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Ron Paul's Faith-based Monetary Policy

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ruveyn
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18 Jan 2012, 6:44 pm

pandabear wrote:
Gold is such a useful metal, it seems stupid to hoard it just to back up a stupid currency.

The influx of gold from America to Spain didn't seem to help the Spanish economy all that much.


So much gold came into Spain from the New World that it actually caused inflation for a brief period.

Again, if the money is not used for some substantial economic purpose, it is worthless.

ruveyn



pandabear
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18 Jan 2012, 6:46 pm

ruveyn wrote:
pandabear wrote:
Gold is such a useful metal, it seems stupid to hoard it just to back up a stupid currency.

The influx of gold from America to Spain didn't seem to help the Spanish economy all that much.


So much gold came into Spain from the New World that it actually caused inflation for a brief period.

Again, if the money is not used for some substantial economic purpose, it is worthless.

ruveyn


And, using the gold to back up a stupid financial system makes the gold worthless.



ruveyn
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18 Jan 2012, 6:47 pm

pandabear wrote:
ruveyn wrote:
pandabear wrote:
Gold is such a useful metal, it seems stupid to hoard it just to back up a stupid currency.

The influx of gold from America to Spain didn't seem to help the Spanish economy all that much.


So much gold came into Spain from the New World that it actually caused inflation for a brief period.

Again, if the money is not used for some substantial economic purpose, it is worthless.

ruveyn


And, using the gold to back up a stupid financial system makes the gold worthless.


The only use specie money can have is to keep the supply under some realistic control. Otherwise the government will just "print" up more money (actually the government creates checking accounts out of thin air).

ruveyn



pandabear
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18 Jan 2012, 7:02 pm

ruveyn wrote:
pandabear wrote:
ruveyn wrote:
pandabear wrote:
Gold is such a useful metal, it seems stupid to hoard it just to back up a stupid currency.

The influx of gold from America to Spain didn't seem to help the Spanish economy all that much.


So much gold came into Spain from the New World that it actually caused inflation for a brief period.

Again, if the money is not used for some substantial economic purpose, it is worthless.

ruveyn


And, using the gold to back up a stupid financial system makes the gold worthless.


The only use specie money can have is to keep the supply under some realistic control. Otherwise the government will just "print" up more money (actually the government creates checking accounts out of thin air).

ruveyn


So, why not use something less useful?

Gold can be used in dental work, to make all kinds of useful stuff, including Valentine's Day gifts for women.

If petroleum were the basis of our money, and all of it had to be hoarded somewhere, then we wouldn't be able to drive.



Jacoby
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18 Jan 2012, 7:09 pm

pandabear wrote:
ruveyn wrote:
pandabear wrote:
ruveyn wrote:
pandabear wrote:
Gold is such a useful metal, it seems stupid to hoard it just to back up a stupid currency.

The influx of gold from America to Spain didn't seem to help the Spanish economy all that much.


So much gold came into Spain from the New World that it actually caused inflation for a brief period.

Again, if the money is not used for some substantial economic purpose, it is worthless.

ruveyn


And, using the gold to back up a stupid financial system makes the gold worthless.


The only use specie money can have is to keep the supply under some realistic control. Otherwise the government will just "print" up more money (actually the government creates checking accounts out of thin air).

ruveyn


So, why not use something less useful?

Gold can be used in dental work, to make all kinds of useful stuff, including Valentine's Day gifts for women.

If petroleum were the basis of our money, and all of it had to be hoarded somewhere, then we wouldn't be able to drive.


The gold in the gold standard isn't that important, it's simply that it is commodity based currency that can not be manipulated.



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19 Jan 2012, 11:32 am

Oodain wrote:
over here he would never have gotten as far as a candidate,
so in our context he quit literally doesnt portray himself as a sane individual capable of ruling anything


You're letting your slip poke out from under your dress.



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19 Jan 2012, 12:49 pm

JWC wrote:
Oodain wrote:
over here he would never have gotten as far as a candidate,
so in our context he quit literally doesnt portray himself as a sane individual capable of ruling anything


You're letting your slip poke out from under your dress.


??


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woe be to the nose who nears it.


JWC
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19 Jan 2012, 1:12 pm

Oodain wrote:
JWC wrote:
Oodain wrote:
over here he would never have gotten as far as a candidate,
so in our context he quit literally doesnt portray himself as a sane individual capable of ruling anything


You're letting your slip poke out from under your dress.


??


A modern free society does not have rulers.



androbot2084
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19 Jan 2012, 4:19 pm

People are the ultimate commodity and are worth far more than gold. Therefore money should be based on hour credits.



ruveyn
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19 Jan 2012, 4:28 pm

androbot2084 wrote:
People are the ultimate commodity and are worth far more than gold. Therefore money should be based on hour credits.


Assigned on what basis. Not everyone uses a unit of time with the same effectiveness or efficiency and the value of one person's use of an hour differs from the value of another person's use of an hour.

In short there is no objective basis for hour credits.

ruveyn



pandabear
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19 Jan 2012, 4:32 pm

We used to have a gold standard. Then a silver standard. I don't think that we were any better off then than now.



ruveyn
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19 Jan 2012, 4:36 pm

pandabear wrote:
We used to have a gold standard. Then a silver standard. I don't think that we were any better off then than now.


With a metal standard there is no danger of runaway inflation.

In fact with a metal standard the main danger is from depressed prices and a shortage of money to buy the goods and services produced.

ruveyn



androbot2084
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19 Jan 2012, 4:43 pm

An economy is fueled by needs. The greater the needs the bigger the economy.



pandabear
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19 Jan 2012, 4:44 pm

ruveyn wrote:
pandabear wrote:
We used to have a gold standard. Then a silver standard. I don't think that we were any better off then than now.


With a metal standard there is no danger of runaway inflation.

In fact with a metal standard the main danger is from depressed prices and a shortage of money to buy the goods and services produced.

ruveyn


We also went through some rather severe recessions and depressions in the past. Going back to a gold standard is no guarantee of nirvana. Quite the opposite.



androbot2084
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19 Jan 2012, 4:50 pm

The reason why Nixon got rid of the gold standard was because we were fighting a war and we were quickly running out of gold although we had plenty of resources to continue fighting as long as we switched to paper money. Although I did not support the Vietnam war, nevertheless paper money was considered better than gold because it was backed up by the American economy.



ruveyn
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19 Jan 2012, 4:51 pm

pandabear wrote:

We also went through some rather severe recessions and depressions in the past. Going back to a gold standard is no guarantee of nirvana. Quite the opposite.


With paper money you have the German inflation. With gold standard you have the Great Depression. Either was the economy goes into the tank.

ruveyn