Huzzah! Minimum Wage Increase Shot Down in Senate

Beeker said:
Slipknottin,
No. The question was "What is a DOLLAR?" A DOLLAR specifically.

Give me an example of a recession or depression when we were back on the gold standard.

What should determine interest rates?
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Weren't we on the gold standard during THE depression? Wasn't it Nixon who tool us off the gold standard? Or am I just flat out wrong...which is always a strong possibility :)

Beeker, my little tyrade on diamonds is not my theory. I can't site any internet articles for you but I have read articles and seen a few Discovery channel type programs explaining the recent (past 100 years or so) history of diamonds.

DeBeers controls something like 90% of the diamonds dug out of the earth. They control the flow of the diamonds to the marketplace. It was their advertising around the turn of the century that started to convince lovestruck males that women had to be given diamond engagement rings. Ever notice that anybody who has an heirloom diamond ring can't trace it past the early 1900's? That because no one gave diamond engagement rings before DeBeers started pushing them.

Anyway, not really the point as Harlock has stated more succinctly what I was trying to say. The value is what people are willing to pay and even that is subject to influence.

I'll try to look up some articles about the diamond thing.
 
Beeker said:
Slipknottin,
No. The question was "What is a DOLLAR?" A DOLLAR specifically.
Click to expand...

The official currency of the US... Im not entirely sure where your going with this

Give me an example of a recession or depression when we were back on the gold standard.
Click to expand...
http://www.lexis-nexis.com/Academic/2upa/Abe/RecessionsDepressionsPanics.asp

There were significant depressions and recessions on the gold standard, including the now infamous great depression.

For more reading on why the gold standard is not the best- http://www.lexis-nexis.com/Academic/2upa/Abe/RecessionsDepressionsPanics.asp

What should determine interest rates?
Click to expand...

The debt free expansion should be pegged to the CPI.
 
Do you know what caused the Depression of 29?

Nixon stopped redemption of gold internationally. That is why OPEC formed, because they didn't want to be paid with depreciating paper currency.
 
Beeker said:
I just want to give the "non-intrinsic value" theory a real life test.
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Okay let's!

But, let's keep in mind, I know market values so would of course be unwilling to trade at face value. Does that make gold intrinsically more valuable? Most certainly not. All it proves is that someone is willing to pay more for, say a Silver Eagle than the $1 face value. Hey, in fact, if you're willing to give me market price rather than face value, I would turn right around and buy that 125 gallon aquarium setup with 2 Rena XP3s, 4x65W lights, etc. with the dollars you give me. In fact, let's skip the middle man and I would be willing to trade you gold and silver at above market value if you just brought me the Aquarium at that meeting. Does that now mean aquariums are worth intrinsicly more than gold and silver? No. All it proves is that ANYTHING is only worth what someone is willing to exchange for it. You're buying into a logical fallacy.
 
Slipknottin,
Is the official currency, by law, paper or silver?

There is a common denominator in depressions and recessions. That is manipulation. What is easier to manipulate, commodity money or paper currency?
 
Beeker said:
Slipknottin,
Is the official currency, by law, paper or silver?
Click to expand...
Really doesnt matter at this point. I thought we were arguing the inherent benefits of the gold standard? Not wether one is legal or not. By and large, banks should be illegal as they create money as well.

There is a common denominator in depressions and recessions. That is manipulation. What is easier to manipulate, commodity money or paper currency?
Click to expand...

As I said, I dont believe that an uncontrolled fed is the best solution, but certainly the gold standard is no miracle either.
 
Beeker said:
Do you know what caused the Depression of 29?
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"The current judgment of economic historians (see, for example, Barry J. Eichengreen, Golden Fetters) is that attachment to the gold standard played a major part in keeping governments from fighting the Great Depression, and was a major factor turning the recession of 1929-1931 into the Great Depression of 1931-1941."
-http://www.j-bradford-delong.net/Politics/whynotthegoldstandard.html
 
Beaker said:
Should the medium of exchange be politically manipulatable?
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Im not entirely sure what you mean. It should be tied to the CPI, so yes, the goverment should change the interest rates. But it should be in a locked step with the CPI so it is not up to their interpretation or judgement.
 
Harlock,
What is the purpose of legal tender laws?

Slipknottin,
What CAUSED the Market Crash of 29 and The Great Depression?
 
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