Why draws people to Austrian economics? Why are people so obsessed with the gold standard...

Why draws people to Austrian economics? Why are people so obsessed with the gold standard? Why do Austrians hate math and econometrics?

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*What draws

>college uneducated
>gold is money cuz shiny

because gold is not 472 dollars an ounce today
macrotrends.net/1333/historical-gold-prices-100-year-chart

because they don't understand shit except muh conservative monetary policy and balanced budgets

Why does this matter?

They believe that it restricts a government from deficit spending since, in theory, they would need to back every dollar in circulation with physical gold. So you can't inflate the money supply and your trade deficits need to be in balance.

Of course, in practice, even when the country was on the gold standard, they would issue gold certificates or simply make public ownership of gold illegal, i.e. FDR 1933. In other words, if they want to spend, they'll find a way to spend, even with a gold standard.

The reason why Bretton Woods ultimately broke down, is that a gold standard is very restrictive. You can't buy votes if your ability to dump borrowed dollars into inner city shitholes is restricted.

Debating a lot with libertarians I realized they're even more abstract and divorced from reality than socialists

Conservative centrists are the only sensible people.

...

>Rothbard
>Freidman
>von Mises
All Jewish.
Really decalcifies my pineal gland.

Conservatives is just libertarians with a decade of lefty influence and brainwashing. All right winged economics takes the principles of libertarians but refuse to take it to their logical conclusions. They will admit that state run X is bad, up until its something like medicine. All the government is, is a collection of people. The same as a company. But how both parties operate is fundamentally different. Companies need the consent of whoever they are dealing with. Governments will just go ahead with anything they want no matter how inefficient it is. If there is a need for something in society then it will be provided for by people making it in exchange for whatever the middle ground in that exchange might be. Libertarianism is not only the most moral system, but the most effective system. Theres a reason why free markets make the poor fat and government run markets make bread lines.

What's wrong with gold standard?

Bitcoin is better.

Doesn't it get increasingly harder to mine bitcoins as more and more is unlocked? It doesn't get harder to mine gold.

THAT EXACTLY!

Meant for

It doesn't work with the socialist economic policies of modern Western democracies.

They need to keep borrowing with constant deficit spending. As long as the bluff is never called, i.e. somebody holding their bonds starts to believe they aren't ultimately going to get their money back, the system continues to lurch forward. A gold standard would prevent this model, and the dependent voting class that goes with it, since physical gold would be required to back any dollars flushed down the welfare toilet. In other words, the dollar would have to produced before it could be spent, and that restriction would limit the number of dependents relying on the government for their existence - they'd have to produce dollars themselves, and that requires labor.

Sanity.

By welfare you mean social programs like health care, disability support and food banks right? Not just plain old gibs?

>It doesn't get harder to mine gold.

It literally does, Ivan.

Who is the goddess

Okay, but you also have to explain why this model is a good thing, because it sure as hell doesn't look like it to me.

Kangaroos and fucking koalas, that's why

Two slightly different things - the gold standard itself, restricts the money supply so it's not easy to get extra dollars for social spending.

Social spending itself is a choice that Western societies make to different degrees, but if you can't pay for all the gibs, you have to borrow. If you're tied to a gold standard, you really can't - if you want more dollars, you devalue, i.e. inflation, or produce more "gold" which ultimately ends up being more broadly defined as anything with acutual value. So in theory, if you limit the gibs, and tax the productive members of society, and export/import where don't lose your gold and tighten your money supply, it can all work.

In theory that never happens because dregs always want more free shit. Hence, the gold standard is a pipe dream of libertarians.

You just can't print trillions of dollars out of thin air and not expect consequences.

It would work if the world depopulated a lot. Right now there's just not enough Gold for all the world to share a standard to. But it could still work if we just regulated the currency we have now as if we had a set specific gold standard, but you can bet sure as hell there will be people at the top who will manipulate it and exploit it so they still win.

Burning your house down benefits the economy!!!

>muh conservative monetary policy and balanced budgets
God forbid you have a balanced budget instead of printing away your kids future mirite?

...

Do you realize that the difference between whites and niggers in iq is the same difference between whites and jews? You sound like a nigger whining about the oscars being too white.

keynesian:
>of course, it elevates the price of houses helping home owners!
>It will create jobs!
>it will (((((((((((STIMULATE))))))))) THE ECONOMY!
>don't model the economy off real stuff+anthropogenic behaviors, that's, like, nazism

>B-b-b-but value is a social construct
>Gold is just another metal
>QUANTITATIVE EASING!!!!!!

