General Discussion

Volaris

(11,691 posts)

32. The U.S. Treasury no longer prints Currency. (they DO still mint Coins)

Mon Oct 22, 2012, 03:22 PM

Oct 2012

The Printing Presses are all operated by the Federal Reserve Bank. It the Treasury were "in charge" of our Currency, they could make simple interest Mortgages at 10%, rather than the compound interest that make banks rich. It would prop up the public square to such an extent, that the Private Market (see Wall Street) would, in short order, totally implode.
It would also make Elected Politicians actually RESPONSIBLE for Monetary as well as Fiscal Policy in America again, and...well, we just can't have THAT, now can we. I'm not a Paul-bot by any stretch of the imagination, but I DO think we need to make some much needed alterations to the way we handle MONETARY Policy in America, in such a way that the Dollar is based on the value of LABOR, rather on how much profit it can generate for the already Rich.

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If You Have The Ability to Create Your Own Currency, How Can You Ever Be Broke? [View all] Yavin4 Oct 2012 OP

K&R abelenkpe Oct 2012 #1

It's all a ruse RegieRocker Oct 2012 #2

Eco 101 explains why this is a bad idea Gman Oct 2012 #3

I've never taken a real Econ class in a college or university slackmaster Oct 2012 #92

Correct. bemildred Oct 2012 #4

Why would anyone ever work then? Boetie Oct 2012 #67

You'ld like this cartoon... hunter Oct 2012 #70

Maybe those idiots on the island Boetie Oct 2012 #101

To get money. It's paper now, eh? And it's still legal tender. bemildred Oct 2012 #71

How can you "underdo" it? Boetie Oct 2012 #99

Not print enough, not put enough in circulation, not pay working people enough, bemildred Oct 2012 #100

What if the value of people's money Boetie Oct 2012 #102

First off, it has no intrinsic value, it's paper. Nowadays it's not even that. bemildred Oct 2012 #103

bemildred...American workers have a decreasing share of the national wealth. This "no consequence" Romulox Oct 2012 #106

That's because the game is rigged. As Ms Warren says. bemildred Oct 2012 #107

Rampant inflation (e.g. of housing prices) does not and has not helped common people. nt Romulox Oct 2012 #109

Indeed. nt bemildred Oct 2012 #112

How is it rigged? And how do we "re-rig" it? Boetie Oct 2012 #111

Our money supply is in the hands of bankers and the wealthy. bemildred Oct 2012 #114

What stats are you referring to? Boetie Oct 2012 #116

Concentration of wealth. "Redistibution". bemildred Oct 2012 #121

By confiscation you mean taking property by force, is that right? Boetie Oct 2012 #123

Taxes. bemildred Oct 2012 #126

Do you wish harm to me if I don't want to hand over my property? Boetie Oct 2012 #132

Of course not. Do you wish to harm me if I raise taxes? nt bemildred Oct 2012 #134

No. Why do you advocate redistribution and taxation if you don't wish harm on others? Boetie Oct 2012 #136

The present arrangements are not harmless either. nt bemildred Oct 2012 #139

Who are you backing for President? Thanks for answering my simple question. uppityperson Oct 2012 #149

What are businesses competing for? Boetie Oct 2012 #120

Power and control. Money is one of the tools, one of the counters. nt bemildred Oct 2012 #122

Do they compete for your business, your money? Boetie Oct 2012 #124

They hate competition. But yes, they want your money. nt bemildred Oct 2012 #127

Is this not a voluntary act, you giving a business money in exchange for a good? Boetie Oct 2012 #131

That depends on whether you are being coerced. bemildred Oct 2012 #133

So, business in the free market is voluntary, and the state is coercion, yes? Boetie Oct 2012 #137

Businesses are perfectly capable of coercion, as everybody knows by experience. bemildred Oct 2012 #141

When you exchange money for a product, are you not voting for that product (in an economic sense)? Boetie Oct 2012 #143

No. I'm buying something I presumably need or want. I may or may not have choices. bemildred Oct 2012 #145

Yes, because you can go without, or you can buy it. No one is putting a gun to your head. Boetie Oct 2012 #146

PS: I'm not saying there are no consequences to inflation. I lived through the 70s and 80s. bemildred Oct 2012 #110

