Irredeemable Currency Session 1, 1/2

Posted by dbhalling 10 years, 7 months ago to Economics
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Keith Weiner Economist and Objectivists talks about our monetary system - video.


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  • Posted by $ MikeMarotta 10 years, 7 months ago
    Oh, come on! If I were not in a good mood tonight, I would give you a point down for not thinking about the empirical facts. The US Mint will trade you gold and silver for your Federal Reserve Notes on demand at the market price. If you don't like their prices, you can go to any coin store - I recommend ANA member dealers - and buy gold and silver coins or bars or rounds or whatever at the market price. So what if the US government is printing money? Everyone accepts it. And everyone knows what inflation is and adjusts accordingly.

    In point of fact, in 2009, I had a graduate class in international economics taught by a committed Marxist. He put up a graph of the Bush-Obama Bailouts. The money supply was tripling! He asked me and another (and better) conservative about the consequences and in 25 words or less we said that prices would triple. Here we are in 2014. Have prices tripled versus 2008?

    The fact that the US Dollar is accepted makes it good. That is the unplanned order of the free market. If you want to refuse dollars, you can. If you want me to document your software for your users, you can pay me in hard money. But I also take FRNs.
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