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Ron Paul's Federal Reserve Audit Bill (Passed)
http://www.huffingtonpost.com/2012/0...comm_ref=false
The whole "end the fed" business is something I honestly don't really fully understand. I don't know enough to get into the debate... but many people who call them selves "leftist" are wetting their pants over this. I'd like to hear some socialist, commie, anarchist.. etc.. discussion on this.. please.. thank you!
we need more revolutions and less "isms"
Getting rid of the fed is supposed to be a step on the way toward reintroducing the gold standard and presumably a step toward overthrowing our godless collectivist reptilian overlords.
I don't really see a problem with an audit, it might turn up something interesting. But from a revolutionary position it seems pretty yawn worthy.
I think this federal reserve crap appeals to young people from my generation because it offer an easy answer. Just get rid of the federal reserve and capitalism will be awesome again! As if the fed we're some aberration to capitalism.
I've heard that "getting back to the gold standard" It's not possible now days. Is this true?
we need more revolutions and less "isms"
How would getting rid of the Federal Reserve make "capitalism awesome" again.
???
we need more revolutions and less "isms"
Hes not suggesting that it would, hes defining what libertarians believe.
Marxist but Beyond Marx
Long live the pamphlet revolution! Down with direct action!
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Ok, this is really a weak point for me, but the idea is that the gold standard will result in a fixed currency. Right now, the fed can print money, which can lower the value of the dollar, and results in inflation(?), or something. Returning to the gold standard fixes the value of the dollar so the fed can't just print money aside from what is lost due to regular wear an tear of old bills.
The problem with any fixed currency, not just the gold standard, is that, I think, if the price of commodities changes, your dollar won't go as far. Variable currency can adjust so that if prices go up, the value of the dollar can too. That doesn't mean it always does, but it can.
But I wouldn't take what I said to heart, because it's a very weak point in my knowledge, so some of this could be wrong.
Getting rid of the federal reserve would prevent them from printing money and setting interest rates or something along those lines. I think they see it as another regulatory body that needs to be disposed of in order to bring about the glorious anarcho-capitalist voluntarist utopia. I always tell them, yeah, let's get rid of the government and all regulations, sure, but let's expropriate all the private property first, eh?
AKA El Vagoneta
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And I think he's asking what their reasoning is...
AKA El Vagoneta
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https://en.wikipedia.org/wiki/Fixed_exchange_rate
An article on fixed exchange rate. Let's all read it, and then grade my performance on the other post :P
AKA El Vagoneta
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Hopefully a comrade with a stronger grasp of economics than me will respond, but it seems awfully unlikely. I would expect that the transition back to gold would go against the material interests of a significant enough portion of the ruling class as to make it politically impossible if nothing else.
Yes and in the post it is already explained that it is not based on reasoning as much as it is based on an easy answer.
Marxist but Beyond Marx
Long live the pamphlet revolution! Down with direct action!
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Magic Libertarian dust!
*sprinkle*
*cough*
Smells like unregulated industry and tobacco!
*cough*
*cough*
Libertarians believe that among other things, regulation leads to "crony capitalism", but of course in reality that is just the way capitalism normally functions. Their belief is that without regulation the market will do away with various things like unjust monopolies that supposedly only exist due to state intervention.
Well, this is not really true then. I mean, sure some libertarians just take everything they hear without critically examining it, but others actually have very elaborate reasoning schemes to justify their position. Just like a lot of lefties don't critically examine their own ideas, and simply regurgitate lefty talking points, or quote Marx as if he were the infallible pope of communism...
AKA El Vagoneta
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Gold depletion makes the gold standard unfavourable. If we were to go to a 100% backed by gold dollar, then the government would go bankrupt. Not to mention it would lead to deflation, a low interests rate and higher rate of profit for the capitalists. This means higher unemployment for the workers. The central bank would have to constantly hoard gold.. Even if we did end the fed, which would consequently reduce the amount of inflation caused by the currency entering through the major banks.. This could increase the real wages of workers, but it's not going to solve the contradictions of capitalism. Think of the amount of imperialism that would be required to steadily increase the gold reserves.
Last edited by NewLeft; 26th July 2012 at 01:09.
I'm sorry.. I know Im probably coming off as a real idiot.. but can you elaborate more on..
If we were to go to a 100% backed by gold dollar, then the government would go bankrupt.???
higher unemployment for the workers.
we need more revolutions and less "isms"
The GDP of the United States is about $15 trillion.
The US's total gold holdings (in dollar amount) is in, maybe, the hundreds of billions. I'll be generous and say it's a trillion (it is far, far less).
Basically switching to the gold standard would be the apocalypse.
But hey, give this a read-through, it's pretty helpful.
I'm on some sickle-hammer shit
Collective Bruce Banner shit
FKA: #FF0000, AKA Mistake Not My Current State Of Joshing Gentle Peevishness For The Awesome And Terrible Majesty Of The Towering Seas Of Ire That Are Themselves The Milquetoast Shallows Fringing My Vast Oceans Of Wrath
In my opinion getting rid of the FED would make Capitalism harsher by getting rid of one of the few methods that the state has to buffer boom-bust cycles. There would be advantages to that but it would lead to more suffering I think, despite the damage the FED does already.
Society does not consist of individuals but expresses the sum of interrelations, the relations within which these individuals stand. ~ Karl Marx
formerly Triceramarx
Yeah. We'd see more market 'adjustments' and we'd, as workers, feel every single one of them good and hard.
I'm on some sickle-hammer shit
Collective Bruce Banner shit
FKA: #FF0000, AKA Mistake Not My Current State Of Joshing Gentle Peevishness For The Awesome And Terrible Majesty Of The Towering Seas Of Ire That Are Themselves The Milquetoast Shallows Fringing My Vast Oceans Of Wrath
No you don't, but sure I'll elaborate..
Yes, the government would be forced to balance its budget. It would not be able to inflate its way out of debt or change the interest rate.
As the dollar deflates, money-capitalist are going to hoard as much gold, increasing the risk. In order to counter this, the interests rates have to be lowered leading to what is known in bourgeois economics as a "liquidity trap." In order to get out of this crisis, unemployment has to rise to get rid of the excess.
