Blackwater Lunchbreak
Verified User
libertarians used to think sound money mattered.
not anymore.
you're just fucking neocons now.
not anymore.
you're just fucking neocons now.
Capitalism Is EVIL!
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Into the Night
Verified User
You want to call greed evil? Socialism is all about greed. It is theft of wealth. That is greed.
Fascism steals wealth by trying to control it.
Communism steals wealth by simply taking it.
Slavery steals labor.
Now let's look at capitalism, which is the voluntary production of products and services for voluntary sale at the agreed upon price.
That's not selfish greed. That's serving your fellow man. Failure to serve your customers puts you OUT OF BUSINESS.
Into the Night
Verified User
Nails what?
There is no dark side to capitalism.
There is no dark side of capitalism. Capitalism requires no government to function. 'Government regulation of capitalism' is just fascism, a form of socialism.
No one likes their wealth stolen.
What is a 'J6 mindset'??
Blackwater Lunchbreak
Verified User
you're trying to blur the difference between sound and fiat currency.
you know libertarians have sold out and are now standard neocon war fascists.
gold used as fiat currency is a retard concept sentence that shows arrogance and deceit.
all in one.
this is why you're losing.
Into the Night
Verified User
That 'something else' is communism.
Fiat currency is communism. It is ownership of the money and loan markets.
Into the Night
Verified User
Blackwater Lunchbreak
Verified User
brainwashing the citizenry that fake money isn't totalitarianism is quite evil.
you have to face this.
But small is the gate and narrow the road that leads to life
Blackwater Lunchbreak
Verified User
its totalitarianism for sure.
Into the Night
Verified User
It has no minuses. Capitalism is in and of itself an economic system.
It does.
Capitalism is serving your fellow man. It is the voluntary production of products and services for voluntary sale at the agreed upon price. If you fail to serve your customers, you are a loser. You don't belong in business. Indeed, you probably won't even get a job that way. Even in a job, you have to serve your customers (including your boss!). If you don't, you won't have a job for long!
Capitalism leaves no one behind. Anyone can play. It's the quickest way out of poverty there is.
If your work is unappreciated, there is probably a good reason why. You are not serving your customers, including your boss; or, if you are, you are serving them poorly. Not the best way to obtain or keep a job.
That's the agreed upon price. That's part of capitalism right there. Nothing prevents you from leaving.
The worker is their own 'business'. Your wages are your gross profit.
So they deserve their take.
Fascism doesn't work. Your proposed 'management' is nothing more than theft.
They already do.
They already do.
Fascism doesn't work. It is theft of wealth. Government does not know the market, and government dictating how much someone should profit is just fascism and tyranny.
Fascism is not capitalism.
We already do. It's called capitalism.
Into the Night
Verified User
He just agreed with you and you say he didn't?????
You don't understand Keynesian economics.
I don't support Keynesian theory, but I do grasp what stimulant demand is and what turns mean. Deficit spending to stimulate demand has failed every time it's been tried, but that isn't fiat currency. Conversely, Arthur Laffer has been absolutely vindicated and validated - much to the chagrin of the socialists.
Let's try a simply thought experiment: You live in a village that has 10 cows and 10 bars of gold. The value of a cow is 1 bar of gold. Two cows have calves - what then is the value of a cow?
Monetary policy rests on the concept of equilibrium - keeping the supply of currency equal to the supply of goods and services. Introduction too much currency causes inflation - currency is worth less and prices rise. Conversely, increase in the volume of goods and services to a static money supply causes the value of goods and services to decrease.
George Stigler wrote extensively on monetary policy in conjunction with Milton Friedman in the utter disembowelment of Keynesian theory. Perhaps your greatest failure in grasping the concept at hand is that you don't understand that precious metals such as gold and silver are still fiat currency. Governments which depended on tangible backing still manipulated currency to provide a stable rate of exchange.
The federal reserve is a crooked racket that embezzles billions each year from American taxpayers. Does this mean we should not use currency? No more than the fact that democrats cheat in elections means we should not allow people to vote.
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The governments of Europe, America and other civilized nations kept reserves of precious metals that would be coined into currency and released or withdrawn as the government saw fit.
