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	<title>Comments on: Geithner vs Bair</title>
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	<link>http://www.ritholtz.com/blog/2009/10/geithner-vs-bair/</link>
	<description>Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media</description>
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		<title>By: Mark E Hoffer</title>
		<link>http://www.ritholtz.com/blog/2009/10/geithner-vs-bair/comment-page-1/#comment-230919</link>
		<dc:creator>Mark E Hoffer</dc:creator>
		<pubDate>Fri, 30 Oct 2009 20:14:43 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=42691#comment-230919</guid>
		<description>Greg, 

the &#039;Amero&#039; would be the fiat currency of the NAU 
sse http://clusty.com/search?input-form=clusty-simple&amp;v%3Asources=webplus&amp;query=Amero+NAU

that&#039;d be the opposite of what Rep. Paul is detailing..

re: SilverCert alternate dollars , have no idea what those are/which ones they&#039;d be..

this: &quot;The first barrier: Legal tender laws, which Congress does not have the Constitutional authority to enact. Historically, legal tender laws have been used by governments to force their citizens to accept debased and devalued currency.

Gresham’s Law describes this phenomenon, which can be summed up in one phrase: Bad money drives out good money. In the absence of legal tender laws, Gresham’s Law no longer holds. If people are free to reject debased currency, and instead demand sound money, sound money will gradually return to use in society.&quot;

is the meat of the argument..</description>
		<content:encoded><![CDATA[<p>Greg, </p>
<p>the &#8216;Amero&#8217; would be the fiat currency of the NAU<br />
sse <a href="http://clusty.com/search?input-form=clusty-simple&#038;v%3Asources=webplus&#038;query=Amero+NAU" rel="nofollow">http://clusty.com/search?input-form=clusty-simple&#038;v%3Asources=webplus&#038;query=Amero+NAU</a></p>
<p>that&#8217;d be the opposite of what Rep. Paul is detailing..</p>
<p>re: SilverCert alternate dollars , have no idea what those are/which ones they&#8217;d be..</p>
<p>this: &#8220;The first barrier: Legal tender laws, which Congress does not have the Constitutional authority to enact. Historically, legal tender laws have been used by governments to force their citizens to accept debased and devalued currency.</p>
<p>Gresham’s Law describes this phenomenon, which can be summed up in one phrase: Bad money drives out good money. In the absence of legal tender laws, Gresham’s Law no longer holds. If people are free to reject debased currency, and instead demand sound money, sound money will gradually return to use in society.&#8221;</p>
<p>is the meat of the argument..</p>
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		<title>By: danm</title>
		<link>http://www.ritholtz.com/blog/2009/10/geithner-vs-bair/comment-page-1/#comment-230915</link>
		<dc:creator>danm</dc:creator>
		<pubDate>Fri, 30 Oct 2009 20:09:37 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=42691#comment-230915</guid>
		<description>All currencies are based on trust, trust that the issuing authority will not debase the currency. If it becomes known that the issuer of a particular currency is minting underweight coins, people will stop accepting that currency and that company will go out of business.
---------------------
If the Fed did not do anything, the currency would drop like a rock because the World would run for the hills seeing the Emperor with no clothes.

The excessive Fed printing will bring us to the same result: a currency devaluation.  But the winners and the losers will be different.  With Fed printing, the first ones to get the newly printed dollars will be the guaranteed winners.

Now, why do you think the bankers are paying themsleves huge bonuses?

