The root of most economic idiocy is Goldbugism.
And Goldbugism is a complex, and quite old, psychological disease. It's based on a sort of child-like obsession with the idea of gold being "real" and a distruct of things perceived as "not real" and also harkens back to the very old American political trope of suspicion of "Eastern Bankers."
Gold has value in and of itself - are you saying paper money has the same ?
That sentence could be marketed under the label "TRUTH CONCENTRATE" because it packs several hours of thought into one line.
100% correct..problem is they think that gold has some God given value, forgetting that it is supply and demand that determines prices..prices for gold and for money
I would love to hear you propound on the uselessness of a metals backed currency versus one the Fed'l Reserve can inflate at will going on 100 years now.
Tell us all how the Fed was the great idea of patriots and NOT that of the banking cartel who spent over 10 years getting it created.
Tell us all how good it was when FDR confiscated gold "temporarily" until the "crisis" passed, when folks were promised the gold notes they got were going to be redeemable in gold for the same amount they tendered.
Then tell us why FDR arbitrarily raised spot gold once Govt had it all, thus devaluing the dollar and INCREASING GOVT'S ABILITY TO SPEND on whatever the F it wanted to?
Tell us all how it was not all the same grand scheme of currency devaluation used throughout history for elites to concentarte their wealth at the people's expense, and how inopportune it was, but just in time, to pay for WWI that Wilson (Rockefeller's bought boy) campaigned he would under no circumstances get us into?
Then tell us how the historical scholars most credible to America's right, and most hated by the left, all seem to finger WWI as the direct cause of WWII.
Then tell us those good ole bankers who financed both sides of both wars were just interested in a stable American economy, but trashed the constitution to do it for our own good.
But first do yourself a favor and watch this please:
http://www.cato.org/realaudio/cbf-02-15-06.ram
The Constitution was written and ratified to secure liberty through limited government. Central to its design were two principles: federalism and economic liberty. But at the beginning of the 20th century, Progressives began a frontal assault on those principles. Drawing on the new social sciences and a primitive understanding of economic relationships, their efforts reached fruition during the New Deal when the Constitution was essentially rewritten, without benefit of amendment. In a new Cato book, Richard Epstein traces this history, showing how Progressives replaced competitive markets with government-created cartels and monopolies. Please join us for a discussion of the roots of modern government in the Progressive Era.