tag:blogger.com,1999:blog-4490468598422095060.post6940889430599766600..comments2024-03-17T07:55:12.096-07:00Comments on FOFOA: The View: A Classic Bank RunFOFOAhttp://www.blogger.com/profile/17152544684132776239noreply@blogger.comBlogger126125tag:blogger.com,1999:blog-4490468598422095060.post-88071390845159729742011-02-20T23:10:45.735-08:002011-02-20T23:10:45.735-08:00I thought long and hard about your position and co...I thought long and hard about your position and contemplated ideology vs practicality. I must admit I have never considered the problem of political will in a gold currency system. The analysis presented is logical and consistent in the scenario you presented.<br /><br /> I would like to include my original reply to that part in order to set the basis for asking a few questions. <br /><br />#####Motley Foolhttps://www.blogger.com/profile/06902761012772262091noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-87842260894717568272011-02-20T23:06:52.755-08:002011-02-20T23:06:52.755-08:00This comment has been removed by the author.Motley Foolhttps://www.blogger.com/profile/06902761012772262091noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-17226734156639444132011-02-20T23:06:09.965-08:002011-02-20T23:06:09.965-08:00Well now.
That was a truly excellent post. It see...Well now.<br /><br />That was a truly excellent post. It seems you have taken that “woolly” comment to heart FOFOA. Nice and clear, though you did get somewhat sidetracked about 2/3' s through, but that is inconsequential overall. <br /><br />There is some truth in each view you presented. The problem with this of course is that people shape their views around their truths. <br /><br />You Motley Foolhttps://www.blogger.com/profile/06902761012772262091noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-437908610699897482011-02-10T04:54:00.814-08:002011-02-10T04:54:00.814-08:00Bron,
I posted the link exactly to support and hig...Bron,<br />I posted the link exactly to support and highlight the idea that gold in FRB should not be lent but saved not to oppose the other part of your comment. We live in FRB system so I look at it from this point of view.@mortymer001https://www.blogger.com/profile/13047624328777522777noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-83398063432951713572011-02-10T00:59:44.129-08:002011-02-10T00:59:44.129-08:00@Atticus:
There would be no need for arbitrage ac...@Atticus:<br /><br /><i>There would be no need for arbitrage activities to keep gold prices in line, because <b>the gold price would be fixed and legally defined in dollar terms</b>.</i><br /><br />Where will it be fixed? Will you write a law that will be globally enforceable? Will you also make the price fixed in all other countries?<br /><br />If you fix the price of gold in your jurisdiction, DPhttps://www.blogger.com/profile/01965423353442076871noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-13263760612404661452011-02-09T23:06:38.625-08:002011-02-09T23:06:38.625-08:00Bron,
"As you said "this is what gold wi...Bron,<br />"As you said "this is what gold will be freed from: The fractional reserve banking practice, which is a carryover from the gold standard." that is, freed from fractional banking.<br /><br />Can't such freed gold be free to be used as currency, which can just be conceived of as a barter transaction where one asset (gold) is exchanged for another? Or free to be "Jonathanhttps://www.blogger.com/profile/10476639574942851387noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-54482601767088022932011-02-09T21:40:51.687-08:002011-02-09T21:40:51.687-08:00@littlepeople
It's not a fear.
Can't we ...@littlepeople<br /><br />It's not a fear.<br /><br />Can't we have the silver discussions in the silver threads?<br /><br />I come here so looking forward to reading comments about FreeGold and related economics. Then there seems to always be someone derailing the conversation with talk of silver.<br /><br />It's always back to the same old discussion that has been had time and time Petehttps://www.blogger.com/profile/13424744710145557605noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-74361140904878696772011-02-09T20:24:36.549-08:002011-02-09T20:24:36.549-08:00Pete:
We've "already been there" reg...Pete:<br />We've "already been there" regarding hyperinflation, freegold, gold lending, etc., etc., etc. Why are you and so many others afraid to discuss silver? Is it simply because thus far, Another, FOA and FOFOA's expectations have not come to be regarding silver?littlepeoplehttps://www.blogger.com/profile/03145556519095906058noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-69917427051099063492011-02-09T20:02:17.795-08:002011-02-09T20:02:17.795-08:00I would also like to add that I appreciate Atticus...I would also like to add that I appreciate Atticus's notion about responsibility. If Dick loans his physical gold to Jane and Jane is unable to pay Dick back the gold, that's Dick's problem -- not the courts.Jennhttps://www.blogger.com/profile/06273650315087650694noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-1946524467299273032011-02-09T19:50:43.907-08:002011-02-09T19:50:43.907-08:00This comment has been removed by the author.YANKY DOODLEhttps://www.blogger.com/profile/15250782085837627145noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-50223565231311749252011-02-09T19:49:20.073-08:002011-02-09T19:49:20.073-08:00This comment has been removed by the author.YANKY DOODLEhttps://www.blogger.com/profile/15250782085837627145noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-8850578082779779782011-02-09T19:43:36.342-08:002011-02-09T19:43:36.342-08:00Hi Bron-
