View Poll Results: Should US Currency be pinned to a standard like weights and measures?

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  • Yes. Then money would always have exactly the same value.

    5 33.33%
  • No. Because then the government would not be able to print money it does not have.

    6 40.00%
  • Don't know. This is way to complicated for me.

    1 6.67%
  • Hmmm. What is a "standard"?

    3 20.00%
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Thread: Should the US Currency be pinned to a Standard like Weights and Measures are?

  1. #21
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    Re: Should the US Currency be pinned to a Standard like Weights and Measures are?

    really? how's that working out for the EU right now?

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    Re: Should the US Currency be pinned to a Standard like Weights and Measures are?

    Quote Originally Posted by cpwill View Post
    really? how's that working out for the EU right now?
    Having a unified currency is very problematic if you don't have unified monetary and fiscal/budget policies.
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
    - Colonel Paul Yingling

  3. #23
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    Re: Should the US Currency be pinned to a Standard like Weights and Measures are?

    Quote Originally Posted by cpwill View Post
    really? how's that working out for the EU right now?
    Oh, I'm not talking about the current system which is corrupt to the bones. So it's not an EU, US issue.
    Last edited by Canell; 06-05-11 at 04:40 PM.

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    Re: Should the US Currency be pinned to a Standard like Weights and Measures are?

    Quote Originally Posted by StillBallin75 View Post
    Forgive me, but I don't understand this sentence.
    If you did not understand then the failure is mine.
    We sell debt instruments with a certain value in principal and interest. Those who have purchased our debt will be paid back with currency that is of less value than the currency they used to purchase it. You loan me a dollar that has one dollar's worth of value. I pay you back with a devalued dollar that is worth on one-half of a dollar. Have I not just stolen from you?
    Last edited by Misterveritis; 06-05-11 at 04:38 PM.

  5. #25
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    Re: Should the US Currency be pinned to a Standard like Weights and Measures are?

    Quote Originally Posted by Misterveritis View Post
    If you did not understand then the failure is mine.
    We sell debt instruments with a certain value in principal and interest. Those who have purchased our debt will be paid back with currency that is of less value than the currency they used to purchase it. You loan me a dollar that has one dollar's worth of value. I pay you back with a devalued dollar that is worth on one-half of a dollar. have I not just stolen from you?
    Thanks, cpwill made it clear to me what you were referring to.

    To be honest though, inflation (at least in this country) is influenced by much more by other factors than the government printing money.
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
    - Colonel Paul Yingling

  6. #26
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    Re: Should the US Currency be pinned to a Standard like Weights and Measures are?

    Quote Originally Posted by cpwill View Post
    the problem is - what do you peg it to?
    what if that item becomes naturally cheaper? more costly?
    what if we pin it to bread, but then some scientific breakthrough reduces the cost of growing wheat and turning it into bread by 2/3rds? now our dollar's worth collapses as well.
    Pinning it to something that is less volatile - like the supply of gold - is also a non starter, because there's not enough gold, and as production increases and gold does not, you get strong deflation.
    Adam Smith struggled with the same issue. He even made very similar argument. You are in very good company. I have pondered it as well. He suggested grain, such as wheat, because it retained its value from year to year. It is clear to me that any chosen item will vary its value over time.

    Quote Originally Posted by cpwill View Post
    I would reduce the Feds' mandate to just holding down inflation, and subject it to more congressional oversight.
    I do not have a solution. But the idea of currency whose value remains fixed is interesting.

  7. #27
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    Re: Should the US Currency be pinned to a Standard like Weights and Measures are?

    Quote Originally Posted by Misterveritis View Post
    Adam Smith struggled with the same issue. He even made very similar argument. You are in very good company. I have pondered it as well. He suggested grain, such as wheat, because it retained its value from year to year. It is clear to me that any chosen item will vary its value over time.


    I do not have a solution. But the idea of currency whose value remains fixed is interesting.
    Yes, and the fundamental problem with respect to this issue is what do you fix/peg it to?
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
    - Colonel Paul Yingling

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    Re: Should the US Currency be pinned to a Standard like Weights and Measures are?

    Quote Originally Posted by rathi View Post
    You have no idea how currency works.
    Nor have I made any pretentious claims that I do.
    Quote Originally Posted by rathi View Post
    There is no such thing as stable value in the economic world, period. The value of anything changes depending on supply and demand. Mining gold increases supply just like printing money does. Fixed standards are impossible.
    “There are those who look at things the way they are, and ask why... I dream of things that never were, and ask why not?”

  9. #29
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    Re: Should the US Currency be pinned to a Standard like Weights and Measures are?

    Quote Originally Posted by Misterveritis View Post
    Nor have I made any pretentious claims that I do.

    “There are those who look at things the way they are, and ask why... I dream of things that never were, and ask why not?”
    Great quote.
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
    - Colonel Paul Yingling

  10. #30
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    Re: Should the US Currency be pinned to a Standard like Weights and Measures are?

    Quote Originally Posted by StillBallin75 View Post
    . . .inflation (at least in this country) is influenced by much more by other factors than the government printing money.
    It was only an example.

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