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While I revile the federal reserve system, it is certainly logical. After all, the petrodollar keeps the U.S. currency propped up. This is why, despite revoking the gold standard, the USD remains the world reserve currency. Also, inflation can stimulate the economy of it's nation by incentivizing spending and investment. Moreover inflation is a stealth tax that targets one's savings and should theoretically disproportionately affect the rich. The problem with this, however, is that the rich are more likely to have investments than the poor, which protects their wealth from inflation. This also makes it harder for all people to save wealth without investing, which disproportionately affects the poor.
A major problem with fiat currency and the petrodollar system is that it's led to the U.S. being beholden to Saudi Arabia. It also means that threats to the petrodollar such as those made by Saddam, Qaddafi and others need to be responded to with force. Further, under a gold standard the dollar would become ever stronger relative to fiat currencies due to it's association with gold. It would also mean U.S. citizens could save wealth easier. Further, wage-rises wouldn't fall behind inflation and the cost of living because inflation wouldn't occur at the contemporary rate. Note that deflation isn't necessarily a consequence of adopting a gold-standard (Source 1,2).
While I revile the federal reserve system, it is certainly logical.
It is certainly not logical, since in 2008 the entire monetary system came within inches of total collapse.
Furthermore, it is a circular argument to source Forbes against matters of finance, since the relevance of Forbes is directly linked to the present financial system. You might as well go right ahead and source Goldman Sachs.
The reality is that the academic who invented rational market theory testified in front of a House Committee in 2009, that his theory was wrong.
Please see:-
The Myth of the Rational Market
Sceptical economists showed that truly efficient markets were logically impossible. The theory’s own proponents embarked on empirical research that showed, beyond doubt, that markets were not as efficient as their theory supposed.
The theory has now completed its journey from “hypothesis” to “fact” to “myth”, to borrow from the title of Justin Fox’s excellent new history of the idea.
I see as per usual that you have read only the first sentence of what is actually a rebuke of the federal reserve system. In addition, the Forbes sources were in support of a gold standard, which is in diametric opposition to the current fiat federal reserve system.
"your 5,000 words of erroneous junk. To be perfectly honest you should probably be grateful I only corrected a very small part of it."
I see, so in that case you must believe that the fiat federal reserve system is preferable to a gold standard and you agree with the recent U.S. foreign interventions.
It's obvious that you don't believe a word you say and simply try to provoke reactions, now if only there was a word to describe what you're doing...
The broad point I made was that a gold standard is preferable to the federal reserve system, which according to you is erroneous junk that needs correcting. You've straw manned yourself.
So, you describe yourself as an "Inverse Capitalist", which you label as "Democratic Socialist" (rather than Social Democrat), who is also (simultaneously) against the "entire monetary system"(?)
With pleasure--will be back in a few minutes; consider that a 'stay of execution'
Asking you to support your claim is not the same thing as disagreeing with your claim, child. It is required of you to support your claims during debates.
The quote you claim exists is not sourced, was allegedly written by a different account which you persistently claim I own, and is literally months old. We are in an an entirely different debate months later you weak troll. There is no logical congruity in replying to one post, but in fact addressing a comment made four months ago about a completely different topic, even if your quote were genuine and even if I own the account which wrote it.
You are so persistent in your attacks against me that I honestly worry for your mental health.
(A) You have already admitted to being Nomenclature in a separate Thread.
(B) The quote is pulled from the Thread, "Replying to MathFan..."
(C) Would it matter that is months old? This was your last explicitly stated position which you have echoed recently? Why not simply admit that you do not hold any logically consistent, coherent socio-political views as that would require clarity of though & integrity?
"I'm not a Communist, brother. I'm a democratic socialist, or kind of an inverse capitalist. I believe we should nationalise the banks and hike tax rates on the top income bracket, then use the profit to eliminate homelessness, provide free basic healthcare and education. I describe myself as an inverse capitalist because I would still retain the profit incentive, but instead of 90 percent of the profit a person's labour produces being stolen by someone else who does absolutely nothing to earn it, I would flip it around, give the worker 90 percent and the economic parasite 10 percent. I bet you that pretty quickly those parasites are going to want to become workers and contribute something more than inherited capital to society." -Nomenclature
You don't have any coherent, consistent views, do you?
