Hey Austrians

[Obfuscate]

Man I was drunk last night.

There is no such thing as perfect stability, gold standered, fed, whatever, gold also does have the negatives of deflation and can inflate by the discovery of more gold. The plus is obviously having the money backed by a real asset. However if stability of the economy is what your after a fixed money growth rule of about 4% would be best. It is proven that over the long run the economy only grows at about 3% so a fixed money growth a little over that would create low inflation and low unemployment without the problems of deflation.

 

[Timshel]

I don't agree with a completely free banking system. That's just too complicated. Banks should be free to make their own currency, but the federal government should also issue a currency backed by gold. This will probably become the by far predominant currency. In effect, I want a system structured much like Hamilton wanted it.

I don't see any good reason for banks being allowed to defraud people, by putting out more notes than they can cover. People talk a lot about the panics before the Fed, but that was largely due to allowing banks to commit crime.

 

[Obfuscate]

FDR policies made the depression longer than needed. The fed caused it.

 

[Timshel]

FDR policies made the depression longer than needed. The fed caused it.

It's funny the left does not get that. They argue that we should look at the many programs that are still in operation from his admin. They ignore the fact that his worst ones have been shut down.

There are a few good articles in the January edition of Reason about the economic insanity of FDR and his censorship.

Interview with an author of a book on the history of the Great Depression.
http://www.reason.com/news/show/123476.html

Article about Big Box Panics. Much of it talks about them during the depression.
http://www.reason.com/news/show/123497.html

And this one is about how the Catholics and New Dealers censored movies.
http://www.reason.com/news/show/123518.html

 

[Timshel]

If FDR had been limited to two terms he would be correctly seen as one the worst Presidents ever.

 

[gonzojournals]

If FDR had been limited to two terms he would be correctly seen as one the worst Presidents ever.

Let's not forget that he was the first President not to respect that tradition.

 

[Cypress]

FDR policies made the depression longer than needed. The fed caused it.

I think Herbert Hoover should have won in 1932.

 

[Obfuscate]

Herbert Hoover did a poor job also. FDR was a great war president, his poor economics prolonged the misery of the depression though.