It was very much fiat currency.
it was only fiat when they set the price via legislation - hence metal is not inherently fiat
holding things of value - like oil reserves does not make oil fiat currency - same with stocking metals
Into the Night
Verified User
Not because it's a fiat currency, because it isn't.
Bitcoin is a blockchain currency. There are several inherent with blockchains as currency:
* They require the internet to conduct a transaction, which is not always available at the point of sale.
* They require the use of an electronic 'wallet', which is not simple to use for the everyday person, and which may not be available at the point of sale.
* Loss of wallet access (such as forgetting your password or the file is destroyed or corrupted) means you lose all the Coin in it. This loss is, of course, substantial.
* The blockchain itself gets longer and longer, and there is no effective method of shortening or abbreviating it, making the time it takes to conduct a transaction longer and longer.
* Blockchain mining techniques can and does degrade internet performance and raises the cost of late model GPUs.
* Bitcoin is subject to possible hackery (which already killed Bitcoin1, we are currently using Bitcoin2) which would cause the value of Bitcoin2 to disappear virtually overnight, the way it happened to Bitcoin1. This risk affects all blockchain currencies.
* Exchanges have problems with theft and fraud, since blockchain currencies are instant commission and irreversible.
* Regulations by unfriendly governments can cause any blockchain activity to be censored in that country, and access to all Coins in any blockchain to be lost as a result (in that country). Since almost all governments on Earth are currently using fiat currency, there is strong incentive to do this. Several nations are already in the process of implementing this.
Into the Night
Verified User
Quite right.
Indeed, the word 'dollar' was actually a unit of weight (originally 1/20 oz of fine gold).
Today, the 'dollar' is a Federal Reserve Note, or fiat currency, with no backing of any commodity. The government can print these to keep the government running and expanding. The natural tendency is to inflate the currency (through devaluation) which is the only way to expand the government and to make paying or even just servicing it's mountain of debt less painful
Today, a dollar is only worth 1/2300 oz of fine gold.
Inflation is the direct result of the government printing money that is not offset by an increase in wealth due to capitalism.
ROFL
Again, you have zero education in economics and are arguing concepts you have no understanding of.
The moment that gold, silver, nickel, or copper is minted into coins it becomes fiat currency and is every bit as manipulated as paper or digital currency.
Too often those who have a vague and foggy notion of economic concepts assign intrinsic value to metal.
What is the intrinsic value of gold? It has none. You can't eat it. It won't warm your home. It is too soft to make useful tools. The value of gold is what someone else will pay you for it. "But Dr. Unc," you may say, "gold is worth $2.425 an ounce." BUT that value is nothing more than the arbitrary value placed by the market - what others are willing to pay. The metal itself has very little tangible value. Gold has no more intrinsic worth than does wood or stone. It is worth what a buyer will pay. Gold is valuable ONLY because of the societal agreement that it is valuable - no different than the agreement that paper money is valuable, or a bearer bond is valuable. All are valuable because of societal decree, as @zymurgy termed it.
I oppose the Federal Reserve - for all the reasons Friedman, Rothbard, et al. long ago explained. Congress was empowered by the constitution to coin money. Congress who theoretically answers to the voters.
However, that is a separate and distinct issue from the use of markers - fiat currency - which are critical to the functioning of a large, complex market. Equilibrium is critical a functioning society. Inflation is theft - theft by government (and the fed) to devalue incurred debt. The fed targets a 2% annual rate of inflation - which translates to taking 2% of every American's wealth each year. What is the correct rate of inflation? ZERO. The only way to achieve a zero or near-zero rate of inflation is through sound monetary policy.
It is fiat currency because the supply was regulated by government to achieve a specific value for the coins.
There is nothing particularly special about the medium of the currency - save for copper which is a superior conductor (and no longer used in currency as it has intrinsic value beyond use as currency.)
Gold was sought after in ancient cultures because it was soft and easy to work into elaborate decorative shapes. That's it. You can't eat it, you can't burn it for fuel, it's no good for tools or armor. Gold has value only because of societal agreement that it has value. In our society, we can work much harder metals into just as fancy of shapes. Tungsten has much more intrinsic value than gold.
I love how by decree you decide something has no value
it's like fiat intelligence