Because I know NOW. I didn't know THEN.
If you don't mind, I would prefer not to converse with you. I do not believe that you have anything positive to add. I will therefore kindly ask you to take your comments elsewhere. I am a doer, not a sayer, and do not have time for idle repartee.
Thanks.
Epimenides
http://letterstomidas.blogspot.com
Epimenides:I am a doer, not a sayer, and do not have time for idle repartee.
Kinda like George Bush, huh?
Is there a point to this?
-Jon
To darkness I condemn you...
Epimenides:Acceptance of the currency for general everyday use requires only that it be convertible to the fiat currency of your choice, to be applied to the fiat credit card of your choice. That is easily doable. It has been done. It is being done.
Then you would be subject to capital gains if the price of the underlying commodity rose against the fiat currency.
They get you coming and going, no way out of the inflationary tax.
Epimenides:The most difficult problem to solve, frankly, is the guns. That is, what jurisdiction will, (for a moderately extortionate fee), supply you with your protection.
There's a whole body of work on private security on this site and a couple (unfortunately competing) theories on how to get there.
Thank you.
In the short term:
The government will wildly inflate the money supply (the only cause of inflation). They will do this in order to "unfreeze the credit markets", which are not currently frozen at all. They will also do this to force banks into a position where they have too many deposits for which they are paying (and additionally for some banks, too much capital [including the majors which were coerced by Paulson in the past several hours to accept injections of "capital" from the Treasury in the form of preferred stock]), which thus will require them to loosen their lending standards. (Banks MUST loan money kept on deposit - remember that deposits are liabilities for which a bank pays, constantly). Remember, it was the availability of this form of debt financing which produced the large numbers of payment- and capital-loss loans now carried on the books of these banks. In addition, the government will overpay for bad loans from certain "preferred" institutions, thus punishing the careful ones; the "preferred" institutions will be those with the most lobbyists and money to bribe, either directly or indirectly, the governmental officials responsible for the determination of which loans are purchased.
In the long term:
We will have roaring inflation. Inflation, you understand (or will recall from your studies) is a mechanism by which a stronger power with the means to enforce its monopoly over the money supply steals from the rest of the population. This will lead to a staggering loss of purchasing power for the US dollar and other fiat currencies. Gold will rise, slowly at first, then more rapidly. Commodities prices will tend downward until this inflation begins in earnest, then begin to rise rapidly. Another bout of 70's style "stagflation" will ensue, only considerably more severe. Several true banks will form with commodity-backed currencies. Various governments will pursue these and attempt to exterminate them because they will understand that these banks, should they succeed, would destroy the source of the government's power. A very small number will survive, in jurisdictions which have the muscle to protect them, and the desire to be paid to do so.
Any questions so far?
No one will tax you unless they can find it.
There is no magic to this. It is extremely simple, both in concept and execution. It is like murder. The mechanism is well-known, I suspect. What is lacking is the will to do it.
Who is with me?
.
Epimenides: Because I know NOW. I didn't know THEN. If you don't mind, I would prefer not to converse with you. I do not believe that you have anything positive to add. I will therefore kindly ask you to take your comments elsewhere. I am a doer, not a sayer, and do not have time for idle repartee. Thanks. Epimenides
I consider myself the same. The software is already being written for the digital currency. In the beginning I think the best way to secure the gold is to have secret locations that are independently audited. It seems unlikely that any government would have the will to stand up to US pressure. I am actively looking for investors and contributors for the project. You can contact me at info@libertycolony.com if you would like to discuss the matter further. I look forward to your email.
Epimenides: No one will tax you unless they can find it. There is no magic to this. It is extremely simple, both in concept and execution. It is like murder. The mechanism is well-known, I suspect. What is lacking is the will to do it. Who is with me? Epimenides
I am interested, despite my own projects & life being fairly busy. From what I gather, you are proposing a competing banking system and/or bank? Where did you have in mind for such? For the inital investment in such a venture, have you considered micro donations / payments / loans, possible online, but also via money order? I would propose New Hampshire as a good place to get some support for getting it off the ground (The Free Staters, etc.) Also, non-free staters (sympathizers, or at least not completely statist individuals) would most likley welcome the possibilities of new business & banking in their economy. Plus, it is most likely that the Free Staters (a majority) are armed & would be a good start to gathering possible protection strategies and/or an PDA for what you are proposing.
WARNING: This signature violates Rule 5. Stay classy!
Epimenides:Any questions so far?
Not to be rude or anything but you really aren't teaching us anything that hasn't been part of the Austrian Dogma for a long, long time.
Mises was saying the same things back in the '20s except for the stagflation part which is a purely fiat currency phenomena but which Austrian business cycle theory can fully explain.
