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Started By
Message
re: Debunking wild conspiricies
Posted on 5/22/14 at 11:15 am to The Sultan of Swine
Posted on 5/22/14 at 11:15 am to The Sultan of Swine
quote:
But, they did expand the money supply in the 20s (largely due to an agreement with the Bank of England)
Very different from our argument of central planning. The increase of the money supply during the 20's was mainly from the low discount window, I think you're referring to when we relaxed the gold standard in 1914 for WW1 which raised the monetary supply a lot from 1914-1920.
quote:
This paper argues that the growth was due more to charter banking than free banking.
Uhh....you stated that the some of the best years for economic growth were during the free banking system? As you stated the paper concludes that the free banking system did not have an effect on economic growth. You do know that Fed banks are chartered banks, right? I may be misinterpreting what you're saying but it seems like your argument was against central planning in the banking system, and all your evidence supports central planning in the banking system.
1
Posted on 5/22/14 at 11:16 am to MagicCityBlazer
quote:Yep.
The pretense of knowledge on the part of the Fed Reserve is shocking. Planning for inflation will have a long term negative impact as the market has been manipulated and the real economic signals on buy/sell/hold/invest get warped by the easy money and 'spend it now' policies of inflation.
I couldn't find any other freely available literature on inflation, and those references do address the question in the OP.
Posted on 5/22/14 at 11:19 am to BennyAndTheInkJets
quote:
Uhh....you stated that the some of the best years for economic growth were during the free banking system? As you stated the paper concludes that the free banking system did not have an effect on economic growth. You do know that Fed banks are chartered banks, right? I may be misinterpreting what you're saying but it seems like your argument was against central planning in the banking system, and all your evidence supports central planning in the banking system
Yes, you wanted data for growth.
Econometric studies are far from conclusive. I gave you data from a paper that argues against what I'm saying in order to show you that it's not a controversial statement.
Also, I'm not saying that without a doubt free banking is the better system. However, your claim was "there is no historical evidence..." and that is what I took issue with. The debate is not as one sided as you're making it appear.
This post was edited on 5/22/14 at 11:21 am
Posted on 5/22/14 at 11:48 am to The Sultan of Swine
quote:
Yes, you wanted data for growth.
But there really wasn't any supporting data for growth?
quote:
Econometric studies are far from conclusive. I gave you data from a paper that argues against what I'm saying in order to show you that it's not a controversial statement.
Didn't say it was controversial, I was saying I didn't agree with it. I know that technically is the definition of controversial I was just stating my own opinion.
quote:
Also, I'm not saying that without a doubt free banking is the better system. However, your claim was "there is no historical evidence..." and that is what I took issue with. The debate is not as one sided as you're making it appear.
No argument at all is one sided, facts will always find their way in between two different sides of the argument. Look at my post, I never stated "there is no historical evidence", I stated that historical evidence supports central monetary planning. The argument is far from a binary true or false conclusion. I just to this point have never seen strong enough evidence that supports free banking versus some sort of central monetary planning for long run growth and sustainability of an economy.
This post was edited on 5/22/14 at 11:50 am
Posted on 5/22/14 at 11:51 am to BennyAndTheInkJets
quote:
I stated that historical evidence supports central monetary planning
Why wouldn't competing domestic currencies be a better idea? Let people buy into the currency with the monetary policies that more correctly align to their values.
Posted on 5/22/14 at 11:54 am to BennyAndTheInkJets
quote:
Look at my post, I never stated "there is no historical evidence", I stated that historical evidence supports central monetary planning
You're right man. I completely misread that.
Posted on 5/22/14 at 12:06 pm to MagicCityBlazer
quote:
Why wouldn't competing domestic currencies be a better idea? Let people buy into the currency with the monetary policies that more correctly align to their values.
We actually had this for a brief time before the Civil War.
It probably made sense back when were born, lived and died in the same 20 mile radius and only dealt with people in that same area, but I can't imagine this working in today's economy.
Most likely, the truth is that very few people really want a competing currency. You give up a lot of convince for a pretty small savings.
