Decius wrote: Hijexx wrote:
I'm supporting Ron Paul's campaign.
Do you support getting rid of the federal reserve bank and putting the United States back on the gold standard?
I don't really believe in the gold standard. Gold is a commodity that is just as subject to price fluctuation as any other commodity. Gold has no intrinsic value, and money does not derive its value from scarcity. You fall into the same situation of someone's opinion of what gold is worth as you would a fiat currency. Entries in a computer account for most money these days. Those zeroes and ones are a form of commidity if you will. Somebody is at the switch of all of this, creating new entries into the pool of available accounting entries to go around. That form of centralized control is a good thing in my eyes ONLY if it is transparent. The Federal Reserve, in choosing to stop publishing M3 currency stats last year, took a huge step backwards in accountability. The picture of how much currency is being printed got a lot less clear after that move. When we can't clearly see how many dollars are chasing how many goods, you can't really peg how much your currency is appreciating or depreciating. I'd feel a lot better if there was some reform at the Fed. I never really understood why the US government lets a private banking cartel run its monetary system. Why not abolish the Fed and let the US issue its own money? I don't believe in getting rid of centralized control of the currency per se, but it needs to be 100% transparent. Every dollar that is ever created needs to be accountable and all of that information should be available to the market. To me, that is "sound money." I am also no fan of fractional-reserve banking. Ever stopped and asked yourself, why does the FDIC only insure deposits in a commercial bank up to $100,000? Then did you ever ask, why is a private corporation the one that insures my deposit? Then asked, why does my country's currency need to be insured by a private corporation? Which leads inevitably to the question, why does my country not issue its own money? Our monetary system is definitely fishy to me, but getting back to your questions: "Yes, no." RE: No Straw Men: How Rudy Will Make GWB Look Good | 