All those saying that the bonuses mean nothing are slwing down the cleanup.</description>
		<content:encoded><![CDATA[<p>All currencies are based on trust, trust that the issuing authority will not debase the currency. If it becomes known that the issuer of a particular currency is minting underweight coins, people will stop accepting that currency and that company will go out of business.<br />
&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;<br />
If the Fed did not do anything, the currency would drop like a rock because the World would run for the hills seeing the Emperor with no clothes.</p>
<p>The excessive Fed printing will bring us to the same result: a currency devaluation.  But the winners and the losers will be different.  With Fed printing, the first ones to get the newly printed dollars will be the guaranteed winners.</p>
<p>Now, why do you think the bankers are paying themsleves huge bonuses?</p>
<p>All those saying that the bonuses mean nothing are slwing down the cleanup.</p>
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		<title>By: Greg0658</title>
		<link>http://www.ritholtz.com/blog/2009/10/geithner-vs-bair/comment-page-1/#comment-230909</link>
		<dc:creator>Greg0658</dc:creator>
		<pubDate>Fri, 30 Oct 2009 19:56:14 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=42691#comment-230909</guid>
		<description>MEH  at 1:20pm .. I saw a full page spread in our newspaper and was prodded by a friend of a friend in those SilverCert alternate dollars ... or are you thinking along the Amero currency .. maybe we&#039;re ready now .. hey matey / amigo</description>
		<content:encoded><![CDATA[<p>MEH  at 1:20pm .. I saw a full page spread in our newspaper and was prodded by a friend of a friend in those SilverCert alternate dollars &#8230; or are you thinking along the Amero currency .. maybe we&#8217;re ready now .. hey matey / amigo</p>
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		<title>By: Mark E Hoffer</title>
		<link>http://www.ritholtz.com/blog/2009/10/geithner-vs-bair/comment-page-1/#comment-230814</link>
		<dc:creator>Mark E Hoffer</dc:creator>
		<pubDate>Fri, 30 Oct 2009 17:20:27 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=42691#comment-230814</guid>
		<description>this Bair v. TTT &#039;discussion&#039; misses the Root of the Matter..

as: &quot;...It is imperative that the American people know what the Fed is up to, how much money it loans to banks and what types of agreements it enters into with foreign banks and governments. Just about all of this information is exempt from audit or oversight. The Fed&#039;s actions directly affect the value of the dollar, which is coming under increasing pressure from our foreign creditors. If we do not wish to see a complete collapse of the dollar, the Fed needs to be subject to a strict audit of its actions, if not an outright abolition of its charter.

While I would like nothing more than to see the Federal Reserve abolished, it is not absolutely necessary to do so with direct legislation.

The Fed&#039;s influence comes about because of its monopolization of the creation of money. If we could abolish the government monopoly on the creation of money, the Federal Reserve would be forced to clean up its act or go out of business. Economists know that monopolies lead to reduced output and higher prices, a suboptimal allocation of resources. This applies as well to the market for circulating currency as it does to markets for any other good.

In the previous Congress I introduced legislation that would eliminate the three major barriers to competition in currency and break the Fed&#039;s stranglehold on money.

The first barrier: Legal tender laws, which Congress does not have the Constitutional authority to enact. Historically, legal tender laws have been used by governments to force their citizens to accept debased and devalued currency.

Gresham&#039;s Law describes this phenomenon, which can be summed up in one phrase: Bad money drives out good money. In the absence of legal tender laws, Gresham&#039;s Law no longer holds. If people are free to reject debased currency, and instead demand sound money, sound money will gradually return to use in society.

The second barrier: laws that prohibit the operation of private mints. Certain sections of U.S. code classified as anti-counterfeiting statutes were in fact intended to shut down private mints that had been operating in California. There is no reason to ban private companies from minting gold and silver coins to compete with the dollar. 

All currencies are based on trust, trust that the issuing authority will not debase the currency. If it becomes known that the issuer of a particular currency is minting underweight coins, people will stop accepting that currency and that company will go out of business. If someone else attempts to counterfeit that currency and pass those coins, there are sufficient counterfeiting laws on the books to prosecute those counterfeiters. 

