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(Telegraph)   The IMF makes a suggestion that will cause US libertarians to crawl into a fetal position tightly clutching their copies of Atlas Shrugged softy murmuring "Ron Paul will save us. Ron Paul will save us"   (telegraph.co.uk) divider line 29
    More: Unlikely, Atlas Shrugged, Ron Paul, International Monetary Fund, fiat moneys, intrinsic value, types of business, fractional reserve, money creation  
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25334 clicks; posted to Main » on 22 Oct 2012 at 1:10 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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Archived thread
2012-10-22 08:59:46 AM  
8 votes:
So wait, all we have to do is put Congress in charge of the money supply and everything will be wonderful and shiny? Have they MET our farking Congress?
2012-10-22 01:12:57 PM  
4 votes:
Is anyone else annoyed at the British use of "pc" instead of the % sign?
2012-10-22 01:15:50 PM  
3 votes:

Arkanaut: Is anyone else annoyed at the British use of "pc" instead of the % sign?


Yes, we should bomb them immediately.
2012-10-22 11:07:20 AM  
3 votes:
Sounds like a great idea... but


2.bp.blogspot.com


Coming from the IMF???
2012-10-22 03:08:49 PM  
2 votes:
I think these deck chairs would look great over there.
2012-10-22 02:11:53 PM  
2 votes:

Ricardo Klement: AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAARRRRGGGHHHHH!
*sploosh*

Now that my head exploded, fractional reserve banking is not some magical power to conjure forth money. It is a mathematical side-effect of lending out money and accepting deposits. If I lend Bob $20, and he buys a bottle of cheap whiskey from Jack, who then asks me to hang on to the cash for him because he doesn't have pockets, and then I lend that $20 to Bill, I just created money. And I am not a bank, and I am not regulated by the feds.


No you didn't! You just gave Bill the money Jack told you to hang on to even though it wasn't yours to give. You're not a money creator, you're a jerk who spends other people's money! Go get Jack's money back before he hears about what you did and deposits his fist into your face.
2012-10-22 02:00:34 PM  
2 votes:

probesport: IMF? Unbelievable.


OH!
2012-10-22 01:56:37 PM  
2 votes:

fireclown: Actually, that's kind of one of the suggestions of the Austrian School 'O Economics. If you want to spin up your libertarian friends, tell 'em you are in favor of "Fiat Currency"/


I drove a Fiat Currency for a couple of years. Thing went bust all the time

hat4uk.files.wordpress.com
Plus, it wasn't a convertible.
2012-10-22 01:36:54 PM  
2 votes:

YixilTesiphon: DerAppie: Elegy: No fractional reserve banking? Good luck getting credit....

Live within your means and you won't need credit.

Right, but how do you start a business without credit?


Duh! You get the money from your dad. What are you... stupid?
2012-10-22 11:52:27 AM  
2 votes:

slayer199: Ron Paul is not a libertarian, is not widely supported by libertarians.


i575.photobucket.com
2012-10-22 11:14:29 AM  
2 votes:

Amos Quito: Sounds like a great idea... but


[2.bp.blogspot.com image 578x522]


Coming from the IMF???


From the paper:

This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent
those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are
published to elicit comments and to further debate.


Their bolding. PDF warning
2012-10-22 10:07:03 AM  
2 votes:
PRIVATIZE MONEY RON PAUL!!!!
2012-10-22 10:25:34 PM  
1 votes:

Amos Quito: RanDomino: bunner
Yeah, we can make earth bigger in a few years. You left out the "of earth" part. That was sort of the point. What do you suppose the probable time needed would be to, like, invent more money to pay that back with from, you know, earth?

I cut that part because of the multiple lines. It doesn't matter. Point is, if the total worldwide debt is let's say a quadrillion dollars and total worldwide GDP is a hundred trillion dollars, it's not like everyone has to pony up a quadrillion dollars all at once


One question: If THE WORLD owes a quadrillion dollars, to WHOM might we owe it?


I'm not saying it's aliens, but ...
2012-10-22 05:05:00 PM  
1 votes:
[...] dates deep into history and lies at the root of debt jubilees in the ancient religions of Mesopotian [sic] and the Middle East.

Debt jubilees and ancient religions are no match for a good blaster at your side, kid.

/Yes, I know, I stretched it, but it was hard to pass up.
2012-10-22 04:10:51 PM  
1 votes:

slayer199: 1. Ron Paul is not a libertarian, is not widely supported by libertarians.
2. Libertarianism is not the same as Randianism.


blog.americanfeast.com

"G'day, mate, it's a bonzer avo for a logical fallacy. 'Course I'm a True Scotsman, bloody oath! Got any tinnies in the Esky, y'drongo?"
2012-10-22 02:08:50 PM  
1 votes:
It's simple: One country gets all our debt. They buy it for pennies on the dollars so that they're holding all the liability. Then we nuke that country. Doesn't have to be a big country. Preferably an island nation that can take a nukking without hurting anyone downrange.

