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Finding a new plan is the big question. What do we replace it with?
The Return to Sound Money
The first step must be a radical and unconditional abandonment of any further inflation.
The total amount of dollar bills, whatever their name or legal characteristic may be, must not be increased by further issuance. No bank must be permitted to expand the total amount of its deposits subject to check or the balance of such deposits of any individual customer, be he a private citizen or the U.S. Treasury, otherwise than by receiving cash deposits in legal-tender banknotes from the public or by receiving a check payable by another domestic bank subject to the same limitations.
This means a rigid 100 percent reserve for all future deposits; that is, all deposits not already in existence on the first day of the reform (p. 448).
In Human Action, Mises said that the government's task is to enforce contracts. Among these contracts are contracts for redeeming money-certificates for money metals on demand. He defined a money-certificate a receipt for a money metal that has 100% of the promised metal in reserve.
He said that banks should not be favored by the government. They should not be allowed the right to break contracts, which is what a refusal to redeem money-certificates on demand is.
"What is needed to prevent any further credit expansion is to place the banking business under the general rules of commercial and civil laws compelling every individual to fulfill all obligations in full compliance with the terms of the contract"
In fact, the attempt by modern governments to regulate in any way an international gold standard is always a political ruse to undermine its anti-inflationary bias. "The international gold standard works without any action on the part of governments. It is effective real cooperation of all members of the world-embracing market community. . . . What governments call international monetary cooperation is concerted action for the sake of credit expansion"
"Now, the gold standard is not a game, but a social institution. Its working does not depend on the preparedness of any people to observe arbitrary rules. It is controlled by the operation of inexorable economic law" (p. 462).
Mises on Money: www.lewrockwell.com...
...the world until the beginning of the attack on the middle class began in the administration of Ronald Reagan....
A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men ... [W]e have come to be one of the worst ruled, one of the most completely controlled and dominated, governments in the civilized world—no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominant men.
The New Freedom: A Call For the Emancipation of the Generous Energies of a People, chapter 9 (New York and Garden City: Doubleday, Page & Company, 1913)
But the recession is over!
Originally posted by againuntodust
The article states this, immediately before the portion you quoted:
So far, for 2010 FBSJ has witnessed a 10% increase in their client base of approximately 100,000 people. Here's the surprise: a large portion of the people needing food assistance today are working, and especially among FBSJ's new clients, many are earning incomes nearly twice the poverty line of $22,055 per year for a family of four (up to 185% of poverty).
I have a feeling if these people weren't buying booze, cigarettes and drugs that they wouldn't need food assistance. But I am just drawing from personal experience - what I've seen through my life on who uses and abuses these programs.
And not to be harsh, I know 22,000 for a family of four is hard, but it is definitely do-able - even without government help. Been there. Done that.edit on 2-1-2011 by againuntodust because: (no reason given)
Originally posted by ghostfoot
Yeah I heard on the radio the other day a story about this. In no way am I trying to "diss people" who go to food banks. There were times that were rough for me and I condsidered doing this also. However a big part of the middle class issue I believe is the way people are brainwashed into how they are grocery shopping and how they cook/eat. My husband and I can keep our food costs down to $40 US a month for the both of us (3 meals a day) but he is from Asia and he knows how to shop and cook good. We eat mostly rice and pastas veggies , eggs. and hardly any dairy .Not too much meat, if any, only on special occassion. A lot of seafood( I know that can get expensive we eat that because it is healthy) We dont buy those juices (very expensive and too much sugar) we drink mostly water. As far as the cooking we dont eat slabs of beef or poultry ...if we have this it is shredded and used in rice or some other dish so it goes a lot further than eating a slab of beef at one sitting hehehe. So if we do buy chicken or beef we keep it in the freezer and it lasts a long time..we only use a little at a time. We try to eat vegetarian a few times a week. Most co workers I talk to spend almost $300 a week on food for a family of 4 but when I aske them what they buy it seems they buy processed foodsmostly in boxes//junk food and expensive juices the ones that are like 3.00 or almost 4 .00 a bottle and foods that are instant or already cut up (ie buying chicken breasts instead of buying a whole chickeN) . I also think people waste a lot of food also. I do agree it is hard and food is expensive but you can do it on a budget if you change your shopping and cooking habits.
Originally posted by againuntodust
I have a feeling if these people weren't buying booze, cigarettes and drugs that they wouldn't need food assistance. quote]
I agree with you fully. I can say this, because I know, first hand people that do this.
They keep enough money to Pay Rent/ Utilities, even cable for some of them. And they buy pain killers, beer, cannabis, etc, with the rest. And hit the food bank every week at the church.
One found out about it and told another, now their all happy about it because it gives them that much money to buy their substance of choice. And their all very open about it. I hope this is a small percentage, I'm sure, there are many, who rely on this to truly get by.
S&F OP
Originally posted by againuntodust
The article states this, immediately before the portion you quoted:
So far, for 2010 FBSJ has witnessed a 10% increase in their client base of approximately 100,000 people. Here's the surprise: a large portion of the people needing food assistance today are working, and especially among FBSJ's new clients, many are earning incomes nearly twice the poverty line of $22,055 per year for a family of four (up to 185% of poverty).
I have a feeling if these people weren't buying booze, cigarettes and drugs that they wouldn't need food assistance. But I am just drawing from personal experience - what I've seen through my life on who uses and abuses these programs.
And not to be harsh, I know 22,000 for a family of four is hard, but it is definitely do-able - even without government help. Been there. Done that.edit on 2-1-2011 by againuntodust because: (no reason given)