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Bachmann show again how little she know... - 7/2/2011 7:27:12 AM   
housesub4you


Posts: 1879
Joined: 4/2/2008
Status: offline 		This is from a speech she made yesterday and her understand of our monetary system

BACHMANN: The shorthand way of describing to you what quantitative easing is is a license to print money without any value behind it…In the last two years of the Obama administration, if you pull a dollar out of your pocket, you have lost 14 percent of the value of that dollar. That means the federal government has stolen that money from you… They’ve been printing essentially valueless money and flooding it into the money supply. I don’t stand for that. A dollar in 2011 should be the same as a dollar in 1911. A dollar should be worth a dollar.


So according to her, the value of a dollar should never change, what you could purchase in 1911 with a dollar is the same thing you should be able to purchase today with a dollar.  Yea, O'bama is running scared that she may win the party ticket to run against him.

And even worse she has hired some very well known and seasoned advisers to run her campaign, a mistake Palin made in not hiring a seasoned political team.


< Message edited by housesub4you -- 7/2/2011 7:31:04 AM >
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RE: Bachmann show again how little she know... - 7/2/2011 7:30:00 AM   
ArizonaBossMan


Posts: 380
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Status: offline 		Once again, she's right. Lefties wrongo, oh wrongo on everything. No worries... a new administration in 2012. O'dingdong will be gone.

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RE: Bachmann show again how little she know... - 7/2/2011 7:30:44 AM   
mnottertail


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Status: offline 		You gotta give her a check mark for consistency.

She is a simpleton of the first magnitude on EVERY subject she opens her blowhole about.

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RE: Bachmann show again how little she know... - 7/2/2011 7:32:44 AM   
housesub4you


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Status: offline 		You're joking right?????  You feel her grasp of how the dollar ie; inflation works is correct???  

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RE: Bachmann show again how little she know... - 7/2/2011 7:35:12 AM   
Musicmystery


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quote:

ORIGINAL: ArizonaBossMan

Once again, she's right. Lefties wrongo, oh wrongo on everything. No worries... a new administration in 2012. O'dingdong will be gone.

Where were you and she in 2002 when the dollar started it's decline?

Oh yeah. Waving flags and urging Bush on. Well done.

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RE: Bachmann show again how little she know... - 7/2/2011 7:40:26 AM   
DarkSteven


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Status: offline 		Okay, I'm lost.  Her statement is basically that she dislikes inflation.What's wrong about that?  She's said some incredibly stupid stuff before, as well as proven lies.  The current statement, while badly explained, is not that bad.  Although, of course, she implies that every single President since 1911 has managed the economy with no inflation and that Obama is solely responsible for the current situation.


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RE: Bachmann show again how little she know... - 7/2/2011 7:43:53 AM   
Musicmystery


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Status: offline 		Steven, I'M lost. Where does anyone say disliking inflation is bad?

Her explanation is completely inaccurate. If that qualifies for "not that bad..." ....okie dokie then.

Otherwise....I'd agree that if we're going to have a thread for every gaffe....and it appears we are....this is going to get old fast.

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RE: Bachmann show again how little she know... - 7/2/2011 7:48:03 AM   
housesub4you


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Status: offline 		Bachmann doesn’t seem to understand that the dollar’s value naturally changes over time and accompanies economic growth — and that’s a good thing.  Of course she also sup[orts the gold standard and gold changes value according to the market.  So her support of going back to the gold standard and having a constant dollar are inconsistent proposals. 

And how absurd of an idea is 0 inflation, even republican econmists think it's an absurd idea, the country would have to create a independent central bank, and as they preach less government not more

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RE: Bachmann show again how little she know... - 7/2/2011 9:13:13 AM   
erieangel


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Status: offline 		Bachmann doesn't seem to realize that 0 inflation = 0 economic growth. I would love to have the purchasing power my parents had, but i don't. i either have to live with what i do have or hold a second job, which i did for a little while but it got to be too much and i couldn't enjoy the extra money either because i was always working.

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RE: Bachmann show again how little she know... - 7/2/2011 9:20:32 AM   
RacerJim


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Status: offline 		Obama's record proves he knows ZERO about economics.

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RE: Bachmann show again how little she know... - 7/2/2011 9:23:25 AM   
Hillwilliam


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quote:

ORIGINAL: RacerJim

Obama's record proves he knows ZERO about economics.

The post isn't about Obama. It's about Bachman and her ignorance.

