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No one is arguing that. You have been claiming that if there isn't sufficient gold in the vault to pay out 100% of the issued note value on the same day, that it's not a gold backed currency. So you are saying a gold backed currency has never existed.I'm saying, "No country has ever had 100% of the gold needed to redeem all their notes"
Do you need me to say it again?
You have been claiming that if there isn't sufficient gold in the vault to pay out 100% of the issued note value on the same day, that it's not a gold backed currency.
What the practical effects of a fractional reserve currency are isn't up for debate here. The issue is what the term "gold backed currency" means. According to your definition, there has never been a gold backed currency in the history of the world.If you can only convert a portion of your notes into gold, do the notes protect you from inflation?
So you are saying a gold backed currency has never existed.
No. I'm saying that if there is a bank run on your private gold currency, you may lose.
Bank of America will make money on their 1000 ounces of gold backing 5000 ounces of notes.
Who are they making that profit from? From you?
What the practical effects of a fractional reserve currency are isn't up for debate here. The issue is what the term "gold backed currency" means. According to your definition, there has never been a gold backed currency in the history of the world.
If so, you are changing the subject. Previously you were objecting to calling a currency where every note couldn't be converted to gold on the same day as not a gold backed currency. Is that your definition of the term or not?I'm debating the claim that a private gold currency stops the government from looting your bank account. If you can't actually turn the currency into gold that appears to make it even more difficult to stop the government looting. Right?
Where should the ratio of gold to issued notes be set?
20%? 5%? Would 1% be enough to protect you from inflation?
If so, you are changing the subject. Previously you were objecting to calling a currency where every note couldn't be converted to gold on the same day as not a gold backed currency. Is that your definition of the term or not?
Address the question I asked. I'm not interested in your irrelevant homework assignments.I promise I have an ounce of gold.
I'm going to issue 1 million notes, each convertible to 1 ounce.
How many can I put you down for?
It's a gold backed currency. Guaranteed to protect you from inflation
and government looting. Limited time only. Free shipping. Act now.
Address the question I asked. I'm not interested in your irrelevant homework assignments.
Not unlike the millions of enslaved Africans and murdered Native Americans that launched US capitalists on their blood-stained Empire.Right away, the first four in the list, Moldova, Armenia, Croatia, Slovenia, are all known to be war torn unstable regions that participate in straight up ethnic cleansing (kind of like our democrats' cancel culture, except there they just kill the people they don't like and bury their bodies in mass graves).
Not unlike the millions of enslaved Africans and murdered Native Americans that launched US capitalists on their blood-stained Empire.
15 Socialist Countries that Have Succeeded
"Moldova only scores 50 out of 100 in financial freedom while government spending and tax burden stand respectively at 71 and 94.
"This implies that the government is spending extensively on public services like healthcare and education while increasing taxes on private wealth and it seems to be working in its favor.
"Moldova has a high score of 72.58 in social progress but only 33 in innovation. It ranks 86th in global competitiveness."
And the problems in those eurozone countries stem from the pro-bank and anti-labor regulations written into the Lisbon and Maastricht treaties.Portugal, with 19.5% of it's Population below poverty line or at risk of poverty or social exclusion (AROPE, 2019), is not exactly a stellar example, now is it? Spain is worse, with 25.3% below the poverty line or at risk of poverty or social exclusion (AROPE, 2019). According to one source (ing.com), "Spain's economic downturn in 2020 is likely to be the worst of all eurozone countries".
How does the number of medical bankruptcies or student debt levels in "those successful socialist" countries compare to the US?Compare those "successful socialist" countries' poverty level to the USA, which is at about 10% (US Census Bureau). Over time, our rate of poverty continues to climb the closer we get to implementing those same socialist "government runs all" programs.
When greedy pigs spend millions buying back their own stock, every dollar used is a dollar that isn't hiring more employees, improving marketing, acquiring a competitor, developing new products, or otherwise growing their business.So don't buy any stock and sell the stock you already own.
How does the number of medical bankruptcies or student debt levels in "those successful socialist" countries compare to the US?
U.S. consumer debt is now above levels hit during the 2008 financial crisis
When greedy pigs spend millions buying back their own stock, every dollar used is a dollar that isn't hiring more employees, improving marketing, acquiring a competitor, developing new products, or otherwise growing their business.
Not unlike the millions of enslaved Africans and murdered Native Americans that launched US capitalists on their blood-stained Empire.
15 Socialist Countries that Have Succeeded
"Moldova only scores 50 out of 100 in financial freedom while government spending and tax burden stand respectively at 71 and 94.
"This implies that the government is spending extensively on public services like healthcare and education while increasing taxes on private wealth and it seems to be working in its favor.
"Moldova has a high score of 72.58 in social progress but only 33 in innovation. It ranks 86th in global competitiveness."
And the problems in those eurozone countries stem from the pro-bank and anti-labor regulations written into the Lisbon and Maastricht treaties.
Neoliberal capitalism is plundering Portugal and Spain to an even greater extent than it is in the US which is exactly what reasonable people would expect when tax and public spending policy is taken away from governments and turned over to the banking centers.
On one hand, I would like to say "SO WHAT"? As long as the borrowers are paying their debt in an agreeable fashion, there is no problem.How does the number of medical bankruptcies or student debt levels in "those successful socialist" countries compare to the US?
U.S. consumer debt is now above levels hit during the 2008 financial crisis
White supremacy defines what this country is today as you can see from prison demographics to wealth inequality. It was economic self-interest and not moral convictions that ultimately abolished slavery as the institution came to be regarded as an impediment to industrialization.The US paid a heavy price for the abomination that was slavery and those atrocities committed against Native Americans: it's called the Civil War, and took place over 150 years ago, in case you haven't read any history books lately. Thankfully, the values that won out then DEFINE what this country is today
But you claim that capitalism required slavery, moron. Now you're claim that capitalism required slavery to be abolished.White supremacy defines what this country is today as you can see from prison demographics to wealth inequality. It was economic self-interest and not moral convictions that ultimately abolished slavery as the institution came to be regarded as an impediment to industrialization.
"Given the choice between modernity and barbarism, prosperity and poverty, lawfulness and cruelty, democracy and totalitarianism, America chose all of the above."
Imho, we still do, but much of the barbarism, poverty, and cruelty is inflicted on the populations of non-white foreign nations while gullible or indifferent Americans are constantly lied to about their "exceptionalism."
American Capitalism Is Brutal. You Can Trace That to the Plantation. (Published 2019)
