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moralist

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moralist last won the day on July 12 2015

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About moralist

  • Rank
    Advanced Member

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  • Gender
    Male
  • Interests
    motorcycle riding, bicycling, hiking, mechanical design, auto mechanics, model trains

Previous Fields

  • Country
    United States
  • State (US/Canadian)
    California
  • Relationship status
    No Answer
  • Sexual orientation
    No Answer
  • Real Name
    Greg
  • Copyright
    Copyrighted
  • Biography/Intro
    I'm an American, Christian, Veteran, Conservative, Married, Blue Collar Tradesman, and Grandpa.
  • Experience with Objectivism
    None. Read Atlas Shrugged in the late '70's. That's about it. Still read it over again every few years so as to keep inspired and focused. Being more of a doer than a thinker it was enough to change the course of my life.
  • School or University
    none
  • Occupation
    Capitalist businessman
  1. moralist

    Global Warming

    You hit upon the solution... only the productive wave of creative human innovation can overcome the obstacles to civilisation.
  2. moralist

    Fractional Reserve Banking revisited

    Of course there's always the risk of being labled a heretic for daring to advocate the blasphemy of solvency. Capitalism is a system based on capital. Creditism is a system based on the lack of capital. Whenever any economic system becomes based more on debt than it is based on capital... it fails.
  3. moralist

    Fractional Reserve Banking revisited

    You're correct in that banks know full well what they're doing. There are reasonable limits to FRB and then there are abuses. FRB, government monetary policy, and the credit/debt system all work just fine... until a critical mass of people faking reality brings about the inevitable returns to reality called Recessions and Depressions. The banks' real ace in the hole is the government, which indemnifies their fiscal irresponsibility with it's own... the unlimited ability to create currency from nothing. The government even creates currency and then uses it to buy its own debt... the ultimate in mindbending faked reality. Many people actually believe that fiscal irresponsibility can evade consequences by defying the reality of causality. Reality will always prove them wrong.
  4. moralist

    Fractional Reserve Banking revisited

    Fiat currency operates on exactly the same faked reality as fractional reserve banking. FRB is banks pretending to have more money than they really have, just like fiat currency is the government pretending to have more money than it really has. In fact, the credit/debt system is people pretending to have more money than they really have. So whenever pretense pervades society, it gets a dose of reality like 2008. Banking FR practices and government fiscal policy are both merely an extension of the prevailing practice sanctioned by a society which lives by the same faked reality principle. And neither supporting FRB or fiat currency is an issue when everyone already has both and has no power to alter either except to change how they live. The only pertinent question to ask yourselves is: What do you do about what you already have?
  5. moralist

    Fractional Reserve Banking revisited

    ...and after the government confiscated gold, the price then jumped 67% to $34.69 in 1934 by devaluing the dollar. Gold, like other equities, presents a continuing problem to government promotion of faith in it's paper curriency... simply because it's real. No thanks, Ben... I prefer reality to fantasy... For those who believe Ayn Rand had nothing to say about economics and business, which one do you think she would have chosen?
  6. moralist

    Fractional Reserve Banking revisited

    They are. I just did a simple search that took a minute. Look at any historical gold price chart. They all log exactly the same spot gold prices because they are public trading record. Ok. Then I'll assume that you can answer this question. What other policies drove up the cost of gold to +39 times its original price over the last 40 years? Do you realize that is almost a 100% increase for each year? No. You're looking at the wrong side of the ledger. The price of a thing is the measure of the (lack of) value of the dollars needed to buy it. Well, that's why you don't ever want to use Federal Reserve Notes as a store of wealth when almost any dollar denominated equity works so much better. I have some old dollars fromt he time they were printed as Silver Certificates. Do you know that you could go to the Federal Reserve Mint in San Francisco and trade those in Silver Certificates for packets of real silver bullion? This was a time when America was still a Capitalist nation. It has presently devolved into a Creditist nation. The deadbeat debtor government can go straight to hell as far as I'm concerned. As an individual I choose to continue to operate as a 100% solvent Capitalist with my own gold standard just like they did in Galt's Gulch. The current state of monetary policy exactly matches the values of the fiscally irresponsible majority who created the government in their own insolvent image. The present government doesn't just magically spring in to existence for no reason at all. That's not rational. Every effect has a cause, and today's (rotten) government is the literal expression of the (rotten) values held by the majority in this country. It sure isn't. I know because I belong to the rapidly dwindling political minority of American Capitalist producers. I'm not totally clear on your point of reference because I don't watch television. However, I'm more familiar with how the protagonists responded to the "system" in Atlas Shrugged by creating their own... so that's the ideal on which I model my own behavior.
  7. moralist

    Fractional Reserve Banking revisited

    Failing to protect yourself is what validates the actions of the rights violators, because it grants them the sanction for you to become their victim.
  8. moralist

