This is Going to be an Adventure...

[Juana]

Remember Rep. Joe Barton (R-TX), the guy who at the height of the spill apologized to BP on behalf of America for the "tragedy" of the $20 billion clean up fund put together by the White House? Meet your next chairman of the Energy Committee.

Ron Paul may oversee Fed

Rep. Ron Paul (R., Texas), who wants to abolish the Federal Reserve, could end up overseeing it as part of the Republican takeover of the House of Representatives.

Paul is the ranking member of the Subcommittee on Domestic Monetary Policy and Technology on the House Financial Services Committee, which has oversight for the Fed, the U.S. Mint and U.S. interaction with the World Bank, Politico reported.

The Republican leadership will make the final call on whether Paul gets to oversee the Fed, which, in addition to setting monetary policy, now has a more important role in overseeing big financial institutions including traditional banks like Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC), and other systemically important institutions like Goldman Sachs (GS), American International Group (AIG) and General Electric (GE)'s financial unit.

Paul got some traction recently with legislation proposing to audit the notoriously secretive Fed. He also wants to re-establish the gold standard.

[The Good Reverend Roger]

 

[Disco Pickle]

Ron Paul may oversee Fed

Rep. Ron Paul (R., Texas), who wants to abolish the Federal Reserve, could end up overseeing it as part of the Republican takeover of the House of Representatives.

Paul is the ranking member of the Subcommittee on Domestic Monetary Policy and Technology on the House Financial Services Committee, which has oversight for the Fed, the U.S. Mint and U.S. interaction with the World Bank, Politico reported.

The Republican leadership will make the final call on whether Paul gets to oversee the Fed, which, in addition to setting monetary policy, now has a more important role in overseeing big financial institutions including traditional banks like Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC), and other systemically important institutions like Goldman Sachs (GS), American International Group (AIG) and General Electric (GE)'s financial unit.

Paul got some traction recently with legislation proposing to audit the notoriously secretive Fed. He also wants to re-establish the gold standard.

thats..   actually not a bad idea.  I'd rather see someone who's got a passion for monetary policy overseeing the Fed than someone who comes to it because it's an open position and it will pad their public service resume for when they get voted out and become a lobbyist for the banking system.

also:

"I wouldn't exactly go back on the gold standard but I would legalize the constitution where gold and silver should and could be legal tender, which would restrain the Federal Government from spending and then turning that over to the Federal Reserve and letting the Federal Reserve print the money."  -- Ron Paul

I know it wasn't your quote, and I'm not giving YOU shit for it Cat, but it sure is fun to try and simplify where someone stands and get it completely wrong, isn't it?

[East Coast Hustle]

[Disco Pickle]

care to elaborate? 

inb4 

[Juana]

Ron Paul may oversee Fed

Rep. Ron Paul (R., Texas), who wants to abolish the Federal Reserve, could end up overseeing it as part of the Republican takeover of the House of Representatives.

Paul is the ranking member of the Subcommittee on Domestic Monetary Policy and Technology on the House Financial Services Committee, which has oversight for the Fed, the U.S. Mint and U.S. interaction with the World Bank, Politico reported.

The Republican leadership will make the final call on whether Paul gets to oversee the Fed, which, in addition to setting monetary policy, now has a more important role in overseeing big financial institutions including traditional banks like Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC), and other systemically important institutions like Goldman Sachs (GS), American International Group (AIG) and General Electric (GE)'s financial unit.

Paul got some traction recently with legislation proposing to audit the notoriously secretive Fed. He also wants to re-establish the gold standard.

thats..   actually not a bad idea.  I'd rather see someone who's got a passion for monetary policy overseeing the Fed than someone who comes to it because it's an open position and it will pad their public service resume for when they get voted out and become a lobbyist for the banking system.

also:

"I wouldn't exactly go back on the gold standard but I would legalize the constitution where gold and silver should and could be legal tender, which would restrain the Federal Government from spending and then turning that over to the Federal Reserve and letting the Federal Reserve print the money."  -- Ron Paul

I know it wasn't your quote, and I'm not giving YOU shit for it Cat, but it sure is fun to try and simplify where someone stands and get it completely wrong, isn't it?

Yeah, you are kinda giving me shit for it. The last clause sounds like an asshole comment to me. I'm going to let it go because I don't like scrapping over things like that.