With them gone, so goes our debt. We'll all be real careful and not borrow anymore money than we actually need. But since we're out of debt, why not celebrate with some tax cuts and trip to Aruba. Put it on the card. They have a zero balance. We'll pay it off next month.
2012-10-22 02:01:49 PM  
1 votes:

genepool lifeboat: probesport: IMF? Unbelievable.

OH!


WTF?
2012-10-22 01:41:50 PM  
1 votes:

RanDomino: d23
Ron Paul libertarians = Corporate Anarchists.

An oxymoron. The internal structure of any corporation is fascism.


images.politico.com

fascist
2012-10-22 01:36:09 PM  
1 votes:
Eliminating fractional reserve banking. Good thing there aren't legitimate, healthy uses for debt that most people/organizations need to function. What's not to love about requiring home buyers to either pay for it all in cash or wait X number of years for the system to expand enough so they can get a loan?

A much less insane idea is to scale down the multiplier from fractional reserves (say 6:1 instead of 9:1) and clearly divide the lenders from the investment houses. Lender agencies could even be taxed at significantly lower rates to subsidize the social benefit of safety and low risk. Investment agencies could only be allowed to buy loans and package them how they want, higher risk and higher taxes. Then, when the investment side crashes (again), you let them go. Survival of the fittest is what the big-L Libertarians champion, so give it to them. And for good measure, insurance agencies fall under the same protections as lending agencies.

But that's socialism, and it makes Supply-Side Baby Jesus cry.
2012-10-22 01:29:43 PM  
1 votes:

nmemkha: Does anyone know how we got into this mess?


Umm...what makes you think this is a mess? US deficit funding has created the greatest amount of wealth spread to the largest amount of people in the history of the world. It has funded low tax, large military, and world domination that Caesar could only dream about. Deficit spending defeated the last of the great enemies and proved once and for all that a Republic is the best government ever. It has funded decadence, sloth, corruption that would make Caligula drool.

In short US deficit spending and the debt is the greatest thing we the people could have ever done.

The only problem we have now is convincing the retarded right that taxes must increased to reduce the deficit, so the party can continue. The retarded right are the douche bags who never pony up a couple of bucks for the beer run, so the party can continue.
2012-10-22 01:22:09 PM  
1 votes:
"crawl into a fetal position tightly clutching their copies of Atlas Shrugged"

That is how they roll!
2012-10-22 01:20:32 PM  
1 votes:
IMF? Unbelievable.
2012-10-22 01:19:05 PM  
1 votes:
Ron Paul is not Libertarian in the same way that Bush or Romney "aren't really conservatives"
2012-10-22 01:18:50 PM  
1 votes:
Ron Paul, Paul Ryan, Libertarians, and Fiscal Conservatives have been calling for doing away with the Fed and the existing banking system for over ten years. Subby's ignorance is sadly on display.

///If anyone will be found on the floor in the fetal position it would be Obama and all of his hedge fund friends that pay $35-50k per plate every night to feast with him.
2012-10-22 01:15:09 PM  
1 votes:
Make it so.
2012-10-22 01:13:47 PM  
1 votes:
BTW:

We return to the historical norm, before Charles II placed control of the money supply in private hands with the English Free Coinage Act of 1666.

Yeah, this isn't going to alarm any conspiracy theorists.
2012-10-22 10:25:39 AM  
1 votes:

Slaxl: flucto: jasonvatch: There is much to what you say. But, have you seen how the banks have done so much to for us?

I am not defending the Fed, but handing the money supply to Congress doesn't seem like a net upgrade. That the IMF thinks this is a good plan is not really comforting.

It does seem like we could jump out of the frying pan and into the fire. Part of me thinks 'better the devil you know is going to continue farking you over at every opportunity', rather than switch to a new method that gives control over to a body that will fark you over, you just don't know how badly yet.

Or am I too cynical?


Why on Earth would you keep using a system that you know for a fact is incredibly damaging just because you're afraid of a known system that has been proven to be historically stable - or so this study claims at any rate, I'm not expert. That's insane to refuse to switch. That's the same reasoning that a woman who is beaten by her husband every night uses.
2012-10-22 09:44:16 AM  
1 votes:

flucto: jasonvatch: There is much to what you say. But, have you seen how the banks have done so much to for us?

I am not defending the Fed, but handing the money supply to Congress doesn't seem like a net upgrade. That the IMF thinks this is a good plan is not really comforting.


It does seem like we could jump out of the frying pan and into the fire. Part of me thinks 'better the devil you know is going to continue farking you over at every opportunity', rather than switch to a new method that gives control over to a body that will fark you over, you just don't know how badly yet.

Or am I too cynical?
2012-10-22 09:10:55 AM  
1 votes:

flucto: So wait, all we have to do is put Congress in charge of the money supply and everything will be wonderful and shiny? Have they MET our farking Congress?


There is much to what you say. But, have you seen how the banks have done so much to for us?
 
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