Notable Inflation Quotes and Quiz

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Carl Veritas's picture
Carl Veritas
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Notable Inflation Quotes and Quiz

 

Vladimir Lenin         The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.

Milton  Friedman      Inflation is the one form of taxation that can be imposed without legislation.

Alan  Greenspan      In the absence of the gold standard, there is no way to protect savings from confiscation trough inflation.

JM Keynes                 The best way to destroy the capitalist system is to debauch the currency.  By a continuing process of inflation, government can confiscate, secretly and unobserved an important part of the wealth of the citizens.

Mystery Author       By issuing our own money we can eliminate all income taxes and employment taxes and the national debt would cease to exist

 

Quiz:          Which author above does not really know what inflation is really all about?

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Re: Notable Inflation Quotes and Quiz

What in the hell does the space program have to do with this thread?

Mystery Author = drkirbyluv?

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DrKrbyLuv
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Re: Notable Inflation Quotes and Quiz

Wow, it's sure nice to be mentioned along with famous economists if you are correct greg Cool

Do you think that quote is too long for a t-shirt?  I could reduce it some: "By issuing our own money we can eliminate all income and employment taxes and the national debt would cease to exist!"

That may be suitable for only xxx-large shirts...how about one of these for other sizes:

  • The national debt is a national fraud...it is by choice and not necessity
  • Zero inflation and deflation occurs when the quantity of money is equal to the value of the economy
  • Why do we rent currency from others when we can create our own for free?
  • Why do we borrow money from banks that have none?
  • When you rent instead of issue currency, you must rent the rental fees too which creates a perpetual loop
  • Austrian Economics sponsored by Rockefeller and the New World Order
  • Austrian Economics - No Math Needed

Speaking of t-shirts...here is a new design hot off tom's photoshop.  Herr Paul and his new IMF uniform.  Note the uniform is generously adorned with gilded gold as specified by Dr. Paul.

"There's nothing to fear from globalism, free trade and a single worldwide currency"

Ron Paul, 2001

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ericg
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Re: Notable Inflation Quotes and Quiz

OK.... I must be missing something. Since when has Ron Paul been considered a "Neo-Nazi" ?

Carl Veritas's picture
Carl Veritas
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Re: Notable Inflation Quotes and Quiz

ericg,

Why,  at the same time Vladimir Lenin became a famous economist    (see post #2 above for confirmation).

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Re: Notable Inflation Quotes and Quiz

The only person I've ever met that really understands why we have price inflation.

http://www.wealthmoney.org/articles/Theory-Of-Inflation.html

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Ron Paul is Hitler?

Man Larry, your capacity to retain fecal matter grows with each post that you write. I am strictly an apolitical creature, but your consistent slamming of Ron Paul lately is in really poor taste. My wife and Dr. Paul's daughter are good friends, and the Paul family is nothing but first class. You belittle yourself and your argument with this crap.

Instead of dividing the opposition to the status quo with your theoretical toga party, maybe you should support someone who stands against the Fed and big banking. Our collective foe is formidable, and its going to take all of us working together to make a difference. Who has the time or energy for this self-destructive behavior?

 

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V
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Re: Notable Inflation Quotes and Quiz

Etal

It might have something to do with the quote under the picture.

V

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Re: Notable Inflation Quotes and Quiz

Larry, as best I can tell, that snippet from Dr. Paul comes from the following, much longer statement:

The Beginning of the End of Fiat Money

 

The golden new Era of the 1990s has been welcomed and praised by many observers. But I'm afraid a different type of new era is arriving-a dangerous one- heralding the end of 30 years of fiat money. If so, it's a serious matter that deserves close attention by Congress.

There's nothing to fear from globalism, free trade and a single worldwide currency. But a globalism where free trade is competitively subsidized by each nation, a continuous trade war is dictated by the WTO, and the single currency is pure fiat, fear is justified. That type of globalism is destined to collapse into economic despair, inflationism and protectionism, and managed by resurgent militant nationalism.

