On the Nature of Things | Forum

Yes. Special Drawing Rights. I think every nation in the world would love to see it converted into a world currency, unaltered, with no new powers of control. Why the people championing such an innovation are so high in number you have to turn your computer off in order for them not to pop right out of your screen. Surely every country will agree to convert SDRs to a world currency, as is, no new government. Surely. Anyone could "take that to the bank". Thats why when you type in the search terms into google you get tens of millions of hits. Tens of millions. SDRs with no new government.

If you had done the reading you would have been able to explain why Nixon got off the gold standard. Or you are free to name your own reasons, if you care, and any supporting materials.

If you actually knew the slightest bit about Special Drawing Rights, you would know that some countries already use them as a currency peg, they are already used in treaties to value penalties and charges, and they are already used by many international organizations as a unit of account.

If you've been following this thread, then you'd know that I already know about Nixon closing the gold window and why.

Since I'm not sure if you actually know, the Dollar was falling relative to other major currencies, so one could purchase gold at the gold window (at $35 per ounce) and then sell it overseas at a higher price. This led to a lot of gold leaving the country.

Nixon was not willing to transparently devalue the currency or do what was necessary to tame inflation, so he did the chickenshit option and closed the gold window.

Elect Republicans and don't be surprised at what you get.

Oh Azrael. Why betray so much;

"We're all Keynesians now" - Richard Nixon. Yes, who wouldn't want to just devalue the currency, what a simple option, wonder why he didn't do that. Who doesn't want a currency that devalues every so often. Why didn't anyone think of that sooner. You certainly must understand if things continued according to the Democrat plan then France would've emptied Fort Knox and we would be off the gold standard either way, right? You knew that right. I think everyone knows Nixon inherited a system with failure designed into it. He just did what Keynes would have done. I guess being a man means sacrificing the poor and retired to the gods every so often. Leftists, so much human sacrifice, so few benefits.

Az, invest lots of time energy and money into getting the world to adopt SDRs as "currency pegs" let me know what happens and then let me know how many people consider that a world currency.

As I said, don't worry about a thing, 666 is coming, I really think it won't be SDRs. But if it is then being a midwife of the anti christ could be a feather in your cap.

The French had every right to buy gold.

It wasn't some satanist conspiracy that made the situation untenable.

Read up on the Triffin Dilemma before you continue embarrassing yourself.

Yes, it wasn't a satanic conspiracy, that is 666, the one you're working on. One could say it was a forerunner;

The situation Nixon inherited was Democrat planned, and would have led to no gold in Fort Knox, ie off the gold standard one way or the other. It's not surprising to me that you would take the French side of it.

Tell me Az, how much money can you make off the Triffin Dilemma.

If my side is that people should be allowed to buy gold where it is being sold legally, then I guess that's my side.

You must really like Nixon to risk looking like a commie to defend him.

Az, Nixon is a Keynesian, so he's not mine to defend. Nixon did what any Democrat President would have done with the situation he did not design and inherited.

Mr. Perfect wrote:Az, Nixon is a Keynesian, so he's not mine to defend.

If he's so Keynesian explain why he make Milton Friedman's mentor Arthur Burns the chairman of the Fed? If he's so Keynesian, why didn't he do the obvious Keynesian fiscal response to demand-pull inflation caused by the war and levy taxes to pay for the war?

Nixon did what any Democrat President would have done with the situation he did not design and inherited.

Wrong. FDR openly devalued the Dollar (rose the price of an ounce of gold in Dollars). He didn't close the gold window and pretend it wasn't a devaluation like some chickenshit. Unlike Nixon, he didn't take advantage of our allies by using the Dollar's reserve currency status to export inflation to our allies.

Stop defending Nixon. It's getting embarrassing.

Daniel Pink provides concrete examples of how intrinsic motivation functions both at home and in the workplace.

_mG-hhWL_ug

It sounds like an interesting book (more info here) and I agree with a lot of what he says; but I think you posted it on the wrong thread.

them damn frenchies are at it again!

http://www.reuters.com/article/2013/04/ ... 1S20130413

France intends to set up a currency swap line with China to make Paris a major offshore yuan trading hub in Europe

Azrael wrote: If he's so Keynesian explain why he make Milton Friedman's mentor Arthur Burns the chairman of the Fed? If he's so Keynesian, why didn't he do the obvious Keynesian fiscal response to demand-pull inflation caused by the war and levy taxes to pay for the war?

The same reason all Keynesians often balk at raising taxes- political backlash.

I think if you had read even the wiki article on Burns you wouldn't have used him as any kind of example re Nixon.

Wrong. FDR openly devalued the Dollar (rose the price of an ounce of gold in Dollars). He didn't close the gold window and pretend it wasn't a devaluation like some chickenshit.

FDR made owning gold illegal. Did you even know that?

Unlike Nixon, he didn't take advantage of our allies by using the Dollar's reserve currency status to export inflation to our allies.

Stop defending Nixon. It's getting embarrassing.

Nixon ended the gold standard because he didn't want to end up with no gold. I doubt he had any understanding of exporting inflation, and I think a lot of other people have little understanding of that also.

I'm telling the truth about Nixon, because I am a servant of truth. If you interpret telling the truth as a defense that is out of my hands. Personally I try not to get on the wrong side of truth.

no arguing with the topic so i spose blame games is all thats left.

http://blogs.marketwatch.com/thetell/20 ... e-over-qe/

Perhaps it was only a matter of time. With U.S. quantitative easing seen in China as a blight on the global economy, one woman in the southern city of Kunming has decided to act.

According to a South China Morning Post report Tuesday, the woman and her attorney son have filed a lawsuit against the Federal Reserve for driving down the real value of her dollar holdings – totaling $250 – by roughly 30%.

And the damages sought? A $1 token fine and a promise from the U.S. central bank to stop abusing its “monopoly” over currency creation, according to the report. The lawyer/son, Li Zhen, contends that the Fed qualifies as a private institution, and therefore is culpable under China’s 2008 Anti-Monopoly Law.

haha - silly story but..

noddy wrote:http://blogs.marketwatch.com/thetell/20 ... e-over-qe/

Perhaps it was only a matter of time. With U.S. quantitative easing seen in China as a blight on the global economy, one woman in the southern city of Kunming has decided to act.

According to a South China Morning Post report Tuesday, the woman and her attorney son have filed a lawsuit against the Federal Reserve for driving down the real value of her dollar holdings – totaling $250 – by roughly 30%.

And the damages sought? A $1 token fine and a promise from the U.S. central bank to stop abusing its “monopoly” over currency creation, according to the report. The lawyer/son, Li Zhen, contends that the Fed qualifies as a private institution, and therefore is culpable under China’s 2008 Anti-Monopoly Law.

haha - silly story but..

Like 500 lawyers at the bottom of the ocean.... it's not a bad start......

Here in Merika, we have already attained nirvana..... every third person is a lawyer, and people sue each other over someone looking at them crossed eyed.... So far, it doesn't seem to be working so well... more time maybe..?

The idea that central banks control the value of their own currency doesn't seem any more accurate than claiming I control the value of my car or you control the value of your house....

but wow! do a lot of people buy into it....... strange.....

Fiat currancies (Freudian typo) are all about confidence, I guess when they stop believing, it is game over......

Uhhh everybody forget I said anything......

Fiat currencies are based on trust, truth, honesty . . . confidence is based on all of those. The current crisis is based on confusing confidence with a solid ethical basis.