Merchants and individuals are free to choose which currencies they accept, and in the absence of legal tender laws I believe that alternative currencies will gain more traction...&quot;
http://www.cnn.com/2009/OPINION/10/30/ron.paul.fed/index.html

Rep. Paul begins to lay out in this, above, &quot;Opinion&quot; piece that, even, CNN, saw fit to publish..</description>
		<content:encoded><![CDATA[<p>this Bair v. TTT &#8216;discussion&#8217; misses the Root of the Matter..</p>
<p>as: &#8220;&#8230;It is imperative that the American people know what the Fed is up to, how much money it loans to banks and what types of agreements it enters into with foreign banks and governments. Just about all of this information is exempt from audit or oversight. The Fed&#8217;s actions directly affect the value of the dollar, which is coming under increasing pressure from our foreign creditors. If we do not wish to see a complete collapse of the dollar, the Fed needs to be subject to a strict audit of its actions, if not an outright abolition of its charter.</p>
<p>While I would like nothing more than to see the Federal Reserve abolished, it is not absolutely necessary to do so with direct legislation.</p>
<p>The Fed&#8217;s influence comes about because of its monopolization of the creation of money. If we could abolish the government monopoly on the creation of money, the Federal Reserve would be forced to clean up its act or go out of business. Economists know that monopolies lead to reduced output and higher prices, a suboptimal allocation of resources. This applies as well to the market for circulating currency as it does to markets for any other good.</p>
<p>In the previous Congress I introduced legislation that would eliminate the three major barriers to competition in currency and break the Fed&#8217;s stranglehold on money.</p>
<p>The first barrier: Legal tender laws, which Congress does not have the Constitutional authority to enact. Historically, legal tender laws have been used by governments to force their citizens to accept debased and devalued currency.</p>
<p>Gresham&#8217;s Law describes this phenomenon, which can be summed up in one phrase: Bad money drives out good money. In the absence of legal tender laws, Gresham&#8217;s Law no longer holds. If people are free to reject debased currency, and instead demand sound money, sound money will gradually return to use in society.</p>
<p>The second barrier: laws that prohibit the operation of private mints. Certain sections of U.S. code classified as anti-counterfeiting statutes were in fact intended to shut down private mints that had been operating in California. There is no reason to ban private companies from minting gold and silver coins to compete with the dollar. </p>
<p>All currencies are based on trust, trust that the issuing authority will not debase the currency. If it becomes known that the issuer of a particular currency is minting underweight coins, people will stop accepting that currency and that company will go out of business. If someone else attempts to counterfeit that currency and pass those coins, there are sufficient counterfeiting laws on the books to prosecute those counterfeiters. </p>
<p>Merchants and individuals are free to choose which currencies they accept, and in the absence of legal tender laws I believe that alternative currencies will gain more traction&#8230;&#8221;<br />
<a href="http://www.cnn.com/2009/OPINION/10/30/ron.paul.fed/index.html" rel="nofollow">http://www.cnn.com/2009/OPINION/10/30/ron.paul.fed/index.html</a></p>
<p>Rep. Paul begins to lay out in this, above, &#8220;Opinion&#8221; piece that, even, CNN, saw fit to publish..</p>
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		<title>By: hue</title>
		<link>http://www.ritholtz.com/blog/2009/10/geithner-vs-bair/comment-page-1/#comment-230781</link>
		<dc:creator>hue</dc:creator>
		<pubDate>Fri, 30 Oct 2009 16:19:53 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=42691#comment-230781</guid>
		<description>yeah, and he said he was getting emails from people here thanking him.  lol.  (and i don&#039;t read the comments daily, until recently).  sounds like a college student in Minn., maybe Uncle Manny will take him out for a burger. 