Efforts to achieve peaceful globalist goals are quickly abandoned when the standard of living drops, unemployment rises, stock markets crash and artificially high wages are challenged by market forces. When tight budgets threaten spending cuts, cries for expanding the welfare state drown out any expression of concern for rising deficits.

The effort in recent decades to unify government surveillance over all world trade and international financial transactions through the UN, IMF, World Bank, WTO, ICC, the OECD, and the Bank of International Settlements can never substitute for a peaceful world based on true free trade, freedom of movement, a single but sound market currency, and voluntary contracts with private property rights.

Great emphasis in the last six years has been placed on so-called productivity increases that gave us the new-era economy. Its defenders proclaimed that a new paradigm had arrived. Though productivity increases have surely helped our economy, many astute observers have challenged the extent to which improvements in productivity have actually given us a distinctly unique new era. A case can be made that the great surge in new technology of the 1920's far surpassed the current age of fast computers, and we all know what happened in after 1929.

A truly new era may well be upon us-but one quite different than what is generally accepted today.

The biggest error in interpreting today's events is totally ignoring how monetary policy in a fiat system affects the entire economy.

Politicians and economists are very familiar with business cycles with most assuming that slumps erupt as: 1.) A natural consequence of capitalism, 2.) An act of God, 3.) Or as a result of Fed driven high interest rates. That is to say, the Fed did not engage in enough monetary debasement, becomes the most common complaint by Wall Street pundits and politicians.

But today's economy is unlike anything the world has ever known. The world economy is more integrated than ever before. Indeed, the effort by international agencies to expand world trade has had results- some good. Labor costs have been held in check, industrial producers have moved to less regulated, low cost, and low tax countries while world mobility has aided these trends with all being helped with advances in computer technology.

But the artificial nature of today's world trade and finance being systematically managed by the IMF, the World Bank and WTO, and driven by a worldwide fiat monetary system, has produced imbalances that have already prompted many sudden adjustments. There have been eight major crisis in the past six years requiring a worldwide effort, led by the Fed, to keep the system afloat, all being done with more monetary inflation and bailouts.

The lynch pin to the outstanding growth of the 1990s has been the US dollar. Although it too is totally fiat, its special status has permitted a bigger bonus to the United States while it has been used to prop up other world economies. The gift bequeathed to us by owning the world reserve currency, allows us to create dollars at will- and Alan Greenspan has not hesitated to accommodate everyone despite his reputation as an inflation fighter. This has dramatically raised our standard of living, and significantly contributed to the new era psychology that has been welcomed by so many naive enough to believe that perpetual prosperity had arrived and the bills would never have to be paid.

One day it will become known that technological advances and improvements in productivity also have a downside. This technology hid the ill effects of the monetary mischief the Fed had enthusiastically engaged in over the past decade. Technological improvements, while keeping the CPI and the PPI prices in check, led many, including Greenspan, to victoriously declare that no inflation existed and that a new era had indeed arrived. Finally, it's declared that the day has arrived that printing money is equivalent to producing wealth and without a downside. Counterfeiting works!

But the excess credit created by the Fed found its way into the stock market- especially the NASDAQ, and was ignored. This set the stage for the stock market collapse, now ongoing. Likewise ignored has been the excess capacity, mal-investment, and debt that permeates the world economy.

Could we indeed be facing a truly New Era, but one unanticipated by all the authorities and one much more dangerous?

The collapse of the Soviet system and the emergence of United States military and economic preeminence, throughout the world, have permitted the dollar-driven financial bubble to last longer than anticipated. But instead of a glorious New Era, as promised, we ended up with a huge financial bubble and an artificially integrated world economy dominated by an unstable dollar. But instead of a single commodity currency driving a healthy world economy, we have an economy that has numerous imbalances generated by the US dollar, unsustainable trade agreements and total instability in the currency markets.