Here's a coherent, consistent view for you. You are an absolutely spectacular liar and a bitter, malicious troll with no friends. Stop inventing false quotes and fuck off.
Until you produce evidence that the words you have written are a genuine quote I am going to assume that you simply made them up. I should not have to pester you to support the claims you make, and the very fact I am having to proves you have absolutely no evidence that I said what you are claiming I said.
FactMachine told me he remembers you saying what mathfan said you sayed.
Let's assume momentarily that you are not mistaken or lying and I said those words. If so, I said them four months ago. Hence, when MathFan claimed I describe myself as an "inverse capitalist", I assumed he meant in the post he was replying to, not in a post I wrote four months ago which he gave me absolutely no indication he was referring to.
What he should have said was, "NumberOne, four months ago you referred to yourself as an inverse capitalist", and then provided the relevant quote. Better still, if he wanted to discuss my feelings on the matter, what he should have done was reply to the relevant post in the first place.
I'm not telepathic. Unless you explain to me what you are referring to then I don't automatically know. MathFan thinks proving I am not a mind reader is a victory only because he has lost his own mind to spite and hatred. Don't follow him to the dark side.
I think it is highly unlikely that I said it and this assertion is supported by MathFan's perpetual game of smoke and mirrors when asked to substantiate his own claims.
Got to pull rank on you Nom. I'm afraid to inform you that you are a cockroach. I tell you this because you will never please any of the other female insects with a wank of subatomic size & girth. You're going to need a wanker transplant. It may take as many as three wank add ons.
The best way, if not the only way to answer that question decisively and comprehensively is to provide a detailed alternative which is self-evidently more logical and efficient than the present system.
Your boss or the owner can bring You an hard to find eXpensive automobile part to You at work and pay You a months worth of wages with other things such as automobile parts or anything that they agree upon.
Of course You both want to get it in writing - I think that the monetary system is free and set up in freedom and has laws and stipulations that provide a safety net and protection for all.
the monetary system can be taken advantage of by people however this does not make the LOGICAL participants who use the monetary system logical - ILLOGICAL.
I believe that It is a tool that logical people can make logical decisions in honesty and fairness. What if they did away with the monetary system and set up bartering goods and services only.
Then that reimbursement and non monetary system would only be good as the people who are interacting with one another. The monetary system is more logical because the Government and Your banks and agencies can regulate, monitor and protect Yours and Mine monetary system logically.
It’s not logical because it is really just a DEBT to the IMF when it really should be totally printed by the government and should be an EXACT reflection of your time, labor, or other things that actually CONTRIBUTE something to society.
>>now gold standard would be great BUT there may not be enough gold in the world to be practical for Billions of people in the world now.
>>I know u r gonna call me a Knuckle Dragging Nazi - but read what Hitler tried to do with the Deutschmark. Guess what happened to anyone else who tried this....just saying
Hello, my nome is Namenclature. I atolly agray with you, Hitler wanted to end the central jew banks like O'brien and Kennedy. Hitler was a peaceful vegetarian man who liked dogs and children and he was a democratic socialist like Bernie Sanders.
It is logical only in so far as we need an objective way to value and pay for services and commodities in order for society to function. But as to how much things are worth, what represents different amounts of value, how compounding interest is justified, the whole world of the stock market, those are all smoke and mirrors which we buy into simply to participate in society. That doesn't mean they're right. It doesn't mean they're the only way. It certainly doesn't mean they're fair. Indeed the game is already rigged in favor of the people who have more resources over the people who have less. You could just as easily transplant a USA citizen into a foreign nation and way of life and have them adapt to the way that other monetary system functions. But the fact they can transfer over and live differently actually confirms that the monetary system we all come from is pretty much arbitrary.
Listen to the Progressive Diaper Boy babble ! Puke it up dummy do you need money or not to raise your RugRats ? Your Psycho Babble is nothing more than Smoke and Mirrors but that is the only game You can play Boy
