Jim Kramer: We're in a recession NOW

[Spideynw]

The solution is to get rid of the Fed and legalize private currencies. So neither A nor B.

[Fed Up]

Originally Posted by Spideynw

The solution is to get rid of the Fed and legalize private currencies. So neither A nor B.

Agree with the Fed comment, but explain to me more what you mean by "private currencies."

If you're talking about states issuing their own paper funny money, you're not solving anything.

If you're talking about hard money, then OK.

Fed Up

[Spideynw]

Originally Posted by Fed Up

Agree with the Fed comment, but explain to me more what you mean by "private currencies."

If you're talking about states issuing their own paper funny money, you're not solving anything.

If you're talking about hard money, then OK.

Fed Up

I am talking about businesses being able to issue their own money.

[motivez]

Originally Posted by Spideynw

I am talking about businesses being able to issue their own money.

I'd love to see you explain how this helps anything.. especially with the average person spending money

[6SpeedTA95]

Good thread...but I've gotta say Jim Kramer is an idiot in many if not the majority of cases. He lets his emotions go crazy which makes for great entertainment but in many cases and in most major cases his analysis is wrong.

Having said that it is impossible to say whether we're in a recession yet. All sign's point to the fact that first quarter GDP may in fact go negative and we may see rising unemployment. Furthermore I'd say that even if GDP does not go negative if unemployment goes up business and consumer investment stays low we will probably be in a recession regardless of GDP indicators.

edit: one more thing, as much as Jim is wrong on issues on this particular issue of house/credit meltdown/recession he's been spot on.

[6SpeedTA95]

Originally Posted by Spideynw

I am talking about businesses being able to issue their own money.

I hope to God you're joking, if not please elaborate

[Spideynw]

Originally Posted by 6SpeedTA95

I hope to God you're joking, if not please elaborate

Private Coinage in America | The Foundation for Economic Education: The Freeman, Ideas on Liberty

[6SpeedTA95]

Originally Posted by Spideynw

Private Coinage in America | The Foundation for Economic Education: The Freeman, Ideas on Liberty

That article says nothing about the economic benefits or drawbacks to such a system. It is simply the history of private coinage.

[Spideynw]

Originally Posted by 6SpeedTA95

That article says nothing about the economic benefits or drawbacks to such a system. It is simply the history of private coinage.

The economic benefits are the same as any product produced by the market compared to government monopolies. Inflation would be much lower or non-existent. Who would not want a currency that does not have inflation, or is ten times lower than the government currency? Not only that, but the government could not continue to tax us with the inflation tax, which is when they simply print more money to finance their spending.

[6SpeedTA95]

Originally Posted by Spideynw

The economic benefits are the same as any product produced by the market compared to government monopolies. Inflation would be much lower or non-existent. Who would not want a currency that does not have inflation, or is ten times lower than the government currency? Not only that, but the government could not continue to tax us with the inflation tax, which is when they simply print more money to finance their spending.

And we would be unable to effectively compete in the world marketplace with no standardized currency. No one in Europe or Canada woudl accept South Carolina's dollars. Why would they? They're effectively meaningless when you get outside the region. The countries of western europe recognized this problem and came up with the Euro as a result.

[Spideynw]

Originally Posted by 6SpeedTA95

And we would be unable to effectively compete in the world marketplace with no standardized currency. No one in Europe or Canada woudl accept South Carolina's dollars. Why would they? They're effectively meaningless when you get outside the region. The countries of western europe recognized this problem and came up with the Euro as a result.

Of course they would be accepted! They would have value actually built into them. Either they would be real gold or silver or whatever metal. Or if it was paper money, they would actually be backed by real gold or silver or whatever metal.

The U.S. dollar is accepted worldwide, because of its historic "strength". The way things are continuing, this is unlikely. Regardless, nations did not have to agree to accept the dollar, it just happened.

[Thorgrim]

Daily Kos: Welcome to the Bear Market

graphs are colorful

So apparently the future markets are saying 500 loss today? Let's see if they're right, (anyone know how good they are on this sort of stuff?)

All I know is CNBC is full of pessimism, but breaking news is that the fed did a 3/4 of a point cut, down to 3.5%

[6SpeedTA95]

Originally Posted by Thorgrim

Daily Kos: Welcome to the Bear Market

graphs are colorful

So apparently the future markets are saying 500 loss today? Let's see if they're right, (anyone know how good they are on this sort of stuff?)

All I know is CNBC is full of pessimism, but breaking news is that the fed did a 3/4 of a point cut, down to 3.5%

Overnight futures are entirely accurate as to how the market will open assuming things hold. They are not an indicator of where the market will finish the day, which will probably be down more than 500points.

These news outlets are always negative, they've been talking about a market correction for 24 months, they finally have it and they're ecstatic.