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Because a PHYSICAL-based monetary system (similar to bartering) is just seems more honest than the fiat currency we currently that only exists as 1s and 0s that the Fed and other Central Banks can print and manipulate on a whim.
The amount of currency in circulation and in bank accounts should not really have existed in the first place since it is not really "real"...
Maybe the banks (via fractional reserve banking) should not have been allowed to lend as much as they currently do.
So, essentially, you want to destroy the economy of the United States. Why would you want that to happen?
This is the inevitable outcome of this fiat-based monetary/financial system.
If the Federal Reserve s gone, what entity manages the money supply? And don't say currency will be "commodity based" because that isn't possible today. There's not enough precious metal to support a tenth of the USD that exist. What do you do when foreign governments come and ask for gold in exchange for the dollars they hold?
If the Fed is gone, what entity provides liquidity to banks? Or are you in favor of bank panics?
I did not state those financial FED tools had anything to do with pensions. I was replying what you wrote. And yeh, its basically UBI for the Finance guys. Its practically just free stimulus, they can play around with.
You said pensions were private endeavors - that is incorrect. You also said that we should look to UBI instead of SS - that would cause a decrease in SS to pay all those others and has been proven to not work. As far as QE, ZIRP and the like, they are really not close to UBI for anyone - they do not set a floor and are not "free stimulus".
Quote:
Originally Posted by NJ Brazen_3133
I guess your second paragraph means we should all be starving now. How can even less people farming supply even more food then?
And this thread is about the FED. If I mention farming or food its in response to what someone replied to something I wrote. You, however dragged this further off-topic.
But as for growing food in the winter. People plant in the spring/summer, then harvest in fall in preparation for the winter.
I guess you have no idea how you get food currently - one farmer currently feeds between 150 and 180 persons per year - that is ample supply and far from starving. If everyone was forced to fend for themselves, the economies of scale, equipment and experience would cause a massive reduction in ability to produce. Also it takes approx 8000 sq feet to support one person per year (2014 study) so where is that land for each to grow their own?
It was you that brought up growing own food - not me, but that is a really silly proposal. It would require everyone to be
a farmer and move to get land to farm. It would also mean most other production would stop or slow significantly so they could farm - specialization would go away.
Your proposal seems to be get rid of the Fed so that we could go back to stone age existence - why? Even before the fed, the US economy was not to the point of everyone growing their own food. Although more were farmers then, it still was no where close to everyone growing their own food. It is mainly because the modern equipment and economies of scale that we are to the point of so few actual farmers are able to support everyone.
You said pensions were private endeavors - that is incorrect. You also said that we should look to UBI instead of SS - that would cause a decrease in SS to pay all those others and has been proven to not work. As far as QE, ZIRP and the like, they are really not close to UBI for anyone - they do not set a floor and are not "free stimulus".
I guess you have no idea how you get food currently - one farmer currently feeds between 150 and 180 persons per year - that is ample supply and far from starving. If everyone was forced to fend for themselves, the economies of scale, equipment and experience would cause a massive reduction in ability to produce. Also it takes approx 8000 sq feet to support one person per year (2014 study) so where is that land for each to grow their own?
It was you that brought up growing own food - not me, but that is a really silly proposal. It would require everyone to be
a farmer and move to get land to farm. It would also mean most other production would stop or slow significantly so they could farm - specialization would go away.
Your proposal seems to be get rid of the Fed so that we could go back to stone age existence - why? Even before the fed, the US economy was not to the point of everyone growing their own food. Although more were farmers then, it still was no where close to everyone growing their own food. It is mainly because the modern equipment and economies of scale that we are to the point of so few actual farmers are able to support everyone.
Small scale farming as a way of life, especially growing your own food all the time, sucks. You don't make enough money to pay for good machines, all you do is farm and maintain your tools, some years you may go hungry, farming is dangerous, boring, and really hard work.
You said pensions were private endeavors - that is incorrect. You also said that we should look to UBI instead of SS - that would cause a decrease in SS to pay all those others and has been proven to not work. As far as QE, ZIRP and the like, they are really not close to UBI for anyone - they do not set a floor and are not "free stimulus".
I guess you have no idea how you get food currently - one farmer currently feeds between 150 and 180 persons per year - that is ample supply and far from starving. If everyone was forced to fend for themselves, the economies of scale, equipment and experience would cause a massive reduction in ability to produce. Also it takes approx 8000 sq feet to support one person per year (2014 study) so where is that land for each to grow their own?
