-
Ya'll, If there's anybody still watching this post, I'd like to follow up with some questions. (1) An elementary question: when one refers to X buying Y's debt, what exactly does this mean? In the case of the U.S. and China? Is this private debt, public debt, or both? (2) How is China...
-
According to my understanding, the raw materials used to make pennies and nickles are both worth more than their fiat value. If people were to destroy these en masse and sell the materials, would there be wealth created (or better yet, recreated), due to the increase of raw materials and deflation?
-
MUST WATCH the Continental Convention 2009!!! Increadible! I was crying while watching the opening ceremonies. And the speaches are great. Not all the speakers are great speakers, but the information is fantastic. All the representatives were elected by their States. It's at www.cc2009.us Strangely...
-
It seems to me that the imposition of the Euro - which was established as a purely fiat money - puts the regression theory in perspective and possibly refutes it. If «nothing can enter into the function of a medium of exchange which was not already previously an economic good to which people assigned...
-
Does Gresham's Law prove that money must have intrinsic value? Great article by Gary North. I didn't know all that about Gresham's Law and foreign exchange. Does it also have a simpler application as explaining domestic circulation? For instance, when arguing with Keynesian/Chicagoites, who...
-
[quote user="Libertarian_for_Life"] According to Ch. 12 in "Economics in One Lesson", in the scenario in the 2nd paragraph, the British importers pays in pounds, then through exchange or direct buyback, someone in America must buy something from Britian because he can't use the...
-
In The Case Against the Fed, Murray Rothbard has this to say on page 143: "It should be easy to see why the Fed pays for its assets with a check on itself rather than by printing Federal Reserve Notes. Only by using checks can it expand the money supply by ten-fold; it is the Fed’s demand...
-
Hypothetical Situation: Within a country, there were 2 political parties. Each had its own central bank, one whose bank notes or money was based on value of stored gold etc (assuming the bank kept its note to gold ratio at 1:1), and one that was based on debt, like the Federal Reserve. Would this system...
-
Regarding the distinction between claims on investments and notes, I don't necessarily see the difference. If notes are given to a debtor, then the debtor can use the notes as if they were claims to the actual assets they represent. I don't see the difference in the "note" versus "the...
-
I love Ron Paul, if only because he's bringing the debate over the Gold Standard kicking and screaming back into American Politics. I hope he gains some political steam, because I bet Obama could give a great, "Cross of Gold" speech that would be fun to watch! However, I was re-reading...