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RE: Bachmann show again how little she know... - 7/2/2011 9:25:42 AM   
willbeurdaddy


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quote:

ORIGINAL: erieangel

Bachmann doesn't seem to realize that 0 inflation = 0 economic growth.



Ummmm,. because it doesnt.

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RE: Bachmann show again how little she know... - 7/2/2011 9:34:18 AM   
willbeurdaddy


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quote:

So according to her, the value of a dollar should never change, what you could purchase in 1911 with a dollar is the same thing you should be able to purchase today with a dollar.


Too bad that isnt even close to what she said. In fact if you really understood her point it is that you should be able to purchase MORE with a dollar now than in 1911 (or more importantly, before Obama).

The only thing misleading about her statement is the implication that increasing the money supply by 14% immediately devalues the dollar by 14%. It takes time for whatever effects its going to have to work its way into the economy and is theoretically reversible. However, with Obama's half-Keynesian economic policies she is correct, that will be the long term effect.

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RE: Bachmann show again how little she know... - 7/2/2011 9:36:34 AM   
errantgeek


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Status: offline 		You expect a detailed, nuanced discussion over global (and yes, it is a matter of global considering the USD is the global reserve currency) economics from this idiot?

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RE: Bachmann show again how little she know... - 7/2/2011 9:46:28 AM   
willbeurdaddy


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quote:

ORIGINAL: errantgeek

You expect a detailed, nuanced discussion over global (and yes, it is a matter of global considering the USD is the global reserve currency) economics from this idiot?


Its a TOS violation to call housesub4you an idiot.

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RE: Bachmann show again how little she know... - 7/2/2011 10:07:02 AM   
lovmuffin


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quote:

ORIGINAL: housesub4you

Bachmann doesn’t seem to understand that the dollar’s value naturally changes over time and accompanies economic growth — and that’s a good thing.  Of course she also sup[orts the gold standard and gold changes value according to the market.  So her support of going back to the gold standard and having a constant dollar are inconsistent proposals. 

And how absurd of an idea is 0 inflation, even republican econmists think it's an absurd idea, the country would have to create a independent central bank, and as they preach less government not more




The value of gold is not what changes. The value of dollars is what changes when more dollars are added to the market. There is nothing natural about it unless you want to call it "business as usual".


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RE: Bachmann show again how little she know... - 7/2/2011 10:10:08 AM   
Musicmystery


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quote:

The value of gold is not what changes. The value of dollars is what changes


Sorry, but both change (and not just for the reason you cited).

Gold has no immutable value. Currency fluctuates for a variety of economic reasons.

Pegging one to the other merely opens the door for arbitragers to waltz away with the variances, forcing eventual devaluation.

It's why we stopped doing it.

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RE: Bachmann show again how little she know... - 7/2/2011 10:13:05 AM   
willbeurdaddy


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quote:

ORIGINAL: Musicmystery

quote:

The value of gold is not what changes. The value of dollars is what changes


Sorry, but both change (and not just for the reason you cited).

Gold has no immutable value. Currency fluctuates for a variety of economic reasons.

Pegging one to the other merely opens the door for arbitragers to waltz away with the variances, forcing eventual devaluation.

It's why we stopped doing it.


I think muffin was referring to what happens under a strict gold standard, where the price of gold is fixed. We have both tried to convince any of the newbs here that gold is no less "fiat" than paper, but that truth is hard for them to grasp.

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RE: Bachmann show again how little she know... - 7/2/2011 10:19:05 AM   
Sanity


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Not quite, many of Bushs very liberal policies didnt sit to well with a lot of Conservatives

quote:

ORIGINAL: Musicmystery

Where were you and she in 2002 when the dollar started it's decline?

Oh yeah. Waving flags and urging Bush on. Well done.


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RE: Bachmann show again how little she know... - 7/2/2011 10:19:42 AM   
lovmuffin


Posts: 3759
Joined: 9/28/2007
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quote:

ORIGINAL: willbeurdaddy


quote:

ORIGINAL: Musicmystery

quote:

The value of gold is not what changes. The value of dollars is what changes


Sorry, but both change (and not just for the reason you cited).

Gold has no immutable value. Currency fluctuates for a variety of economic reasons.

Pegging one to the other merely opens the door for arbitragers to waltz away with the variances, forcing eventual devaluation.

It's why we stopped doing it.


I think muffin was referring to what happens under a strict gold standard, where the price of gold is fixed. We have both tried to convince any of the newbs here that gold is no less "fiat" than paper, but that truth is hard for them to grasp.



Oh good......something new to grasp. I would think gold is much less fiat than paper.


_____________________________

"Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world." Unknown

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