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So, in an interesting situation today, I was told by another student about how the federal reserve needs to be abolished and the gold standard brought back, note that this student has had no economic classes beyond intro to micro, I told him otherwise and revealing that I was an economics major(fairly far on into it as well) was told I have been brainwashed by the college system and the federal reserve.....so dakka, have you ever dealt with people like this before? let the stories begin!

Gold Standard would be silly.

Something does need to be done about the Federal Reserve though.

What? I can't say, as it's hard to find unbiased information on it, making an informed opinion from me nearly impossible. I've seen enough issues though, to believe that something should be done. Abolshing seems a bit extreame. With something so core to the economic foundation of our country, you'd have to take it in baby steps.


I had a friend once, who was a pathological lier. He would say things like "Cars are designed to drift to the right" and that Samsung "Isn't known for their computer monitors" among other gibberish.

Huffy wrote:So, in an interesting situation today, I was told by another student about how the federal reserve needs to be abolished and the gold standard brought back, note that this student has had no economic classes beyond intro to micro, I told him otherwise and revealing that I was an economics major(fairly far on into it as well) was told I have been brainwashed by the college system and the federal reserve.....so dakka, have you ever dealt with people like this before? let the stories begin!

I call them Ron Paul supporters.

A friend of mine is a Ron Paul fan. Has Ron Paul as his facebook photo. Once upon a time he tried to spout Ron Paul's view points around my brother. My brother being armed with three degrees, one of them being a masters in economics and also a series 7 exam passed. He took the shovel to this guy's belief system in French Rhetoric style all while decorating his morning waffles.

Could you pass the syrup please?

Sasori wrote:Gold Standard would be silly.

Something does need to be done about the Federal Reserve though.

What? I can't say, as it's hard to find unbiased information on it, making an informed opinion from me nearly impossible. I've seen enough issues though, to believe that something should be done. Abolshing seems a bit extreame. With something so core to the economic foundation of our country, you'd have to take it in baby steps.


I had a friend once, who was a pathological lier. He would say things like "Cars are designed to drift to the right" and that Samsung "Isn't known for their computer monitors" among other gibberish.

The main problem with the system is that all money is debt; all debt has an interest rate and must be repaid in money; therefore you must pay back all money plus interest with all money. It does not add up.

The secondary problem is reserve banking that allows private banks to conjure money from nothing based on the set reserve. If I have a dollar I have a dollar; but if I put it in the bank the bank has nine dollars to lend.
The set reserve is not representative of the risk taken in lending because inter bank lending can inflate 1 dollar to thousands.

NB these are the logical flaws I see at the base of the finacial system

Back on topic:

My step mother spouts the Daily Fail fallacy that immigrants get housing priority in the UK and will not believe me when I say it is a lie even though I work for one of the largest social housing suppliers in the UK.

She wonders why I will not leave my kids in thier care for more than a few hours.

people who insist that grey kinghts are broken or even over powered. there's no getting through to some of them -_-

person A: GK's are sooooo OP herpderp

me: well, not really. sure they have some powerful stuff but they only tend to have a 30" threat bubble at most and lets face it, thei still marines and thus die like marines

PersonA: yeah but they all have power weapons!

Me: and thus pay the extra points for them. also good luck getting close enough to use them

Person A then grumbles and goes back to painting his self proclaimed ultra cheesy crons :/

Grey Knights want to Abolish the Gold Standard! Mat Ward is Ron Paul!

Could one of you economics majors please explain to a layman like me why the Gold Standard would be a bad idea? I have to listen to this gak at work fairly often. Thanks.

snurl wrote:Could one of you economics majors please explain to a layman like me why the Gold Standard would be a bad idea? I have to listen to this gak at work fairly often. Thanks.

I'm not an economics major but here goes my take on it:

Tying your currency to a commodity (it could be cabbages; it doesn't have to be gold) makes it vulnerable to variance in that commodity.