    Fractional Reserve Banking revisited

    Because simply being a minority disagreeing with public policy demanded by the majority has absolutely no power to change it, the personal responsibility falls upon each individual American to learn how to protect themselves from the consequences that the majority sets into motion. Anyone who fails to rise to the occasion gets what they deserve for abdicating their responsibility to protect themselves. It's not really all that difficult. All that is necessary is to live by a different set of values from the majority, and that sets into motion beneficial consequences all of its own within each person's own sphere of personal influence. Those who do, will always find their own kind with whom to do business and all parties involved will consistently prosper regardless of public policy, economic, or political cycles.
  9. It's a remnant from a bygone time when there used to be honorable men who kept their word.
  10. moralist

    Fractional Reserve Banking revisited

    I wasn't implying any number, just that what I said holds true. I can't find any I care about either, because all I see are people getting what they deserve. And another cycle like 2008 will return in its own time. There's more than one way to look at Ayn Rand's writings. Read with the eyes of a businessman she offers literally a wealth of practical advice. What others see in what she wrote depends on how they live.
  11. moralist

    Fractional Reserve Banking revisited

    And what happens when credit comes to be regarded as if it was capital... and not the lack of capital? 2008 You'll have another chance to understand first hand the next time the pyramid scam collapses. I've lived long enough to see this cycle occur a few times and learned how to protect myself from becoming collatoral damage.
  12. moralist

    Fractional Reserve Banking revisited

    I believe you. Eiuol. I'm completely convinced that from your point of view, Ayn Rand had nothing to say to you about the principles of Capitalism. For me she did, and I've been using her ideas in business for decades. So each of us takes away from her writings what they find most useful in their own lives. There are pitfalls to holding currency which represents nothing real except a fractional reserve banking system based upon illusion. This system mirrors the personal finances of many people who live by leveraged debt. the government uses the same system of debt except it can "create" money by diluting its value. And this explains why, from 1971 to today, the price of gold has gone up by 3,900%. The only reason people have eagerly granted their sanction to the fractional reserve system, is because they believe thay can profit from it. Except for the fact that their gain in that zero sum system can only come from another's loss, and not from any wealth they had worked to create for themselves. Sure, it ~seems~ like getting something for nothing, but no one bothers fo consider what they have to become to get it.
  13. moralist

    Fractional Reserve Banking revisited

    It sure doesn't any more. In 1970 foreign countries were demanding gold for their dollars and the US didn't have enough gold to back them (fractional reserve banking) so to prevent a run, the government cut the dollar exchange rate from gold and allowed it to "float". In 1971 gold cost $40 an ounce. In 2013 gold costs $1,570 an ounce. Exactly the same one ounce of gold... only the amount of dollars needed to buy it has changed. And that is why the dollar is such a poor quality store of wealth. Same Money works just fine for immediate transient transactions, as long as you aren't holding onto it for longer periods of time.. Fractional reserve banking uses the same quality of principles as a floating dollar. What an silly statement, Eiuol. Of course there is. The intrinsic value of gold is the labor and material costs mining and refining it into uniform units fit to trade. The market value is driven by demand. It's always a stupid idea to deny reality. I don't believe your description any more than you do because what I said is nothing even close to that. What I am saying is that anyone who follows Ayn Rands ethical economic principles in Atlas Shrugged will consistently prosper in business regardless of political or economic cycles. I'm not talking about the othrodoxy of Objectivism. I am specifically referring to the ethical American Capitalist economic business principles in Atlas Shrugged. It's true that it is not the ideal for you... but it is certainly an ideal worthy of aspiration for anyone who freely chooses to work to make it real.
  14. moralist

    Fractional Reserve Banking revisited

    If a paper note does not accurately represent gold, it's a denial of fiscal reality, and denying reality is a lying. This is similar to the A = B lie that credit is capital, when it is only the lack of it. This A = B lie causes economic depressions which are the inevitable return to the A = A reality that only capital is capital. The economic pain of 2008 taught people nothing, so same thing will happen again... and again. In my view, there is no such thing as an honest pyramid scheme, and it has nothing to do with Capitalism. People will willingly participate in a Ponzi scheme if they believe that it is in their own selfish interest, but that is also a lie because it's not in their selfish interest when their gain comes at the loss of others, rather than working to create wealth honestly. This is why a Ponzi scam is always zero sum. It does not actually create wealth. It only creates the illusion of wealth because gain that can only come from the loss of others produces nothing. Transferred wealth produces no wealth, and living off of transferred wealth is living off of others. This is a violation of the ethical code of Galt's Gulch: "I swear, by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine." And this is why in 2008, people got exactly the fleecing they deserved, because they had violated this ethical code... and they didn't even bother to ask. Ponzis are not Capitalism which is not zero sum, because Capitalism creates wealth that does not come at the loss of others. Contrast the two economic systems Ayn Rand described in great detail in Atlas Shrugged. One was based on denying reality, while the other was based on affirming reality. Today, everyone still has exactly that same choice of the system in which they will participate. Choosing the ethical one brings real prosperity, while choosing the unethical one only brings the illusion of prosperity which is eventually destroyed by the return to reality called Depression. If people learned to live by the ethical Capitalist vaues Ayn Rand promoted, they would never have to worry about money for the rest of their lives.
  15. His veracity matches the electorate who voted him into office.
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