Skip to content
Do you have adblock enabled?
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(CNBC)   Steve Forbes slams Central Banks for not focusing on shoring up currencies, which would only help rich people like him protect his assets. Poor guy   (cnbc.com) divider line
    More: Dumbass, United States dollar, Inflation, Monetary policy, Bretton Woods system, central banks, Foreign exchange market, Exchange rate, Central bank  
•       •       •

262 clicks; posted to Business » on 26 Sep 2022 at 7:35 AM (10 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



16 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-09-26 7:25:27 AM  
Trust fund babies are the backbone of our economy  now.
 
2022-09-26 7:53:03 AM  
Remember when this dork ran for President?
 
2022-09-26 7:55:53 AM  

Chief Superintendent Lookout: Remember when this dork ran for President?


tse3.mm.bing.netView Full Size


"under a Flat Tax, you nasty filth pay all the taxes and I get to keep everything I have! hahahahaha"
 
2022-09-26 8:16:35 AM  

NewportBarGuy: Chief Superintendent Lookout: Remember when this dork ran for President?

[tse3.mm.bing.net image 474x474]

"under a Flat Tax, you nasty filth pay all the taxes and I get to keep everything I have! hahahahaha"


My dad had...
 
2022-09-26 8:19:34 AM  
I thought ot was weird having Tage against the machine play when Forbes hosted.
 
2022-09-26 9:21:44 AM  
He must have too much cash in the U.K.  Because the dollar's looking strong enough.
 
2022-09-26 9:35:43 AM  

NewportBarGuy: Chief Superintendent Lookout: Remember when this dork ran for President?

[tse3.mm.bing.net image 474x474]

"under a Flat Tax, you nasty filth pay all the taxes and I get to keep everything I have! hahahahaha"


Don't blame me.  I voted for Pete DuPont!
 
2022-09-26 9:41:14 AM  
What are talking about? He's a normal guy!

Fark user imageView Full Size
 
2022-09-26 9:45:47 AM  
Well, that went into goldbug lunacy pretty quickly.

I don't necessarily think he's wrong that the dollar has strengthened way too much over the last few months and this is going to crush US exporters if it continues but shooting ourselves in the dick with a gold standard is not the solution.
 
2022-09-26 10:29:02 AM  
Yet another fool that was born rich and thinks he therefore understands economics.
 
2022-09-26 10:50:05 AM  

OptionC: Well, that went into goldbug lunacy pretty quickly.

I don't necessarily think he's wrong that the dollar has strengthened way too much over the last few months and this is going to crush US exporters if it continues but shooting ourselves in the dick with a gold standard is not the solution.


FTFA: The Reagan administration also coordinated global efforts to sell dollars and buy up other currencies.

I can see how the FED buying up other currencies and selling USD could help reduce the strength of the USD vs other currencies... but I don't see how that fights inflation except in maybe some roundabout way regarding imports. If someone has a walkthrough they can provide for dummies like me that would be great.

ALSO... going back to the gold standard would strengthen the value of the dollar wouldn't it?

And then Forbes goes on to praise Volcker who raised rates 20% to combat inflation... you know, same thing the Fed is doing now.
And then he praises St. Reagan and how he stabilized the economy and increased production by cutting taxes and introducing deregulation... not a great plan at full employment and fighting inflation.

JFC CNBC WTF?
 
2022-09-26 11:22:30 AM  

D135: I can see how the FED buying up other currencies and selling USD could help reduce the strength of the USD vs other currencies... but I don't see how that fights inflation except in maybe some roundabout way regarding imports. If someone has a walkthrough they can provide for dummies like me that would be great.


It would literally raise the cost of imports, increasing inflation - the upside of the strengthening dollar is that imported stuff gets cheaper.  The downside is that export industries get crushed.  Doing things to weaken the dollar (like buying foreign currencies) helps exporters but increases consumer inflation.

The whole article is just a bizarre, logic-free attempt at justifying goldbug nuttery.

D135: ALSO... going back to the gold standard would strengthen the value of the dollar wouldn't it?


