America The Land of the Greed

[a Shark]

America brought down the world not Europe.The sub prime crisis and all the poisonous CDOs from Lehmans and co. that were falsely marked up as AAA securities when they were junk .

Do you not think the rot set in when Nixon did away the gold standard so that he could raise the cash to carpet bomb Vietnam?

Yes exactly ,although I would say that the gold standard was on its way out anyway .

[a Shark]

f anyone wants a philosophy of how to waste your time, then just ask me.

Well, you certainly have had a lot of practice spouting socialism, so I I guess that makes you an expert, all right.

The Glass Steagall Act was a creation of US government so would you call that socialism ?

[bobevenson]

Unfortunately, America is not free of socialism, public schools and Obamacare immediately coming to mind. As far as the banking system, the total amount of currency in existence must be backed by bank certificates of property that is represented by the currency. This is the only way to certify the value of money and prevent inflation. This feature, of course, is a major component of Evensonomics.

[a Shark]

Unfortunately, America is not free of socialism, public schools and Obamacare immediately coming to mind. As far as the banking system, the total amount of currency in existence must be backed by bank certificates of property that is represented by the currency. This is the only way to certify the value of money and prevent inflation. This feature, of course, is a major component of Evensonomics.

I am afraid that the USD is not backed by bank certificates .
When the gold standard was ditched at Bretton Woods by Nixon the currency
was backed only by the good faith of the government.

It still is. When the Fed prints money it simply expands its balance sheet.
That is, on the capital side, of the double entry ,it simply ads capital;
it effectivey types in to the computer 100,000,000 .
and then it prints the cash and debits the bank account
. That money is then loaned to the US government in return for
government bonds . It is all money created out of thin air.

[bobevenson]

Unfortunately, America is not free of socialism, public schools and Obamacare immediately coming to mind. As far as the banking system, the total amount of currency in existence must be backed by bank certificates of property that is represented by the currency. This is the only way to certify the value of money and prevent inflation. This feature, of course, is a major component of Evensonomics.

I am afraid that the USD is not backed by bank certificates .
When the gold standard was ditched at Bretton Woods by Nixon the currency
was backed only by the good faith of the government.

It still is. When the Fed prints money it simply expands its balance sheet.
That is, on the capital side, of the double entry ,it simply ads capital;
it effectivey types in to the computer 100,000,000 .
and then it prints the cash and debits the bank account
. That money is then loaned to the US government in return for
government bonds . It is all money created out of thin air.

Yes, that's correct, and my system turns that counterfeit system on its head!

[a Shark]

Unfortunately, America is not free of socialism, public schools and Obamacare immediately coming to mind. As far as the banking system, the total amount of currency in existence must be backed by bank certificates of property that is represented by the currency. This is the only way to certify the value of money and prevent inflation. This feature, of course, is a major component of Evensonomics.

I am afraid that the USD is not backed by bank certificates .
When the gold standard was ditched at Bretton Woods by Nixon the currency
was backed only by the good faith of the government.

It still is. When the Fed prints money it simply expands its balance sheet.
That is, on the capital side, of the double entry ,it simply ads capital;
it effectivey types in to the computer 100,000,000 .
and then it prints the cash and debits the bank account
. That money is then loaned to the US government in return for
government bonds . It is all money created out of thin air.

Yes, that's correct, and my system turns that counterfeit system on its head!

Great you have a bobaloola economic system and what is that pray tell

[bobevenson]

Great you have a bobaloola economic system and what is that pray tell?

You sure do have a short attention span. I just told you that the only way to prevent money from being created out of thin air is to have every dollar in circulation backed by property certificates. Of course, the owner of these certificates will be paid interest by the banks that hold them, and a tax system based on these certificates will streamline tax collection. Again, let me ask you, could anybody but a prophet come up with this proposal? I don't think so.

[a Shark]

Great you have a bobaloola economic system and what is that pray tell?

You sure do have a short attention span. I just told you that the only way to prevent money from being created out of thin air is to have every dollar in circulation backed by property certificates. Of course, the owner of these certificates will be paid interest by the banks that hold them, and a tax system based on these certificates will streamline tax collection. Again, let me ask you, could anybody but a prophet come up with this proposal? I don't think so.

You cannot have a currency backed by property certificates because property is not appropriately divisible . Previous standards of gold and silver were redeemable in actual gold and silver and it is the figment of redeeming the actual asset which offers holders of a currency a value .