Why bimetallism sucks:

Arguments advanced against bimetallism are: (1) it is practically impossible for a single nation to use such a standard without having international cooperation; (2) such a system is wasteful in that the mining, handling, and coinage of two metals is more costly; (3) because price stability is dependent on more than the type of monetary base, bimetallism does not provide greater stability of prices; and (4) most importantly, bimetallism in effect freezes the ratio of the prices of the two metals without regard to changes in their demand and supply conditions. Such changes can disrupt attempts to maintain the double standard.

The thing about the gold standard is, at least from my knowledge, is that it has the same issue as fiat money. You can always fiddle with the value of gold one way or another. "An ounce of gold is now worth $2,000" or "an ounce of gold is now worth three dollars." Either way, you now can shift how much money you can print.

Edit: I also see issues with it in terms of growing an economy. There's only so much gold, and economies need to be more flexible. But that's a semi-uneducated comment. I'd have to do more research (which I don't have time to), but from what I remember that was a criticism.

[Disco Pickle]

Ron Paul may oversee Fed

Rep. Ron Paul (R., Texas), who wants to abolish the Federal Reserve, could end up overseeing it as part of the Republican takeover of the House of Representatives.

Paul is the ranking member of the Subcommittee on Domestic Monetary Policy and Technology on the House Financial Services Committee, which has oversight for the Fed, the U.S. Mint and U.S. interaction with the World Bank, Politico reported.

The Republican leadership will make the final call on whether Paul gets to oversee the Fed, which, in addition to setting monetary policy, now has a more important role in overseeing big financial institutions including traditional banks like Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC), and other systemically important institutions like Goldman Sachs (GS), American International Group (AIG) and General Electric (GE)'s financial unit.

Paul got some traction recently with legislation proposing to audit the notoriously secretive Fed. He also wants to re-establish the gold standard.

thats..   actually not a bad idea.  I'd rather see someone who's got a passion for monetary policy overseeing the Fed than someone who comes to it because it's an open position and it will pad their public service resume for when they get voted out and become a lobbyist for the banking system.

also:

"I wouldn't exactly go back on the gold standard but I would legalize the constitution where gold and silver should and could be legal tender, which would restrain the Federal Government from spending and then turning that over to the Federal Reserve and letting the Federal Reserve print the money."  -- Ron Paul

I know it wasn't your quote, and I'm not giving YOU shit for it Cat, but it sure is fun to try and simplify where someone stands and get it completely wrong, isn't it?

Yeah, you are kinda giving me shit for it. The last clause sounds like an asshole comment to me. I'm going to let it go because I don't like scrapping over things like that.

Why bimetallism sucks:

Arguments advanced against bimetallism are: (1) it is practically impossible for a single nation to use such a standard without having international cooperation; (2) such a system is wasteful in that the mining, handling, and coinage of two metals is more costly; (3) because price stability is dependent on more than the type of monetary base, bimetallism does not provide greater stability of prices; and (4) most importantly, bimetallism in effect freezes the ratio of the prices of the two metals without regard to changes in their demand and supply conditions. Such changes can disrupt attempts to maintain the double standard.

The thing about the gold standard is, at least from my knowledge, is that it has the same issue as fiat money. You can always fiddle with the value of gold one way or another. "An ounce of gold is now worth $2,000" or "an ounce of gold is now worth three dollars." Either way, you now can shift how much money you can print.

Edit: I also see issues with it in terms of growing an economy. There's only so much gold, and economies need to be more flexible. But that's a semi-uneducated comment. I'd have to do more research (which I don't have time to), but from what I remember that was a criticism.

I really did mean it to be directed toward the person who wrote the article and not you.  Rereading it I see where that's not apparent.

When Bretton Woods broke down and Nixon detached the value of the dollar from gold completely, the M3 began to go through the roof and there's no ceiling anymore.  Partially why (IMO) the Fed doesn't publish that number anymore.

You can't return to a gold standard like we originally had, for the reasons you stated.  Tying a currency value to a basket of developed world currencies could help stabilize it's value and discourage spending-by-borrowing.

ECH, if this horse has been beat here, I didn't find it's corpse and apolagize for mucking up the board.

[East Coast Hustle]

no worries, it's been a while since we had a 30+ page screechfest, which this will inevitably devolve into.

