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top of the heap to third world status in one generation

flylowgethigh

flylowgethigh

Non-growing Lurker
ICMag Donor
Seems dumb old hippies who are ignorant of history do not know it was Nixon who took America off the gold standard in August 1971. The currency was not redeemable for gold since the guy who robbed America, roosevelt, took it all from the people to save the banks. That guy also took the official conversion from $20 to $35. Kennedy wanted to keep silver as the money, both n redeemable paper and coin.

https://www.federalreservehistory.org/essays/gold-reserve-act
 
JKD

JKD

Well-known member
Veteran
  1. From 1792 to 1862, the dollar was backed by a bimetallic system of both Gold and Silver.
  2. This period was followed by a fiat monetary system until 1879.
  3. The nation held a full Gold standard from 1879 to 1933,
  4. A partial Gold standard followed between 1934 to 1971.
  5. Finally, from 1971 to the present day, the United States again holds a fiat monetary standard.
 
H

Hempy McNoodle

Well-known member
armedoldhippy said:
i'm trying to remember which 3 presidents put the US back on the Gold Standard. i can remember 2, i was thinking there were 3. anyway, those 2 i recall were both assassinated, McKinley & Kennedy. maybe someone else remembers the third name... or i'm fucked up & 2 was it.😏
Click to expand...

I think lincoln tried to put us back on Silver. JFK tried silver (not gold as far as I know)
 
H

Hempy McNoodle

Well-known member
JKD said:
  1. From 1792 to 1862, the dollar was backed by a bimetallic system of both Gold and Silver.
  2. This period was followed by a fiat monetary system until 1879.
  3. The nation held a full Gold standard from 1879 to 1933,
  4. A partial Gold standard followed between 1934 to 1971.
  5. Finally, from 1971 to the present day, the United States again holds a fiat monetary standard.
Click to expand...

There's a gap between 1862 and 1879^ (?)
 
Gry

Gry

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flylowgethigh said:
Seems dumb old hippies who are ignorant of history do not know it was Nixon who took America off the gold standard in August 1971. The currency was not redeemable for gold since the guy who robbed America, roosevelt, took it all from the people to save the banks. That guy also took the official conversion from $20 to $35. Kennedy wanted to keep silver as the money, both n redeemable paper and coin.

https://www.federalreservehistory.or...ld-reserve-act
Click to expand...
Roosevelt, the country's most beloved president. Until we get to Kennedy that is !
Amazing men, who had a wonderful vision of the potential this country offered.

They were each strong proponents of democracy, and each faced opposition
from a domestic bastion of fascism that has long existed here.
Was the intent of the original coup to unseat FDR, our countries most beloved president.
Hell, Kennedy had fired Allen Dulles, who then chaired the Warren committee.
On one side of the divide we have the likes of Smedley Butler.
On the other we have the likes of the Koch and Devos clans.

Koch Industries stays in Russia, backs groups opposing U.S. sanctions

https://www.cbsnews.com/news/koch-in...ine-sanctions/
 
JKD

JKD

Well-known member
Veteran
flylowgethigh said:
The current guv is flat broke, and is spending the wealth of the people now via the national debt -currently over $30 TRILLION bucks. That is America's future being wasted, grifted, and warred away.
Click to expand...

“We refer to the idea that government must ‘tighten its belt’ as a necessary policy response to higher indebtedness as the household fallacy. We provide a reason to be skeptical of
this claim that holds even if the economy always operates at full employment and all markets clear. Our argument rests on the fact that, in an overlapping-generations (OLG) model, changes in government debt cause changes in the real interest rate that redistribute the burden of repayment across generations. We do not rely on the assumption that the equilibrium is dynamically inefficient, and our argument holds in a version of the OLG model where the real interest rate is always positive.”

Full report: https://www.niesr.ac.uk/wp-content/uploads/2021/10/DP487_0.pdf
 
flylowgethigh

flylowgethigh

Non-growing Lurker
ICMag Donor
All that OLG shit does is try to stop people from saying that the debt is from their grandpa, so collect it from him. Nope, grandpa has burdened little grandkid pretty badly. Currently around $1/4 million per person. Then again, they can sell the interstates, ports, bases, airports, buildings, land. They are already selling the SPR, strategic material stockpile, but the big moolahs are in confiscation from whomever has assets that can be taken or taxed. Inflation helps too..
 
JKD

JKD

Well-known member
Veteran
flylowgethigh said:
All that OLG shit does is try to stop people from saying that the debt is from their grandpa, so collect it from him. Nope, grandpa has burdened little grandkid pretty badly. Currently around $1/4 million per person. Then again, they can sell the interstates, ports, bases, airports, buildings, land. They are already selling the SPR, strategic material stockpile, but the big moolahs are in confiscation from whomever has assets that can be taken or taxed. Inflation helps too..
Click to expand...

Modern Monetary Theory?

“MMT challenges conventional beliefs about how the government interacts with the economy, the nature of money, the use of taxes, and the significance of budget deficits. These beliefs, critics say, are a hangover from the gold standard era and are no longer accurate, useful, or necessary.”

“MMT proponents argue that governments can spend as necessary on all desirable causes – reducing unemployment, green energy, better healthcare and education – without worrying about paying for it with higher taxes or increased borrowing. Instead, they can pay using new money from their central bank. The only limit, according to this view, is if inflation starts to rise, in which case the solution is to increase taxes.”
 
flylowgethigh

flylowgethigh

Non-growing Lurker
ICMag Donor
Not me. I have expected this junga game economy to stay crashed in 08, and 18, and 20. Silly me. The fed stepped in and bought the bad debts from their owner banks like JPM, and we all paid the tab via inflation. BTW, the fed is still expanding their balance sheet to buy US guv debt.

IMO, America is the coyote in Road Runner cartoons, a few yards off the cliff edge, holding the sign, waiting for gravity to kick in.

iu
 
flylowgethigh

flylowgethigh

Non-growing Lurker
ICMag Donor
And to make the American economy even worse after the last two foochian nightmare years, xiden is starting a real war with a real opponent (that we depend on for the materials we need to fight the war), in their own damn back yard.

Smart bunch these election stealing marxists. Accelerate the fall into utter chaos, before people wake up. Then create a new order.

I am watching with great interest the suppression of the price of precious metals, and the cryptos. Alternate ways to store value because the first thing they do now is take everything they can. People put their wealth in something that is harder to take away.
 
JKD

JKD

Well-known member
Veteran
No government help = 1930s style depression which, to my mind, is worse than a GFC style recession.
 
S

St. Phatty

Active member
audiohi

audiohi

Well-known member
Veteran
St. Phatty said:
"FUCK SADDAM ! We're taking him out." quoth Bush43

SO MANY Americans don't know the history of their own country.

https://responsiblestatecraft.org/20...gover-is-hell/

That makes -2- Iraq wars started under False Premises.


Fool me once, shame on you.
Fool me twice, shame on me.

Fool me 50,000 times, shame on who ?
Click to expand...


Those who know history, know that it's actually:

Fool me once, shame on - shame on you
Fool me - you can't get fooled again

~quoth Bush43
 
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