That depends?  If they were to set the price at, like $1M per ounce, everyone would rush in to redeem their gold for dollars, causing a huge burst of inflation.  If they set it to $5 per ounce, everyone would redeem their dollars for gold and we'd get huge deflation and also the Treasury would run out of gold.  If it was set to the current market price, things would be pretty normal until the next financial crisis or some complicated exchange rate arbitrage opportunity popped up and then everyone would rush to the gold window to redeem dollars for gold and then we'd get huge deflation and also the Treasury would run out of gold.

It's all extremely stupid.
 
2022-09-26 11:24:52 AM  

OptionC: D135: I can see how the FED buying up other currencies and selling USD could help reduce the strength of the USD vs other currencies... but I don't see how that fights inflation except in maybe some roundabout way regarding imports. If someone has a walkthrough they can provide for dummies like me that would be great.

It would literally raise the cost of imports, increasing inflation - the upside of the strengthening dollar is that imported stuff gets cheaper.  The downside is that export industries get crushed.  Doing things to weaken the dollar (like buying foreign currencies) helps exporters but increases consumer inflation.

The whole article is just a bizarre, logic-free attempt at justifying goldbug nuttery.

D135: ALSO... going back to the gold standard would strengthen the value of the dollar wouldn't it?

That depends?  If they were to set the price at, like $1M per ounce, everyone would rush in to redeem their gold for dollars, causing a huge burst of inflation.  If they set it to $5 per ounce, everyone would redeem their dollars for gold and we'd get huge deflation and also the Treasury would run out of gold.  If it was set to the current market price, things would be pretty normal until the next financial crisis or some complicated exchange rate arbitrage opportunity popped up and then everyone would rush to the gold window to redeem dollars for gold and then we'd get huge deflation and also the Treasury would run out of gold.

It's all extremely stupid.


Having gayfinite currency helps noone.
 
2022-09-26 11:25:10 AM  

hoodiowithtudio: OptionC: D135: I can see how the FED buying up other currencies and selling USD could help reduce the strength of the USD vs other currencies... but I don't see how that fights inflation except in maybe some roundabout way regarding imports. If someone has a walkthrough they can provide for dummies like me that would be great.

It would literally raise the cost of imports, increasing inflation - the upside of the strengthening dollar is that imported stuff gets cheaper.  The downside is that export industries get crushed.  Doing things to weaken the dollar (like buying foreign currencies) helps exporters but increases consumer inflation.

The whole article is just a bizarre, logic-free attempt at justifying goldbug nuttery.

D135: ALSO... going back to the gold standard would strengthen the value of the dollar wouldn't it?

That depends?  If they were to set the price at, like $1M per ounce, everyone would rush in to redeem their gold for dollars, causing a huge burst of inflation.  If they set it to $5 per ounce, everyone would redeem their dollars for gold and we'd get huge deflation and also the Treasury would run out of gold.  If it was set to the current market price, things would be pretty normal until the next financial crisis or some complicated exchange rate arbitrage opportunity popped up and then everyone would rush to the gold window to redeem dollars for gold and then we'd get huge deflation and also the Treasury would run out of gold.

It's all extremely stupid.

Having gayfinite currency helps noone.


Erm...finite.
 
2022-09-26 11:30:49 AM  

Chief Superintendent Lookout: Remember when this dork ran for President?


I had no idea he was still alive.  As a candidate his big tent idea was a universal fixed 15% federal income tax.  How dare he suggest the 0.001% pay taxes!  He's a communist.
Also Steve, pegging the dollar to gold isn't a fixed thing, a committee decides how many dollars per ounce of gold, you economic snake oil salesman.  And big surprise, the committee is composed of the wealthy who introduce economic shocks to carpetbag the middle class.
Fiat currency is far superior for maintaining value and controlling inflation.
Lie number three is how Reagan fixed stagflation.  He didn't, that was Carter and Volker.  "Deregulation" is a code word for busting unions.  Well, here we are will historically low organized labor and low wages/benefits as well as historically low unemployment.  Got anything to say about that Steve?
/crickets
 
2022-09-26 4:32:35 PM  
The one thing you never had to wonder about ol' Stevie is who he is looking out for.
 
Displayed 16 of 16 comments

View Voting Results: Smartest and Funniest

This thread is closed to new comments.

Continue Farking




On Twitter


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.