Wow, they’re not even hiding it anymore…

…or, Yes, Eugene Robinson really wrote this!

…in the final analysis, as Alan Greenspan noted Sunday on “Meet the Press,” the United States “can pay any debt it has because we can always print money to do that.”

I know this kind of talk is horrifying to Ron Paul and others who believe we should be walking around with our pockets full of doubloons, but most of us find paper convenient.

WOW. I honestly believe this is perhaps the most outrageous, ignorant thing I have ever seen in print. No, Eugene Robinson, that kind of talk is horrifying to anyone who has even the most rudimentary grasp of economics and the laws of supply and demand. A pretty good explanation of the effect on the value of money of printing more of it can be found here. The bottom line, of course, is that when more money is put into the system, its purchasing power is eventually diluted. And Eugene Robinson can make fun of Ron Paul all he wants, but the fact remains that Paul was right when he said this:

 No one would welcome a counterfeiter to town, yet this same authority is blindly given to our central bank without any serious oversight by the Congress.

When the government can replicate the monetary unit at will without regard to cost, whether it’s paper currency or a computer entry, it’s morally identical to the counterfeiter who illegally prints currency. Both ways, it’s fraud.

And to those who say it isn’t, I would ask: Why is it not fraud? Why shouldn’t Alan Greenspan be tarred and feathered and run out of town? And of course Robinson would cavalierly dismiss Paul’s position, but you see how he had to misrepresent said position to do it. Most of us find paper convenient? Really? Then why do you see so many people paying with things like credit & debit cards? If anything the cashless society is an even better argument for going back to the gold standard because it’s even more convenient than paper. But the evidence was always there in abundance anyway, perhaps even more so in the last couple of years as we see here:

Since the Fed started pumping money into the system in November of 2008, gold prices have climbed 113% while the U.S. dollar index has sunk 13%. Gold hit an intra-day record Wednesday (July 13 of this year — ed.) of $1,588.90 an ounce.

Of course it’s not as if that was rocket science anyway.

More Ron Paul, again, cutting to the heart of the matter:

If we were stranded on an island and one of us decided, “Well, we need some money. So we’re going to take these pieces of paper and I’ll write numbers on them and it’ll be money,” it would be preposterous.

It would. But that’s exactly what the feds are doing. Sure, there are those who will say, “That money’s backed by the full faith and credit of the United States government.” Such should strike you as utterly meaningless, though, when the United States government more or less thinks it can flout the laws of economics without consequence.


2 Responses to “Wow, they’re not even hiding it anymore…”

  1. Ggeorge Washington Says:

    Sir. Gold standard and physically carrying gold in your pockets has NOTHING to do with each other. Currently a “dollar,” which is tender and NOT MONEY, can be created with nothing backing it.
    Gold standard simply restricts the amount of dollars to the amount of gold that is held by the Treasury. If the US Gov wants to print more, they can do a good job in running the country and watch the coffers fill, allowing such increases. You carry paper regardless, just one is redeemable at any bank/treasury bank for silver/gold/nickle/copper. Which dollar would you rather have?

    The above is the reason the Swiss Franc is dominating the market right along with gold at the moment.

    Ron Paul 2012

  2. Sabra Morse Onstott Says:

    I’m pretty sure our oldest daughter can grasp just how much BS that is, and she’s the one who doesn’t like to think. Like I told you yesterday, if you have a cake cut into four pieces and cut two of those pieces in half, you don’t magically have more cake, you just have smaller pieces. It’s elementary-level math. I’m unsure whether Robinson is that dumb, or just thinks we are.

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