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Author Topic: Former Fed Economist Endorses Bitcoin Experiment  (Read 1534 times)
MyBitcoinMint
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April 04, 2012, 01:08:37 PM
 #1

Former Fed economist David Barker: "One thing we've learned over the last several decades is that central planning does not work as well as markets."

He cites Bitcoin as an experiment into private currency and says "private money might be better."

+1 for Bitcoin

http://patriotpost.us/opinion/john-stossel/2012/04/04/lets-give-the-fed-some-competition/

Time to ask John Stossel to publish a Bitcoin address so we can properly thank him Smiley

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herzmeister
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April 04, 2012, 04:24:16 PM
 #2

yup, ironically, even what so many non-tech libertarians demand, a "gold standard", is socialism.  Cheesy

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acoindr
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April 04, 2012, 05:58:30 PM
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yup, ironically, even what so many non-tech libertarians demand, a "gold standard", is socialism.  Cheesy

How do you get that?
herzmeister
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April 04, 2012, 06:08:48 PM
 #4

well, who decides on the gold standard? how much should the backing be? that's central planning.

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hazek
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April 04, 2012, 06:21:02 PM
 #5

well, who decides on the gold standard? how much should the backing be? that's central planning.

Exactly. That's why I want a market standard, let the market pick what is the best money.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
acoindr
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April 04, 2012, 06:59:57 PM
 #6

well, who decides on the gold standard? how much should the backing be? that's central planning.

If it's a true gold standard then the backed amount shouldn't vary. And either way, it's still not socialism. Bad economics, yes, but that doesn't equal socialism.

If that were true you'd be asserting the U.S. has been a socialist country since 1913. I don't think so.
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April 04, 2012, 07:13:42 PM
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i was overstating it a bit (the state again  Tongue), but some seem to understand Wink

If it's a true gold standard then the backed amount shouldn't vary.

fine, then you essentially want a true 1:1 gold backed currency. how do you know if a bank issuing notes actually has all the gold as a reserve? how will you ensure that people will actually care? we've had all that before. history repeating. another problem is that today's gold supply is largely controlled by the elites already.

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acoindr
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April 04, 2012, 07:31:49 PM
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fine, then you essentially want a true 1:1 gold backed currency. how do you know if a bank issuing notes actually has all the gold as a reserve? how will you ensure that people will actually care? we've had all that before. history repeating. another problem is that today's gold supply is largely controlled by the elites already.

Good points. I agree totally. But that doesn't equal socialism.  Wink
hazek
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April 04, 2012, 07:38:56 PM
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fine, then you essentially want a true 1:1 gold backed currency. how do you know if a bank issuing notes actually has all the gold as a reserve? how will you ensure that people will actually care? we've had all that before. history repeating. another problem is that today's gold supply is largely controlled by the elites already.

Good points. I agree totally. But that doesn't equal socialism.  Wink

It does because the government enforces the gold standard and gives itself a monopoly over what is money which allows them to grow more easily and faster which eventually leads to socialism.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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April 04, 2012, 07:41:26 PM
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If that were true you'd be asserting the U.S. has been a socialist country since 1913. I don't think so.

Funny you mention that year, when the income tax was levied. If I were to pick one year when the US shifted decisively from primarily capitalistic to primarily socialistic, it would be 1913.
acoindr
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April 04, 2012, 07:50:31 PM
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fine, then you essentially want a true 1:1 gold backed currency. how do you know if a bank issuing notes actually has all the gold as a reserve? how will you ensure that people will actually care? we've had all that before. history repeating. another problem is that today's gold supply is largely controlled by the elites already.

Good points. I agree totally. But that doesn't equal socialism.  Wink

It does because the government enforces the gold standard and gives itself a monopoly over what is money which allows them to grow more easily and faster which eventually leads to socialism.

