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The Federal Reserve and the Gold Standard





The-Ron-Man
Does anyone have any opinions on the Federal Reserve or the gold standard? The way I see it, The Federal Reserve is just a privately-owned business (established by a proto-fascist) that profits by printing money when they see fit. And the gold standard? Well, my support of the gold standard comes because I don't trust a privately owned business (or anyone else for that matter) to manipulate our economy/currency the way they do.

I'm sure there are some authoritarian folk here who would like to explain their point of view. Go ahead, discussions are fun.
badai
where have you been? we all stop using gold standard since WWI, almost 100 years ago.
Bikerman
The-Ron-Man wrote:
Does anyone have any opinions on the Federal Reserve or the gold standard? The way I see it, The Federal Reserve is just a privately-owned business (established by a proto-fascist) that profits by printing money when they see fit. And the gold standard? Well, my support of the gold standard comes because I don't trust a privately owned business (or anyone else for that matter) to manipulate our economy/currency the way they do.

I'm sure there are some authoritarian folk here who would like to explain their point of view. Go ahead, discussions are fun.

Err...even presuming that we did still operate on the Gold Standard, then why do you think privately owned business would suddenly be prevented from manipulating the economy and currency as a result? The Gold Standard is simply a promisary note in the same way that a banknote is. Being on the Gold Standard would mean that your banknote could be exchanged for a certain weight of gold. The amount of gold per note would still be defined by the monetary policy of the country concerned, which is in turn influenced by business and political concerns. There is little practical difference between the existing 'fiat' currency policy and the gold standard.
LumberJack
If we were on the gold standard, then we wouldn't have to worry about inflation, would we?

Central Banks are very anti-democratic. Which I think for the most part, is for the best. I would like to see more transparency though. There number one, two, and three priority should be managing inflation. Everything else should be secondary, I find it very annoying when they try and save markets, and protect investors. That isn't their business. Cavat Emptor.
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