Dennis Kucinich: Federal Reserve No More "Federal" Than Federal Express!
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An idiot with good intentions is still a moron. YouTube George Selgin on free banking. At least he's an economist and, not a fool. (I think this guy is a nice fool.)
mattrferr 3 months ago
Sounds like we might be having a real pig roast, America. I pray and hope.
draphaelc 4 months ago
@joepeeler34 Weights also applies to trade.
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
You think they had to keep the same dollar/metal ratio, forever?
jimmyrtle 4 months ago
@joepeeler34 Price fixing? You mean like fixing a dollar to a weight of silver?
jimmyrtle 4 months ago
@jimmyrtle Yes, weights can apply to various things of intrinsic value. Salt and tobacco used to be monies (that's where the idiom "not worth his salt" comes from). It would make sense to refer to "weights" when referring to them.
It only makes sense to refer to "weights" when referrencing commodity money.
That is what the Founders were doing. A dollar is defined as a weight of silver.
The weight of an intrinsically worthless paper note (or digital currency) is nonsensical.
joepeeler34 4 months ago
@jimmyrtle That's price fixing. It's as absurd as fixing the price of a car to a bicycle independent of supply and demand.
As I have explained, it is in reference to a codification of market exchange rates. The govt. will codify and attest to the exchange rate of various coins in the market.
Gold and silver are just tradable commodities. They have exchange values with other goods. The govt. didn't create the pricing system anymore than it invented money. They are emergent orders.
joepeeler34 4 months ago
@joepeeler34 "It would be absurd to "change the value." It doesn't say change the value"
Then they should have fixed the value. They did not.
jimmyrtle 4 months ago