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Remember, the Great crash of 1929 was caused, in large part, by even lower margin requirements.
2.) Not sure about this one. Is there enough precious commodities to back the currency we have on the open market? If so, how would we afford it?
Originally posted by ProfEmeritus
reply to post by justsomeboreddude
Actually, that is EXACTLY the beauty of backing the dollar with precious commodities. We wouldn't be able to just print money whenever congress or the Fed sees fit. Of course, that would mean that we would either need to obtain more of those commodities, or cut spending (what a novel idea that would be). We would be forced to make choices. Do we want to spend billions of dollars on earmarks, or for national defense, or health and human services? The US would actually HAVE to balance it's own budget, like millions of American families should be doing.
The present philosophy of just printing more money when we need it(which is exactly what is being done now, whether you realize it or not), is killing the value of savings, etc. Each time congress or the Fed does that, the money in bank accounts, IRA -CD's etc. is worth less.
Even if you don't understand how economics works, just go on CNBC TV and see what has happened to the dollar versus the EURO, and OIL since the announcement of the bailout. The dollar has weakened significantly versus the EURO, and Oil has shot back up from a low of $91 per barrel to $121 per barrel- in a few days. Check your wallet. Congress has just put their hands in it, to bail out the crooks.
I could see backing it with commodities for future printed currency, but what would we do about all the unbacked currency we have printed since we went off the gold standard?
I am for just about anything that would curtail their spending. I hate to admit it but I voted for Bush because I thought he would be the best bet for shrinking the size and expense of government. I certainly missed the boat on that one. He spends money like water. Its his answer to everything. Who spends billions of dollars to rebuild a city 18 feet under sea level when the oceans are rising (albeit slowly), and they get hit by a decent sized hurrican every year or two. I dont understand why he doesnt say here is a nice piece of a federal park in say Montana you can all rebuild on.
I do realize they are just printing money like drunken sailors at a house of ill repute. Also, I do realize how much the value of our currency has dropped related to other foreign currencies, and how this ties to printing more money at will, over debtedness, existing financial crisis, etc.. This definitely is reflected in oil prices because now it takes more currency to purchase the same amount of oil or anything else for that matter.
I cant believe they just nationalized a good portion of the banking industry. I guess we have decided capitalism is too good for us now. I have about had enough. I just think they should let it all take its natural course. If there is another depression then so be it. It wont last forever. This country needs emergency financial surgery and the people responsible for this housing mess should be prosecuted Chinese style. I think you know what I mean.
Originally posted by semperfortis
reply to post by grover
I'm assuming you can prove that as ever reputable economist in the world disagrees with you
Or was it just your opinion?
Semper
Originally posted by jpm1602
I've got your Patriot message right here. Throw these bums out of office, get out of Iraq and take care of our infrastructure at home.
I'd be more than happy to join up on the throw the bums out brigade.
Originally posted by Sublime620
We're basically in a holy war, and you are upset because he thinks that his religion teaches people to care about their neighbors?
Originally posted by BASSPLYR
we should be glad we have taxes!!!!
to rip off carlos mencia what would our country be like without taxes. lets look at the countries that don't have taxes. wanna bitch about not having electricity in your house. what do you think pays for that infrastructure?...your taxes.
Originally posted by BASSPLYR
Wanna have a kick ass military?
Originally posted by ProfEmeritus
2.) would eliminate the Federal Reserve as a separate private entity, with only Federal Oversight. I would replace it by a return to a standard whereby our money is BACKED by precious commodities such as gold, platinum, silver, etc.
Originally posted by jpm1602
Somehow I don't see the upper echelon of American society readily surrendering their fare share to increased taxation. It will fall upon those that can least attribute to it.
26 USC §3401(a) – Wages – For purposes of this chapter, the term ''wages'' means all remuneration for services performed by an employee…
Employee – For purposes of this chapter, the term ''employee'' includes an officer, employee, or elected official of the United States, a State, or any political subdivision thereof, or the District of Columbia, or any agency or instrumentality of any one or more of the foregoing. The term ''employee'' also includes an officer of a [federally owned or controlled] corporation.