Epimenides: Thank you. In the short term: The government will wildly inflate the money supply (the only cause of inflation). They will do this in order to "unfreeze the credit markets", which are not currently frozen at all. They will also do this to force banks into a position where they have too many deposits for which they are paying (and additionally for some banks, too much capital [including the majors which were coerced by Paulson in the past several hours to accept injections of "capital" from the Treasury in the form of preferred stock]), which thus will require them to loosen their lending standards. (Banks MUST loan money kept on deposit - remember that deposits are liabilities for which a bank pays, constantly). Remember, it was the availability of this form of debt financing which produced the large numbers of payment- and capital-loss loans now carried on the books of these banks. In addition, the government will overpay for bad loans from certain "preferred" institutions, thus punishing the careful ones; the "preferred" institutions will be those with the most lobbyists and money to bribe, either directly or indirectly, the governmental officials responsible for the determination of which loans are purchased. In the long term: We will have roaring inflation. Inflation, you understand (or will recall from your studies) is a mechanism by which a stronger power with the means to enforce its monopoly over the money supply steals from the rest of the population. This will lead to a staggering loss of purchasing power for the US dollar and other fiat currencies. Gold will rise, slowly at first, then more rapidly. Commodities prices will tend downward until this inflation begins in earnest, then begin to rise rapidly. Another bout of 70's style "stagflation" will ensue, only considerably more severe. Several true banks will form with commodity-backed currencies. Various governments will pursue these and attempt to exterminate them because they will understand that these banks, should they succeed, would destroy the source of the government's power. A very small number will survive, in jurisdictions which have the muscle to protect them, and the desire to be paid to do so. Any questions so far? Epimenides
Fascinating. I am currently buying gold because I believe it is tremendously undervalued as well as an offest from inflation. Every central bank is taking its' cue from the US Federal Reserve and pumping billions into their economies the net result is global inflation. The Federal Reserve will have to raise interest rates to astounding never before seen heights (all of a sudden Volcker is back on the scene and Obama ((who will be the next President)) "pals" around with him). Based on your experience how high do you see gold going? Jim Rogers is getting out of the dollar and buying agricultural commodities. Unless I am mistaken, commodities are positively correlated to inflation which is why in your prediction the solvent banks will back their deposits with them. Am I understanding you correctly?
Pyramid:The Federal Reserve will have to raise interest rates to astounding never before seen heights (all of a sudden Volcker is back on the scene and Obama ((who will be the next President)) "pals" around with him).
I'm kind of doubtful St. Obama will take the 'tough love' approach.
More likely he will follow in FDR's footsteps and socialize as much of the economy as the Supreme Court will let him get away with.
Interest rates are at 1.5%, they are not going to stay there. I think they will rise in conjunction with the socialization of our economy.
Pyramid: Interest rates are at 1.5%, they are not going to stay there. I think they will rise in conjunction with the socialization of our economy.
Who knows.
Japan held them at 0% for a while so it wouldn't be an unprecedented thing.
Japan did not nationalize the banking system.
Microsecession as a strategy for revolution | Challenge to minarchist | How would a private road system work?
If you can take Bernanke at his word, then, as the following article reveals, runaway inflation is a real risk:
http://www.lewrockwell.com/blumen/blumen10.html
There is no Austrian "dogma", simply a body of work which explains a number of phenomena, and which has yet to be presented with a scenario which it can NOT explain.
I am glad that you have educated yourself well.
The rationale for teaching, however, is that not everyone knows these things; I wouldn't expect someone who knew calculus to listen to someone teach it and then tell them that they were learning nothing. That would be somewhat of a waste of time for the "learner", wouldn't it? I detected no rudeness, simply an odd use of your time to point out that you were reading something that you were certain you already knew. Education is directed at the ignorant, and it seems odd that the wise would complain.
The vast majority of people have no idea how economics really works (including 99.999% of all bankers, 95% of all "economists", and 99.999999[to the googleth power] of all politicians. More plumbers understand actual economics than do politicians. Perhaps you are a plumber? :)
Damn it feels good to be a banksta!!
Your 100 percentas no nothing biatchess
Good funny video. There are not enough jokes on this forum.
http://www.youtube.com/watch?v=ROlDmux7Tk4
Forsmant: Damn it feels good to be a banksta!! Your 100 percentas no nothing biatchess Good funny video. There are not enough jokes on this forum. http://www.youtube.com/watch?v=ROlDmux7Tk4
Q.E.D.
There certainly are jokes on this forum. And not just those named Forsmant.
Snap!!
I'll climb back into my other forum, where I am still a joke.
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