Elizabeth Barrette (ysabetwordsmith) wrote,
Elizabeth Barrette
ysabetwordsmith
  • Mood: busy

It Runs in the Family...

My uncle, John Barrette, is a writer too. He handles politics and current events and stuff like that. Today he tipped me to one of his recent articles about economics. Some points I agree with, others I disagree with ... my favorite is that having a hard currency, such as gold, is a good idea. The farther money gets from reality, the easier it is to create huge amounts of trouble.

It’s the gold standard, stupid
The federal government now serves as pusher/dealer for the nation’s drug of choice: money. We’re all addicted to it. Alcohol, pills and illegal substances pale by comparison.</p>

We kept mainlining money after World War II, the war that pulled us out of the long Great Depression (not, as the liberal litany claims, President Franklin D. Roosevelt’s alphabet soup agencies and deficit spending). Now we’re going through withdrawal pains.

It makes no sense for the pusher/dealer also to serve as doctor in fighting this addiction, but to steal a tagline from the late Walter Cronkite: “That’s the way it is.”

Tags: economics, family skills, news
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  • 6 comments
mtrose2

Well that's ironic

mtrose2

November 14 2009, 05:39:00 UTC 11 years ago

I just wrote an article on the Fed myself. I even included the exact same quote from William McChesney Martin.

You know what the really ironic part is though? The fact that you support a commodity money standard without realizing at all the fact that if we were on one, politicians would not be able to do nearly as much social reform spending as they're doing now. Because really, the way they're financing this all is through their printing press and through selling government bonds to China. When the system buckled in the thirties, we put off the collapse and financed our reform spending by devaluing the dollar and confiscating gold; when the system buckled further in the 70's from Vietnam and the War on Poverty, we put off the collapse by taking ourselves off the Bretton-Woods standard and inflating the money supply; when the 2000-2001 stock bubble threatened, we put off the collapse by lowering the federal funds rate and selling bonds to China; now that the system is threatening to collapse for good, there is simply nowhere else left to go.