[Disco Pickle]

no worries, it's been a while since we had a 30+ page screechfest, which this will inevitably devolve into.

are we talking about the same board?

[The Good Reverend Roger]

Ron Paul may oversee Fed

Rep. Ron Paul (R., Texas), who wants to abolish the Federal Reserve, could end up overseeing it as part of the Republican takeover of the House of Representatives.

Paul is the ranking member of the Subcommittee on Domestic Monetary Policy and Technology on the House Financial Services Committee, which has oversight for the Fed, the U.S. Mint and U.S. interaction with the World Bank, Politico reported.

The Republican leadership will make the final call on whether Paul gets to oversee the Fed, which, in addition to setting monetary policy, now has a more important role in overseeing big financial institutions including traditional banks like Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC), and other systemically important institutions like Goldman Sachs (GS), American International Group (AIG) and General Electric (GE)'s financial unit.

Paul got some traction recently with legislation proposing to audit the notoriously secretive Fed. He also wants to re-establish the gold standard.

thats..   actually not a bad idea.  I'd rather see someone who's got a passion for monetary policy overseeing the Fed than someone who comes to it because it's an open position and it will pad their public service resume for when they get voted out and become a lobbyist for the banking system.

also:

"I wouldn't exactly go back on the gold standard but I would legalize the constitution where gold and silver should and could be legal tender, which would restrain the Federal Government from spending and then turning that over to the Federal Reserve and letting the Federal Reserve print the money."  -- Ron Paul

I know it wasn't your quote, and I'm not giving YOU shit for it Cat, but it sure is fun to try and simplify where someone stands and get it completely wrong, isn't it?

You fucking libertarians are all the same.

[The Good Reverend Roger]

Yeah, you are kinda giving me shit for it. The last clause sounds like an asshole comment to me. I'm going to let it go because I don't like scrapping over things like that.

WHO ARE YOU PEOPLE AND WHAT HAVE YOU DONE TO PD? 

[Elder Iptuous]

did somebody mention gold?


my screeching muscles are all itchy... 

[Disco Pickle]

Ron Paul may oversee Fed

Rep. Ron Paul (R., Texas), who wants to abolish the Federal Reserve, could end up overseeing it as part of the Republican takeover of the House of Representatives.

Paul is the ranking member of the Subcommittee on Domestic Monetary Policy and Technology on the House Financial Services Committee, which has oversight for the Fed, the U.S. Mint and U.S. interaction with the World Bank, Politico reported.

The Republican leadership will make the final call on whether Paul gets to oversee the Fed, which, in addition to setting monetary policy, now has a more important role in overseeing big financial institutions including traditional banks like Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC), and other systemically important institutions like Goldman Sachs (GS), American International Group (AIG) and General Electric (GE)'s financial unit.

Paul got some traction recently with legislation proposing to audit the notoriously secretive Fed. He also wants to re-establish the gold standard.

thats..   actually not a bad idea.  I'd rather see someone who's got a passion for monetary policy overseeing the Fed than someone who comes to it because it's an open position and it will pad their public service resume for when they get voted out and become a lobbyist for the banking system.

also:

"I wouldn't exactly go back on the gold standard but I would legalize the constitution where gold and silver should and could be legal tender, which would restrain the Federal Government from spending and then turning that over to the Federal Reserve and letting the Federal Reserve print the money."  -- Ron Paul

I know it wasn't your quote, and I'm not giving YOU shit for it Cat, but it sure is fun to try and simplify where someone stands and get it completely wrong, isn't it?

You fucking libertarians are all the same.

juicy bait..  (remember what ECH said now..  deep breath..  it's just the internet)

you fucking (insert people who identify with particular schools of political thought to the exclusion of others completely and totally)s are all the same.

you have me completely figured out because you spent some time on Reason.com

I like you Howl, you make me question my beliefs and I appreciate that in an angry looking avatar, but I like you more when you contribute to the discussion and don't just throw shit all over the walls and call it art.

[Epimetheus]

but I like you more when you contribute to the discussion and don't just throw shit all over the walls and call it art.

Oh, if only you knew how many incarnations every possible debate has had on PD. It's like an eternal return we get to live through over and over. And it's so very .

[Requia ☣]

There is not enough gold to return to a gold backed currency.  It's too late, get over it.