Your first point is correct, your second way off base. Romulox Oct 2012 #117

What is wealth? Boetie Oct 2012 #119

Whatever people think it is. bemildred Oct 2012 #125

What do you mean "there is nothing to appreciate?" Boetie Oct 2012 #108

It's little magnetic dots somewhere, that's what I mean. bemildred Oct 2012 #115

Doesn't everything we value come from our perceptions? Boetie Oct 2012 #118

I think food, for example, is much realer than money. bemildred Oct 2012 #128

Are my productive efforts (mowing a lawn, designing a building) an abstraction or are they real? Boetie Oct 2012 #129

Quite real, unlike our money. nt bemildred Oct 2012 #130

If money represents productive real effort, than why do you advocate its arbitrary creation? Boetie Oct 2012 #135

Money represents whatever the hell you want, including that. It's ARBITRARY. bemildred Oct 2012 #138

Ok. Boetie Oct 2012 #144

Because the more money you print the less it is worth, in relative terms. Agnosticsherbet Oct 2012 #5

The Worth of Anything (including money) Is What Others Are Willing to Pay for It Yavin4 Oct 2012 #14

The world is already trying to move in many places to start displacing the dollar form oil... Agnosticsherbet Oct 2012 #29

The U.S. Treasury no longer prints Currency. (they DO still mint Coins) Volaris Oct 2012 #32

Where is there a country that bases their currency on the value of labor? Agnosticsherbet Oct 2012 #38

Paper money is printed by the Bureau of Engraving and Printing (BEP), Art_from_Ark Oct 2012 #52

That May Be Multiple Decades Away Yavin4 Oct 2012 #35

My crystal ball isn't working... Agnosticsherbet Oct 2012 #40

Hyperinflation can be just as bad. hack89 Oct 2012 #6

+1 It takes wheelbarrows full of money to buy bread. GreenPartyVoter Oct 2012 #23

True. If you print more $, it loses its value. nt Honeycombe8 Oct 2012 #84

Exactly ... 1StrongBlackMan Oct 2012 #7

Precisely. Just Look at some of the responses on this thread. Yavin4 Oct 2012 #17

But you can make your currency worthless hack89 Oct 2012 #25

Tell it to Greece and the Soviet Union KurtNYC Oct 2012 #37

Easy. You're broke when others view your currencey as worthless. n/t sharkman25 Oct 2012 #8

Yes everything is hunky dory dipsydoodle Oct 2012 #9

Ask the natives of Yap Island slackmaster Oct 2012 #10

Holy Shit. What the hell do schools teach about economics these days? PavePusher Oct 2012 #11

+1 1-Old-Man Oct 2012 #12

"our currency is based on our willingness to go to work tomorrow and to pay taxes on our earnings" Yavin4 Oct 2012 #15

So you are suggesting that our currency has no relevance for domestic use? 1-Old-Man Oct 2012 #19

No. Yavin4 Oct 2012 #24

Tell Me Where I Am Wrong Yavin4 Oct 2012 #16

However, your money can be worth less Dash87 Oct 2012 #33

A quadrillion of something with no value cannot pay for even the cheapest things. (nt) Posteritatis Oct 2012 #73

Any realistic economic theory would adhere strictly to the Laws of Thermodynamics, ronnie624 Oct 2012 #13

can you describe that in Thermodynamic terms? Volaris Oct 2012 #36

I have neither the time nor the skills to write such an essay, ronnie624 Oct 2012 #53

The rich have $50 trillion in wealth. The US just needs $1 trillion of that to balance the budget. reformist2 Oct 2012 #18

we have two 1%ers running for president. what else would you expect lol nt msongs Oct 2012 #21

Yes. The Weimar Republic could simply print all the Marks they needed. Nye Bevan Oct 2012 #20

You beat me to it. PavePusher Oct 2012 #31

Or the festivities in Zimbabwe a few years ago Posteritatis Oct 2012 #74

Have you ever looked at how much money was printed during those years? Taitertots Oct 2012 #88

Perhaps you can tell me what other nations were completely dependant on the German market Egalitarian Thug Oct 2012 #94

this is not correct, imho Enrique Oct 2012 #22

No. My Argument Is That If You Can Print Your Own Currency,... Yavin4 Oct 2012 #26

You are correct. People are just hyperizing about doing this long term, which is in fact bad. reformist2 Oct 2012 #28

ok then, let's raise social security checks to $1 million per month Enrique Oct 2012 #30

We Could Do That And Still Not Be Broke Yavin4 Oct 2012 #34

"i'm not an economics expert". That much is certain, and is the first thing you should consider when Egalitarian Thug Oct 2012 #95