If you wanted to redeem $20 in property how would you do that ? Say I will have 10 bricks please ?
Your error is in believing that the paper certificate has value in itself.
It does not . It merely secures a fraction of the property that cannot be realized.

So that is the operation fallibility ,but,there is a hypothetical error also, since linking a currency to a marketable product ie the housing stock , would cause the currency
to be valued against the property values. This would mean that if the value of the housing stock fell, as it did in the sub prime case, the currency (linked to the property certificates) would also fall in value.

So a prophet of doom you would be bobaloola.

[bobevenson]

Look, you don't know what the hell you're talking about. The total value of property limits the total amount of money. I hope you can understand that simple concept, my friend.

[a Shark]

Look, you don't know what the hell you're talking about. The total value of property limits the total amount of money. I hope you can understand that simple concept, my friend.

The problem with your theory is that the property would have to be mobile internationally . The gold standard works by the import and export of gold in relation to the money supply and trade. Unless the entire housing stock in the USA ,is caravans, your system could not work.

[bobevenson]

Look, you don't know what the hell you're talking about. The total value of property limits the total amount of money. I hope you can understand that simple concept, my friend.

The problem with your theory is that the property would have to be mobile internationally . The gold standard works by the import and export of gold in relation to the money supply and trade. Unless the entire housing stock in the USA ,is caravans, your system could not work.

Jesus Christ, what does it take for you to understand something? You can fuck the gold standard (actually, gold is property that has a value like any other property), and this system doesn't have anything to do with international transactions. At any point in time, total property within the USA has a certain value, and that value determines the amount of total money available, which the government will monitor and take whatever necessary monetary action is needed to bring the two into alignment.

[a Shark]

Jesus Christ, what does it take for you to understand something? You can fuck the gold standard (actually, gold is property that has a value like any other property), and this system doesn't have anything to do with international transactions. At any point in time, total property within the USA has a certain value, and that value determines the amount of total money available, which the government will monitor and take whatever necessary monetary action is needed to bring the two into alignment.

So let us say that the entire housing stock is valued ,at $1000 .
The "certain value" of property fluctuates with supply and demand and the availability of credit. So let us say that the property declines in value to $500 .
This now means that the value of the money in circulation, linked to the property portfolio is now worth half its value. You are now screwed bobaloola and your prophetic
system has caused a massive depression .
This is why gold was used as a standard. It had to be something that had a very stable
valuation element . Sorry but I have to say that your idea is inoperable and a bit insane and delusional .

[bobevenson]

Jesus Christ, what does it take for you to understand something? You can fuck the gold standard (actually, gold is property that has a value like any other property), and this system doesn't have anything to do with international transactions. At any point in time, total property within the USA has a certain value, and that value determines the amount of total money available, which the government will monitor and take whatever necessary monetary action is needed to bring the two into alignment.

So let us say that the entire housing stock is valued ,at $1000 .
The "certain value" of property fluctuates with supply and demand and the availability of credit. So let us say that the property declines in value to $500 .
This now means that the value of the money in circulation, linked to the property portfolio is now worth half its value. You are now screwed bobaloola and your prophetic
system has caused a massive depression .
This is why gold was used as a standard. It had to be something that had a very stable
valuation element . Sorry but I have to say that your idea is inoperable and a bit insane and delusional .

The gold standard is only for idiots like you. Actually, the so-called gold standard is a misnomer since it only represented a small fraction of the money in existence. In the example you cited, if the total value of property was reduced by 50%, the total amount of money in existence would also have to be reduced by 50%. You're beating a dead horse, my friend.

[a Shark]

The gold standard is only for idiots like you. Actually, the so-called gold standard is a misnomer since it only represented a small fraction of the money in existence. In the example you cited, if the total value of property was reduced by 50%, the total amount of money in existence would also have to be reduced by 50%. You're beating a dead horse, my friend.

Extraordinary! calling me an idiot and then confirming my explanation word for word.
But let me illuminate you that I do not believe in the application of a gold standard.
Your difficulty here is in trying to uphold a judgment based on no academic or real world experience in the field of economics. You need to get rid of these delusions that you are
John Meynard Keynes the 2nd You should spend more time fixing up your wooden shack and give the pseudo economic theories a rest

[a Shark]