Recent content by George S

Socialism is veneration of a tribal ideal. Go back to the time we were evolving, the time when we were separate groups struggling with competing groups for places to live and harvest and hunt. The surviving tribes did what evolution demands and survived better when tribal identity was strong...

They are controlling other goods and services -- perhaps you missed my saying it was necessary to NOT control anything else. AND make it permanent. The expectation is that the minimum will be raised. Same is true if a commodity is chosen -- it must be made permanent to work AND nothing else...

Looking at historical gold prices... I apparently learned that $40 in 1950 when I was 7. I'm in my 80th year. Perhaps, I'm misremembering. A currency does not have to be pegged to gold or silver coin, although that was a good one. A currency could be pegged to any single commodity. That is, a...

By putting a given amount of silver in a silver dollar the Treasury has 'regulated'* (in that era 'regulate' meant 'make regular' or 'make the same') the value. The amount of silver in the coin established the value of the coin. Silver did not change price. Nor did gold. When I was young and all...

There are, today, fiat coins. Coinage used be such that the silver dollar contained one dollar's worth of silver. Pre 1965 all coins had intrinsic value.

I remember it. There were also silver certificates ($1) and Treasury notes redeemable in Gold. "Lawful money" is a term used in the Federal Reserve Act, the act that authorizes the Board of Governors of the Federal Reserve System to issue Federal Reserve notes. The Act states that Federal...

If I might indulge in a little mind-reading: I think Mr. Friedman would disagree about that claim of "stability" of fiat currency. In the 40's a house was in the thousands. 80 years of inflation is not "stability" in my opinion. The Tresasury can "coin" money, not "print" money. At least...

The Treasury is authorized to "coin" money. Nothing about issuing fiat.

Surely you know that wampum was legal tender, too. Nevertheless your response has no relevance to Friedman's thesis. Inflation IS excess government spending over funds collected. "Under the Constitution, only gold and silver coins may be required to be used as legal tender (‘a tender in payment...

Milton Friedman had one explanation. Other economists have differing opinions. He made the claim that inflation IS the difference between collections -- taxes and fees -- and spending. Such excess spending introduces more "money" into the economy. More cash pursuing the same goods. Inflation...

BIANNUAL

That fit sure looks like it might need adjustment to me.....

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