Wozniak prints his own money lumberjack_jeff Oct 2012 #27

You can't be broke. hunter Oct 2012 #39

Technically, the Weimar Republic didn't go broke, but the people suffered greatly. badtoworse Oct 2012 #41

It's really not that simple though. frostfern Oct 2012 #51

The problem is inflation davidn3600 Oct 2012 #42

The upsides to hyperinflation are Zalatix Oct 2012 #43

OK. Now I know DU economics threads do not tend to be academically rigorous Nye Bevan Oct 2012 #45

Weimar is unlikely to happen. Zalatix Oct 2012 #46

Dude. Hyperinflation is not OK just because you have an apple tree. Nye Bevan Oct 2012 #47

There are SEVERAL kinds of inflation. Zalatix Oct 2012 #48

You used the phrase "The upsides to hyperinflation are". That's all I really need to say. (nt) Nye Bevan Oct 2012 #49

Import-price hyperinflation is possible. Zalatix Oct 2012 #50

"you need to bone up on some basic economics". i think you might want to read some basic econ.... dionysus Oct 2012 #87

I would answer your argument... but wait, you made none! Zalatix Oct 2012 #89

There are no upsides to hyperinflation. (nt) Posteritatis Oct 2012 #62

There are no upsides to depression either. bemildred Oct 2012 #72

Hey guys, you're BOTH right! We don't want hyperinflation OR depression! Nye Bevan Oct 2012 #76

Yes! I think you've got it. nt bemildred Oct 2012 #77

With as many jobs as we're sending overseas, both are inevitable. Zalatix Oct 2012 #85

you can't have just seriously proposed such a stupid thing. krugman wept. dionysus Oct 2012 #86

If our gobstoppingly high trade deficits don't abate, it is not stupid, but rather, INEVITABLE. Zalatix Oct 2012 #90

The Greeks should renounce the Euro and give every citizen a billion Drachmas. Problem solved! Throd Oct 2012 #44

If it were only that easy KFredrick Oct 2012 #54

Humans are only motivated by a desire to "earn money". ronnie624 Oct 2012 #55

Yet at this time nobody has money to buy anything. And they're working their asses off. Zalatix Oct 2012 #57

Post removed Post removed Oct 2012 #56

Post removed Post removed Oct 2012 #58

Hyperinflation spidly Oct 2012 #59

"Broke" isn't the problem. lumberjack_jeff Oct 2012 #60

That's Correct. Yavin4 Oct 2012 #79

I like this idea Darth_ Deciduous Oct 2012 #61

Only by creating so much that others lose faith in your ability to generate sufficient Egalitarian Thug Oct 2012 #63

W. T. F. ? Marinedem Oct 2012 #64

The U,S, Is Not "Broke" Yavin4 Oct 2012 #66

No. Marinedem Oct 2012 #68

I Never Said That There Wouldn't Be Inflation Yavin4 Oct 2012 #82

Could you possibly expand your argument beyond merely nay saying? Egalitarian Thug Oct 2012 #97

Obvious Question Boetie Oct 2012 #65

OP didn't really say anything about working leftstreet Oct 2012 #81

I believe the that the very topic Boetie Oct 2012 #98

"Cigarettes replace the reichsmark as Germany�s currency" One_Life_To_Give Oct 2012 #69

In because this thread is famous Darth_ Deciduous Oct 2012 #75

Ow mythology Oct 2012 #78

So, You Buy Into the Phony Lie About The U.S. Being Broke? Yavin4 Oct 2012 #80

Super Dollar StokeyBob Oct 2012 #83

Is this post satire or Fred Bastiat Oct 2012 #91

Welcome to DU Fumesucker Oct 2012 #96

The "Parable of the Broken Window" doesn't work when the rich are hoarding so much, though... Romulox Oct 2012 #104

Ooooo. Your Mightt Libertarian Brain Is Tooo Much For Me... Yavin4 Oct 2012 #113

Debt is what it is Lurker Deluxe Oct 2012 #140

Look dude Boetie Oct 2012 #142

The "Given this.." in my statement refers to the fact that people accept your currency. Yavin4 Oct 2012 #148

Just like any commodity rrneck Oct 2012 #93

Then let's just print a Kazillion-Brajillion bucks for each of us, and we'll all be RICH! Romulox Oct 2012 #105

Funny thing about imaginary constructs like money.. LanternWaste Oct 2012 #147

Um, money isn't an "imaginary construct". It's very real. Romulox Oct 2012 #150

Post removed Post removed Oct 2012 #151

Just hide the M3 upi402 Oct 2012 #152