Capitalism is NOT Democratic: Democracy is NOT Capitalist

[dblack]

How did those evil owners force you to work for them?

They tricked him. They told him there would be cake.

 

[bripat9643]

Or Bitcoin.

Bitcoin would quickly lose out to gold backed notes. The only reason it's still alive is the fact that private notes are illegal.

 

[dblack]

Bitcoin would quickly lose out to gold backed notes. The only reason it's still alive is the fact that private notes are illegal.

Maybe. But Bitcoin has nailed all the key features of gold, and more. A lot of it depends on whether the world grasps the value of an independent currency. I think they will. I think they are.

 

[Toddsterpatriot]

Bitcoin would quickly lose out to gold backed notes. The only reason it's still alive is the fact that private notes are illegal.

Who is going to issue gold-backed notes?

 

[bripat9643]

Who is going to issue gold-backed notes?

Every bank, the minute it becomes legal.

 

[Toddsterpatriot]

Every bank, the minute it becomes legal.

A bank is going to buy and store an ounce of gold so they can issue 1846 gold backed notes?
If gold goes down to 1800, do they have to buy back 46 of those notes?
If a note holder shows up with one of their notes, are they going to shave off 1/1846th of
an ounce to redeem the note?

Sounds pretty clunky. I don't see the benefit. Do you?

 

[bripat9643]

A bank is going to buy and store an ounce of gold so they can issue 1846 gold backed notes?
If gold goes down to 1800, do they have to buy back 46 of those notes?
If a note holder shows up with one of their notes, are they going to shave off 1/1846th of
an ounce to redeem the note?

Sounds pretty clunky. I don't see the benefit. Do you?

It won't go down to 1800. If the bank sets the exchange rate at 1846, then it will have to return an ounce of gold if someone turns in 1846.

The advantage is that you have no inflation. The value of a note will remain the same in terms of gold. Fiat money is a mechanism for the government to loot your savings.

You obviously don't understand how a gold backed currency works.

 

[georgephillip]

The term "libertarian socialism" is an oxymoron

Only in Trump-Land

 

[bripat9643]

Only in Trump-Land

No wonder you're confused. You read Chomsky.

A libertarian is someone who favors economic freedom, the exact opposite of what socialists support.

 

[georgephillip]

Utter horseshit. Slavery was invented 10,000 years ago, dumbass.

And 9500 years later slavery invented capitalism.

 

[georgephillip]

"Exploitation" is a meaningless word.

To morons and slaves.

 

[Toddsterpatriot]

It won't go down to 1800. If the bank sets the exchange rate at 1846, then it will have to return an ounce of gold if someone turns in 1846.

The advantage is that you have no inflation. The value of a note will remain the same in terms of gold. Fiat money is a mechanism for the government to loot your savings.

You obviously don't understand how a gold backed currency works.

It won't go down to 1800

It was below $1800 as recently as August and again in September.

If the bank sets the exchange rate at 1846, then it will have to return an ounce of gold if someone turns in 1846.

And when it goes above $1846, how long will their notes continue circulating?
Is the note going to read "Exchangeable for 1/1846th of an ounce"?

Like I said, clunky.

The advantage is that you have no inflation.

Why would a Bank of America, for example, gold-note stop inflation?

The value of a note will remain the same in terms of gold.

And if gold drops to $1700, your 1/1846th is now worth 92 cents.

You obviously don't understand how a gold backed currency works.

In the above examples, not very well.

 

[georgephillip]

As Adam Smith, wrote, slavery is completely innefficient...therefore not compatiable with Captialism

 

[bripat9643]

And 9500 years later slavery invented capitalism.

Even you can't be stupid enough to believe that.

 

[georgephillip]

The thinking of Spain and France and others who came here became secondary because they did not have the Magna Carta, the English Rule of Law which were primitive in rights for peasants

The Magna Carta bestowed rights upon landowners not peasants. It has produced a system of government that gives creditors the right to exploit debtors, and it persists to this day:

Sovereignty in the Ancient Near East | Michael Hudson

"After the Norman invasion you had the Magna Carta when the autocratic King John tried to grab all the economic surplus for himself.

"The landowning barons wanted to break free.

"The Magna Carta limited what kings could tax without landlord agreement.

