what he wrote:
"are you that stupid? central bankers didnt cause hyper inflation in germany, the repercussions from WW1 did...seriously? its as if you know NOTHING of inflation at all, and paper money can only become worthless if it is given NO WORTH BY THE MARKET.Finally money isnt created at a printing press with the push of a button...money isnt really printed, and the creation of money ISNT A BAD THING.get out of the finite wealth philosophy.and perhaps you and adam (the dummy with the ron paul fetish) should take an economics class and learn what keynesian economics is"
So are you just highlighting his stupiditiy, ignorance and naivety, or do you want some sort of answer? Here's mine:
1) Both sides in WW1 were entirely financed by central bankers. In fact, the war could have never occured in the first place had the bankers not been there to finance it. To separate central banking from war is just naive, and I'm sure there was an article here on "War and Inflation" a few days ago.
2) Paper money, like any other commodity can become worthless for two reasons. Ceteris paribus, either demand decreases, or supply increases. Besides which is the fact that since currencies today have nothing to do with the free market, I don't see how their value could be set by it. Currencies are socialised, just like medecine and the military.
3) Of course, the fed and commercial banks do not have a "Print dollars" button. That does not mean that fractional reserve banking doesn't occur by less overt means. I recommend you try to explain the growth of MZM or M3 without taking into account credit expansion...oh wait, you can't.
4) "the creation of money ISNT A BAD THING." that's a statement. I can say that slavery isn't a bad thing, but I'll have a hard time proving it. Ask him to prove statements like this.
5) "get out of the finite wealth philosophy." Are you insane? Austrians are all about increasing wealth, but rather than behaving like little children and thinking that increasing claims on capital increases wealth, we think increasing actual capital increases wealth.
6) "and perhaps you and adam (the dummy with the ron paul fetish) should take an economics class and learn what keynesian economics is" Keynesian economics is not worth taking classes for. Why would anybody take classes and deliberately bullshit themselves into believing in magic. But eitherway, I'm already having to do it in school.
I don't know if I am going to "win" this debate with him, but helps me to learn. He also said that he went to a top 50 school in the U.S. and has a degree in economics. He wasted around $100,000 learning and studying a rigged economic system, pity. He also said
"if we loose a war we have other problems...in all seriousness, we would have to pay the reparations immediately, and probably in our own currency, forcing an electronic transfer.i dont know what you are trying to say about my "definition" of hyperinflation. Hyperinflation is an immediate increase in price when currency rapidly loses money... ive said nothing to the contrary. i could make a compelling legal argument about the definition of coin (to create) that its directly empowered into the constitution, and the 10th amendment doesnt guarantee you the right to the internet, it could very much be banned by your state, and than theres the necessary and proper clause..."
He doesn't seem to make the connection between central banks and hyperinflation. He confuses coining money with creating unbacked paper banknotes or is just bull*hiting himself to support a corrupt system. He thinks along the lines that if oil went up to $800 and as a result of the increase in oil prices, all other products and services increased in price, this would be hyperinflation. German central banks resorted to inflating the money supply, thus causing hyperinflation, not reperations.
I would probably respond with this to see if at least has a sense of irony:"See, the sad thing about a guy like you is in 50 years you're gonna staht doin some thinkin on your own and you're gonna come up with the fact that there are two certaintees in life. One, don't do that. And Two, you dropped a hundred and fifty grand on a fuckin education you coulda got for a dollah fifty in late chahges at the public library"But in all seriousness, I applaud your bravery in debating this guy; I'm not sure I would have such potential patience.
"Look at me, I'm quoting another user to show how wrong I think they are, out of arrogance of my own position. Wait, this is my own quote, oh shi-" ~ Nitroadict
What does he mean a "currency loses money"? I'm beginning to wonder just how educated this guy is.
-Jon
Freedom of markets is positively correlated with the degree of evolution in any society...
Jon Irenicus: What does he mean a "currency loses money"? I'm beginning to wonder just how educated this guy is. -Jon
Perhaps he's trying to draw (with crayons, albiet) a picture of inflation? I mean, that's the only way I can see "currency" losing it's "money". My head hurts.
"He who knows nothing is closer to the truth than he whose mind is filled with falsehoods and errors." - -- Thomas jefferson
then he writes:
It gets better:
I was thinking about using that line from Goodwill Hunting since I started debating him, almost everyone one of his replies to me came with a personal attack.
Don't bother. I find debating with such people to be utterly worthless. Perhaps he will change his mind when he actually has to experience hyperinflation (an increasingly likely scenario)... but I doubt it.
Market anarchist, Linux geek, aspiring Perl hacker, and student of the neo-Aristotelians, the classical individualist anarchists, and the Austrian school.