Sure we have enjoyed cheap imports and they have raised our standard of living and our foreign debt. We have on the short run benefited from our trade and current account deficits since the world has been only too eager to gobble up our inflated dollars and loan them back to us. But soon the countries of the world will decide that enough is enough and they will recognize the bad deal it is for them to continue to accept our dollars. The mal-investment, already becoming apparent, will prompt even more radical adjustments in all markets.

There are many countries only too anxious to get back at the United States for our military and economic aggressiveness, and some unknown economic or military event will one day knock us off our pedestal and a dangerous New Era will be upon us, instead of the golden one dreamed about.

For thirty years the world has operated on a pure fiat monetary system and all the ill effects of such a system are now becoming apparent. Current adjustments will be different than all other previous currency adjustments, which were local or regional. This one is worldwide and may well be the biggest economic event in modern history.

It's reasonable to assume a worldwide slump will ensue as a result of the worldwide monetary mischief our authorities have engaged in the past 30 years. Never before has the world gone so long without money having some tangible value attached to it. Trust in politicians and Central Bankers may have been a benefit in the inflationary part of the cycle but this trust will quickly dissipate in the corrected phase. Monetary heroes can quickly become villains as the price is paid for previous excesses and extravagance.

However, hope springs eternal, so no effort will soon be made to restore sound money. A giant worldwide slump will merely prompt massive monetary inflation and deficit financing. The Congress and the American people should anticipate this will happen even though it should not.

Conditions today could easily lead to rampant price inflation as the dollar depreciates. Trade chaos, already apparent, considering the number of complaints pending before the WTO, will surely worsen, leading to a greater cry for protectionism and militant nationalism which will then jeopardize international trade even more.

The ultimate solution will only come with the rejection of fiat money worldwide, and a restoration of commodity money. Commodity money if voluntarily and universally accepted could give us a single world currency requiring no money managers, no manipulators orchestrating a man-made business cycle with rampant price inflation. Real free trade without barriers or tariffs and a single sound currency is the best way to achieve international peace and prosperity.

When that day comes we will have a true New Era, unlike the fictitious New Era of Greenspan's dreams and certainly opposite of the dangerous New Era that stares us in the face as the world fiat monetary system falters.

http://www.house.gov/paul/congrec/congrec2001/cr031301.htm

What I glean from this statement is that Dr. Paul says we have "nothing to fear from globalism, free trade and a single worldwide currency" simply because such a thing would never come to be, or would never work. I've met and talked with the man, and heard him speak in person at least four times, and I find nothing remotely disingenuous about him. He argues against fiat money, against the Fed, and generally also argues against fractional reserve banking.

I have been unable to follow your arguments against Austrian economics, but recognize that may be due to my still limited understanding of the subject, rather than deficiencies in your arguments. Still, I agree with JAG on this one; Dr. Paul is a far better ally than any other elected official we have, and to portray him as Hitler is dismissive of him, and not terribly edifying to you, either.

Chris

 

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Re: Notable Inflation Quotes and Quiz

ccpetersmd - you're right, I should not have brought Ron Paul and Austrian economics into this thread.  I've banged them enough to make my point in "Did J.R.R. Tolkien base the Gollum character on Ron Paul?"  I'll refrain, other than an occasional barb, from getting into that topic.  I agree with Ron Paul on much, especially his positions on military bases and interventions. 

I guess the reason I placed some stuff here was that I get frustrated as I see so many smart people accept Austrian theories rather than looking for real monetary reform.  We have fantastic alternatives.

BTW, notice that in the speech you cited, Ron Paul accepts a global currency as being better, as long as it is commodity based.  I think that would be a huge mistake that our children and future generations would pay for.  

Did you like any of my shirt quotes?

Cheers,

Larry 

 

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Re: Notable Inflation Quotes and Quiz

Larry,

I agree that Dr. Paul speaks about the advantages of a commodity-based global currency in the above article. Theoretically, I can imagine that there might be some advantages in such a currency, myself. But, I certainly have not heard Dr. Paul speak about a global currency, and I suspect he would agree that is not a practicable solution, in any case. I'll try to make it a point to ask him about it the next time I have a chance. (Not that I have any particular access, mind you, but I am involved in Campaign for Liberty, and live in Iowa).

