re: #26 Devil’s Advocate

I’m read Milton Friedman’s Money Mischief, Thomas E. Wood’s Meltdown, “The Case against the Fed”, as well as Mises arguments for the Gold Standard.

The reasons for the gold standard are actually quite strong and outweigh the tradeoffs in my opinion. Fiat currency outside a war has never been tried in world history, and usually leads to disaster. Our experimentation strangely is something that people take too lightly.

You missed the part where there’s not enough gold in the world to support this… And the part where economic growth isn’t possible without finding more gold lest you have deflationary spirals…. and the part where trade imbalances cause post-industrial nations (like the US) to collapse… and the part where recessions last decades instead of a few years.

You probably also missed the part when all the paleo-libs get together to bitch about the fed, they are usually mumbling about “Jewish money changers hatching a sekrit conspiracy on Jekyl Island to enslave the world.”

So no… Luap Nor isn’t “right on” on economics. Yes there are problems with Fiat Currency, and there are definitely problems with the Federal Reserve system, but paleolibs offer a solution that replaces those problems with a set of different, and possibly worse ones.