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Very Hot Topic (More than 25 Replies) The Misunderstandings of 'Free Trade' (Read 1625 times)
SkyChief
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Re: The Misunderstandings of 'Free Trade'
Reply #80 - Apr 27th, 2018 at 11:29am
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BobK71 wrote on Apr 26th, 2018 at 5:42pm:
My sense is that the elites would *love* to get back to a hard-money standard, but using gold or silver would require a very embarrassing devaluation of dollars and euro against the metals.  So they're trying to make Bitcoin into the new gold.

Viet Nam.  It was a very expensive war. The US was deep in debt.  Nixon needed the Federal Reseve to print money and they couldn't do this while each US dollar in circulation was backed with 1/35th of an ounce of gold  locked in a vault somewhere.  So Nixon declared that the US dollar was now backed by NOTHING. 

The Federal Reserve has been dumping trillions of "stimulus" dollars into the the economy since then, but all it does is guarantee us that the dollar in our wallet will buy less tomorrow than it bought today. 

"A dollar is a receipt for a claim check on an IOU." - Mike Maloney
« Last Edit: Apr 27th, 2018 at 3:45pm by SkyChief »  
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Don_G
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Re: The Misunderstandings of 'Free Trade'
Reply #81 - Apr 27th, 2018 at 12:12pm
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BobK71 wrote on Apr 26th, 2018 at 6:01pm:
And contrary to what you might believe, I think leftist redistribution policies are a protest against the status quo, and an attempt to redress the worst grievances of the system.  As noble minded as such ideas may be, they won't solve the real problem, because they never address it.



This could become the topic of a serious conversation here on this board. But sadly Bob, you seem to disappear too often and important issues just get laid by the wayside.

I would like to talk about that which you call leftist redistribution policies. I think your use of the term indicates that you reject any thinking that's outside the American box that is it's style of capitalism.

It automatically discounts such policies such as is demonstrated by Norway's prison system. (just one example to initiate the conversation.) I'm suggesting that everything I propose will fit in just as nicely. None of it has anything to do with redistribution.

I'll be away until Tuesday p.m. I hope you are still available then?


  
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Billie
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Re: The Misunderstandings of 'Free Trade'
Reply #82 - Apr 27th, 2018 at 5:46pm
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Don_G wrote on Apr 27th, 2018 at 12:12pm:
This could become the topic of a serious conversation here on this board. But sadly Bob, you seem to disappear too often and important issues just get laid by the wayside.

I would like to talk about that which you call leftist redistribution policies. I think your use of the term indicates that you reject any thinking that's outside the American box that is it's style of capitalism.

It automatically discounts such policies such as is demonstrated by Norway's prison system. (just one example to initiate the conversation.) I'm suggesting that everything I propose will fit in just as nicely. None of it has anything to do with redistribution.

I'll be away until Tuesday p.m. I hope you are still available then?


Troll. No denying it.
  
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Billie
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Re: The Misunderstandings of 'Free Trade'
Reply #83 - Apr 28th, 2018 at 8:36am
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BobK71
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Re: The Misunderstandings of 'Free Trade'
Reply #84 - Apr 30th, 2018 at 9:11am
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SkyChief wrote on Apr 27th, 2018 at 11:29am:
Viet Nam.  It was a very expensive war. The US was deep in debt.  Nixon needed the Federal Reseve to print money and they couldn't do this while each US dollar in circulation was backed with 1/35th of an ounce of gold  locked in a vault somewhere.  So Nixon declared that the US dollar was now backed by NOTHING. 

The Federal Reserve has been dumping trillions of "stimulus" dollars into the the economy since then, but all it does is guarantee us that the dollar in our wallet will buy less tomorrow than it bought today. 

"A dollar is a receipt for a claim check on an IOU." - Mike Maloney


I believe it was around 1960 or so that the US crossed the Rubicon where it didn't hold enough gold to redeem all the dollars overseas.  (Remember the Bretton Woods 'gold standard'  restricted redemption not only to foreigners, but to foreign governments.  It was illegal for Americans to own gold.)

It seems that the bubble, supported by global elites, lasted another decade (notwithstanding economist Triffin pounding the table and saying what no one in the establishment wanted to hear -- that the bubble was not sustainable.)  It might have been after the Vietnam and Great Society expenses that even European governments decided enough was enough.

I believe the Nixon default on gold was specifically caused by the British asking for their gold, on top of France, W. Germany and the Netherlands already having got some or most of theirs.

It seems, at least at the time, and hopefully still today, democracy was a powerful enough force to hold Western elites accountable, when things got too far out of whack.
  
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