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Random thoughts and interesting tidbits. . .
. . .focused on current economical and political events.
"But rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. I do not add 'within the limits of the law,' because law is often but the tyrant's will, and always so when it violates the right of an individual."
Thomas Jefferson
The Colonies
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2009
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January
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- Ron Paul On The Fed
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January
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12 comments:
Buy gold? Is this guy a moron? Buying gold costs gold! And it costs more silver, because silver was worth less than gold!
Shortages only happen as the result of government? What an idiot! That's patently false. What non-Austrian economists argue is this: there was a shortage of gold that made gold too expensive to use as a currency. There just wasn't enough gold being FOUND to meet the demand for it as a currency. Moreover, if everyone in the world needed uranium, which they don't, there would be a shortage, because the price the average person could pay for X amount of uranium would eventually outstripped by the price of uranium, which would be astronomically high, hence causing a "shortage". That is, of course, assuming people needed uranium.
I think this guy is at his strongest while outlining the corruption of state banks.
You miss the point. Shortages only exist when there is government intervention.
In the free market, is there ever a shortage of bread, no, its value just goes up as its supply becomes more scarce. If the government intervenes and say the price of a loaf of bread will be a penny, then everyone will be a lot more bread causing a shortage. Thats essentially what the banks did in the 18th century with gold, and have been doing for gold for a long time. Even today you can see a depression in the market price of gold which is explained by the western central banks releasing more gold into the market. This nonsense of a shortage of gold is propaganda the central bankers use as an excuse to keep control of the money supply.
"You miss the point. Shortages only exist when there is government intervention."
?? No, I'm cateogorically rejecting your point. Shortages can happen independent of "government intervention." What Austrians economists are doing here is what is called sophistry.
"In the free market, is there ever a shortage of bread, no, its value just goes up as its supply becomes more scarce."
Yes, if a basic item's price goes up beyond the average person's ability to pay for it, and if everyone else, who also needs the basic item, purchases the supply until it is exhausted, that exhausted supply is a SHORTAGE. For example, there is a shortage/scarcity (they are almost synonyms; I invite you to prove to me that there is a difference between the two words!) of Wii's in North America, because the supply of the Wiis was exhausted, hence passing scarcity and leading to a shortage.
It really does baffle me how words can be bastardized by those who dont think, but there it is!
"If the government intervenes and say the price of a loaf of bread will be a penny, then everyone will be a lot more bread causing a shortage."
Yes, and the Wii shortage is the opposite. SHORTAGES CAN HAPPEN IN THE MARKET AND DUE TO GOVERNMENT INVERVENTION.
"Thats essentially what the banks did in the 18th century with gold, and have been doing for gold for a long time. Even today you can see a depression in the market price of gold which is explained by the western central banks releasing more gold into the market. This nonsense of a shortage of gold is propaganda the central bankers use as an excuse to keep control of the money supply."
Sorry, I'm not going for the conspiracy theory this time. Gold is limited in supply by its nature. Until you address this point, your argument is crap.
"Sorry, I'm not going for the conspiracy theory this time. Gold is limited in supply by its nature. Until you address this point, your argument is crap."
You don't have to. I know what I've listened to makes sense; when I better understand it though and am better able to support it historically I'll make the argument.
I'm not prepared to make an argument differing scarcity and shortage while drunk.
"You don't have to. I know what I've listened to makes sense; when I better understand it though and am better able to support it historically I'll make the argument.
I'm not prepared to make an argument differing scarcity and shortage while drunk."
Gold is limited in supply, Josh. It's a fact. It was a fact then and is a fact now. The British keeping gold away from the goldless 13 colonies just makes it worse.
"Buy species"! That is the stupidest thing I've ever heard! GOLD COSTS MONEY!
"Gold is limited in supply, Josh. It's a fact. It was a fact then and is a fact now."
Which is why it has value. . .any commodity is of limited supply.
"GOLD COSTS MONEY!"
So do mutual funds, stocks, and GICs. Its an investment like anything else, only it has a solid history of storing wealth and purchasing power.
"Which is why it has value. . .any commodity is of limited supply."
YES, BUT THAT IS WHAT MADE IT UNUSABLE AS A CURRENCY!
"So do mutual funds, stocks, and GICs. Its an investment like anything else, only it has a solid history of storing wealth and purchasing power."
Do we use mutual funds, stocks, and GICs as a medium of exchange for products and goods, Josh? No? Obviously not.
"Do we use mutual funds, stocks, and GICs as a medium of exchange for products and goods, Josh? No? Obviously not."
No, we use them as tools for savings. Cameras, we do not.
Yes, but goods use to be the medium of exchange under the bartering system, that preceded the gold system. Therefore, since funds, stocks, and GICs are not goods or products, and since any medium of exchange is suppose to represent the real value of any one product or commodity, it follows that they can NOT be compared.
A fund, stock, or GIC is a product.
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