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Thread: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Dav View Post
    Just a little side note here, but isn't Ron Paul's expertise in vaginas?
    Yes. He has expertise in many areas of study; obstetrics & gynaecology being one of them.

    Any more compelling inquires?

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Ethereal View Post
    Yes. He has expertise in many areas of study; obstetrics & gynaecology being one of them.

    Any more compelling inquires?
    Not really, but I was trying to find out how he has more monetary expertise than the average Congressperson.

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Dav View Post
    Not really, but I was trying to find out how he has more monetary expertise than the average Congressperson.
    For starters, he's the ranking Republican on the House Subcommittee on Domestic Monetary Policy and Technology.

    [ame=http://en.wikipedia.org/wiki/United_States_House_Financial_Services_Subcommitte e_on_Domestic_Monetary_Policy_and_Technology]United States House Financial Services Subcommittee on Domestic Monetary Policy and Technology - Wikipedia, the free encyclopedia[/ame]

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Dav View Post
    Alright, I'd LOVE to see proof of that.

    An explanation would also be nice.
    Sure. Far from being a stable source of value, gold (like any commodity) is extremely volatile. The gold standard can fix the PRICE of gold, but it can't fix the VALUE of gold. All it does is make the value of a dollar as volatile as the value of gold. This hurts consumer confidence and leads to wild economic swings, including depressions. Furthermore, we would no longer have our best recession-fighting weapon at our disposal: Monetary policy.

    For most of American history, we have used the Gold Standard. The fiat system is actually a relatively recent creation...but it's proven effective at preventing depressions. If we define a depression as four consecutive quarters of negative economic growth, with an overall decline of at least 10%, here are all of the depressions in American history:

    1784-1785
    1797-1800
    1807-1814
    1837-1843 (deepest depression in US history)
    1873-1879 (The Long Depression)
    1893-1897
    1907-1908 (JP Morgan had to personally bail out the US government because we didn't have the Fed)
    1910-1911
    1929-1933 (The Great Depression, Part I)
    1937-1938 (The Great Depression, Part II)



    Important dates:
    1913 - Federal Reserve established
    1944 - Bretton Woods System established
    1971 - Fiat currency system established

    We've only had 1 or 2 (depending on how you count) depressions since the Federal Reserve was established...and we haven't had any since we nixed the gold standard.
    Last edited by Kandahar; 09-01-09 at 11:43 PM.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Ethereal View Post
    For starters, he's the ranking Republican on the House Subcommittee on Domestic Monetary Policy and Technology.

    United States House Financial Services Subcommittee on Domestic Monetary Policy and Technology - Wikipedia, the free encyclopedia
    That sounds like the Deputy Assistant to the Secretary of the Vice-Chairman on the Committee to Establish Grandiose Job Titles.

    I've never even heard of this subcommittee before. What makes you think his chairing the committee gives him a lot of experience with monetary policy? I'd be more impressed if he had had some experience with banking.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Kandahar View Post
    That sounds like the Deputy Assistant to the Secretary of the Vice-Chairman on the Committee to Establish Grandiose Job Titles.

    I've never even heard of this subcommittee before.
    Nothing of substance. Moving along.

    What makes you think his chairing the committee gives him a lot of experience with monetary policy?
    Because it's the House subcommittee on domestic monetary policy.

    I'd be more impressed if he had had some experience with banking.
    No one's perfect, I guess.

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Dav View Post
    You know, the more I think about it, the more I don't think the gold standard was such a bad idea after all.

    I mean, with all this argument over monetary policy, maybe things would just be better if there were no monetary policy....
    No one is talking about returning to the gold standard.

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Ethereal View Post
    Nothing of substance. Moving along.



    Because it's the House subcommittee on domestic monetary policy.



    No one's perfect, I guess.
    My point is that chairing a committee with the word "monetary policy" in the title does not make one an expert on monetary policy. Especially if the committee doesn't actually do much, as I suspect is the case with this one since it's never in the news.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Kandahar View Post
    Sure. Far from being a stable source of value, gold (like any commodity) is extremely volatile. The gold standard can fix the PRICE of gold, but it can't fix the VALUE of gold. All it does is make the value of a dollar as volatile as the value of gold. This hurts consumer confidence and leads to wild economic swings, including depressions. Furthermore, we would no longer have our best recession-fighting weapon at our disposal: Monetary policy.

    For most of American history, we have used the Gold Standard. The fiat system is actually a relatively recent creation...but it's proven effective at preventing depressions. If we define a depression as four consecutive quarters of negative economic growth, with an overall decline of at least 10%, here are all of the depressions in American history:

    1784-1785
    1797-1800
    1807-1814
    1837-1843 (deepest depression in US history)
    1873-1879 (The Long Depression)
    1893-1897
    1907-1908 (JP Morgan had to personally bail out the US government because we didn't have the Fed)
    1910-1911
    1929-1933 (The Great Depression, Part I)
    1937-1938 (The Great Depression, Part II)



    Important dates:
    1913 - Federal Reserve established
    1944 - Bretton Woods System established
    1971 - Fiat currency system established

    We've only had 1 or 2 (depending on how you count) depressions since the Federal Reserve was established...and we haven't had any since we nixed the gold standard.
    A fine post showing historical evidence that Ron Paul (who I admire and agree with at least partially on many other issues) is dead wrong in his desire to abolish the Fed and return to the gold standard.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Psychoclown View Post
    A fine post showing historical evidence that Ron Paul (who I admire and agree with at least partially on many other issues) is dead wrong in his desire to abolish the Fed and return to the gold standard.
    Ron Paul does not advocate a complete return to the gold standard. He simply wishes to legitimize gold and silver as legal tender.

    I would also add that Kandaharís post is nothing more than correlation posing as causation.

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