Posted on 5/22/14 at 12:10 pm to ZereauxSum
quote:
It probably made sense back when were born, lived and died in the same 20 mile radius and only dealt with people in that same area, but I can't imagine this working in today's economy.
In a world of the internet and instant communication competing currencies have NEVER been easier.
Posted on 5/22/14 at 12:34 pm to MagicCityBlazer
quote:
In a world of the internet and instant communication competing currencies have NEVER been easier.
Well maybe, but what's the upside to the average person? Almost no one outside of anarcho-capitalists and a few libertarians are asking for this.
How many people would actually use a alternate currency? How many people would accept it as payment? Just sounds like a waste of time to me.
Posted on 5/22/14 at 1:00 pm to MagicCityBlazer
quote:This!
Why wouldn't competing domestic currencies be a better idea? Let people buy into the currency with the monetary policies that more correctly align to their values.
And that would put an end to all the Keynesian monetary policies employed by governments and central banks.
Posted on 5/22/14 at 1:08 pm to LSUnKaty
quote:
And that would put an end to all the Keynesian monetary policies employed by governments and central banks.
Would it? Or would it just get ignored by the public at large like bitcoin, litecoin, dodgecoin, etc.
Posted on 5/22/14 at 1:29 pm to ZereauxSum
quote:
Would it? Or would it just get ignored by the public at large like bitcoin, litecoin, dodgecoin, etc.
I'm not sure you could the explosion of Dogecoin and Bitcoin anything other than a giant leap in alternative currencies.
Hell Dogecoin sponsored a Nascar driver.
Alternative currencies makes a LOT more sense for people more marginally affected, especially third world places with crushing inflation. America's inflation is more wicked, as it will just slowly grind your savings to dust.
Posted on 5/22/14 at 2:03 pm to MagicCityBlazer
quote:
Why wouldn't competing domestic currencies be a better idea? Let people buy into the currency with the monetary policies that more correctly align to their values.
You're more than welcome to exchange into other currencies, commodities, or crypto currencies. The exchange medium will be more difficult, but I've already had this go around with Wiki many times. No interest in doing bitcoin vs. fiat again.
quote:
America's inflation is more wicked, as it will just slowly grind your savings to dust.
Again, I'd strongly encourage you to do some research before making statements like this. A single inflation statistic tells you absolutely nothing about wealth or purchasing power. The dollar has been remarkably stable over the past 50 years when you take all factors into consideration. Search dollar index or DXY.
Posted on 5/22/14 at 5:49 pm to The Sultan of Swine
quote:
perhaps there is an optimal level of spending, which can only be determined through market activity, and not by a central bank
There have been times in US history where we didn't have a central bank. Those times tended to have much more dramatic and frequent booms and busts than we do today.
Posted on 5/23/14 at 7:55 am to BennyAndTheInkJets
quote:
The dollar has been remarkably stable over the past 50 years when you take all factors into consideration. Search dollar index or DXY.
The issue I was trying to highlight is that you aren't payed in constant dollars.
The idea is that a 1970 worker was payed with 1970 dollars; that his savings have lost a massive amount of purchasing power regardless of the DXY.
(speaking of which anybody know where I can find long term DXY? My google-fu is very weak.)
Posted on 5/23/14 at 10:35 pm to MagicCityBlazer
I have a question.
Why is our currency loaned to us with interest when we have the power to create it interest free?
Why is our currency loaned to us with interest when we have the power to create it interest free?
Posted on 5/23/14 at 11:11 pm to Sleeping Tiger
Posted on 5/23/14 at 11:41 pm to LSURussian
Yeah, I'd laugh too.
Answering that honestly would do a lot of damage to your ego.
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. - Henry Ford
Answering that honestly would do a lot of damage to your ego.
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. - Henry Ford
Posted on 5/24/14 at 12:05 am to BennyAndTheInkJets
quote:
BennyAndTheInkJets
Don't forget that a huge part of wage setting, interest rates for loans and other things rely on steady inflation. Having a small targeted inflation rate which you acheive allows different financial entities to better predict future business which allows them to do more business due to lower risk
Posted on 5/24/14 at 10:12 am to Sleeping Tiger
You're so ignorant.
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