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Gold Reserve Inc. Message Board

  • JohnnyCanuk JohnnyCanuk Dec 30, 2003 10:21 PM Flag

    He is wrong ... Part 2

    "Deficit spending is simply a scheme for the hidden confiscation of wealth."

    Crap ... deficit spending is a financial tool just as interest rates are, and it can be used or abused ... and that can happen under the gold standard also ...

    "Gold stands in the way of this insidious process. It stands as a protector of property rights."

    No it doesn't ... from 1776, how many times did the US, under the gold standard, teeter on the verge of bankruptcy ...??? How many times under the gold standard were there recessions and depressions and run-away inflation ...??? Did the gold standard stand in the way ...??? Was the gold standard the protector of property rights ...???

    No ...

    I like Alan, I'm a fan ... I know he has this "gold" leaning still hanging in there from the 30's and 40's and 50's when he was growing up ... but those are old ideas and the gold standard concept has been replaced by a better idea ... the free floating competitive fiat currency ...

    jc

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    • quickset@sbcglobal.net quickset Dec 30, 2003 11:37 PM Flag

      Greenspan said:

      "Gold stands in the way of this insidious process. It stands as a protector of property rights."

      Johnny C says:

      No it doesn't ... from 1776, how many times did the US, under the gold standard, teeter on the verge of bankruptcy ...??? How many times under the gold standard were there recessions and depressions and run-away inflation ...??? Did the gold standard stand in the way ...??? Was the gold standard the protector of property rights ...???

      What does the US teetering on BK have to do with property rights? Johnny missed the point. Now that inflation calculator goes back to 1800. Let�s see if there was any inflation! Since we have covered 1902 to the present already�. Let�s check prior to 1902.

      What cost $100 in 1800 would cost $48.94 in 1902.

      Well that looks like deflation to me!

      How about 1850 to 1902??

      What cost $100 in 1850 would cost $100.10 in 1902.

      Well, no inflation to speak of there either!

      http://www.westegg.com/inflation/


      And of course, Johnny C is wrong.