Ominous prediction indeed.

[Sean Renaud]

I've dipped in and out of this thread and others and am not sure where I read it today. 4st quoting Lennin maybe?

The bit about attacking currency as the best way to benefit a regime without raising the ire of the populous. Not even a paraphrase by me, more of a re-characterization.

Inflation is how our Government does what it hasn't the balls to do above the table. It is how they are keeping SS and Mediscare on life-support.

As the rate of increase fails to keep up with actual living expenses it slowly trains the elderly to do without, or supplement their SS with work, or other savings. Financial Planners are already revising downward the expected benefit of SS in one's portfolio.

By making the "doc fix" less and less of a fix each year, more and more doctors drop out, making it harder and harder to find a doc so the elderly now delay care, do without if it seems minor. Gone are the days a medicare card got you in to see a doc same day. Now seniors with means at all go see a doc in the box out of pocket.

It is subtle means testing.

The only plan..if you can call it that..for the mess that is the reality of what has been promised vs what can possibly be delivered is to inflate the problems away.

It is now done with such sophistication that the usual suspects drag out the Gov't stats to show that the doubling of food prices in the last 1/2 decade didn't happen, when a simple trip to the grocery store shows otherwise.

You think our government creates inflation intentionally? That it's not a "natural" force of the universe?

 

[4est_4est_Gump]

I quoted Keynes and :kbate: accused him of yelling 'Hitler.'


:shrug:

 

[4est_4est_Gump]

You think our government creates inflation intentionally? That it's not a "natural" force of the universe?

All fiat currency governments succumb to the politically popular expedient of currency creation when faced with politically inconvenient, but healthy, corrections/contractions occur in the market that could be seen as hurting the chances of many of them to be reelected.

 

[unregistered]

 

[unregistered]

 

[Saint Peter]

Who was that dirty low down lizzard belly son of a bitch that took America off of the gold standard???





Oh yeah.


Nixon!

I think he was a republican.

 

[Que]

You think our government creates inflation intentionally? That it's not a "natural" force of the universe?

Inflation is the natural consequence of their policies. Why do you think the Federal reserve sets "inflation targets?"

RacistDownSouth believes that "economists" favor 3-4% inflation for growth of GDP and wages, never mind the obvious hole in that logic that your GDP and wages must grow more than 3-4% just to not be treading water.

He is correct that they like inflation to give the appearance of growth in wages and national output. That isn't the same thing as actual growth. If you could inflate your way into prosperity we could simply have a patriotic push for everyone to raise their prices and wages by 1% minimum each month.

Inflated wages that under-perform actual (under-reported) inflation are actually great for business and government. Just not so much for the workers.

 

[Que]

Who was that dirty low down lizzard belly son of a bitch that took America off of the gold standard???





Oh yeah.


Nixon!

I think he was a republican.

Exactly right. We also went off of silver for coinage in 1964. In 1964 a quarter bought you a loaf of bread because the amount of work that it takes to dig silver out of the ground and mint it into a coin is roughly the same as the labor to grow some wheat, grind it into flour, form it into a loaf, bake it, slice it and deliver it to market.

Nowdays, a pre-1964 coin aside from any numismatic value, the melt-down value of the silver is about $4. Roughly the price of a loaf of bread.

 

[4est_4est_Gump]

Who was that dirty low down lizzard belly son of a bitch that took America off of the gold standard???





Oh yeah.


Nixon!

I think he was a republican.

After the Second World War, a system similar to a gold standard and sometimes described as a "gold exchange standard" was established by the Bretton Woods Agreements. Under this system, many countries fixed their exchange rates relative to the U.S. dollar and central banks could exchange dollar holdings into gold at the official exchange rate of $35 per ounce; this option was not available to firms or individuals. All currencies pegged to the dollar thereby had a fixed value in terms of gold.[5]

Starting in the 1959-1969 administration of President Charles de Gaulle and continuing until 1970, France reduced its dollar reserves, exchanging them for gold at the official exchange rate, reducing US economic influence. This, along with the fiscal strain of federal expenditures for the Vietnam War and persistent balance of payments deficits, led US President Richard Nixon to end international convertibility of the dollar to gold on August 15, 1971 (the "Nixon Shock").

This was meant to be a temporary measure with the gold price of the dollar and the official rate of exchanges remaining constant. Revaluing currencies was the main purpose of this plan. No official revaluation or redemption occurred. The dollar subsequently floated. In December 1971, the “Smithsonian Agreement” was reached. In this agreement, the dollar was devalued from $35 per troy ounce of gold to $38. Other countries' currencies appreciated. This was the official price of the dollar, and policies to maintain its value relative to other currencies. However, gold convertibility did not resume. In October 1973, the price was raised to $42.22. Once again, the devaluation was insufficient. Within two weeks of the second devaluation the dollar was left to float. The $42.22 par value was made official in September 1973, long after it had been abandoned in practice. In October 1976, the government officially changed the definition of the dollar; references to gold were removed from statutes. From this point, the international monetary system was made of pure fiat money.

