You put it in writing. Let’s see whether you keep your word. I will list some real criticisms. Most of these real criticisms, as you know, I’ve challenged you with before. On those occasions you didn’t answer them. Now you have a second chance.
**Real Criticism of jrodefeld’s argument #1:**You say that
I agree with that statement. We don’t have the same type of prosperity that we used to have. We have much more prosperity than we used to have. Even after the recent economic troubles, we are still vastly wealthier than we were in the era of the gold standard. It really doesn’t matter what measure we use: GDP, personal income, home ownership, education level, etc… It all doesn’t matter whether we adjust for inflation or not. The fact remains the same. The idea that we have less prosperity than we used to is absurd, when any decent source will confirm that we have more.
**Real Criticism of jrodefeld’s argument #2:**You say
The early stages of hyperinflation are not here, nor even the early stages of ordinary inflation. The current rate of inflation is roughly three tenths of a percent. Do you hear me? I said THREE TENTHS OF A PERCENT. That means that inflation is not occurring. To warn about hyperinflation is absurd. We’re currently at high risk for almost any economic problem except inflation. The biggest fear right now among sensible people is deflation, which is the opposite of inflation. Home prices have gone down about 30% in the past three years, not up. To say that hyperinflation is occurring is like telling Pakistanis that their river levels are too low.
Ah, but now I hear you saying that hyperinflation will occur in the future. Will it really? When I walk past a bank, I see 5-year and 10-year CDs and bonds going for interest rates around 2-3%, even lower than the rates from a few months ago. If high inflation was actually around the corner, why is the marker not predicting it?
Real Criticism of jrodefeld’s argument #3: You say
Gold is uniquely bad at holding its value over long periods of time. For example, in 1981 gold prices rose over $800 per ounce. By 1998 they were down to almost $200 per ounce. Gold does not hold it’s value over time.
Real Criticism of jrodefeld’s argument #4: You say
This is completely untrue. Are you familiar with Standard Oil? How about the Northern Securities Company? How about the Beef Trust, the Sugar Trust, and the monopolies that controlled over a hundred American industries in the early 20th century? Clearly monopolies occur extremely often in free market economies. They are rare only in well-regulated economies.
Real Criticism of jrodefeld’s argument #5You say
You haven’t shown any such thing. Every significant agency and economic reform enacted by FDR or LBJ is still here. Every one. Not one exception. Your statement is merely inane.
I’ve got plenty of other real criticisms, but I’ll terminate the list there for the moment. Frankly I doubt that you’re going to answer any of those.
Okay. I rarely read the New York Times, Washington Post, Newsweek, Time, Fox News, ABC, CNN, MSNBC, or the Wall Street Journal, and when I read them I tend not to believe what they say. All of those sources have a strong bias in favor of libertarianism and against progressive thought. I get my news from sources such as Daily Kos, Salon, NPR, the Daily Show, and Bartcop, since I find them to be generally trustworthy.