Quote:
Originally Posted by kingkilburn
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have you read the general theory?
anyway,
i ignored this stupid thread for a month and a half as its dimwitted retorts drove me nuts. they dont anymore, its apparent how sad they are.
Good 'ol Kilburn thinks that he's ''winning'' the argument because he's ignorant of reasons why nobody is clamoring to go back to the gold standard. he hasn't actually read anything of substance on the matter. he's an ''empirical economist'' of the most insular form (he should be happy i called him an economist). by that i mean someone who comes up with a correlation of events and mistakes them as causation. sticking your head further into the sand (or up one's own ass) doesnt change the world around you.
he cites Zimbabwe as his ultimate 'checkmate' in regards to fiat currency, ergo an outlier is the best representation of a spectrum. that's like saying ''hey eating cheeseburgers is bad because you will get fat, checkout this example, i am right"
the sad thing is that instead of learning about the matter he'll be scouring the internet for suspect sources like this one
Gold News | Gold Market Analysis & Gold Investment Research - Gold Price Commentary & Forecasts (one hes cited) and other garbage ones exampled previously.
killburn... for gods sake read Globalizing Capital... its a book, not some trash website.
in closing, killburn is mistaking two things, 1. what the gold standard actually is and 2. if the fed should adjust money supply.
he's pissed off about number 2. happening and saying we should go back to number 1. but as other posters have pointed out, that just cannot happen.
furthermore the u.s. could NEVER revert back to the gold std, because every other major trade partner isnt and as we know (except killburn because he hasnt read books on international monetary policy), france really screwed up exchange rates back between wwi and wwii by hoarding gold. such ''specie flow'' (another term he'll google) has a propensity to distort things.
i could go on and on and on and on and on and on and on and on and on, as could many other informed zilvia posters but you cannot expect to teach someone calculus when they've only just barely learned how to count.