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but there's no way that fiat caused the Great Depression.
so then why be so afraid to tell us exactly what caused it????
Perhaps you can elaborate on why you think fiat currency caused the Great Depression - or any economic crisis in the United States. I haven't seen a single organized thought.
so then why be so afraid to tell us exactly what caused it????
Perhaps you can elaborate on why you think fiat currency caused the Great Depression - or any economic crisis in the United States. I haven't seen a single organized thought.
Sam, why don't you read about it? Friedman and Bernanke both concluded the Fed caused the Depression. A gold standard would have automatic mechanisms to correct bank runs; the Federal Reserve system did not have corrective mechanisms.
You should learn about the history of the gold standard. Printing too many bills to cover the gold in the treasury isn't a problem. There was monetary inflation during the gold standard and after.When you go and deposit your gold backed bills with a bank in a checking or savings account and they loan them out M2 money is created. You can have a system where all the CURRENCY is backed by gold, but not all the MONEY, unless you want to make loaning money illegal, which would pretty much cause the economy to come to a halt.
This is basic banking.
so then people cant get gold for their money if we're on a gold standard?
You should learn about the history of the gold standard. Printing too many bills to cover the gold in the treasury isn't a problem. There was monetary inflation during the gold standard and after.so then people cant get gold for their money if we're on a gold standard?
then of course it wasn't a gold standard was it???
Perhaps you can elaborate on why you think fiat currency caused the Great Depression - or any economic crisis in the United States. I haven't seen a single organized thought.
Sam, why don't you read about it? Friedman and Bernanke both concluded the Fed caused the Depression. A gold standard would have automatic mechanisms to correct bank runs; the Federal Reserve system did not have corrective mechanisms.
The U.S. was under a gold standard in 1929. The Treasury guaranteed to give one troy oz of gold to anyone who gave them $20.67. You're one ignorant SOB.
Sam, why don't you read about it? Friedman and Bernanke both concluded the Fed caused the Depression. A gold standard would have automatic mechanisms to correct bank runs; the Federal Reserve system did not have corrective mechanisms.
The U.S. was under a gold standard in 1929. The Treasury guaranteed to give one troy oz of gold to anyone who gave them $20.67. You're one ignorant SOB.
you could say we were under a gold standard until Nixon too. Sorry
Because we were. And I just did.
[/QUOTE]The U.S. was under a gold standard in 1929. The Treasury guaranteed to give one troy oz of gold to anyone who gave them $20.67. You're one ignorant SOB.
you could say we were under a gold standard until Nixon too. Sorry
Because we were. And I just did.
well, according to Milton Friedman( famous economist and Ben Bernanke( head of Federal Reserve system) we were not on a true gold standard in 1929, but what do they know?
According to them, and what do they know, there were tremendous bank runs back in the day such that about 1/3 of the money supply and 1/3 of the banks disappeared. On a true gold standard, they say, the Fed would have issued new money again to maintain a supply equal to the gold supply which had not disappeared, thus avoiding the liberal Great Depression.
Perhaps you can elaborate on why you think fiat currency caused the Great Depression - or any economic crisis in the United States. I haven't seen a single organized thought.
Sam, why don't you read about it? Friedman and Bernanke both concluded the Fed caused the Depression. A gold standard would have automatic mechanisms to correct bank runs; the Federal Reserve system did not have corrective mechanisms.
The U.S. was under a gold standard in 1929. The Treasury guaranteed to give one troy oz of gold to anyone who gave them $20.67. You're one ignorant SOB.
Sam, why don't you read about it? Friedman and Bernanke both concluded the Fed caused the Depression. A gold standard would have automatic mechanisms to correct bank runs; the Federal Reserve system did not have corrective mechanisms.
The U.S. was under a gold standard in 1929. The Treasury guaranteed to give one troy oz of gold to anyone who gave them $20.67. You're one ignorant SOB.
May I explain the Gold Standard to you? It has two parts. One requires that the bank or government exchange gold for your paper money. The other requires that they issue paper money equal to the gold supply. In 1929 they did not do the later. And know you know your ABC's
Sam, why don't you read about it? Friedman and Bernanke both concluded the Fed caused the Depression. A gold standard would have automatic mechanisms to correct bank runs; the Federal Reserve system did not have corrective mechanisms.
The U.S. was under a gold standard in 1929. The Treasury guaranteed to give one troy oz of gold to anyone who gave them $20.67. You're one ignorant SOB.
May I explain the Gold Standard to you?
The U.S. was under a gold standard in 1929. The Treasury guaranteed to give one troy oz of gold to anyone who gave them $20.67. You're one ignorant SOB.
May I explain the Gold Standard to you? It has two parts. One requires that the bank or government exchange gold for your paper money. The other requires that they issue paper money equal to the gold supply. In 1929 they did not do the later. And know you know your ABC's
I guess I'll try a littler harder to hammer my question to you home:
Has the U.S. EVER had a banking system up to your standards, if so, when?
May I explain the Gold Standard to you? It has two parts. One requires that the bank or government exchange gold for your paper money. The other requires that they issue paper money equal to the gold supply. In 1929 they did not do the later. And know you know your ABC's
I guess I'll try a littler harder to hammer my question to you home:
Has the U.S. EVER had a banking system up to your standards, if so, when?
dear, if you're only now learning what a gold standard is don't you think you should be in student mode rather than acting as if you have a learned POV.
Has the U.S. EVER had a banking system up to your standards, if so, when?
Has the U.S. EVER had a banking system up to your standards, if so, when?
it's like asking, has the US ever had a criminal justice system up to someones standards? It means nothing. Most importantly, most libertarians and many libertarian oriented people want a true gold standard so as to avoid liberal depressions, recessions, inflation, stagflation, deficits etc etc.
Awesome. So you trust politicians to issue only an amount equal to the amount of gold held by the federal government.The other requires that they issue paper money equal to the gold supply.
May I explain the Gold Standard to you? It has two parts. One requires that the bank or government exchange gold for your paper money. The other requires that they issue paper money equal to the gold supply. In 1929 they did not do the later. And know you know your ABC's
but it was certainly not fiat).
but it was certainly not fiat).
a fiat liberal mercantilist system is one in which the supply of money is not tied to the supply of gold. The Great Depression was caused by such a system.
Hogwash.
Hogwash.
so then it wasn't a fiat system?????????? Why so afraid to explain???? The Depression was caused because the supply or money was not tied to the supply of gold. True or false?
