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I agree that the use of fiat currency makes macro-economic operations much more difficult to understand. Maybe I have too much naive faith in...
People really need to let go of the misunderstanding that the Federal Reserve is a "privately" held institution. It's utter folly to think that...
Maybe I wasn't making my point clear enough. I'm not saying inflation doesn't devalue the purchasing power of the dollar. I'm saying that...
Inflation isn't always a monetary phenomenon (contrary to Milton Friedman), nor is it some insidious hidden tax that destroys people's savings...
The biggest issue I have with the official unemployment rate is that people who haven't looked for work in the past month are automatically...
A wee bit combative are we?
It has to be productive work. I'm not saying we should go out and hire people to dig ditches and then hire another set of folks to fill them back...
Agreed. The financial sector, while necessary to "grease capitalism's wheels," is the one area that should be watched closely because of the...
Got it. Your previous post said that it was fallacy to think that prices change more easily than output (typo?). I got confused.
I actually agree with bigtexxx on this one. Labor force participation rate is a much better economic health metric than unemployment, and frankly...
Sorry, I want to make sure I'm following the last part correctly. You don't believe prices are sticky because output is really what can change on...
The chart's inflation-adjusted, so dollar's purchasing power is a flat line in terms of everything included in the CPI: housing, food, apparel,...
That actually reminds me. Friedman once argued that a supply shock wouldn't lead to cost-push inflation as long as the money supply remained...
Did you even read the first several sentences I wrote, or are you just selectively responding to the last paragraph? You're missing my point...
That's such a wikipedia argument. Gold as a currency isn't "backed" by anything either. Aside from being an excellent conductor, it has limited...
Gold is no longer the currency that drives the world economy. What gives any currency its value are the good/services that can be purchased with...
That's a little bit of a leap in logic don't you think? Couldn't you just as easily say that the gold standard encourages countries to invade...
Video only paints half the picture... Prices have risen by 2189.4% since 1913, or a 95.4% loss in purchasing power....
So, when someone reads a book/article/journal about historical events and formulates an opinion, it actually means the author had a priori...
I will say that the gold standard offers price stability. However, IMHO there are a some huge shortcomings that far outweigh this one advantage....
