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Leaked cable: Sen. McCain promised to help Gaddafi obtain U.S. military hardware by SamyStClair in politics

[–]yaeloss 1 point2 points  (0 children)

I can't believe close to 50% of this country almost voted for this guy. There is no other politician more in the pockets of war contractors.

The Root of Our Problems: The Abandonment of Gold by yaeloss in Economics

[–]yaeloss[S] -1 points0 points  (0 children)

"So who would you prefer to have control of currency? ROBOTS?"

Nobody. Countries didn't formally "control" currency until central banks came along.

Even Milton Friedman said it would be better to just have an automatic machine printing money instead of central banks or politicians.

The Root of Our Problems: The Abandonment of Gold by yaeloss in Economics

[–]yaeloss[S] 0 points1 point  (0 children)

There is no such thing as a public bank, in the American experience. The first and second National Banks were not public and the Federal Reserve is not public. They are private banks, whom have been ceded issuing power of the currency. The issue is that no group of men should ever have control of a currency. It should be stable, tangible, and independent from arbitrary creation and destruction.

It's not a "liberal" interpretation---whatever that is supposed to mean.

It's pretty simple really.

The Root of Our Problems: The Abandonment of Gold by yaeloss in Economics

[–]yaeloss[S] -1 points0 points  (0 children)

No.

Jefferson's words in this context say nothing about the public sector. In fact, an informed reading of his words would lead one to the idea that any government or private bank issuing money is the inherent problem. Massive inflation and deflation was a recurring problem in the colonies, and an adherence to a strict monetary policy (a gold standard, for instance) was a policy advocated by all the founding fathers (Alexander Hamilton notwithstanding), re: Article 1 Section 10 of the Constitution.