As more gold is dug up your currency devalues unless you keep aquiring and hoarding it nationally (Fort Knox). As most gold mines are not in your country you are no longer in control of your currency unless you go and blow up the mines (war) or take over the country with the gold mine (empire).


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daedalus wrote:Grey Knights want to Abolish the Gold Standard! Mat Ward is Ron Paul!

Of course GKs want to abolish the gold standard they want to introduce the silver standard.

Incidentally Both Lincoln and Kennedy wanted to introduce a precious metal standard into the American economy. They also have something else in common.

That sounds like a horrible Idea. Of course I am a Socialist...

Asherian Command wrote:That sounds like a horrible Idea. Of course I am a Socialist...

I didn't think you were allowed to be a socialist in the US. :-p

Sonophos wrote:

Asherian Command wrote:That sounds like a horrible Idea. Of course I am a Socialist...

I didn't think you were allowed to be a socialist in the US. :p

You aren't. Now get the shotguns, we're going socialist hunting tonight.

Sonophos wrote:

Incidentally Both Lincoln and Kennedy wanted to introduce a precious metal standard into the American economy. They also have something else in common.

Here are facts about all the U.S. presidents (outdated since 2009):

http://www.newgrounds.com/portal/view/112181

You just crashed my citrix session with your flash animated facts damn you. Grrr...

Are my facts on this correct or would you dispute them, War One?


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Coolyo294 wrote:

Sonophos wrote:

Asherian Command wrote:That sounds like a horrible Idea. Of course I am a Socialist...

I didn't think you were allowed to be a socialist in the US. :p

You aren't. Now get the shotguns, we're going socialist hunting tonight.

You should have stayed in the closet Asherian, the hillbillies are riled and they is a commin for ya.

This is getting awfully OT.

Sonophos wrote:Incidentally Both Lincoln and Kennedy wanted to introduce a precious metal standard into the American economy. They also have something else in common.

Obviously, they were killed by the Illuminati.

Ouze wrote:

Sonophos wrote:Incidentally Both Lincoln and Kennedy wanted to introduce a precious metal standard into the American economy. They also have something else in common.

Obviously, they were killed by the Illuminati.

Shh... They monitor this forum.

Please don't post things like this on Dakka. We don't allow swearing on the site, this prohibition includes images as well.

Reds8n

Who is this Ron Paul person you keep speaking of?

His Wikipedia entry appears to be broken.

Sonophos wrote:Who is this Ron Paul person you keep speaking of?

His Wikipedia entry appears to be broken.

He is this massive libertarian who "Does not believe in Goverment", "Goverment spending to much? Just get rid of it!" He literally is a Chaos god in real life.

Alexzandvar wrote:

Sonophos wrote:Who is this Ron Paul person you keep speaking of?

His Wikipedia entry appears to be broken.

He is this massive libertarian who "Does not believe in Goverment", "Goverment spending to much? Just get rid of it!" He literally is a Chaos god in real life.

So is he an anarchist or a fascist dictator wannabe?

Ron Paul is America's last hope. Too bad he will be assassinated if he is gonna win.

Sasori wrote:Something does need to be done about the Federal Reserve though.

Why? Monetary supply hasn't really changed since the big leg-up post crisis; it's actually been very stable within a range for the past couple years.

Unless your issue is ultimately with fractional reserve banking, but that would basically require scrapping the current global financial industry and starting over.

DeadlySquirrel wrote:Ron Paul is America's last hope. Too bad he will be assassinated if he is gonna win.

Ron Paul is Americas last hope as much as Abbadon is the Chaos gods last hope.

IE: Not at all.

I live in california. I am fairly liberal. But these college liberals make me SICK. They act as if everything is solved by the democratic party and obama iis the Savior.
Whats worse was the prop 8 ballots where blatant lies about how the church would loose funding if they refused to marry gay couples. Its just annoys me how is information gets onscreen people take it for fact.
And i have a friend who beleive in trickle down economics,
So yeah, i do.

Asherian Command wrote:That sounds like a horrible Idea. Of course I am a Socialist...