I wanted to mention that I found your id...Hi Bron-<br /><br />I wanted to mention that I found your idea about lending gold in a physical only market interesting. It seems to me if the lender is required (hmm -- that would imply regulation) -- rather -- if the market operates in such a way as borrowers refuse to accept paper gold loans instead demanding physical -- then perhaps Freegold and gold lending could coincide.<br /><br />But Jennhttps://www.blogger.com/profile/06273650315087650694noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-44838677464651989342011-02-09T19:33:50.928-08:002011-02-09T19:33:50.928-08:00This comment has been removed by the author.YANKY DOODLEhttps://www.blogger.com/profile/15250782085837627145noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-57634710957971728512011-02-09T19:30:32.399-08:002011-02-09T19:30:32.399-08:00This comment has been removed by the author.YANKY DOODLEhttps://www.blogger.com/profile/15250782085837627145noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-69413656398057782012011-02-09T19:26:47.876-08:002011-02-09T19:26:47.876-08:00Alright. Who was it that left the front door unloc...Alright. Who was it that left the front door unlocked again. C'mon. Fess Up!Jennhttps://www.blogger.com/profile/06273650315087650694noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-86443782116078447972011-02-09T19:25:17.324-08:002011-02-09T19:25:17.324-08:00This comment has been removed by the author.YANKY DOODLEhttps://www.blogger.com/profile/15250782085837627145noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-6182332174688431712011-02-09T19:20:55.938-08:002011-02-09T19:20:55.938-08:00This comment has been removed by the author.YANKY DOODLEhttps://www.blogger.com/profile/15250782085837627145noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-30757225229595974172011-02-09T17:58:05.086-08:002011-02-09T17:58:05.086-08:00@Bron:
You're confusing regulation with law, ...@Bron:<br /><br />You're confusing regulation with law, and prohibition with enforceability.<br /><br />I'm suggesting that lending and borrowing of physical gold be legally unenforceable, not that it be criminalized or regulated. Indeed, any gold lending or borrowing under those circumstances would be completely unregulated. It might still happen, but if something went wrong or some John Reganhttps://www.blogger.com/profile/14174895768769300686noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-81324908889779302982011-02-09T17:19:53.129-08:002011-02-09T17:19:53.129-08:00mortymer,
The Aristotle quote just says not to le...mortymer,<br /><br />The Aristotle quote just says not to lend Gold because it will result in "artificially inflated supplies". I think you're taking it out of context and the assumption behind that statement is don't lend in a world of fractional reserve banking. It does not deal with the situation under a Mises.org 100% reserve banking system.<br /><br />Atticus,<br /><br />I Bron Sucheckihttps://www.blogger.com/profile/00530576934994289879noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-19793981577669234192011-02-09T16:56:03.328-08:002011-02-09T16:56:03.328-08:00Please no more talk of silver...
We've been t...Please no more talk of silver...<br /><br />We've been there alreadyPetehttps://www.blogger.com/profile/13424744710145557605noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-91487879349098012692011-02-09T16:30:33.411-08:002011-02-09T16:30:33.411-08:00Sprott has some thoughts on silver. Maybe he is t...Sprott has some thoughts on silver. Maybe he is talking his new silver book (phys), but I wonder--will freegold pre-empt silver's dash to 16:1 or will silver prevail, allowing a huge arb for silver-bugs first?<br /><br />"Such a game-changing scenario should recalibrate the gold to silver pricing ratio in silver's favor, thereby eventually restoring it to its traditional level of littlepeoplehttps://www.blogger.com/profile/03145556519095906058noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-64030626980068078522011-02-09T11:39:55.141-08:002011-02-09T11:39:55.141-08:00Jeff, thanks.
I think I pretty much agree. I mea...Jeff, thanks.<br /><br />I think I pretty much agree. I mean, people can lend and borrow all they want, but if they want their agreements enforced they'd be out of luck. That's what FOFOA seems to be proposing and what I would propose as well.<br /><br />This sets up a very interesting state of affairs where physical possession of gold becomes a very serious affair, kind of like when John Reganhttps://www.blogger.com/profile/14174895768769300686noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-39474201738945978852011-02-09T11:21:54.267-08:002011-02-09T11:21:54.267-08:00atticus, foa said this:
FOA (06/19/01; 19:26:30M...atticus, foa said this: <br /><br />FOA (06/19/01; 19:26:30MT - usagold.com msg#78<br /><br />No one is going to tell anyone they cannot enter into gold contracts. Sure, we will be able to borrow, lend, option or sell gold all we want. But, unlike those overt alcohol laws during prohibition, today's gold party people be able to drink all they want. (smile) That is deal in all the gold Jeffhttps://www.blogger.com/profile/08785185950964767294noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-22901726713127954682011-02-09T10:18:19.027-08:002011-02-09T10:18:19.027-08:00@FOFA:
It would seem that you could accomplish th...@FOFA:<br /><br />It would seem that you could accomplish the prohibition on lending or borrowing gold by legally declaring any such contracts void and unenforceable. <br /><br />Do you think this would work?John Reganhttps://www.blogger.com/profile/14174895768769300686noreply@blogger.comtag:blogger.com,1999:blog-4490468598422095060.post-70054907956412942502011-02-09T10:11:38.599-08:002011-02-09T10:11:38.599-08:00The floating aspect is the vital evolutionary impr...<i>The floating aspect is the vital evolutionary improvement over all <b>previous structural monetary failures which tried to use a gold standard at a fixed price</b> (i.e., unit of account) <b>perversely joined to the very elastic money supply</b> of any given country’s banking system.</i><br /><br />Part of 'RS Comment' within <a href="http://fofoa.blogspot.com/2011/01/DPhttps://www.blogger.com/profile/01965423353442076871noreply@blogger.com