Ben Bernanke tweeting about the Fed, trying to imrpove its public image.

[Anarchist420]

Whether he's up for a debate with Dr. Paul or Dr. Woods, I don't know.

He has very recently made 2 huge errors when talking about the Fed and money. The first one was when he said the gold standard worked particularly poorly after WWI. That's not a good argument against the gold standard because it was a phony gold standard with a central bank. Monometallism (where the government collects its revenues exclusively in gold or exclusively in silver to store in and disperse out of a common public treasury) with nothing prohibited from circulating by weight is the only true hard money standard. When all the gold is centralized in a central bank with certificates being printed out, then it doesn't work. Congress can devalue it at any time as they did many times during WWI. Bimetallism doesn't work either because then everyone runs into Gresham's Law. A certain amount of gold cannot be arbitrarily defined as a certain amount of silver.

Then he made a non sequitur by saying not having a central bank and being on hard money exposes us to the monetary policies of other countries.

He may be bright, but economics does not seem to be his field, at least so far.

Link

 

[Capt Caveman]

He may be bright, but economics does not seem to be his field, at least so far.

Coming from you. :biggrin:

 

[First]

You Paulbots are impressively persistent, though sadly mistaken in every possible way.

Fact is he's precisely right; a true gold standard in this day and age results in the surrendering of monetary policy to foreign countries. This is a fact, no way around this reality. When you can't control supply, interest rates and can't react to market conditions, you've surrendered control. This is a libertarian dream, an ideal that has never worked period.

 

[Anarchist420]

You Paulbots are impressively persistent, though sadly mistaken in every possible way.

Fact is he's precisely right; a true gold standard in this day and age results in the surrendering of monetary policy to foreign countries. This is a fact, no way around this reality. When you can't control supply, interest rates and can't react to market conditions, you've surrendered control. This is a libertarian dream, an ideal that has never worked period.

Not really, the market just adjusts the price depending upon how much hard money there is in an area. If there is not enough hard money, then the market will use something else and the government will just not be able to spend anything.

 

[thraashman]

Anyone who is not functionally retarded knows that the gold standard is a piss poor ecnomic policy. Those of us who are against the complete or near-complete collapse of the economy hold this as a very serious strike against Ron Paul.

 

[Ausm]

Coming from you. :biggrin:

LMAO

I wonder how many tweets it would take to woo him into backing to the Fed?

 

[jman19]

Oh boy! Another thread where Anarchist420 pretends to be an economics wizard.

 

[SilthDraeth]

Oh boy! Another thread where Anarchist420 pretends to be an economics wizard.

And another thread where other "economic wizards" say he is wrong.

Also the throwing around that only a complete retard would go for the gold standard is completely retarded by itself.

Considering that most people are to dumb to know how ignorant they are, and often side with someone they like that they perceive to be more intelligent than they on a subject, but being to dumb to know how ignorant they are, they are also to dumb to be able to recognize whether the person they agree or disagree with is correct or not, or well informed/educated enough to be an expert on said subject.

But I digress. All most of us can do is cast a vote, and win or lose, we hope we picked the best person for the job.

 

[amish]

Not really, the market just adjusts the price depending upon how much hard money there is in an area. If there is not enough hard money, then the market will use something else and the government will just not be able to spend anything.

so we're stuck with the bartering system and a government that can't do its job...somehow i don't think that this will pan out.

 

[LegendKiller]

so we're stuck with the bartering system and a government that can't do its job...somehow i don't think that this will pan out.

No, see, the greatest part of this system is that you can have areas completely bereft of money and that's a plus!

Anarchy!! Heck yeah!

 

[Rainsford]

Since we live in a democracy, everyone is entitled to have an opinion about whatever topic they like. But you might want to rethink your position when the foundation of your opinion is that you personally understand economics better than the chairman of the federal reserve.

 

[Anarchist420]

Since we live in a democracy, everyone is entitled to have an opinion about whatever topic they like. But you might want to rethink your position when the foundation of your opinion is that you personally understand economics better than the chairman of the federal reserve.

Well, he doesn't understand economics better than I do, let's put it that way. I'm 100% sure he's smarter than I am, but he's not too good with economic policy. Keynesian economics has been debunked time and time again. FDR's own Treasury Secretary knew Keynesian economics economics is BS.

 

[First]

Well, he doesn't understand economics better than I do, let's put it that way. I'm 100% sure he's smarter than I am, but he's not too good with economic policy. Keynesian economics has been debunked time and time again. FDR's own Treasury Secretary knew Keynesian economics economics is BS.

Seriously, stop downing paste.

 

[Anarchist420]

Seriously, stop downing paste.

I can't help it.

 

[fskimospy]

It would be nice for Ben Bernanke and Ron Paul to meet. Ron Paul doesn't seem to have any understanding of economics, so perhaps 'ol Ben could sit him down and teach him a few things.

 

[Jhhnn]

Well, he doesn't understand economics better than I do, let's put it that way. I'm 100% sure he's smarter than I am, but he's not too good with economic policy. Keynesian economics has been debunked time and time again. FDR's own Treasury Secretary knew Keynesian economics economics is BS.

Heh. If it weren't for Bernanke's action at the FRB & QE, we'd be reliving the Great Depression. Morgenthau? When Roosevelt listened to him, it resulted in the depression wihtin the depression, the downturn of 1937.

Keynesianism debunked? What a giggle. It's the only economic theory that rationally explains what happened back then, what happened in 2008, and what's happening today. If what you believe conflicts with reality, I'm pretty sure you'll lean even more heavily on faith.