Who are these people who continually have been wrong, and never right, for 70+ years?

B Grace · 05-17-2011, 04:24 AM

I have a co-worker who recently admitted that he has been buying gold as a hedge against the collapse of the US dollar. When I asked how many tons he now owns he laughed. I assume he also understands how everything is valued.

This has been an interesting discussion on the root causes of inflation. Yes, I believe economic policy doesn't weight the price of oil heavily enough in calculations of inflation but I'm confused as to what caused inflation before oil became a globally traded commodity.

GeneV · 05-17-2011, 06:10 AM

Originally posted by B Grace

I have a co-worker who recently admitted that he has been buying gold as a hedge against the collapse of the US dollar. When I asked how many tons he now owns he laughed. I assume he also understands how everything is valued.

This has been an interesting discussion on the root causes of inflation. Yes, I believe economic policy doesn't weight the price of oil heavily enough in calculations of inflation but I'm confused as to what caused inflation before oil became a globally traded commodity.

Prior to the oil shocks of the last 30 or so years, the U.S. was still, to some extent, on a gold standard. Some of the arguments of MMT might be more complex to apply during that period.

jeffkrol · 05-17-2011, 06:31 AM

MMT Doesn't and can't apply to a gold standard..........We were FINALLY off of it totally in 1971.
As was stated..after that all Economics textbooks were obsolete..
Can't see how people can't understand when you COMPLETELY change the rules the strategy MUST change...

Anyway I find this inspirational and sad all at the same time:

–The rise and fall of American greatness Monetary Sovereignty – Mitchell

Quote:

Reduce and limit; limit and reduce. These are the symptoms of a declining nation. Slip one step backward; then slip another; then another. One day, your children will look around and ask you, ‘What has become of us? What happened to our great nation?

Your answer will be: “Our greatness is lost, because we, your parents and grandparents, thought our government was the enemy, and began a process for limiting and reducing what our government could do. We didn’t understand, nor care to learn, how our government creates money, and why we need our government. We just believed all the misleading slogans. It all began with Ronald Reagan, but it accelerated in 2010, with the Tea (formerly Republican) Party. And I’m sorry children, but you must pay the price for our ignorance.”

Rodger Malcolm Mitchell

Tie that in with the apparent desire to sell US "assets" and we may realize SOMEONE is putting us up for sale...
Economists: Debt-laden U.S. should sell gold | The Portland Press Herald / Maine Sunday Telegram
Start w/ gold.. end where?????

SORRY this is just INSANE.. only because it's unnecessary.. IF you gave each of us a share of the gold it might help the economy.. WHAT don't they GET????

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05-17-2011, 04:24 AM	#31
B Grace Veteran Member Join Date: Dec 2008 Location: Western Missouri Posts: 429	I have a co-worker who recently admitted that he has been buying gold as a hedge against the collapse of the US dollar. When I asked how many tons he now owns he laughed. I assume he also understands how everything is valued. This has been an interesting discussion on the root causes of inflation. Yes, I believe economic policy doesn't weight the price of oil heavily enough in calculations of inflation but I'm confused as to what caused inflation before oil became a globally traded commodity.

05-17-2011, 06:10 AM	#32
GeneV Veteran Member Join Date: Oct 2008 Location: Albuquerque NM Photos: Albums Posts: 9,830	Originally posted by B Grace I have a co-worker who recently admitted that he has been buying gold as a hedge against the collapse of the US dollar. When I asked how many tons he now owns he laughed. I assume he also understands how everything is valued. This has been an interesting discussion on the root causes of inflation. Yes, I believe economic policy doesn't weight the price of oil heavily enough in calculations of inflation but I'm confused as to what caused inflation before oil became a globally traded commodity. Prior to the oil shocks of the last 30 or so years, the U.S. was still, to some extent, on a gold standard. Some of the arguments of MMT might be more complex to apply during that period.

05-17-2011, 06:31 AM	#33
jeffkrol Veteran Member Join Date: Sep 2006 Location: Wisconsin USA Photos: Gallery Posts: 8,434 Original Poster	MMT Doesn't and can't apply to a gold standard..........We were FINALLY off of it totally in 1971. As was stated..after that all Economics textbooks were obsolete.. Can't see how people can't understand when you COMPLETELY change the rules the strategy MUST change... Anyway I find this inspirational and sad all at the same time: –The rise and fall of American greatness Monetary Sovereignty – Mitchell Quote: Reduce and limit; limit and reduce. These are the symptoms of a declining nation. Slip one step backward; then slip another; then another. One day, your children will look around and ask you, ‘What has become of us? What happened to our great nation? Your answer will be: “Our greatness is lost, because we, your parents and grandparents, thought our government was the enemy, and began a process for limiting and reducing what our government could do. We didn’t understand, nor care to learn, how our government creates money, and why we need our government. We just believed all the misleading slogans. It all began with Ronald Reagan, but it accelerated in 2010, with the Tea (formerly Republican) Party. And I’m sorry children, but you must pay the price for our ignorance.” Rodger Malcolm Mitchell Tie that in with the apparent desire to sell US "assets" and we may realize SOMEONE is putting us up for sale... Economists: Debt-laden U.S. should sell gold \| The Portland Press Herald / Maine Sunday Telegram Start w/ gold.. end where????? SORRY this is just INSANE.. only because it's unnecessary.. IF you gave each of us a share of the gold it might help the economy.. WHAT don't they GET????