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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (115020)8/13/2008 9:16:06 AM
From: Freedom Fighter  Read Replies (2) of 132070
 
KT,

He comments on reason for various booms and busts by mentioning the "evils" of fractional reserves, but I suspect he would prefer to live with short term inflations and busts due to fractional reserves and gold than what we have now.

I have mixed feelings.

I think it's obvious that what we have now is not only unsound, but probably intrinsically evil. However, I am not a fan of gold backed money either because there's no way to keep money supply growth steady. I'd prefer another option, but I'd certainly eliminate fractional reserves and the Fed. I think those are the core issues of many of our major economic problems including to some degree the decline of middle class.
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