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The inflation went down!

Discussion in 'Money Talk$' started by Salty, Sep 13, 2022.

  1. Salty

    Salty 20,000 Posts Club
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    On a FB page Len wrote:
    "I am not that smart. I just compare the economies of each administration. Stock market, job growth, and it's a fact the Trump's economy is behind Obama's, and Biden's. Also Trump's economy did see maximum revenue generation, and no taxes for the wealthy. How did that help you personally?"

    I then responded:
    "Thank goodness the inflation rate went down this month!"

    Granted, I did not indicate how much it went down - but:

    INFLATION
    Great News! July was 8.52%
    For August it was only 8.26%


    Wow it it went down a full 0.26% !

    When a couple more libs hit like -as Len did,
    I then will inform them, I was being sarcastic!
    and I was just excited I was when gas went down 1 penny!
     
  2. JonC

    JonC Moderator
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  3. KenH

    KenH Well-Known Member

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    Two steps needed:

    1) Get rid of the fiat monetary system and replace it with a gold-standard system.
    2) Balance the federal budget and stop increasing the national debt.

    I realize that it seems like me and only about a dozen other people agree with this. Well, I am an old fashioned old man, can be cantankerous, and I yell at clouds.
     
  4. Salty

    Salty 20,000 Posts Club
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    Ken, I agree with you - but the point is that the D's are going to take credit for a lower interest rate.
    But the decrease was so minor- it doesent really affect anything -
    and this is after Gas has went down neary $1 per gallon.

    When things truly impove - then credit is due - but not now.

    Was just thinking - suppose the Sep rate goes higher than the July rate! I wonder what the D's will say.
     
  5. KenH

    KenH Well-Known Member

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    I have no use for either major party of the Duopoly. They are both responsible for this inflation mess. So far in the 21st century Republican presidents have presided over an $11.7 trillion increase in the national debt. So far in the 21st century Democratic presidents have presided over a $13.5 trillion increase in the national debt.
     
  6. Salty

    Salty 20,000 Posts Club
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    As far as the National Debt - it is Congress who spends the money - regardless of which part the POTUS is.

    For example - Congress passes a 800 million dollar bill - but there is a provision of 12 million - the President does not like - but the vast majority is needed. Do you veto a bill when only 2% is not needed?

    I would love to see the line-item veto be available for the POTUS - then we can see where he stands!
     
  7. KenH

    KenH Well-Known Member

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    I refuse to let presidents off the hook. They are as responsible for things as the Congress, maybe more so, as over the past few decades the Congress has pass along more and more of their responsibilities to the executive branch so that they won't have to make as many decisions because, "We might not get re-elected. Let the executive branch handle it and if it goes well we can jump aboard and if it goes badly we can say, 'Don't blame me. The executive branch did it.'"

    The two major parties of the Duopoly are all one big giant corrupt lump as far as I am concerned.
     
  8. Salty

    Salty 20,000 Posts Club
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    Well, I guess we have to agree to disagree
     
  9. AustinC

    AustinC Well-Known Member

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    Ever read the Wizard of Oz?

    Second, we would have to declare bankruptcy immediately upon going back to the gold standard. We have been living under a Ponzi Scheme since WW2 and the whole thing is about to implode.
    297.jpeg
     
  10. KenH

    KenH Well-Known Member

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    No. I have watched the movie with Judy Garland in it.

    Nope.

    GTMP-ed4-eBook-1.pdf (newworldeconomics.com)
     
  11. KenH

    KenH Well-Known Member

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    Yep.
     
  12. AustinC

    AustinC Well-Known Member

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    The Wizard of Oz is a satirical story about leaving the Gold standard. Oz is the element sign for Gold. Dorothy followed the "yellow brick road" to the "emerald city" (fiat money) The wizard was all show but no substance. The wicked witch is from the West. The whole story is a satire.
    The Wonderful Wizard of Oz and the Gold Standard
     
  13. JonC

    JonC Moderator
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    The gold standard is less stable. It would not work.

    Remember that the hold standard was a primary cause of the degree and duration of the Great Depression.

    We cannot have a monetary standard based on such a finite resource as such a standard could not keep up with the economy. We also could not survive being the only primary nation on such a standard.
     
  14. KenH

    KenH Well-Known Member

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    Yes, it would.

    False. That was the Federal Reserve.

    False. Worked for a long, long time before 1913.

    False. if the main economy led the way, don't you think that others would follow?

    Look, I am quite aware that I hold to a very minority position on economic and political issues. I am almost certainly too old to ever see what I want in either area to ever come to pass again in what is left of my lifetime on this earth.
     
  15. JonC

    JonC Moderator
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    I disagree. A gold standard could no longer work.

    Yes, the gold standard worked (not always well) a century ago. So did sea shells in other nations at other times.

    The dollar would be dependent on a worldwide gold (mined and refined) resource. If the US was the only nation it would fall quicker, but economic collapse would be fairly quick either way.

    The resource is too limited. Banks could not respond to economic demand or need. A fixed economy is a dead economy.

    Money has to represent goods, not a fixed resource. Gold just won't work.
     
  16. Reynolds

    Reynolds Well-Known Member
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    The fed is definitely a giant pyramid scheme. A dollar has value beyond it's mineral value simply because "we decree its' value".
    I would love to see the Fed Jack interest rates into deflation causing percentages. We are overdue a massive correction.
    We must return to sound economic principles. People need to learn the hard way that debt is evil. I do feel sorry for the truly struggling, but those who live high on credit need taught a painful lesson.
     
    #16 Reynolds, Sep 15, 2022
    Last edited: Sep 15, 2022
  17. Reynolds

    Reynolds Well-Known Member
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    Well, supposedly China is in the early stages of challenging the dollar with a gold backed currency. We shall see how that works.
    A non metal backed currency is a perpetual tax on the investor and a perpetual tax break for the borrower. Screwed up system.
     
  18. KenH

    KenH Well-Known Member

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    I totally disagree with what you wrote. I suggest you read the book I linked to earlier in this thread.

    Do you espouse Modern Monetary Theory?
     
  19. KenH

    KenH Well-Known Member

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    Yeah, it is amazing that so many people think that being backed only by the "good faith and credit" of a government makes for sound monetary policy.
     
  20. JonC

    JonC Moderator
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    As gold is a limited resource, whoever has the most ultimately wins (if we all go back to a gold standard). So prior to doing so China should start hording gold so they own any nation that follows suit.

    Gold is valuable because it is limited. But what many forget is the fact we put that value on gold. It is the equlivant of trading in sea shells, were sea shells limited (it has no use in and of itself).

    But the weakness of a gold standard is also what some perceive as its strength (its scarcity). As a primary resource to back currency gold fails in that it limits the ability for a currency to react to economic changes. Not only are you locked into a fixed economy (potentially more severe recessions, much longer recovery periods) but you are also more firmly at the mercy of the global economic system (your currency is permanently tied to the resources of other nations).
     
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