"The barons said, in effect, 'The rent that we formerly paid to support the royal army, we henceforth will keep for ourselves. Also, we won’t pay the debts we owe to the Jews, so that we can keep our land.'

"The founding constitution or legal documents of almost every nation have to do with the relationship between finance, land tenure and its tax liability, and the relationship between centralised power and local power."

 

[bripat9643]

It won't go down to 1800

View attachment 566869

It was below $1800 as recently as August and again in September.

If the bank sets the exchange rate at 1846, then it will have to return an ounce of gold if someone turns in 1846.

And when it goes above $1846, how long will their notes continue circulating?
Is the note going to read "Exchangeable for 1/1846th of an ounce"?

Like I said, clunky.

The advantage is that you have no inflation.

Why would a Bank of America, for example, gold-note stop inflation?

You don't get how bank notes work, obviously. Once the exchange rate is set, it stays at whatever rate was chosen. The bank has to give an OZ of gold if someone exchanges $1800 for it. There isn't any higgling about the rate.

The value of a note will remain the same in terms of gold.

And if gold drops to $1700, your 1/1846th is now worth 92 cents.

It can't drop because the bank is legally bound to exchange 1800 notes for an house of gold. The bank is obviously never going to accept less. That would deplete it's reserves at a much faster rate, and the banks customers are not going to pay more if they aren't legally required to.

You obviously don't understand how a gold backed currency works.

In the above examples, not very well.

We had free banking in this country until 1914. Banks could all issue their own notes backed by gold. It worked beautifully.

 

[georgephillip]

Answer the question.....extracting how?

 

[bripat9643]

The Magna Carta bestowed rights upon landowners not peasants. It has produced a system of government that gives creditors the right to exploit debtors, and it persists to this day:

Sovereignty in the Ancient Near East | Michael Hudson

"After the Norman invasion you had the Magna Carta when the autocratic King John tried to grab all the economic surplus for himself.

"The landowning barons wanted to break free.

"The Magna Carta limited what kings could tax without landlord agreement.

"The barons said, in effect, 'The rent that we formerly paid to support the royal army, we henceforth will keep for ourselves. Also, we won’t pay the debts we owe to the Jews, so that we can keep our land.'

"The founding constitution or legal documents of almost every nation have to do with the relationship between finance, land tenure and its tax liability, and the relationship between centralised power and local power."

Could you quote the document where it says that?

 

[Toddsterpatriot]

The Magna Carta bestowed rights upon landowners not peasants. It has produced a system of government that gives creditors the right to exploit debtors, and it persists to this day:

Sovereignty in the Ancient Near East | Michael Hudson

"After the Norman invasion you had the Magna Carta when the autocratic King John tried to grab all the economic surplus for himself.

"The landowning barons wanted to break free.

"The Magna Carta limited what kings could tax without landlord agreement.

"The barons said, in effect, 'The rent that we formerly paid to support the royal army, we henceforth will keep for ourselves. Also, we won’t pay the debts we owe to the Jews, so that we can keep our land.'

"The founding constitution or legal documents of almost every nation have to do with the relationship between finance, land tenure and its tax liability, and the relationship between centralised power and local power."

No debt in the USSR, how'd that work out for them?

 

[Toddsterpatriot]

You don't get how bank notes work, obviously. Once the exchange rate is set, it stays at whatever rate was chosen. The bank has to give an OZ of gold if someone exchanges $1800 for it. There isn't any higgling about the rate.


It can't drop because the bank is legally bound to exchange 1800 notes for an house of gold. The bank is obviously never going to accept less. That would deplete it's reserves at a much faster rate, and the banks customers are not going to pay more if they aren't legally required to.



We had free banking in this country until 1914. Banks could all issue their own notes backed by gold. It worked beautifully.

The bank has to give an OZ of gold if someone exchanges $1800 for it. There isn't any higgling about the rate.

That is awesome!!! So when inflation happens, and gold rises to $1900, every one of those notes is redeemed.

It can't drop because the bank is legally bound to exchange 1800 notes for an house of gold.

Gold can't drop to $1700? Why not?

We had free banking in this country until 1914. Banks could all issue their own notes backed by gold.

Unless your bank failed, and you got zero for your notes.
They were usually backed by bond holdings, not gold holdings.