Category Archives: Economy

On Nixon and the gold standard

I missed this article when it was published in 2011 and the notion that an action can simply be reversed is obviously wrong. While I have long thought the significance of Nixon’s action was overlooked (even by Nixon himself), it was the response that caused the errors, including the initial imposition of price restraints.

Now, fifty years later, the country is ironically awash in currency which is not being spent because the hoarders do not have the capacity to spend in a timely fashion. The infrastructure of investment has been destroyed in the interest of speculation. Reality has been replaced by ideas and ideas are simply not productive. Wishful thinking does not put dinner on the table.
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Why do I call it thievery? Because the sales tax payers are not going to get what was promised last time or next. The financial fraternity is looking for dollars that can be used for speculation–like the loans that were extended to Trump.
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Our political slush fund

As I have been arguing for years, we can fund the hiring of public servants ourselves. And this money is not even part of the two trillion underground because lotto dollars are fully accounted for by the taxing authorities.

In short, the only problem we have is poor distribution. It is the same problem which leads to one third of food production going to waste. Bad management.

It is the problem exemplified by the pediatrician’s advice to let a baby cry 20 minutes before each feeding to teach it obedience.