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Debate Info

43
42
Yes No
Debate Score:85
Arguments:44
Total Votes:123
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 Yes (21)
 
 No (22)

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Is the monetary system logical?

Yes

Side Score: 43
VS.

No

Side Score: 42
4 points

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).

Sources:

(1) https://www.forbes.com/2011/07/22/gold-standard-deflationary.html

(2) https://www.forbes.com/sites/nathanlewis/2015/11/21/lets-resolve-the-gold-standard-deflation-fallacy/#605d4c193d3e

Side: Yes
2 points

@WinstonC, That is an excellent, well balanced response which highlights the strengths and weaknesses of the present system.

I note your well researched post has been infected by the multi- headed Lernaean Hydra Serpent.

Or to replace Greek mythology with CD reality, you have been down voted by the site's multi-account demagogue.

Side: Yes
0 points

Thanks, I'd just ignore them, attention is what keeps trolls alive.

Side: Yes
NumberOne(443) Disputed
1 point

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.

https://www.ft.com/content/08bc21d8-5395-11de-be08-00144feabdc0

Side: No
WinstonC(1226) Disputed
3 points

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.

Side: Yes
xMathFanx(1742) Disputed
0 points

@NumberOne

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"(?)

Does any of this sound crazy to you?

Side: Yes
NumberTen Disputed
1 point

Idiot idiot idiot idiot idiot idiot troglodyte

jew jew jew idiot halfwit

Side: No
3 points

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.

Side: Yes
WinstonC(1226) Clarified
2 points

A gold standard.

Side: Yes
1 point

If you demand what I supply but I do not demand what you supply money is needed, period end of discussion.

Side: Yes

.

What is really logical and not logical anymore.

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.

Side: Yes

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

Side: No
LoneStar(2) Disputed
2 points

@SlaveDecive

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.

Side: Yes
2 points

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.

Side: No
2 points

yes, current monetary system has many problems.

Monetary system is controlled by the rich. Therefore the poor cannot get out from poverty easily.

Monetary system is universal in this world. But it doesn't mean this is the logical and fair system.

Side: No
outlaw60(15501) Disputed
1 point

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

Side: Yes
1 point

I like to spoon my pillow with a spoon full of heroin

nwakyadalooooooooooooooooooooooooooooooooooooooooooooooooooooo

Side: No
1 point

Is it true that bigfoot likes to have sex with trees? Is it true that nessy got a sex change?

Side: No
1 point

waaaaaaaaaaaaaaaaah mommy raped my no-no hole

take me to narnia in a paper boat made of plastic

Side: No
1 point

nyaaaaaaaaaaaaaa green beans in my booty hole neorg neorg

Side: No
1 point

I HATE YOUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU

Side: No
1 point

diediediediediedfsjkldgfopiudsfhngnbonaerohwnojnjhnjsnhjnjenrhnerhnenhjnrjojklhgesd

Side: No
0 points

GREEDY DECEPTIVE JEWS

LAZY STUPID NIGGERS

THIEVING PROMISCUOUS SPICS

Side: No