I said the federal reserve prints money which is ran by private banks not the banks themselves...kill4joy KJ said:Your first point is incorrect. There has been no evidence of banks printing currencies, if so, it is a federal crime.
So your saying printing trillions upon trillions of dollars out of thin air for almost 90 years wouldn't effect inflation? K....Secondly the inflation in 1913. Inflation is the increase of value of items in general, and it has not been caused by the "uncontrollable illegal printing" of the US dollar by banks. Most of it stems to the fact that the US dollar is no longer tied into the gold standard, which allowed the US dollar to become more dynamic. That is why you see gold increasing massively whenever the US dollar drops in value. The problem with the banks are mostly because they provide bad loans, which then put other investments in trouble as well as drop the real-estate value.
I never said banks themselves are printing the money and I don't really see where you got that from. And if your really going to sit here and say $16 trillion dollars being printed within a decade doesn't strongly affect inflation then I am not going to bother replying to you because you clearly have no knowledge of the most basic economic concepts. If you did take some type of economic class you would know the main cause of inflation is printing excess amounts of money causing it too lose valueTherefor, your first point is largely incorrect and I believe is BS.
P.S. excuse my grammar and spelling, I did not have time to proof-read this.
Referring to the federal reserve... They obviously being towards the entire topic of the point, you know the federal reserve.kill4joy KJ said:"They have complete free will to print any amount of american dollars they see fit."
Thats exactly my point and is why Ron Paul wants to go back to the gold standard. The Federal Reserve Prints money at its free will and manipulates interest rates which feuls our current boom-bust economy. And where did I say the 16 trillion dollars added was the Biggest cause of inflation? I clearly said it is a big factor which there is no debating its not but nowhere did I claim it is the largest factor in inflation and once again you are putting words in my mouth...The printing of money does cause an inflation, but that is not the direct reason why it does so. The gold standard was introduced by our founding fathers to limit the printing of money by linking it in with a precious metal that stays at a relatively stable price throughout history. Secondly you account for the $16T being printed as the biggest reason why there was such inflation, but you did not account for the plethora of other reasons, including, but not limited to: Supply, real estate values, increase of foreign powers(india, china, etc.), as well as the outsourcing of labor, which all have major ties to to inflation as well as the depreciation of the value of the dollar. Finally, you have to account for the normal wages vs. the level of inflation. If the average income is level with the inflation of the products, then the value of the dollar decreases but the general living standards of a normal citizen(either domestic or foreign) remain relatively standard.
Do you really think a textbook or newspaper is going to talk against the federal reserve, or anything for that matter? Textbooks aren't even allowed to say the holocaust was terrible but they can talk about how badly the current federal reserve is corrupting or country? And If I'm going to debate a topic I'd rather talk to somebody with textbook facts then opinions pulled out of their ass that get misunderstood for facts. Once again you are getting confused with things I actually say and things you think I said in your mind.Also, I would like to point out that I have not taken an economic class, but yet you criticize my understanding of economics when you clearly have attempted to recite a textbook answer without account any of the major factors of economic development and failure. I have a very good understanding of economics and politics, and I assure you that reading that "inflation is caused by over-printing of money" in a newspaper is not a viable source to base an argument off of.
kill4joy KJ said:Depends what newspaper you read, I've read several articles on the corruption of the economy with several different causes.
Yes I believe it is a large portion relative to other things that effect inflation I didn't mean like over 50% if you want to put it in numbers."(not implying it was ALL caused by them but a large portion has.)"
You are implying that a large portion of it was solely due to the over-printing of US currencies, while I am saying that the majority of it was due to other factors, and only a small portion has been due to the over-printing of the US dollar and giving it to banks to bail them out "secretly".
Wasn't necessarily directing that to you just that you criticized facts that come from a textbook. I made this thread with the intention of discussing politics not one sentence I made about inflation and I honestly could care less about the smallest detail in my thread."pulled out of their ass that get misunderstood for facts"
I made up nothing, and all you refuted was my interpretation of your words. You never refuted a single point I had, and yet you are criticizing my opinions.
I would love for you to find where I found this from to recite it if your going to make such claims...(except for my HF article obv)."I'm going to debate a topic I'd rather talk to somebody with textbook facts then opinions "
Debates are based upon opinions that are supported by facts. If someone is reciting someone else's work rather then his own opinion, then they simply should not be debating the said topic.
http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3I would also like to get evidence for this statement:
"16 TRILLION dollars were found given secretly to banks and companies world wide to bail them out, with absolutely 0 interest and none of that money has been even partially been paid back"
http://www.washingtonpost.com/busin...-of-interest/2011/07/21/gIQAJbbnSI_story.html
http://www.unelected.org/audit-of-the-federal-reserve-reveals-16-trillion-in-secret-bailouts
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