That sounds like a horrible idea. Of course I am a Capitalist...

Sonophos wrote:Incidentally Both Lincoln and Kennedy wanted to introduce a precious metal standard into the American economy. They also have something else in common.

That they were both Presidents when the US dollar was tied to gold?

The "Gold Standard" is a proposed solution (assuming Ron Paul isn't simply crazy, which may or may not be a good assumption) to a real problem - the fact that governments have the ability to control their own currency, thereby providing an incentive for them to devalue the currency in order to pay off debt. The only thing the Gold Standard would do is shift authority over inflation from the Federal Reserve to some political branch (probably Dept. of Treasury), which would likely have zero net effect.

Another option is for governments to buy debt in foreign currency, or currency that they have no control over. Unfortunately, as we see in Greece, this tends to simply result in default.

The problem isn't the monetary system, the problem is spending. The best solution would be for governments to stop spending so much.

Asherian Command wrote:That sounds like a horrible Idea. Of course I am a Socialist...

An actual socialist or an American socialist?

Huffy wrote:So, in an interesting situation today, I was told by another student about how the federal reserve needs to be abolished and the gold standard brought back, note that this student has had no economic classes beyond intro to micro, I told him otherwise and revealing that I was an economics major(fairly far on into it as well) was told I have been brainwashed by the college system and the federal reserve.....so dakka, have you ever dealt with people like this before? let the stories begin!

Reminds me of an Argument I had with someone about Illuminati controling the world and being Reptiles

biccat wrote:

Asherian Command wrote:That sounds like a horrible Idea. Of course I am a Socialist...

That sounds like a horrible idea. Of course I am a Capitalist...

Sonophos wrote:Incidentally Both Lincoln and Kennedy wanted to introduce a precious metal standard into the American economy. They also have something else in common.

That they were both Presidents when the US dollar was tied to gold?

The "Gold Standard" is a proposed solution (assuming Ron Paul isn't simply crazy, which may or may not be a good assumption) to a real problem - the fact that governments have the ability to control their own currency, thereby providing an incentive for them to devalue the currency in order to pay off debt. The only thing the Gold Standard would do is shift authority over inflation from the Federal Reserve to some political branch (probably Dept. of Treasury), which would likely have zero net effect.

Another option is for governments to buy debt in foreign currency, or currency that they have no control over. Unfortunately, as we see in Greece, this tends to simply result in default.

The problem isn't the monetary system, the problem is spending. The best solution would be for governments to stop spending so much.

No. Lincoln wanted to keep the green back (based on gold) over the dollar and Kennedy wanted to introduce a form of Silver Standard.


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Yak9UT wrote:

Huffy wrote:So, in an interesting situation today, I was told by another student about how the federal reserve needs to be abolished and the gold standard brought back, note that this student has had no economic classes beyond intro to micro, I told him otherwise and revealing that I was an economics major(fairly far on into it as well) was told I have been brainwashed by the college system and the federal reserve.....so dakka, have you ever dealt with people like this before? let the stories begin!

Reminds me of an Argument I had with someone about Illuminati controling the world and being Reptiles

I SAID SSHH....!!!!

You don't want the bilderberg group to hear about us!

WarOne wrote:

Sonophos wrote:

Incidentally Both Lincoln and Kennedy wanted to introduce a precious metal standard into the American economy. They also have something else in common.

Here are facts about all the U.S. presidents (outdated since 2009):

http://www.newgrounds.com/portal/view/112181

That was one of the dumbest things I have ever seen on the internet.

AustonT wrote:

WarOne wrote:

Sonophos wrote:

Incidentally Both Lincoln and Kennedy wanted to introduce a precious metal standard into the American economy. They also have something else in common.

Here are facts about all the U.S. presidents (outdated since 2009):

http://www.newgrounds.com/portal/view/112181

That was one of the dumbest things I have ever seen on the internet.

What I said or the thing that crashed my computer at work?
Oh I see now. lol.

The flash thing.