenics, stopping 'fags' and naming the Joooooo!

So you mean a nationalised system of loaning. I agree, that would keep it under control and people could still be able to get a head a little as well.

Yes, why not? We should own our government, and our country.

[Quorra]

According to the majority of Stormfront, capitalism would work if it weren't for the j00s, and the 'mud races', who spoil the party for the good white folk, who would all be like benevolent Henry Fords. Co-operative economics is RED, and doomed to failure, despite it having been the underpinning of every good fascist state. Argue the case for co-operatives and steal from the White Man!

The only thing they like about Nazism is the stuff that looks mean, like the Holocaust (which didn't actually happen, don'tcha know? lol ) and eugenics, stopping 'fags' and naming the Joooooo!

Yes. lol they do only like the evil side of the Nazis. It's hilarious. They don't do their cause any favours.

[Anarch]

Interest-free loans. Got it?

Americans often find this and co-operative economics really hard to understand or accept. It was the reason I left Stormfront; I was being flamed by white supremacist capitalists for my economic suggestions.

Do you understand the function that interest serves? It's the subjectively determined price that present goods are exchanged for future goods. Without interest, there is no incentive for people to loan their goods (including their cash, the medium of exchange) to others, particularly in support of entrepreneurial ventures. Human knowledge being imperfect, but nevertheless consisting of working hypotheses, there must be a counter-balance to percieved risk - which is the purpose of interest.

A nationalised system of loaning is tanamount to the nationalisation of private property, which is the foundation of capital and free enterprise. Socialism is inherently doomed because it incorporates no mechanism for economic calculation.