Wiki

Nixon served from 1969 to 1974.

Nixon was far more interested in foreign affairs than domestic policies, but believed that voters tend to focus on their own financial condition, and that economic conditions were a threat to his reelection. As part of his "New Federalism" views, he proposed grants to the states, but these proposals were for the most part lost in the congressional budget process. However, Nixon gained political credit for advocating them.[163] In 1970, Congress had granted the President the power to impose wage and price freezes, though the Democratic majorities, knowing Nixon had opposed such controls through his career, did not expect Nixon to actually use the authority.[164] With inflation unresolved by August 1971, and an election year looming, Nixon convened a summit of his economic advisers at Camp David. He then announced temporary wage and price controls, allowed the dollar to float against other currencies, and ended the convertibility of the dollar into gold.[165]

Same

Note that the two are not the same thing.

 

[4est_4est_Gump]

Exactly right. We also went off of silver for coinage in 1964. In 1964 a quarter bought you a loaf of bread because the amount of work that it takes to dig silver out of the ground and mint it into a coin is roughly the same as the labor to grow some wheat, grind it into flour, form it into a loaf, bake it, slice it and deliver it to market.

Nowdays, a pre-1964 coin aside from any numismatic value, the melt-down value of the silver is about $4. Roughly the price of a loaf of bread.

Who was President in '64? Who was that dirty low down lizzard belly son of a bitch...?

 

[Que]

Who was President in '64? Who was that dirty low down lizzard belly son of a bitch...?

Hmmm... Barry Goldwater, that war-monger that wanted to escalate VietNam?

No...that doesn't seem right...

 

[unregistered]

 

[4est_4est_Gump]

Hmmm... Barry Goldwater, that war-monger that wanted to escalate VietNam?

No...that doesn't seem right...

You must be talking about the man who counterfeited silver coins out of copper, complete with silver like surface, and needless mill marks, as if anyone would bother clipping them.

Sorry contestants, the answer is not Marcus Aurelius...

 

[Saint Peter]

Who was President in '71? Who was that dirty low down lizzard belly son of a bitch...?

Nixon.

 

[4est_4est_Gump]

Why is it that the Democrats are running around demanding Nixon-like wage controls at the same time that they use him as their economic example of what is wrong with the world?



Why do they act like the gentle myth of him taking us off the gold standard is such a bad thing, when they think it is an idiotic idea to begin with?

 

[Saint Peter]

Ask them.

I am a Libertarian.

 

[4est_4est_Gump]

Nixon.

Counterfeit post.



When you do not have facts (or dollars) on your side, print new ones...

 

[4est_4est_Gump]

Ask them.

I am a Libertarian.

Counterfeit post.



When you do not have facts (or dollars) on your side, print new ones...

Ditto

Fast'n Furious

We had to hide the tax part of the ACA in complexity.

 

[Saint Peter]

Counterfeit post.



When you do not have facts (or dollars) on your side, print new ones...

Counterfeit Monopoly money!

 

[RobDownSouth]

Why is it that the Democrats are running around demanding Nixon-like wage controls at the same time that they use him as their economic example of what is wrong with the world?

By all means, please share with us the Democrats advocating for "Nixon-like wage controls".

This oughta be good...

 

[4est_4est_Gump]

What's that akin too?

Using your own token instead of the iron?

 

[Sean Renaud]

Inflation is the natural consequence of their policies. Why do you think the Federal reserve sets "inflation targets?"

RacistDownSouth believes that "economists" favor 3-4% inflation for growth of GDP and wages, never mind the obvious hole in that logic that your GDP and wages must grow more than 3-4% just to not be treading water.

He is correct that they like inflation to give the appearance of growth in wages and national output. That isn't the same thing as actual growth. If you could inflate your way into prosperity we could simply have a patriotic push for everyone to raise their prices and wages by 1% minimum each month.

Inflated wages that under-perform actual (under-reported) inflation are actually great for business and government. Just not so much for the workers.

No. Inflation is a natural consequence of the universe. Our government does what it can to effect them but they aren't the cause of it anymore than our government is the cause of war. Animals have been fighting since fucking forever and inflation has been happening just as long.

 

[4est_4est_Gump]

The natural consequence of the Universe?



Which the hell school of Economics has a textbook that says that?

 

[RobDownSouth]

Inflation is the natural consequence of their policies. Why do you think the Federal reserve sets "inflation targets?"

RacistDownSouth believes that "economists" favor 3-4% inflation for growth of GDP and wages, never mind the obvious hole in that logic that your GDP and wages must grow more than 3-4% just to not be treading water.

You really don't understand economics, do you?

 

[Saint Peter]

What's that akin too?

Using your own token instead of the iron?

I drew a cartoon of the cartoon you posted and then cashed it at the bank.