Ron Paul: Bitcoin could 'destroy the dollar'

Economics
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The government has a monopoly on lots of things that they shouldn’t have. It’s a matter of prioritizing. The US monetary policy is “okay” right now, yes. Not ideal, but making it “perfect” would have no discernible impact on my life. Compare that to fixing things like drug laws, abortion laws, industry graft, immoral taxation, etc. etc.

 

The number of customers of mutual funds and various investment instruments in the USA numbers in the tens of millions, and virtually every citizen makes use of a bank, which could easily move funds on behalf of customers.

 

So it’s a little broader than, “one guy” who has the “skills” to not store their wealth in their mattress.

 

 

In characterizing money, some people point to a medium of exchange and a store of value as defining. But, an even more important characteristic of the concept is private property.  Money is private property; it has to be because property rests on the more fundamental identification that “every man is the owner of his mind and his effort”. (FTNI pg 89.)   Money as private property was replaced by force of law.  In looking at your posts on the issue, I still don’t understand you.  How could this immorality be “okay” with you and of less priority to you for political change? 

42

In characterizing money, some people point to a medium of exchange and a store of value as defining. But, an even more important characteristic of the concept is private property.  Money is private property; it has to be because property rests on the more fundamental identification that “every man is the owner of his mind and his effort”. (FTNI pg 89.)   Money as private property was replaced by force of law.  In looking at your posts on the issue, I still don’t understand you.  How could this immorality be “okay” with you and of less priority to you for political change? 

 

Because I am not affected by US dollar inflation, nor is anybody who is not a moron.

 

If the US government declared they would execute, without judge or jury, any citizen who stood in the exact location of the Four Corners, that would be a miscarriage of justice. However, it would be pretty easy to avoid.

 

On the other hand, take the WOD. Walk down the street in New York and you will feel the effects: you will be walking down much more dangerous streets since the government has created a war–complete with a war zone–in our streets because of a backward prohibition now fueled by a giant bureaucracy who won’t let it go.

 

Then there’s Federal intervention into schools, which anybody with kids in public school will directly experience.

 

Oh yeah, and taxes. People say that inflation is “like a tax” which I suppose is true if you keep physical Benji’s stuffed in your mattress as your primary savings account. In that scenario you might have lost, what, 10% of your wealth in the last 5 years? I lose more than that in a few months to actual, real, here-and-now taxes.

 

And then there’s taxes that not only tax, but actually change economic behavior in huge, inefficient ways. Like all investors (including simple homeowners) I radically alter my behavior to reduce my taxes. That changes the whole complexion of economic (and thus all) life in the USA. There are dozens of huge industries which would not exist, and dozens which do not exist now, all because of tax laws.

 

Hence my ongoing charge here: the preoccupation with “inflation” and the Fed, and all of that stuff is driven by weirdo conservatives from the 60s–who actually invaded my Objectivist Club meetings–and not any real concern. Take away the Illuminati–or the belief in same–and Ron Paul would have never brought up the Fed anymore often than he brings up the Post Office. Annoying sometimes, sure, but hardly a life-changer.

43

One does not need be “preoccupied” with inflation to observe it’s occurrence. It is a shame that one has to rise above ‘moron’ status to become unaffected by it. Reality offers enough challenges to come to grips with. Do we really require man-made augmentations subverting monetary policy (among other things, i.e.: public indoctrination, I mean education) into their respective political obstacle courses?

44

Because I am not affected by US dollar inflation, nor is anybody who is not a moron.

 

If the US government declared they would execute, without judge or jury, any citizen who stood in the exact location of the Four Corners, that would be a miscarriage of justice. However, it would be pretty easy to avoid.

 

On the other hand, take the WOD. Walk down the street in New York and you will feel the effects: you will be walking down much more dangerous streets since the government has created a war–complete with a war zone–in our streets because of a backward prohibition now fueled by a giant bureaucracy who won’t let it go.

 

Then there’s Federal intervention into schools, which anybody with kids in public school will directly experience.

 

Oh yeah, and taxes. People say that inflation is “like a tax” which I suppose is true if you keep physical Benji’s stuffed in your mattress as your primary savings account. In that scenario you might have lost, what, 10% of your wealth in the last 5 years? I lose more than that in a few months to actual, real, here-and-now taxes.

 

And then there’s taxes that not only tax, but actually change economic behavior in huge, inefficient ways. Like all investors (including simple homeowners) I radically alter my behavior to reduce my taxes. That changes the whole complexion of economic (and thus all) life in the USA. There are dozens of huge industries which would not exist, and dozens which do not exist now, all because of tax laws.

 

Hence my ongoing charge here: the preoccupation with “inflation” and the Fed, and all of that stuff is driven by weirdo conservatives from the 60s–who actually invaded my Objectivist Club meetings–and not any real concern. Take away the Illuminati–or the belief in same–and Ron Paul would have never brought up the Fed anymore often than he brings up the Post Office. Annoying sometimes, sure, but hardly a life-changer.