You have a misunderstanding of what exactly a gold standard is. A gold standard is the opposite of the government saying what money is, because people already view gold as money. If a gold standard is enforced then the government is restrained from growing by inflating the money supply.
notme
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April 04, 2012, 07:54:05 PM
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fine, then you essentially want a true 1:1 gold backed currency. how do you know if a bank issuing notes actually has all the gold as a reserve? how will you ensure that people will actually care? we've had all that before. history repeating. another problem is that today's gold supply is largely controlled by the elites already.

Good points. I agree totally. But that doesn't equal socialism.  Wink

It does because the government enforces the gold standard and gives itself a monopoly over what is money which allows them to grow more easily and faster which eventually leads to socialism.

You have a misunderstanding of what exactly a gold standard is. A gold standard is the opposite of the government saying what money is, because people already view gold as money. If a gold standard is enforced then the government is restrained from growing by inflating the money supply.

If a gold standard is enforced, it is exactly the government saying what money is.  If no standard is enforced, it is the opposite, and other options like silver and bitcoin can be used by subgroups within the population.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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acoindr
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April 04, 2012, 07:57:39 PM
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If that were true you'd be asserting the U.S. has been a socialist country since 1913. I don't think so.

Funny you mention that year, when the income tax was levied. If I were to pick one year when the US shifted decisively from primarily capitalistic to primarily socialistic, it would be 1913.

LOL

I had a feeling someone would call me on that Wink

Yes, I'd agree, but we are still a long way from Cuba.  Grin
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April 04, 2012, 08:04:29 PM
 #14

fine, then you essentially want a true 1:1 gold backed currency. how do you know if a bank issuing notes actually has all the gold as a reserve? how will you ensure that people will actually care? we've had all that before. history repeating. another problem is that today's gold supply is largely controlled by the elites already.

Good points. I agree totally. But that doesn't equal socialism.  Wink

It does because the government enforces the gold standard and gives itself a monopoly over what is money which allows them to grow more easily and faster which eventually leads to socialism.

You have a misunderstanding of what exactly a gold standard is. A gold standard is the opposite of the government saying what money is, because people already view gold as money. If a gold standard is enforced then the government is restrained from growing by inflating the money supply.

If a gold standard is enforced, it is exactly the government saying what money is.  If no standard is enforced, it is the opposite, and other options like silver and bitcoin can be used by subgroups within the population.

We have a missed communication on the word "enforced". I meant the government would honor and not change any convertibility into gold, not force people to use the currency.
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April 04, 2012, 08:11:55 PM
 #15

We have a missed communication on the word "enforced". I meant the government would honor and not change any convertibility into gold, not force people to use the currency.

That wouldn't need any force at all... thus no need for it to be "enforced".  I think we agree if you replace "enforced" with "honored".

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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acoindr
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April 04, 2012, 08:24:16 PM
 #16

We have a missed communication on the word "enforced". I meant the government would honor and not change any convertibility into gold, not force people to use the currency.

That wouldn't need any force at all... thus no need for it to be "enforced".  I think we agree if you replace "enforced" with "honored".

People readily converting paper back into the right amount of gold, at anytime, wouldn't require anything enforced? Surely at least a few guards would need be present Wink

We're talking semantics, but I agree "honored" is a better word to use there.

hazek
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April 04, 2012, 08:45:37 PM
 #17

fine, then you essentially want a true 1:1 gold backed currency. how do you know if a bank issuing notes actually has all the gold as a reserve? how will you ensure that people will actually care? we've had all that before. history repeating. another problem is that today's gold supply is largely controlled by the elites already.

Good points. I agree totally. But that doesn't equal socialism.  Wink

It does because the government enforces the gold standard and gives itself a monopoly over what is money which allows them to grow more easily and faster which eventually leads to socialism.

You have a misunderstanding of what exactly a gold standard is. A gold standard is the opposite of the government saying what money is, because people already view gold as money. If a gold standard is enforced then the government is restrained from growing by inflating the money supply.

A gold standard is precisely a government telling the people what money is. What we want is a market standard where the market decides what money is. Then and only then the government is powerless to abuse it's assumed privilege of controlling money and it's worth.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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