letting the system collapse will destroy everything
Including millions and millions of lives. But then cults are known for their eery fondness of human sacrifice, so perhaps that's to be expected.
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a gold standard would cause the worse deflation in the history of humanity
And would thus force countless millions of Americans out of job and home, and would make millions more virtual slaves to their creditors, since it would likely take the average wage-earner several decades just to pay off a $5,000 credit card debt, and several lifetimes to pay off a mortgage. (This, of course, is what William Jennings Bryan was referring to when he talked about mankind being crucified upon a "cross of gold.")
To call that "freedom" is no less Orwellian and no less ridiculous than saying that "war is peace" or that "ignorance is knowledge."
To any relative newcomers who may be reading this: to have a better understanding of why the "gold standard" is not the panacea that Austrian Schoolers blindly insist it is, see the following:
http://www.youtube.com/watch?v=9E0UPBtmTb0 (part 1 of 3)
http://www.youtube.com/watch?v=Y9FWECWWN5o (part 2 of 3)
http://www.youtube.com/watch?v=aM7D3mnUSI0 (part 3 of 3)
-geolibertarian
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No, you should go do some research on the British Empire and the Rothschild gold reserves though. If you think Gold can facilitate an ever growing population of now 6.8 Billion , and if we actually had freedom, it would grow even further. Suppose the worlds Gold Supply runs out? Shall we all just stop developing the economy and die?.
Tell me, what happens when the population goes from 7 Billion to 10 Billion and there isn't enough Gold? what do we do?.....
Money is a MEANS OF EXCHANGE that REPRESENTS IT'S UNDERLYING ECONOMY. There is NO REASON TO PUT A CAP ON IT when POPULATION IS EXPANDING.
The Gold standard contributed VERY much to bankrupting the Nation and PREVENTING it from rebuilding itself , It STRANGLED the nation for CURRENCY because the BRITISH CONTROLLED THE GOLD SUPPLIES.
If you cannot understand this, then you are doomed and i thank god that someone like you is not in power.
The Panic if 1837 was caused by the GOLD STANDARD resulting in massive DEFLATION and paving the way for the CIVIL WAR.
-Revolt 246
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*sigh*
That, for the umpteenth time, is because it's not "our" government at the moment (due to institutionalized election-rigging), and why election reform must therefore be implemented simultaneously.
How many more times must I explain this to you? A dozen? Two dozen?
-geolibertarian
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As usual you've got it backwards.
Milton Friedman (for those who don't already know) was awarded the Nobel Prize in economics largely for his scholarly achievements in the field of monetary history and theory. And it was he -- after already having won said prize -- who wrote the following:
"Inflation occurs when the quantity of money rises appreciably more rapidly than [economic] output, and the more rapid the rise in the quantity of money per unit of output, the greater the rate of inflation. There is probably no other proposition in economics that is as well established as this one." (Free to Choose, p. 254)
It is therefore the Austrian School, not its critics, that is mindlessly denying "reality" when it blindly insists that printing new money is automatically inflationary even if the resultant increase in the money supply does not exceed the increase in economic output.
On issue after issue, Austrian Schoolers try desperately to mold reality so that it conforms to their half-baked theories instead of the other way around, and then, in their usual arrogant fashion, hypocritically project this irrational tendency onto any informed critic who dares to call them on it.
Another illustration of this is their dogmatic view of government "intervention" in the marketplace. If one is to avoid being charged with heresy by self-appointed Thought Police from the Austrian School, it is simply not enough to say that "most" government regulations are bad or unnecessary. No, no, one must openly believe with utter conviction that all government regulations are bad and evil by definition.
Nowhere is this blind devotion to ideological dogma more evident than in the case of derivatives. As most listeners of Alex's show have probably figured out by now, the financial meltdown of 2008/2009 had far more to do with the quadrillion-dollar derivatives bubble than it did with the comparatively miniscule subprime mortgage bubble. Yet, in the articles they write concerning the financial crisis, Austrian School commentators rarely (if ever) even mention the word derivatives, let alone acknowledge the primary causative role they played.
Why?
To me the answer is rather obvious: because doing so would draw unwanted attention to the fact that Wall Street casino gamblers could never have created the derivatives bubble in the first place had the Glass-Steagall Act -- a form of (gasp!) "government intervention" -- not been repealed in 1999. And since Austrian Schoolers have so much of their precious egos invested in the baseless presumption that all government regulations are bad (not just "most"), it's impossible for them to admit that the repeal of a particular regulation could possibly have caused far more harm than good, even when the facts overwhelmingly show that it did.
This, I'm now convinced, is why Austrian School reactionaries scoff even at the idea of election reform: because they've allowed themselves to be brainwashed (as cult members are prone to do) into believing that a total collapse of our entire economy -- and hence of society itself! -- is not only inevitable, but desirable; and that anything that gets in the way of this collapse is therefore a bad thing, not a good thing.
Why?
Simple. Because, just as socialists perceive "the State" as a mystical, God-like entity existing independently of the people who compose it, Austrian Schoolers have a similar conception of the "free market," as evidenced by this quasi-religious notion they incessantly promote that, following said collapse, a mystical, God-like entity euphemistically known as the "free market" will magically rise like a phoenix from the ashes of our destroyed nation, give birth to a gold-based money system, and all will be well with the world.
The NWO promotes "order" out of chaos; the Austrian School promotes economic revival and stability out of chaos. Either way you're dealing with a glorified cult that tries to sell people on the insane idea that "chaos" is a legitimate and effective means of achieving a desirable socioeconomic goal.
It is for this reason that I respectfully call once again on all thinking members of the anti-NWO/pro-America movement to stop allowing Austrian School cultists portray themselves as the divine gatekeepers of any and all things having to do with "liberty," "property" and "free enterprise."
Just as we must defend America from those who would destroy it in the name of the NWO, we must defend it against those who would -- by deliberate omission, and in the name of the "free market" -- knowingly allow America to be destroyed by an otherwise solvable economic and political crisis.
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Yeah, it's just soooo absurd to value people more than a piece of metal, isn't it?
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"[Andrew] Jackson and Van Buren removed the monetary power from the private bankers but did not re-establish it in the hands of the nation. Instead, Van Buren organized the Independent Treasury System, establishing 15 sub branches of the Treasury to handle government moneys in 1840. From December 1836 the government moved toward making and receiving all payments in coinage, or truly convertible bank notes....Once the state bank notes were no longer accepted by the government, their circulation was cut back dramatically.
"This was the closest our nation has ever come to implementing a real gold/silver standard. Operating under the commodity theory of money, Van Buren, who truly cared for the Republic, helped bring on the worst depression the Nation had ever seen, starting in 1837. It was reportedly even worse than that caused by the 2nd Bank of the U.S. in 1819. Bad as the state bank notes were, they had still been functioning as money!
"Those who proclaim that no gold and silver money system has ever failed should consider that whether you are a laborer, farmer, or industrialist, the money system's success or failure is not measured by the value of a piece of metal. When your job, your farm, or factory has disappeared in a monetarily created depression, the system has failed!" [Emphasis mine]
-- Stephen Zarlenga, The Lost Science of Money, p. 426
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