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Posted on 11/10/2011 6:55:53 AM PST by SeekAndFind
The Gold standard has been “THE WORLD STANDARD” for thousands of years (as along as countries, kingdoms, tribes, etc have been in the Gold business) up until Nixon changed it in 1972.
The Professor is defending the current Fiat System where we print money out of thin air. The current Fiat money system has us getting close to the brink of the Abyss and the complete collapse of our economy. It is the Fiat system that enables the Federal government to spend money like there is no tomorrow. It also enables a slow creeping inflation as our currency devalues. The purpose of the Federal Reserve Chairman (put in by Reagan) was to prevent inflation (aka a hidden tax on everyone and every thing)
China is already at a trade war with us. We do not tax their imports, but they tax ours. China tweaks their currency too in order to screw us. Oh and we had tariffs on on all foreign goods and services since the inception of our Republic up until 1996 when NAFTA was passed. BTW, we were a Super Power in 1996 and had been one since WWII. To say it would create war is rubbish!
The Prof said “”If we learned anything from the Great Depression it was that starting a trade war by passing new tariffs leads to reprisals,” Salemi said. “In the end there are no winners, only losers.”????
What the heck is he talking about? What is he implying the Great Depression was caused by a trade war? LOL! I can assure you a “Trade War” with another country had NOTHING to do with the Great Depression.
The reason why this BIG GOVERNMENT Professor likes the current system (that's imploding by the way) is because it enables the Government to have the finances to go without any fiscal restraints.
What utter nonsenses comping from this “genius” Professor!
And therein lies the failed economic policies of this administration.
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