I love that you decided that the only consequence of government control over the financial sector is inflation. Even though, through this forum (and I’m sure in your Objectivist Club as well), all the “conspiracy theorists” (and I’m being sarcastic there, so don’t take it literally) have pointed out to you that the Great Depression, and every recession and financial crisis since, is a direct consequence of that control.

Ron Paul doesn’t blame the Illuminati for the ills of the American economy. He blames the Fed, and rightfully so. If you would pay attention to him, instead of making up lies to slander him in long winded rambling posts about the evils of the American Right, you’d know that, and then you could argue for your position (if you even have a position that goes beyond lefty talking points) without coming across as a partisan shill.

45

I love that you decided that the only consequence of government control over the financial sector is inflation. Even though, through this forum (and I’m sure in your Objectivist Club as well), all the “conspiracy theorists” (and I’m being sarcastic there, so don’t take it literally) have pointed out to you that the Great Depression, and every recession and financial crisis since, is a direct consequence of that control.

Ron Paul doesn’t blame the Illuminati for the ills of the American economy. He blames the Fed, and rightfully so. If you would pay attention to him, instead of making up lies to slander him in long winded rambling posts about the evils of the American Right, you’d know that, and then you could argue for your position (if you even have a position that goes beyond lefty talking points) without coming across as a partisan shill.

 

I don’t remember any rational, non-insane people I talked to disregarding the role of things like Fanny and Freddy in the last one, or in over-speculation / normal business cycle stuff. Yeah, maybe Alan Greenspan wrote all of those bad loans from the housing bubble himself. Sure, why not. Or some of his agents from the Illuminati wrote them. Or something.

 

Or maybe upturns and downturns are just part of life in a free market. Maybe, just maybe, downturns that only catch morons out is not something that Objectivists should particularly worry about. I certainly don’t care.

46

Framed as triage, I still think you should re-evaluate where you put the monetary monopoly. The WOD is a heinous and separate problem; if I were to rank it I just might also put it above the monetary monopoly. But before I rank the problems I’d want to make sure I identify each one correctly… And here is where I think you’re making an error with regard to taxation. Part of the reason your tax bill is so high is because of spending largess. That largess is made possible by runaway deficit spending, which is itself made sustainable by the monetary monopoly. Sure, the government could accumulate debt without the monopoly, but I doubt they’d rack up a bill as big as they have.

Edit: Without debt financing they’d have to raise taxes alongside, right on the heels of, or just before new spending measures. People don’t stand for largess when they know they have to pay for it (case in point, Obamacare). As it stands, the debt finance shell game buys lawmakers enough time to use the “Budget crises! We’re already knee deep in this! Nobody knows how we got here but we’d better raise taxes or the economy will blow up!” excuse to raise taxes.

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As I understand it, the Illuminati was founded in 1776, not 1910.

 

 

 

Can you explain, then, why they haven’t used their magic powers in any significance since the 80s? We have a Kenyan Socialist Dedicated to Evil in the White House. Why hasn’t he used this power?

 

(Awaiting the inevitable conspiracy theory answer, as all good CT’s have an answer to absolutely everything).

 

Why is everyone who is critical of the Fed automatically Alex Jones now? 

 

That isn’t fair at all. 

 

Anyways, I am not an expert on this at all, but is this relevant? 

 

There is a massive misconception about where the Bernanke Fed’s stimulus landed. Although the Bernanke Fed has disbursed $2.284 trillion in new money (the monetary base) since August 1, 2008, one month before the 2008 financial crisis, 81.5 percent now sits idle as excess reserves in private banks. The banks are not required to hold excess reserves. The excess reserves exploded from $831 billion in August 2008 to $1.863 trillion on June 14, 2013. The excess reserves of the nation’s private banks had previously stayed at nearly zero since 1959 as seen on the St. Louis Fed’s chart. The banks did not leave money idle in excess reserves at zero interest because they were investing in income earning assets, including loans to consumers and businesses.

 

 

http://www.huffingtonpost.com/robert-auerbach/massive-misconceptions-ab_b_3490373.html

48

I don’t remember any rational, non-insane people I talked to disregarding the role of things like Fanny and Freddy in the last one, or in over-speculation / normal business cycle stuff. Yeah, maybe Alan Greenspan wrote all of those bad loans from the housing bubble himself. Sure, why not. Or some of his agents from the Illuminati wrote them. Or something.

 

Or maybe upturns and downturns are just part of life in a free market. Maybe, just maybe, downturns that only catch morons out is not something that Objectivists should particularly worry about. I certainly don’t care.

I love irony as much as the next guy, but your use of the word moron is starting to exceed “let’s protest capitalism while connecting to a Starbucks hub on our MacBooks” levels.

It’s worrisome. The Universe is gonna implode.