Rand obsessives & Austrian economists can't advocate both the gold standard & cornucopianism, because these ideas are making contradictory claims. Gold is just another natural resource, after all, so what keeps cornucopian progress from turning it into yet another throwaway commodity like aluminum?
The Gold Standard system is restraining mechanism to debt creation…money supply expansion(inflation). Many things could be used , but historically it worked…not perfect.
The backing for gold(or other rare metals) is the energy and time needed to obtain more, it is in essence a form of "proof of work" which cannot be cheated via political banking scams or loopholes. Gold is already a commodity, that is actually a requirement for fungibility. Aluminum can also do this, the only problem with aluminum is the low value per physical volume and mass makes it impractical to store and transport without substantial cost overhead. Alternate things exist that could replace gold as proof of work if golld becomes too abundant and difficult to transport and store.
@albionicamerican8806 there’s a proof of work mechanism built into a gold standard. Murray Rothbard cogently explained it for laypeople in his very short book, What Has Government Done To Our Money? It’s freely available on the Mises Institute website in pdf form.
Rand obsessives & Austrian economists can say pretty much whatever they want without running the risk of being cancelled, because our misrulers just aren't threatened by these fringe & kook beliefs.
@jerryware1970 false. They disagreed on some pivotal things, but they were friends. Rand, like countless others, attended Mises’ seminars at NYU for a couple decades
@jerryware1970 that is blatantly false. They disagreed in many respects, but they were very friendly acquaintances, if not outright friends. They were introduced to one another by their mutual friend, Henry Hazlitt. Despite philosophical differences with them, Rand strongly endorsed the writings of both men throughout her career because they had a profound impact on her. Upon the publication of Atlas Shrugged in 1957, Mises wrote directly to Rand praising both her "masterful construction of the plot" and her "cogent analysis of the evils that plague our society"; in another context he called her "the most courageous man in America,” a compliment that particularly pleased her because he said "man" instead of "woman.” Rand in turn enthusiastically promoted Mises's writings in her periodicals, and declared that her ideal curriculum would be "Aristotle in philosophy, von Mises in economics, Montessori in education, Hugo in literature." They had a great relationship.
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Awesome speech, as well as an awesome professor!
Awesome material and lecture Ed! Very professional, incredible intellect and even better person. Happy to be his unofficial "Consigliere"
Great presentation, Ed
Wonderful presentation, Ed! I left more comprehensive comments on my site!
🎉🎉🎉🎉🎉
I understand all the terms and what he's referring to, but it's difficult for me to pay attention to this or get much out of it.
Professional trolls on this site. Ignore them.
pHeNomEnA
Rand obsessives & Austrian economists can't advocate both the gold standard & cornucopianism, because these ideas are making contradictory claims. Gold is just another natural resource, after all, so what keeps cornucopian progress from turning it into yet another throwaway commodity like aluminum?
The Gold Standard system is restraining mechanism to debt creation…money supply expansion(inflation). Many things could be used , but historically it worked…not perfect.
The backing for gold(or other rare metals) is the energy and time needed to obtain more, it is in essence a form of "proof of work" which cannot be cheated via political banking scams or loopholes. Gold is already a commodity, that is actually a requirement for fungibility.
Aluminum can also do this, the only problem with aluminum is the low value per physical volume and mass makes it impractical to store and transport without substantial cost overhead.
Alternate things exist that could replace gold as proof of work if golld becomes too abundant and difficult to transport and store.
@albionicamerican8806 there’s a proof of work mechanism built into a gold standard. Murray Rothbard cogently explained it for laypeople in his very short book, What Has Government Done To Our Money? It’s freely available on the Mises Institute website in pdf form.
Rand obsessives & Austrian economists can say pretty much whatever they want without running the risk of being cancelled, because our misrulers just aren't threatened by these fringe & kook beliefs.
Mises didn’t like her.
But how is that relevent?
Thats ridiculous, they were friends
@jerryware1970 false. They disagreed on some pivotal things, but they were friends. Rand, like countless others, attended Mises’ seminars at NYU for a couple decades
@jerryware1970 that is blatantly false. They disagreed in many respects, but they were very friendly acquaintances, if not outright friends. They were introduced to one another by their mutual friend, Henry Hazlitt.
Despite philosophical differences with them, Rand strongly endorsed the writings of both men throughout her career because they had a profound impact on her. Upon the publication of Atlas Shrugged in 1957, Mises wrote directly to Rand praising both her "masterful construction of the plot" and her "cogent analysis of the evils that plague our society"; in another context he called her "the most courageous man in America,” a compliment that particularly pleased her because he said "man" instead of "woman.”
Rand in turn enthusiastically promoted Mises's writings in her periodicals, and declared that her ideal curriculum would be "Aristotle in philosophy, von Mises in economics, Montessori in education, Hugo in literature." They had a great relationship.
@TheDuckofDoom it isn’t even true