Every other country in the world that has a government of more than a tin pot dictator is following pretty much the same economic policy. They have no realistic alternative to using the US Dollar as their Reserve Currency. Well they do... The Euro... which is in worse shape.
You need to draw a distinction between the government printing money and a private entity borrowing money. The governemnt will never pay off it's debt. The purpose or intent was never there to pay it off. That's not to say it doesn't need to be managed... and I'm not saying it isn't well out of hand today compared to where it should be... but at that level paying it off is not really the point. If the money supply was limited to the amount of gold in the world you would have no realistic way to manage the money supply... and not managing the money supply is a big part of what has caused past panics and the unwinding of previous currencies. Would you really want to rely on a currency today where most known unmined reserves exist in Africa and South America? We've taken most of our gold from the ground already... I'm not sure why you see the Fed as being run by criminals. That kind of stuff is the spin that is place don facts by people with an agenda to sell that generally has nothing to do with the fed. Or they see some grand conspiracy in the normal workings of an organization simply because they don't understand exactly what it is the organization does.
We're sitting here argueing about macro economic theory... a subject that's hardly agreed upon by leading economists of the past century let alone anyone else... but this much I do know... none of them advocated a return to the gold standard.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
... [Read Article]
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