I like some of the t-shirt quotes, but they need to be more pithy.

I think I'll head over to the Gollum thread. I'm not expecting I'll like what I see.

Chris

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Re: Notable Inflation Quotes and Quiz

What is don't understand is why Ron Paul is against having the government create money as a payment, and i guess he only supports having private banks create money as a promise to pay and then only have them loan the money into circulation at interest.

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Re: Notable Inflation Quotes and Quiz
Thomas Hedin wrote:

What is don't understand is why Ron Paul is against having the government create money as a payment, and i guess he only supports having private banks create money as a promise to pay and then only have them loan the money into circulation at interest.

Tom, I can't speak for Dr. Paul, but my impression is that he may not believe as you have speculated. See also my comment on the "Ron Paul as Gollum" thread.

Chris

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Re: Notable Inflation Quotes and Quiz

Chris

Tom, I can't speak for Dr. Paul, but my impression is that he may not believe as you have speculated. See also my comment on the "Ron Paul as Gollum" thread

 

I'm just going off exactly what Ron Paul said himself. Listen to the Ron Paul interview.

http://www.wealthmoney.org/BooksAndMedia/LightHouseWorld.html

If the constitution is clear about anything it is that the government is to create money, which is why I'm confused as to why Ron Paul would be so against having the government create money.

I believe Ron Paul is an honest man who is respectable.  I agree with him on foreign policy, bring the troops home and most things except the subject of money, where I disagree with him.

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Re: Notable Inflation Quotes and Quiz

Thank you ccpetersmd. I have read Ron Paul's A Manifesto and the Nazi thing just didn't click....

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ccpetersmd
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Re: Notable Inflation Quotes and Quiz
Thomas Hedin wrote:

I'm just going off exactly what Ron Paul said himself. Listen to the Ron Paul interview.

http://www.wealthmoney.org/BooksAndMedia/LightHouseWorld.html

If the constitution is clear about anything it is that the government is to create money, which is why I'm confused as to why Ron Paul would be so against having the government create money.

Tom,

Interestingly, in light of Larry's comments on the "Ron Paul as Gollum" thread, Dr. Paul seems to argue against a global currency in this audio interview.  Please consider reading my other comments regarding Dr. Paul on that thread, which can be found here:

http://www.peakprosperity.com/forum/did-jrr-tolkien-base-gollum-characte...

Getting back to the audio interview you posted, have you listened to it? There is barely anything about government creating money in the interview. The only relevant piece I could find is roughly half-way through the program, just prior to Dr. Paul's departure. In this section, Dr. Paul is asked by another guest whether he would support government (federal or state) issuing money valued upon planned infrastructure projects (roads and bridges were mentioned). That doesn't seem like an absolute rejection of the concept of government-issued currency to me. The rest of the interview is dialog between the host and the second guest, but I didn't bother to listen to all of it, once I made sure that Dr. Paul was no longer participating. Personally, I'd like stronger "evidence".

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Re: Notable Inflation Quotes and Quiz

Sorry, I'm getting my Ron Paul-bashing threads confused! This one, the "Paul as Hitler" thread, argued that Dr. Paul was in favor of a global currency, while the "Paul as Gollum" thread argued that Dr. Paul favored banks over government (we the people) as the source of money. Now, the threads are overlapping.

Not that I think he deserves it (Dr. Paul has done more to argue for sane policies on the national stage than anyone of us here), but could we limit our concerns and ridicule to one thread so that I can keep up?

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Re: Notable Inflation Quotes and Quiz
ccpetersmd wrote:

Not that I think he deserves it (Dr. Paul has done more to argue for sane policies on the national stage than anyone of us here), but could we limit our concerns and ridicule to one thread so that I can keep up?

LOL!

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