Posted on 11/12/2007 3:11:27 PM PST by republicpictures
Our own view is that Mr. Paul's prescience on the dollar is one of the reasons he's showing what the pundits are calling surprising strength on the hustings. [snip] We have a lot of differences with Mr. Paul, but on monetary matters, we've been covering him since his days, in the early 1980s, as a member of the United States Gold Commission, when he coauthored, with New York's own Lewis Lehrman, a minority report favoring a return to a version of the gold standard. What can be said about Mr. Paul is that he's not only ahead of Mr. Bernanke but also of his fellow Republicans, and he will eat into their standing until they address the question of the soundness of our currency.
(Excerpt) Read more at nysun.com ...
Monetary stability that will lead to long term, constant deflation in prices. You think that'd be a good thing?
Deflation is a correction of a previous inflation.
You think deflation is good? No big deal?
With a Gold standard you remove the Government's ability to inflate and cause the 'boom and bust' cycle.
Long term deflation, another depression. Great idea.
Keynes is dead!
So is the gold standard!
LOL!
Monetary stability that will lead to long term, constant deflation in prices. You think that'd be a good thing?
I think a drop in prices is a very good thing!
And it means that your money is worth more.
And you can buy more things with less money or you can save more for investment, which is the key to the capitalist system.
[ Deflation is a correction of a previous inflation. ]
You think deflation is good? No big deal?
I think it is necessary if you are inflating, and more then that it is inevitable.
[ With a Gold standard you remove the Government's ability to inflate and cause the 'boom and bust' cycle. ]
Long term deflation, another depression. Great idea.
No, it prevents depressions, inflation is one of the causes of depressions.
[ Keynes is dead! ]
So is the gold standard!
Only if people want capitalism to die.
Who'd want to invest to expand their factory if the price of their product would be guaranteed to drop every year? Who'd want to buy a house if it was going to get cheaper year after year after year?
No, it prevents depressions,
Deflation prevents depressions? That's funny. So no negative side effects to long term deflation? How did Japan do with 15 years of mild deflation?
“Yes, and you will need fewer dollars since that dollar can buy more.”
How do you pay your mortgage? At a 3% growth rate, you’ll have only 41% of the dollars you stated with.
Guess you don’t want to borrow money.
“The issue isn’t the quantity of the money, it is purchasing power of the dollar that matters.”
Tell that to the place you have a mortgate.
“The value of a dollar backed by gold or silver was and would be much more stable than one backed by politicians. You seem to believe that all the gold on earth has been mined and that there can be no more. In fact, what happens is that as the value of gold increases, it becomes more attractive to mine some more, and so the supply increases. Gold really is little different from any other commodity in this respect.”
Rothbard (Austrian School of Economics) define inflation as any increase, from any source including new found gold, in the money supply. The fixed supply of gold is why they find it so attractive as ‘money’.
go to the von mises institute website for more information.
“Compare population growth with increase in mined gold.”
Within the confines of the United States? Go ahead.
Let's just say I doubt it. Inflation only occurs if the money supply increases relative to the supply of available goods and services. Rothbard couldn't possibly posit a fixed supply of gold as there has never been a time in recorded human history where the total gold owned throughout the world didn't increase from one year to the next.
Go back and read what he wrote.
ML/NJ
I didn’t say that Rothbard posited a fixed supply of money. I said “Rothbard (Austrian School of Economics) define inflation as any increase, from any source including new found gold, in the money supply. The fixed supply of gold is why they find it so attractive as ‘money’.”
“What happens, then, if the supply of gold increases, demand for money remaining the same? The “price of money” falls, i.e., the purchasing power of the money-unit will fall all along the line. An ounce of gold will now be worth less than 100 loaves of bread, 1/3 of a television set, etc. Conversely, if the supply of gold falls, the purchasing power of the gold-ounce rises.” Rothbard.
http://www.mises.org/money/2s8.asp
BTW, Rothbard also said (Same article): “Changes in the total gold stock will be governed by the same causes as changes in other goods. Increases will stem from greater production from mines; decreases from being used up in wear and tear, in industry, etc. Because the market will choose a durable commodity as money, and because money is not used up at the rate of other commodities?but is employed as a medium of exchange?the proportion of new annual production to its total stock will tend to be quite small. Changes in total gold stock, then, generally take place very slowly.”
Please note the phrase “Changes in total gold stock, then, generally take place very slowly.”
The ad is supposed to run next week in USA Today.
That is a sweet full page ad! Obviously made by a private individual, not the campaign (because it is that good!) :)
You're right though. When you've got the general public starting this all on its own, this is different than anything we've ever seen before. This isn't Dean Redux. Because Dean's campaign controlled that mess. This is the public hearing the message and saying to themselves we've got to get out and tell somebody
Mitt Romney, 34 percent
Rudy Giuliani, 16 percent
John McCain, 16 percent
Ron Paul, 8 percent
Mike Huckabee, 6 percent
Fred Thompson, 5 percent
http://ap.google.com/article/ALeqM5juburdSSdigTLtmCg6Ez87e67L_gD8ST6UVO0
Honest prediction? Romney may win it, although with up to 60% of Republicans in the state undecided that's not a guarantee. Giuliani has shot himself in the foot with the latest scandal and will continue to do so (especially at the debate). He's not done for yet but he's working on it. McCain may have enough money to get through to NH but he's broke. Ooops that leaves the person currently in 4th place heavy on the rise and after Teaparty07 will be even more well known nationwide.
Fred will fall asleep or wander off the stage (I have no idea why he even bothered running) and Hucklebee's anti-smoking, pro-immigration, pro-tax past will catch up with him. Tom Tancredo (especially after that ad) and Duncan Hunter (Duncan who?) can perhaps rub the three votes they get together...
Don't get me wrong. I suppose Thompson would be a guy I'd invite over for a BBQ. I wouldn't want him leading me anywhere though. But his campaign is almost as if he's running because (and no attacks for this from Fredheads) his wife told him to and he had nothing better to do. Like he's going through the motions and doesn't really care one way or another. RTL isn't going to support Huckabee unless they absolutely have to. The obvious choice is of course Dr. Paul. I don't know why they didn't choose him unless some of their leadership are RNC faithful and would rather Dr. Paul go away (unfortunately they're not going to get their wish)
Maybe there's some huge GOP bloc of support for him out there or the libmedia is just suppressing all his coverage and spiking his polls but you'd think there would be more signs of strength.
If that were the case surely you'd think somebody somewhere would report on 5000 people showing up to see him, oh sorry that's Dr. Paul ;)
At this point, I'm starting to think that Mitt may be the plausible anti-Rudy
Maybe, maybe not. Personally with this long season I think they both peaked too early. Except with Romney he's not giving the interviews on television. You hardly see him anywhere. Perhaps he's trying to get in under the radar. Nice look but plastic through and through
How do you pay your mortgage? At a 3% growth rate, you’ll have only 41% of the dollars you stated with. Guess you don’t want to borrow money.
No, I would prefer not to borrow money, but if I do, I would like the interest rates not to fluctuate.
[ “The issue isn’t the quantity of the money, it is purchasing power of the dollar that matters.” ]
Tell that to the place you have a mortgage.
Tell to that people who can't pay their mortgage or property taxes because they are on a fixed income
The issue in any healthy economy is sound money.
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