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  • its_only_busine55 its_only_busine55 Feb 25, 2004 2:27 PM Flag

    greenspan says dont worry

    glad that we agree on cutting government spending. I too would support a flat income tax or no income tax at all.

    I don't know how feasable these measures are given the enormous size and excessive power of this government. Representative democracy we live in allows too much populism and socialism into the system. Two-tiered representative democracy set up by the Founding Fathers, and rescinded by the 17th Amendment, was not as susceptible to cheap populism. Senators did not have to suck up to the voting majority. They were elected by state legislators, rather than directly.

    A gold standard and abolition of the Federal Reserve would put the federal budget into a straightjacket (which was one of Greenspan's public statements as well). Greenspan once said in a Congressional testimony that he would be the first one to vote for dismantling the Federal Reserve.

    The problem with gold standard is that we would have to live with occasional periods of devastating unemployment and the government would not be able to do anything about it. Right now, by debasing the dollar, the Fed can promote full-employment even in a recession.

    The good thing about the gold standard is that the government cannot grow and cannot spend money it doesn't have, and cannot become too abusive and too intrusive.

    I don't know what would stop this government from uncontrolled expansion. Probably it will be growing slowly no matter what, as it did in the past 70 years or so.

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