It was you that brought up growing own food - not me, but that is a really silly proposal. It would require everyone to be
a farmer and move to get land to farm. It would also mean most other production would stop or slow significantly so they could farm - specialization would go away.
Your proposal seems to be get rid of the Fed so that we could go back to stone age existence - why? Even before the fed, the US economy was not to the point of everyone growing their own food. Although more were farmers then, it still was no where close to everyone growing their own food. It is mainly because the modern equipment and economies of scale that we are to the point of so few actual farmers are able to support everyone.
There are private pensions are there not? Plus even a government worker contribute some of his own wages into the fund. Pensions like Calpers is a private endeavor with a public face. That is all. SS as in Social Security? I am sorry I dont remember all the details of our convo. SS is not suppose to be a retirement fund. Its only supplemental at its very best.
I did not write we "should" do UBI. I write if we are giving UBI to the largest corporation and use the excuse of, "well people's pensions are depending on it", then we may as well skip the step and just hand the money over to the pensioners. Why give to companies first and let trickle down? And yes, the stimulus, bailout, and all those FED finance mumbo gumbo gimmicky acronyms are just stimulus. Its just cash injections or wealth injection anyway you look at it.
I did not say "everyone" should be farming. It seems like you are misquoting me on purpose. You think giving control of our food supply over to a handful of large companies (which essentially means a handful of people) is better? So they can lord over all of us using one of the most valuable things in life. If we break up these companies assets into smaller pieces, how can the total harvest not be the same? You literally just stated there isnt enough land for everyone to feed themselves, but letting only handful of people have that same amount will enable everyone to be fed? How can that be? Fewer people can do more than more people given everything else is equal?
Advancements in tech and science will make tasks easier for lay persons and enable more entry into the field. Tech and science will allow individuals to perform more tasks better. Heck, it pretty much eliminates specialization of manual labor. Look at what happened to manufacturing. More individuals can get a piece of any action and be more self sufficient. Like with 3D printers. Why buy finished products? Just make them yourself in your basement.
And again, I never stated everyone should be farming. According to most people on the econ forum at some point tech and science should enable everyone to do just about anything for themselves. Many posters here often tout about robots taking over for humans once MW rises as a reason to suppress wages. So by that logic people wont need other people for much longer. A machine(s) will perform every task. You just need to buy the machines.
How can getting rid of FED or better yet, our current convoluted financial system, bring us back to the stone age? Please also explain how it brought us out of the stone age. Advancement in tech and science surely enabled us to grow more food, but that does not mean consolidation of the sector has to take place too.
Small scale farming as a way of life, especially growing your own food all the time, sucks. You don't make enough money to pay for good machines, all you do is farm and maintain your tools, some years you may go hungry, farming is dangerous, boring, and really hard work.
Every job sucks besides high ranking Democratic party bureaucrat right now. Working as a worker ant for some large corporation is not great. School teacher is not great either because kids hate you for being their jailer, and may come to school with gun. Police officer was once glamorized is horrible now too with many quitting.
I guess white collar jobs, but you have to take on lots of debt, and go through years of brain numbing school, and survive school shootings. Yet that is still not a solution to anything because the more white collar workers, the less each one will make until they are basically MW workers too. Domestic IT workers are being replaced by foreigners.
Every job sucks besides high ranking Democratic party bureaucrat right now. Working as a worker ant for some large corporation is not great. School teacher is not great either because kids hate you for being their jailer, and may come to school with gun. Police officer was once glamorized is horrible now too with many quitting.
I guess white collar jobs, but you have to take on lots of debt, and go through years of brain numbing school, and survive school shootings. Yet that is still not a solution to anything because the more white collar workers, the less each one will make until they are basically MW workers too. Domestic IT workers are being replaced by foreigners.
I've always enjoyed my job as an ant in a corporate environment.
Here's a clue, it's not just IT that's being replaced by lower cost foreign workers. Most large companies have offshored nearly all of their accounting positions, and much of their engineering. Why would I pay you a US salary when I can find someone in another country that I can pay 25% of that?
Paper money eventually returns to its intrinsic value – zero.
Any currency that isn't backed by anything PHYSICAL always runs the danger of being printed into oblivion aka hyper-inflation.
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