>because they don't understand shit except muh conservative monetary policy and balanced budgets
From a leaf....

Gold or not you devalue anyway when you conjure those extra dollars for them programs, no?

...

>trading marginal improvement in scientific progress for unrelenting judaism
good god...

True - if you get rid of your dependencies, you have no need to borrow and go into debt so the money supply doesn't need to keep expanding.

If your productive elements produce enough to take care of themselves, what the fuck does the government have to do but enforce the law to keep things fair and get the hell out of the way.

That's the dream, but if you visit any inner city shithole, you know it's only a dream. We'll have fiat currencies, managed inflation, and deficit spending until it breaks.

I'm an eurofaggot actually and austerity sure isn't helping us. quantitative easing can put economies in life support, but not much more than that

being the school consistenly right

your welcome for that

Thanks for the higher resolution m'user

Not necessarily, if you produce (GDP) enough, in theory, you can pay for those things. In practice, they cost more then the taxes collected, so borrowing is required.

And you're basically right about devaluation. The goal of the Fed is to maintain a 2-3% rate of annual inflation. So when you borrow a current dollar, and pay it back 30 years later, you're only paying back $0.48 on the dollar.

Even Hamilton back in the day though debt was a wonderful thing. It really can be - if you pay for a road, the economic growth may be worth every penny and make the original debt a good investment. However, I don't think there's much of a return in giving food stamps to a crack whore, who sells them for 1/20th of their value for a hit.

There are good and bad debts.

That's another thing I can't wrap my head around. How can they manage those 2-3% when they pump out astronomical amounts in QE - and they ended up doing it on a regular basis too. I'd understand if there was only the treasury bond carousel, but these bailouts are billions upon billions, right? Or are they paying for those without actually making any new dollars?

The big lever is interest rates, and sovereign debt, i.e. what China and other countries lend back. They don't need to run the printing presses and product more paper dollars if they can borrow them. So they set interest rates and folks with dollars agree to lend them. Also, a country like China, all other political BS aside, has a vested interest in making sure American consumers keep buying the shit their factories spew out so they don't have social unrest.

So you don't really have to print money and risk out of control inflation, i.e. Venezuela, at least not yet. They can adjust those incentives, and along with the welfare state spending and the health of the economy, try to keep it in the "just right" zone of 2-3%.

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I consider myself a morally conservatives, protectionist, who is registered as a Republican.

I would like to see a libertarian explain how Reagan's quotas on Toyota--in real life-- hurt the US economy, not in libertarian theory.

archive.fo/TKI4l

You know who else thought production should bee outsourced? Democrat Jews, the kings of public manipulation and propaganda, Walter Lippmann and Edward Bernays.

Its another ideology that came out of the Jews ass as part of their Thesis-Antithesis method.

And i find it the more retarded, infantile and utopian of them all. Communism is rational compared to AnCap-ism...the "Magical Self-Regulating and Self-Correcting Hidden Hand of Total Capitalism"...lol...makes me laugh.

So why does Barbara Spector want to stop Europe from being "a monolith"? youtu.be/MFE0qAiofMQ

So tell me, in Australia do you ever go into a store and see a donation can so some person can get an operation they need or they are going to die. I don't see it quite as often since Obama care passed, but you still see it from time to time.

My mother died from dementia days before her 63rd birthday. Dementia does not ruin in the family. Her mother is 90 and grandparents lived into their 90's. She had health issues she did not take care of because of money and lack of insurance, which most likely caused her illness. As an Australian, do you have any clue what it's like to not be able to afford to go to the doctor.

Adam Smith wrote about what it was like when the market controlled population growth:
>Every species of animals naturally multiplies in proportion to the means of their subsistence, and no species can ever multiply beyond it. But in civilized society, it is only among the inferior ranks of people that the scantiness of subsistence can set limits to the further multiplication of the human species; and it can do so in no other way than by destroying a great part of the children which their fruitful marriages produce. " -- Adam Smith Page 33, Column 2, Paragraph 2

Because they don't know anything about economics and yet think they know everything about it hence they avoid things like econometrics, etc. which could shatter their pre-conceived religious-esque view of economics/the world.

is she Austrian?