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View Diary: Right-wing myths about merit, money and morality (206 comments)

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  •  The concept of money changes a lot (2+ / 0-)
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    Ian Reifowitz, JerryNA

    ...depending on the point made in the conversation...

    Gold standards may have practically no inflation most of the time, but they are steady. But fiat money systems help create and continue a thriving middle class. Scary stories of 'fake money backed by nothing' scare the stupid.

    And, yes, eventually one person ends up owning EVERYTHING, just like a Monopoly game. Dude...even Moses knew this much, because that's why the Torah forbids interest and orders a Year of Jubilee every seven years--to re-start such an economy. Otherwise, tyrants take over, and the guy left with the entire pile of wealth is almost certain to be the LAST GUY YOU WOULD WANT to have a system dependent upon...

    But...SOCIALISM! Commies everywhere you look! Ad nauseum...

    "I feel a lot safer already."--Emil Sitka

    by DaddyO on Sun Jul 07, 2013 at 10:24:35 AM PDT

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    •  the larger problem with gold standards is (2+ / 0-)
      Recommended by:
      Ian Reifowitz, JerryNA

      more often deflation than inflation. but of course, deflation is pretty cool, if you're a lender rather than a borrower. either way, the real problem is that a gold standard is almost exactly as arbitrary as a fiat system, since the supply of money in that case depends entirely and exclusively on how much gold we happen to have lying around. if somebody found an inexpensive way to extract the gold from seawater, you'd see yourself some inflation, all right.

      To put the torture behind us is, inevitably, to put it in front of us.

      by UntimelyRippd on Sun Jul 07, 2013 at 11:47:09 AM PDT

      [ Parent ]

      •  Gold as a basis for wealth is totally arbitrary. (1+ / 0-)
        Recommended by:
        Ian Reifowitz

        It's shiny and doesn't rust...  Aside from jewelry, gold is not that useful industrially and has good substitutes.  Just think about this: before electrolysis, aluminum was more expensive than gold.  A aluminum standard once made as much sense as a gold standard.

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