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Bishop said:
you didn't address my last point/paragraph though.. it seems to me to be infinately easier to legislate spending controls and regulate spending in order to focus on paying down our debts, which would also decrease real inflation..
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I say:
Show me how that has worked since 1913, and where it ended up?
The whole point isn't about easier, it is about keeping wealth where it belongs, which is in the hands of the people; Fiat, is worthless.
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Bishop said:
by contrast, it seems to be nothing more than an unrealistic pipe dream to revert back to the gold standard (or any similar standard whereby we fix our currency to a commodity).
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I say:
Why such a pipe dream though Bishop? Because there ISN'T enough gold to support the amount of fiat, which means we will ALL lose money, except those who have been hoarding commodities, right?
So, what realistic alternative is there, since the government is near provably running amok?
Regardless of the fiat vs gold comparison, you neglect to address the overall issue with WHY the government chose to go to fiat, as opposed to gold, which was raising revenue without expectation.
The government adopted fiat, because it could profit without accountability for the money, and in 1929, under the DESIGNED depression, people weren't in much of a position for bargaining when the New Deal was brought up, and Gold was STOLEN BACK by the government from the people.
The very reason you prefer fiat, was the very reason government got legs to corruption without accountability.
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Bishop said:
you'd completely destroy the global financial system,
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I say:
That would be a mission accomplished.
Quote:
Bishop said:
one of the things that's always intrigued me about the argument for a return to the gold standard is that NOBODY (not even the pros at cato) ever talk about HOW such a transition could occur.. one thing to highlight the benefits of a gold standard while ignoring the cons - it's something else to completely avoid talking about how such a change could occur and what the potential consequences to the global economy would be.
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I say:
Go back and read along with the discussion that took place in when they switched from Gold to Fiat Bishop, same same.
They changed the worlds business in 1929, just like we would have to do it again now to go back to a Constitutional money process.