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Wednesday, December 22, 2010

Time to have a debate about gold's role in the world monetary system. NUTS! End of debate.

And Congressman Ryan needs to shut up about it too.


Jeffrey said...

There is no need to return to the gold standard or to abolish the Federal Reserve. By allowing competing private currencies the Fed has to compete to provide a stable store of value. Ron Paul has said this very thing. We have had some very successful private currencies in the past but the federal government always eventually attacks them because they don't like competition.

"'The Fed had to do extraordinary things to keep us from going into a great depression, and the public doesn’t see it this way,' said Lyle Gramley"

The Fed has only done extraordinary things that will ensure we go through another great depression. Not to mention that they created both this debt bubble AND the one that led to the great depression. Where is the unemployment rate now? What are commodity prices doing? What are the rates on T-bills doing? We are 2 or 3 years into this mess, and things are still getting worse. The stuff they are doing doesn't work, it just stops the market from fixing itself. But you know, maybe I am wrong, maybe history is wrong, maybe socialism, price controls, and redistribution do work when its called stimulus, the federal funds rate, and quantitative easing. Maybe we really do need wise masters to oversee the economy - BUT probably not.

Jeffrey said...

It doesn't matter where you stand on the war - what he is saying about the Fed is 100% true.

The war we are fighting btw is an economic one, they are doing the same thing to us that we taught them to do to Russia in the 80s. They are using thousands of dollars to bleed us financially by the billions. "Death by 1000 cuts!" But that's a whole other issue.