Well, in all fairness, you can have a well-run fiat currency. You can even have deflation with a fiat currency. It just never seems to happen, does it?
As for the petrodollar wars, the paradox is that the wars are there to force up demand for the FRN, thus saving it and buoying up its value. But the FRN must be destroyed to pay for all of the wars. So, it's salvation is also its destruction.
And how many people are dying for this fools' errand?!
Originally Posted by Will Rogers
The latest on the Iran currency war:
http://www.breitbart.com/article.php...show_article=1
I read his book, and what he talks about is almost the same thinking of someone who is part of the Chicago School of Economics.
He does discredit the federal reserve, and Keynesian in his book.
Last edited by FlatIron; 01-31-2012 at 09:13 PM.
Huh?
Rickards wants the Fed ended. The Chicago school thinks the Fed can fix everything (simplified, but basically speaking). Does not compute.
Yeah but he wants a gold standard by a government decree which would eventually lead down to the same results we face now. He doesn't think the free market can decide what is money and regulate it.
That's really my main objection to his beliefs.
My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )
You can't have free market currency without abolishing taxes. Whatever payment the government demands for the tax bill is what the government currency will be.
The University of Chicago
The Federal Reserve System is much like the Public School System ... and Fiat Money ... Fake.Rockefeller gave $80 million to the University of Chicago under William Rainey Harper, turning a small Baptist college into a world-class institution by 1900.
"Everyone who believes in freedom must work diligently for sound money, fully redeemable. Nothing else is compatible with the humanitarian goals of peace and prosperity." -- Ron Paul
Brother Jonathan
That is my point. If you are "Chicago School" you are pro-Fed.
For those of you defending this insider, please defend this:
http://en.wikipedia.org/wiki/Long-Te...tal_ManagementSeeing no options left the Federal Reserve Bank of New York organized a bailout of $3.625 billion by the major creditors to avoid a wider collapse in the financial markets.[24] The principal negotiator for LTCM was general counsel James G. Rickards.[25] The contributions from the various institutions were as follows:[26][27]
$300 million: Bankers Trust, Barclays, Chase, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Merrill Lynch, J.P.Morgan, Morgan Stanley, Salomon Smith Barney, UBS
$125 million: Société Générale
$100 million: Lehman Brothers, Paribas
Bear Stearns declined to participate.
My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )
Here's a tip for life: don't form opinions until you've gathered sufficient evidence. At the very least, don't form strong opinions.
Rickards has responded to this before. His retort is (I) it was his job and (II) it was an all-private bailout; it was completely different from say TARP or GM or any of the stuff in 08--it was completely voluntary and among private creditors.
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