As we continue to watch banks go bankrupt in the US, and watch credit lines all over the world tighten, and as foreign central banks pump billions of dollars into the market, lets remember these words:
“I believe that banking institutions are more dangerous than standing armies… if the American people ever allow private banks to control the issue of currency… the banks and corporations that will grow up around them will deprive the people of their property until their children wake up homeless on the continent their fathers conquered.”
–Thomas Jefferson 1743-1826
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Jefferson still believed in the exchange of value with currency. It is therefore his fault for supporting capitalism, even in a yeoman form. Whenever there is an exchange medium, there has to be an authority that issues the currency. It is the same with gold.
Also, the bailout is coming from the gov, not the FR.
Every other bailout so far has come from the FED. Where do you think the Government goes to borrow money when foreigners won't lend enough? The FED. Its one and the same. The government has no money of its own for the bail out.
The government was given the power to issue currency in gold and silver.
You know, I expect you to argue from the left on a lot of issues, but the issue of fiat currencies vs. a gold standard...is that something you're really educated on? Not that I'm saying I know all that I should, I'm just thinking, I didn't know you were an economics buff.
*Cough* Marx, Dad Kapital/Economic and Philosophic Manuscripts of 1844. *Cough* Friedman. *Cough* Ayn Rand, all her books. I could argue about this stuff all day long.
Gold may not be a good "haven" in the short term, because in the current economy gold is both a commodity (electronics, teeth, wedding rings,etc) and a "last resort for those scared of the market". Why? Because as the purchasing power of the biggest economy on the planet drops, the demand and price of gold will also drop.
An understanding of economics is central to any serious left-wing analysis of current politico-economic phenomena.
LOL. I love watching the capitalist welfare state in motion. This will probably kick off a series of deep cuts in social spending...
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