Why Gold Is The Currency Of The Free And Idle, Latest CWR - An Exceptional one. A MUST listen Options

[lowrentyieldmake...]

What i see in you is lack of consistancy in your thinking. You want free markets but you have not thought it thru.

utter tripe

i will no longer respond to any other rubbish you spout

[aliveandkicking]

if more people understood the issue then the poeple would regulate it

i dont want to regulate nothing - its you who is the fan of regulation

i think you have a history of putting words into peoples mouths to help your argument

What i see in you is lack of consistancy in your thinking. You want free markets but you have not thought it thru.

utter tripe

i will no longer respond to any other rubbish you spout

[romans holiday]

why are free markets anarchic

if i go to a market and want to buy someones bananas for a price both I and the seller are both prepared to accept without the rules of how straight they are, what colour they are, whether they are priced in lb's or kg, whether he/she has complied with health and safety legislation, paid his business protection money (business rates) and his government protection money (taxes). Anarchy?

Markets do not exist in some abstract space. Neither do they spontaneously arise but rather develop concretely within a social order and can never be "free" from the constraints and regulations of society because it is this very society which provides the conditions and law by which people can trade.

I am amazed that markets became so polarized to government in the economic politics of new right ideology. Something so contrary to common-sense could only arise as a violent reaction to what proceeded it, namely socialism.

Neither a socialist nor libertarian be.

[littledavesab]

PS There will always be was while governments are in charge. But if they don't have the power to print money then sheer economics will reduce the scale of these wars.

Read not listened to article. Sorry to say this but looks like you had your gold tinted specs on when you wrote this

WW1 occured with the gold standard in full effect. WW1 resulted in a major deflation in terms of world population thanks to the machine gun (and useless generals) plus (eventually) to Germany experiencing hyper inflation where they were "saved" by Hitler and to UK loosing its role as the worlds reserve currency (after WW2 where the unfinished business was finally sorted).

Also if we go back to making stuff and not consuming...... who is going to be buying?

Incidentally if Benanke/Greenspan really are responsible for the current financial mess by keeping interest rates on an artifically low level for an extended period of time, for all the backslapping of free markets that goes on - the free (Stock) markets didnt exactly object did they? No... there was a nice run up between 2001-2007.

[chazza]

Incidentally if Benanke/Greenspan really are responsible for the current financial mess by keeping interest rates on an artifically low level for an extended period of time, for all the backslapping of free markets that goes on - the free (Stock) markets didnt exactly object did they? No... there was a nice run up between 2001-2007.

Not in real terms

[lowrentyieldmake...]

Read not listened to article. Sorry to say this but looks like you had your gold tinted specs on when you wrote this

WW1 occured with the gold standard in full effect. WW1 resulted in a major deflation in terms of world population thanks to the machine gun (and useless generals) plus (eventually) to Germany experiencing hyper inflation where they were "saved" by Hitler and to UK loosing its role as the worlds reserve currency (after WW2 where the unfinished business was finally sorted).

Also if we go back to making stuff and not consuming...... who is going to be buying?

Incidentally if Benanke/Greenspan really are responsible for the current financial mess by keeping interest rates on an artifically low level for an extended period of time, for all the backslapping of free markets that goes on - the free (Stock) markets didnt exactly object did they? No... there was a nice run up between 2001-2007.

took me a while to track down this thread


ForgottenAnniversary

Two governments with the greatest
war-making power in the world introduced coercion forcing their subjects to accept and use debt
as money. This was a ‘first’ in history. In particular, the governments were forcing the military,
as well as civil servants, to take paper promises as ultimate payment for services rendered.
Of course, the use of the phrase ‘legal tender’ in this way is an oxymoron. A promise to
pay that is at the same time an ultimate payment is not a promise. It is an ukase. This was a
reactionary step, designed to facilitate the unlimited augmentation of monetary circulation
regardless of the gold reserve. It allowed the financing of the coming war with government
credits, much of it interest free and with no maturity date. The burden was thrown on the
shoulders of the people without their concurrence.
The measure was represented as an innocent house-keeping change. There was no public
debate on its wisdom. Nobody at the time could see the ominous consequences. Nobody
suspected bad faith on the part of the government. As a proof of good faith gold coins were
allowed to remain in circulation for another five years. Banks paid them out routinely as before,
without fuss. There was no noticeable increase in the hoarding of gold coins by the people, a sign
that they implicitly trusted their government. When the war finally broke out in 1914, the “guns
of August” heralded the delayed effect of the legal tender laws. All gold coins went into hiding at
once. Banks refused to meet any request for payment in gold. Members of the legislation,
including all the socialist deputies, voted all the war-credits the government had asked for
without demur.
The first author to unmask the connection between the Legal Tender Laws of 1909 and
the outbreak of the war five years later, in 1914, was the German economist Heinrich
Rittershausen (1898-1984). He also predicted the Great Depression, and linked the coming
unprecedented wave of unemployment to legal tender, as I am going to discuss it in more details
in a minute.
We are left to second-guess history. Would the senseless killing and destruction of
property have come to an early end in the absence of legal tender laws, just as soon as the
belligerent governments had run out of gold to finance it? Most contemporary observers had
predicted that it would have. There was no way to finance a conflict of this magnitude out of
taxes. People did not understand that legal tender was an invisible form of tax to pay for the
greatest war up to that point in history. They did not understand the power of credit that would
enable governments to expend blood and treasure freely, without any restraint. People did not see
the Moloch behind the façade of legal tender ― the god that was preparing to devour his own
children.