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View Diary: CO-Sen: Buck and the gold standard (113 comments)

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  •  1911 (1+ / 0-)
    Recommended by:
    blueyedace2

    It wasn't the 19th Century, either.

    "When the going gets weird, the weird turn pro." - HST

    by DocGonzo on Fri Aug 13, 2010 at 03:01:18 PM PDT

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    •  Wingnuts only want to go back 99 years. (2+ / 0-)
      Recommended by:
      DocGonzo, sherlyle

      You have exactly 10 seconds to change that look of disgusting pity into one of enormous respect!

      by Cartoon Peril on Fri Aug 13, 2010 at 03:05:37 PM PDT

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      •  a good year for Colt .45 (hic!) n/t (1+ / 0-)
        Recommended by:
        Cartoon Peril

        "...calling for a 5" deck gun is not parody. Not by a long shot." (gnaborretni)

        by annieli on Fri Aug 13, 2010 at 03:07:05 PM PDT

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      •  We were on gold informally (1+ / 0-)
        Recommended by:
        Cartoon Peril

        until 1973. You know, when the shit hit the fan in terms of families being able to live a decent life and save for retirement, pay for their kids education and pay doctors' bills.

        •  Wasn't it Nixon who took us off gold? (1+ / 0-)
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          figleef

          I think it was also Nixon who ended the draft.  This was a serious mistake that made it easy to have perpetual war, a certain path to the destruction of our economy and status in the world.  It's corporations that want war and empire that will protect their investments around the world.  How else could U.S. oil companies and BP invest in Iraq?

          •  Two Wrongs Don't Make a Right (1+ / 0-)
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            Cartoon Peril

            It might be easier to have a war without a (non-corrupt) draft forcing rich privileged people to fight and die in it. But the draft was also really bad. And it demonstrably didn't stop war: Korea, Vietnam, all the wars in America's continuous history of warfare.

            We need better ways of stopping wars than holding America's youth hostage against them, because that doesn't even work. At least with a volunteer military the people who fight and die in it volunteered knowing that was in the deal, even if the way's we've abused that deal have been unacceptable, too.

            America's urge to war is evidently insatiable. Even the decade of catastrophic losses in Afghanistan and Iraq haven't slowed warmongers, including the many dozens of millions in the general public, from bloodthirsty demands for new ones. I don't know what will stop us, but the draft ain't it.

            "When the going gets weird, the weird turn pro." - HST

            by DocGonzo on Fri Aug 13, 2010 at 04:22:53 PM PDT

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        •  Formally (2+ / 0-)
          Recommended by:
          Cartoon Peril, figleef

          The US currency was formally backed by gold, available for exchange from the US Treasury, until Nixon took us off it.

          But Nixon also set us up for the first oil crisis, which targeted our newly floating currency which became valued in the largest commodity exchanged for it: the "oil dollar".

          Nixon also spent a $TRILLION on Vietnam, only to lose it. His own unionbusting upset the economy. His "Watergate" corruption revelations hurt everyone's willingness to invest in the US. He "opened China" and dealt with Japan with policies that directed US labor to those faraway countries. All of those terrible policies depressed the economy, most pressured on the middle class.

          And then the Republican corporate backlash against Carter created the malaise and stagnation that generated demand for Reagan/Bush. Who took Nixon's hackery many atmospheres deeper.

          If we'd stayed on a gold standard, we would have been crushed by those crises without recourse to debt for getting to a growth period. Republicans vastly abused that debt, but the gold standard would have been a straitjacket that we'd have strangled in. Like if we'd kept "a foot" determined by the length of the king's foot.

          "When the going gets weird, the weird turn pro." - HST

          by DocGonzo on Fri Aug 13, 2010 at 04:17:43 PM PDT

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