Dick Morris Gets Something Right
Comments
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PBS timeline and synopses that is surprisingly accurate
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html
I can assure you Glass Seagall was being routinely violated on a daily basis in the '80's looooooooooooooong before Clinton signed that legislation.
Funny, isn't it? Aaaaaaaaaaaaaalllll of the sudden, Mitch McConnell and Obummer are bestest frens? -
Gold has been money for centuries because it meets the 5 properties of money. Todays paper money are currencies. There is a big difference between currencies and money.
Even though we are on a 100% paper system governments and central banks hold Gold because it is the ultimate backstop.
A hard money standard is what protects wages and keeps governments in line.
The people who argue against this are professors who are paid by banks and governments for consulting and other bullshit. Banks and governments are the two only direct beneficiaries of a non-hard money system so they have professors and PhDs arguing against it constantly.
Since we went completely off the GS in 1971 all these problems started...real wages have collapsed, the middle class has disappeared, government spending has been out of control and the gap between the rich and poor has accelerated. And its not even the top 1%...or the top 0.1%...its the 0.01% who have all the wealth. The top 1% look totally poor compared to the top 0.01%. Instead of some CEO banker asswipe making $6M a year and getting a $1.5M bonus, he now makes $50M a year and gets a $25M bonus in a good year.
Another thing to point out is the explosion in credit and debt since the 1970s hasn't produced shit. Sure there are great advancements here and there but for the most part.....transportation is no better....housing is more expensive with few improvements....few advancements in energy. Oh wait....we have iPhones and iPads and Twitter and Facebook. The fucking Internet is the best development and that was started by the government.
Currency and monetary systems don't last much longer than 30-40 years. We will see the end of this in the next 5-10 years as the entire world cannot afford normalized interest rates because of huge debts. Its a few years away but the end of this mess will come about when inflation starts rising but because of debts interest rates won't be able to rise to keep pace. In 10+ years there will definitely be some new global monetary system and Gold will play an important role. That is why China has been buying Gold for 10 years...because they want their currency to play a huge role in the new system...right next to the US$. -
Which one of the five properties is Ossai?HeretoBeatmyChest said:Gold has been money for centuries because it meets the 5 properties of money.
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He's always in the second propertyTierbsHsotBoobs said:
Which one of the five properties is Ossai?HeretoBeatmyChest said:Gold has been money for centuries because it meets the 5 properties of money.
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I like gold long term. I even bought some prospecting stuff a few years ago, but gold is headed back down below $800/oz, maybe even $600. I've been short gold via DGLD for over a year now. Dollar's getting stronger and the FED is going to kill housing inflation soon.
It's a good investment if you buy it low in "safe times", then just wait 15 years for the next banking scam collapse, then sell it while it's up and fears are rampant.
When I was a little kid I found a big chunk of what looked like it might be gold near the front end of a drainage pipe by my elementary school...a pipe that looked just like the one in this vid. But, I thought to myself...there's no gold in Tacoma and threw it back on the ground. Then I saw this vid last year...
https://www.youtube.com/watch?v=K0zi-U5GLeY
Some of this guy's vids are really good. -
Agree with your basic premise but do have a few disagreements.HeretoBeatmyChest said:Gold has been money for centuries because it meets the 5 properties of money. Todays paper money are currencies. There is a big difference between currencies and money.
Even though we are on a 100% paper system governments and central banks hold Gold because it is the ultimate backstop.
A hard money standard is what protects wages and keeps governments in line.
The people who argue against this are professors who are paid by banks and governments for consulting and other bullshit. Banks and governments are the two only direct beneficiaries of a non-hard money system so they have professors and PhDs arguing against it constantly.
Since we went completely off the GS in 1971 all these problems started...real wages have collapsed, the middle class has disappeared, government spending has been out of control and the gap between the rich and poor has accelerated. And its not even the top 1%...or the top 0.1%...its the 0.01% who have all the wealth. The top 1% look totally poor compared to the top 0.01%. Instead of some CEO banker asswipe making $6M a year and getting a $1.5M bonus, he now makes $50M a year and gets a $25M bonus in a good year.
Another thing to point out is the explosion in credit and debt since the 1970s hasn't produced shit. Sure there are great advancements here and there but for the most part.....transportation is no better....housing is more expensive with few improvements....few advancements in energy. Oh wait....we have iPhones and iPads and Twitter and Facebook. The fucking Internet is the best development and that was started by the government.
Currency and monetary systems don't last much longer than 30-40 years. We will see the end of this in the next 5-10 years as the entire world cannot afford normalized interest rates because of huge debts. Its a few years away but the end of this mess will come about when inflation starts rising but because of debts interest rates won't be able to rise to keep pace. In 10+ years there will definitely be some new global monetary system and Gold will play an important role. That is why China has been buying Gold for 10 years...because they want their currency to play a huge role in the new system...right next to the US$.
IMO the erosion of the middle class has less to do with being in a fiat currency system and more to do with global competition. The US industrial labor force got caught flat footed with antiquated unions and antiquated skills, which resulted in globalization of our industrial base, and that killed a lot of solid middle class jobs. Much of that tide is turning as right to work states have picked up significantly with Korean, Japanese and German auto makers designing, testing and building cars in the US with US Labor. Airbus now has design centers here and is expanding its manufacturing footprint in the US. Honda is designing and building business jets in North Carolina. You could argue that it's easier to manipulate the value of currency these days and that that also plays a role in reversing the tide, but IMO it comes down to simpler economics, based on real productivity advantages.
Also, IMO, the separation of the classes is less important than standards of living, which have risen for all classes over the decades. What we call poor today is laughable by standards abroad as well as in this country decades ago. There is limited real poverty here, it's real but it's also pretty rare. The fact of the matter is that families today live in much bigger houses with fewer family members and with a lot more stuff than they did when we were taken off the gold standard. I'm not arguing for fiat currency, just pointing out the obvious. Of course some of this rise is the result of increasing debt loads due to the availability cheap and loose credit, as well as very liberal personal bankruptcy laws that allow people to live in the here and now with little consequence for bad behavior, so there is that.
"Evil" defense spending did kick off the internet through DARPA, which is just one of many examples of whole economies spawned from "evil" defense and space spending, but privateers ultimately took it to another level. This IMO really started with the transition of "gubment" funded web browser development to public spaces, for instance, Mosaic to Netscape, and then the subsequent explosion of online commerce, advertising, marketing, sales, news, blogs, hardcore husky ... etc.
I think you're off base on improvements in housing and transportation. Modern housing is much more energy efficient today. Homes are built with far more insulation, better windows, and more efficient heating and cooling systems. Transportation is better too. Cars last a lot longer, use less fuel on average, and are safer. Aircraft are more fuel efficient, quieter and safer. The real cost of air travel has fallen dramatically since the 70's, much of that has been due to deregulation, but efficiency gains and improvements in maintenance costs have helped as well. None of these are tied to fiat currency (at least not directly) but rather improvements in technology. Material technology, manufacturing technology, control systems technology, engineering design ... etc. -
Want to talk manufacturing? Manufacturing employment is back on the rise. Interesting to see when the fall off of manufacturing employment occurred, right?
http://data.bls.gov/pdq/SurveyOutputServlet
