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32 Comments
- jesusfish, on 07/10/2009, -1/+6FDR ended the gold standard.
- palehorse864, on 07/10/2009, -0/+5Expletive Deleted
- enantiodromia, on 07/10/2009, -1/+6 [Thompson, posing as a reporter for The Washington Post, is alone in an airport restroom when the "Candidate" (Richard Nixon) enters and starts using the urinal.]
Dr. Hunter S. Thompson: Hi sir, it's Harris from the Post. Can I get you anything sir?
Candidate: How's the family Harris?
Dr. Hunter S. Thompson: Oh the family, well that's bad news. The screwheads finally came and took my daughter away. Let me ask you a question sir, what is this country doing for the doomed? There are two kinds of people in this country, the doomed and the screwheads. Savage tribal thugs who live off their legal incomes, brow deep out there; no respect for human dignity. They don't know what you and I understand, you know what I mean.
Candidate: You ever play football, Harris?
Dr. Hunter S. Thompson: Yes sir, thank you sir. I played in college, and they're gonna get your daughter too sir. I've heard their rallies, they like Julie but Tricia... and they really hate you sir. You know that one and a half of the State Senate of Utah are screwheads. You know I was never really frightened by the bopheads and the potheads with their silliness never really frightened me either, but these goddam screwheads, they terrify me. And the poor doomed, the young, and the silly, the honest, the weak, the Italians ... they're doomed, they're lost, they're helpless, they're somebody else's meal, they're like pigs in the wilderness.
Candidate: Come here Harris, come here. [whispering] ***** the doomed! - SilverBack101, on 07/10/2009, -1/+5AROOOOOOO!!!
- LonelyTylenoL, on 07/10/2009, -2/+6DON'T FEED THE TROLL
Please, think of the children before you respond. - IgorUnchained, on 07/10/2009, -1/+5Yep...it was FDR.
Nixon ended The Bretton Woods System...which was just the last vestige of anything resembling a gold standard. - EastCoastGnar, on 07/09/2009, -1/+5I prefer the head of Nixon.
- Richandler, on 07/10/2009, -0/+3Before you just accept your opinion. You should ask if that even makes sense. How many other factors were there for exiting the depression? How long after the change did the economy recover? Why would gold have prevented recovery? What do foreigners have to do with our economy? Who are most economists? Why have we experienced so many recessions since coming off the gold standard?
All these question will lead you to a more logical idea that coming off the gold standard did nothing positive compared to staying on it.
Some other question to ask. Would we be able to pay for the Iraq and Afghan wars tied to the gold standard? Would we have over $10 Trillion in foreign debt if still tied to gold?
Critical Thinking is really important that sponge learning. - inactive, on 07/10/2009, -0/+3" No need to panic. I'll just lash together a few raw facts, a little bit of Negro wisdom, and this nightmare is over."
We should be so lucky. - splicerslicer, on 07/10/2009, -0/+2The ones who weren't caught red-handed trying hijack our nations elections and on record for a number of offensive and outright racist comments for starters. Or how about the ones that weren't so egotistic that they felt a necessity to have all of their conversations recorded? These are just thoughts but I would genuinely be open to hear the other side of the argument. It is very likely that there is a Nixon I have never seen before but as I said, some justification would be appreciated.
- bluesman3535, on 07/10/2009, -0/+2Getting off the gold standard wasn't clearly a mistake until the rest of the world actually started wondering what value a US dollar, now being dumped for the Euro, represents. It's clearly a mistake now that overused monetizing practices, particularly in oil and arms deals, have obviously lessened any measurable concrete dollar value. I'm a college drop-out. I majored in cutting class. Even so, the consequences of a grave error of assuming a currency value can be dictated or will eternally be esteemed by the world is now upon us.
- sulthernao, on 07/10/2009, -2/+4And most economists agree that getting off the Gold Standard was good (especially during the depression, when foreign people were hording gold and crippling our economy).
"According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, Great Britain and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had a silver standard, almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries. This partly explains why the experience and length of the depression differed between national economies." (wiki via http://www.nber.org/papers/w3488 ) - sulthernao, on 07/10/2009, -0/+2Thanks for telling me (an Economics major) to think critically!
As for why hoarding gold prolongs Depressions: hoarding gold dramatically decreases the money supply. You're right this wouldn't matter in a model market, because prices and wages would decrease at the same rate too. Unfortunately, we don't live in a model market and sticky prices hinder natural market recovery mechanisms. Now the hording of gold and money supply exacerbates the problems. There is also more complex reasons for why the Gold standard doesn't work, see the link.
Foreigners are a problem because they hoarded the gold which dramatically lowered the Government's gold stock (I don't remember how this came to be).
As for your question about recessions since the gold standard, I suggest you look back into history and check out how many recessions why had during the gold standard before you exalt yourself to it. Before the 1930s we had a recession pretty much every ten years.
Read: http://econ161.berkeley.edu/Politics/whynotthegold ... - Richandler, on 07/10/2009, -0/+2Amtrak will be in government hand for only 3 years.....
- goddardc, on 07/10/2009, -1/+2"Hello Morbo, how's the family?"
"BELLIGERENT AND NUMEROUS"
"Good man. Nixon's pro-war and pro-family" - coolearl, on 07/10/2009, -0/+1Correction: Robo-Nixon is an American hero
- TexMexRex, on 07/10/2009, -0/+1Depends what the definition of "is" is....
- treas, on 07/10/2009, -1/+1shate, what an interesting term.
- xenuxenuts, on 07/10/2009, -2/+2Overall, Ike was pretty decent.
- djvchris, on 07/10/2009, -1/+1For those likewise fascinated by the Nixon persona, Frost/Nixon is an awesome movie.
- sexypeon, on 07/10/2009, -2/+2Oh Nixon.
- bigplrbear, on 07/10/2009, -5/+5Nixon's the reason why we no longer have the gold standard and we use fiat (a.k.a. worthless money) money today
- gkiltz, on 07/10/2009, -0/+0He was about the most severely alcoholic president of the 20th century.
So much so that he got to the point that he was wandering the White House at all hours with a drink an his hand, falling out of his chair during Cabinet Meetings, and having the Secret Service take down to the Lincoln Memorial at 4AM, talking to the statue. Calling up Kissinger in the middle of the night babbling incoherently.
Kissinger was the one guy, late in his presidency who could really tell him something he did NOT want to hear, and get him to listen, at leas MOST of the time.
Johnny Carson stopped doing Nixon jokes. He never did them again after he found out how serious the situation really was. - argagarg, on 07/10/2009, -1/+1That guy was a president.
- splicerslicer, on 07/10/2009, -4/+3Care to justify that controversial opinion or are you just trolling?
- MastaQ, on 07/10/2009, -1/+0I am not a crook's head!
- inactive, on 07/10/2009, -2/+0The sad thing is Nixon's the most honest president the repubs have had since hoover ...the rest have been shate!!!
- CK20XX, on 07/10/2009, -4/+2Oh my lord... these sound like Bushisms. I'm scared, someone hold me.
- xenuxenuts, on 07/10/2009, -3/+1He started the GOPs downward spiral.
- Presbyterian, on 07/10/2009, -5/+3And what President do you think was so great?.
- inactive, on 07/10/2009, -6/+3Believe it or not Nixon wasn't a bad president
He was just paranoid - inactive, on 07/10/2009, -10/+6nixon is an american hero.
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