Comment by mothballed
3 days ago
Non-responsive paragraph.
You've attacked what could interchangeably be dollar or gold asking what it might buy or store, failing to recognize I was measuring relative stability rather than absolute stability.
The dollar has lost over 95% of its value since inception of the federal reserve (at which time dollars nature changed significantly) in 1913 against some imperfect measures of CPI. That gives you a 20x difference over time, downward. Gold has not perform nearly that bad at price stability.
We could go back further than that when the dollar was a lot more stable... but at that time dollar was backed by gold and there wasn't (mostly) a central bank nor gold possession bans that let them mess with the price quite in the same way they did later.
The US always had really weird and restrictive financial regulations. Right from when the country got started.
Look to Canada for a much stabler system that didn't have banking crisis all the time. See eg https://archive.is/v13TM
Classical liberals are akin to communists in that when the practical application of their ideas fail, it's obviously because it was only a corrupted version that ended up being really put in practice. “It wasn't really Communism” and “It wasn't deregulated enough”.
No, no, not at all.
Communists can say "oh, it wasn't real communism." Classical liberalism and neoliberalism can make much stronger claims: a bit more neoliberalism (stochastically) gives you a bit more prosperity in the long run. You don't need the whole thing 100% to reap partial benefits.
I say stochastically, because in the real world there's a lot of noise from other factors, of course.
And in this case at hand: Canada had much lighter and more sensible regulation in this sector, and they did better. As expected.
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