I guess they got this news release just yesterday and stopped reading what happened afterwards
Statement by President Herbert Hoover on March 8, 1932.
“Nothing is more important than balancing the budget with the least increase in taxes. The Federal Government should be in such position that it will need issue no securities which increase the public debt after the beginning of the next fiscal year, July 1. That is vital to the still further promotion of employment and agriculture. It gives positive assurance to business and industry that the Government will keep out of the money market and allow industry and agriculture to borrow the monies required for the conduct of business. I cannot overemphasize the importance of the able nonpartisan effort being made by the Ways and Means Committee and the Economy Committee of the House whose work are complementary to each other.
Had gold been nominally priced at its real value (~$40-50? vs $20), and had ongoing additions to the gold supply (or related adjustments) been close enough to optimal, Hoover would probably have been right. “Crowding out” can happen under a gold standard.
That said, there are fair arguments to be made (from both sides, imo) re just distribution of resources under gold vs fiat. Economic efficiency too (cue the Mises Inst acolytes gasping in horror…).
Subversive morons? Just when you think a little progress is being made, the pandering to the deficit hawks and deficit doves shifts to overdrive,
No one in government seems to have the courage to tell the truth
Yep.
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I can’t believe this kind of agenda flows from honest economists who are simply misguided by theory. I suspect hacks who are bought and paid for.
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I guess they got this news release just yesterday and stopped reading what happened afterwards
Statement by President Herbert Hoover on March 8, 1932.
“Nothing is more important than balancing the budget with the least increase in taxes. The Federal Government should be in such position that it will need issue no securities which increase the public debt after the beginning of the next fiscal year, July 1. That is vital to the still further promotion of employment and agriculture. It gives positive assurance to business and industry that the Government will keep out of the money market and allow industry and agriculture to borrow the monies required for the conduct of business. I cannot overemphasize the importance of the able nonpartisan effort being made by the Ways and Means Committee and the Economy Committee of the House whose work are complementary to each other.
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Art Patten Reply:
April 12th, 2012 at 11:47 am
@Sidchem,
Had gold been nominally priced at its real value (~$40-50? vs $20), and had ongoing additions to the gold supply (or related adjustments) been close enough to optimal, Hoover would probably have been right. “Crowding out” can happen under a gold standard.
That said, there are fair arguments to be made (from both sides, imo) re just distribution of resources under gold vs fiat. Economic efficiency too (cue the Mises Inst acolytes gasping in horror…).
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@Neil Wilson, Our decades will, if we don’t act. Or the decades will simply get lost, at best.
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The OECD wants less the debt. Meanwhile the IMF says there is a SHORTAGE of quality government debt. See:
http://www.ft.com/cms/s/0/b597638c-83e8-11e1-9d54-00144feab49a.html
Bill Mitchell regularly tears strips off the IMF and I nearly always agree with him.
Can’t we get some terrorists to fly airliners into the headquarter buildings of the above two organisations – preferably with the staff inside?
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Neil Wilson Reply:
April 12th, 2012 at 10:40 am
@Ralph Musgrave,
I understand the anger, but they need re-educating, not exterminating.
Nobody deserves to die.
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Art Patten Reply:
April 12th, 2012 at 11:42 am
@Neil Wilson,
“Nobody deserves to die.”
And yet we all do. :)
(Not that it’s any reason to support this particular proposal of Ralph’s…)
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Subversive morons? Just when you think a little progress is being made, the pandering to the deficit hawks and deficit doves shifts to overdrive,
No one in government seems to have the courage to tell the truth
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