i&#039;ve attended a convention in your great city about 10 years ago, it&#039;s so American,  a rollercoaster inside a mall.  but then, they have an indoor ski slope in Dubai, that&#039;s money you can burn.</description>
		<content:encoded><![CDATA[<p>yeah, and he said he was getting emails from people here thanking him.  lol.  (and i don&#8217;t read the comments daily, until recently).  sounds like a college student in Minn., maybe Uncle Manny will take him out for a burger. </p>
<p>i&#8217;ve attended a convention in your great city about 10 years ago, it&#8217;s so American,  a rollercoaster inside a mall.  but then, they have an indoor ski slope in Dubai, that&#8217;s money you can burn.</p>
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		<title>By: Mannwich</title>
		<link>http://www.ritholtz.com/blog/2009/10/geithner-vs-bair/comment-page-1/#comment-230777</link>
		<dc:creator>Mannwich</dc:creator>
		<pubDate>Fri, 30 Oct 2009 16:12:35 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=42691#comment-230777</guid>
		<description>@hue:  Agreed.  He also said a while back that he &quot;manages other peoples&#039; money&quot; for a living but more recently said he was &quot;in retail&quot;.  I&#039;m not yet buying it.  Too many inconsistencies for my bullshit detector.</description>
		<content:encoded><![CDATA[<p>@hue:  Agreed.  He also said a while back that he &#8220;manages other peoples&#8217; money&#8221; for a living but more recently said he was &#8220;in retail&#8221;.  I&#8217;m not yet buying it.  Too many inconsistencies for my bullshit detector.</p>
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		<title>By: hue</title>
		<link>http://www.ritholtz.com/blog/2009/10/geithner-vs-bair/comment-page-1/#comment-230772</link>
		<dc:creator>hue</dc:creator>
		<pubDate>Fri, 30 Oct 2009 16:09:52 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=42691#comment-230772</guid>
		<description>the fed should go public and post quarterly earnings too.  it&#039;s good at the pump and dump.

Manny, Wanger transformation is too good.  have you regulars seen anyone else have such a fast reversal? what happened to cvienne?</description>
		<content:encoded><![CDATA[<p>the fed should go public and post quarterly earnings too.  it&#8217;s good at the pump and dump.</p>
<p>Manny, Wanger transformation is too good.  have you regulars seen anyone else have such a fast reversal? what happened to cvienne?</p>
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		<title>By: Mannwich</title>
		<link>http://www.ritholtz.com/blog/2009/10/geithner-vs-bair/comment-page-1/#comment-230771</link>
		<dc:creator>Mannwich</dc:creator>
		<pubDate>Fri, 30 Oct 2009 15:53:33 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=42691#comment-230771</guid>
		<description>@hue:  Yeah, I just read it.  You&#039;re probably right.  I don&#039;t think I&#039;ll be meeting Wanger for dinner any time soon but you never know.  If he is indeed &quot;for real&quot;, I might just take him up on the offer.  Could be interesting.</description>
		<content:encoded><![CDATA[<p>@hue:  Yeah, I just read it.  You&#8217;re probably right.  I don&#8217;t think I&#8217;ll be meeting Wanger for dinner any time soon but you never know.  If he is indeed &#8220;for real&#8221;, I might just take him up on the offer.  Could be interesting.</p>
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		<title>By: Mannwich</title>
		<link>http://www.ritholtz.com/blog/2009/10/geithner-vs-bair/comment-page-1/#comment-230770</link>
		<dc:creator>Mannwich</dc:creator>
		<pubDate>Fri, 30 Oct 2009 15:51:23 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=42691#comment-230770</guid>
		<description>@hue:  No I did not.  What did you write?</description>
		<content:encoded><![CDATA[<p>@hue:  No I did not.  What did you write?</p>
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		<title>By: hue</title>
		<link>http://www.ritholtz.com/blog/2009/10/geithner-vs-bair/comment-page-1/#comment-230769</link>
		<dc:creator>hue</dc:creator>
		<pubDate>Fri, 30 Oct 2009 15:50:10 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=42691#comment-230769</guid>
		<description>manny, dicha see my response to whether you&#039;re real?</description>
		<content:encoded><![CDATA[<p>manny, dicha see my response to whether you&#8217;re real?</p>
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