EU tries to spend its way out of recession
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Gold is a psychological cruch for neoclassical/neoliberal/libert
arian/etc moronic peons. It's the gold standard that got us here in the first place. What's to stop banksters doing it all over again (gradually reducing gold backing to 0)? Then in 50 or 60 years denominate the currency & start all over again?
It's not what backs a currency that matters. It's
1. how hard it is to counterfeit.
2. whether, how, in what quantities, by whom & to whom it is issued and withdrawn from circulation.
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@soylentgreenb You are mistaken on so many things, it's hard to know where to start.
Perhaps if you watching "Money as Debt Full Version" on YouTube will help you better understand the true nature of money vs currency and what the global problems really are and where they actually came from.
NONE of this is possible without political cronism and pandering to bankers who are ALLOWED by gov't to replace MONEY with CURRENCY produced out of THIN AIR so politicians can BUY politicial support.
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@yakyakyak69 Wild swings between inflation and deflation and massive bubbles happen just as easily under a gold standard; this is a historical fact from the actually existing historical gold standards.
Nor does gold solve counter-party risk. The completely unregulated, over-the-counter credit default swaps with a notional value of ~1 quadrillion dollars could just as easily have been written in gold. Without financial regulation, weapons of financial mass destruction proliferate.
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@yakyakyak69 Gold obviously doesn't solve accounting and control fraud any more than it solves bank robberies. Incentives don't magically align in the direction of positive-sum games under a gold standard; the top execs of a bank will still be tempted to run an accounting and control fraud and loot the company through the compensation system(which was a key cause of the current bubble).
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@yakyakyak69 If you don't ban improperly secured lending and fractional reserve banking with the iron fist of government gold becomes irrelevant. In the scottish free-banking system gold was ~2% of the money supply, the rest was bank money; that's what a free-market "gold-backed" currency looks like.
If you can trust the government to do the right thing you don't need gold. If you can't trust the government to do the right thing the gold is useless.
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@soylentgreenb Gold solves exactly ALL of those problems IF:
1) All MONEY is backed 100% by gold and can NOT be printed from "thin air" so crony politicians can BUY support from special interest groups & corporate backers in exchange for "cheap" fiat debt-based CURRENCY.
2) Gov'ts were NOT allowed to Borrow Fiat Debt-Based currency and were FORCED to spend ONLY what they tax thus allowing the taxpayers to FEEL the pain and REMOVE the offending politicians keeping ALL spending in check!
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@yakyakyak69 The problem this time around is the same as it always was; it is too much leverage, it is accounting and control fraud, it is unidentified counter-party risk, it is too-big-to-fail.
Gold solves _exactly_ none of those problems.
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Hannan is good at spending money as well,no doubt
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Superman Daniel Hannan
Dude rocks.
We just need about a billion more people just like this guy, and then we might just have a fighting chance to actually live in a sane world.
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A 'LONE' voice of sanity in a building FULL of MADMAN.
These CLOWNS at the EU are so disconnected from the reality the simple man in the street experiences, that they CLEARLY no longer have a clue.
May the edifice they have erected soon collapse in ruins ON TOP of them.
The EU building = 'A FOOLS PARADISE'.
NowisEvollovetion 1 year ago 35
Look, Daniel, logic and reason won't get you anywhere with these twits. It's time for you to pump a little iron, and open up a can of whup-ass on these sissies!
4KnowWon 1 year ago 30