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3/16/08 10:59 PM
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hubris
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Edited: 16-Mar-08
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You can still nominate Ron Paul lol
3/16/08 10:59 PM
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hubris
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Edited: 16-Mar-08
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Fed acts Sunday to prevent global bank run Monday By Rex Nutting & Greg Robb, MarketWatch Last update: 10:38 p.m. EDT March 16, 2008 WASHINGTON (MarketWatch) -- Acting quickly to prevent a run on major global financial firms, the Federal Reserve cut its discount rate by a quarter percentage point to 3.25% and offered to lend money to a longer list of firms than ever before. Woooooooo! Shit is going to start hitting the fans :)
3/16/08 11:04 PM
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Revolver of Reason
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Edited: 16-Mar-08
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you won't be laughing when the Canuck economy goes down the tubes with ours.
3/16/08 11:08 PM
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fanat
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Edited: 16-Mar-08
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Canada is biggest trading partner of US, I think... So, I don't know if that will still be funny for hubris.
3/16/08 11:09 PM
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hubris
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Edited: 16-Mar-08
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"you won't be laughing when the Canuck economy goes down the tubes with ours." the medicine has to be taken sooner or later too bad Americans would rather vote for someone they can have a beer with rather than a guy who knows something about monetary policy...
3/16/08 11:11 PM
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fanat
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Edited: 16-Mar-08 11:16 PM
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"too bad Americans would rather vote for someone they can have a beer with rather than a guy who knows something about monetary policy." Who is this financial expert you referring to?
3/16/08 11:12 PM
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Revolver of Reason
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Edited: 16-Mar-08
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"What's that have to do with Ron Paul though?" a gold or commodity backed currency would not have the problem of the currency going in the toliet as we saw today, at least for the current reasons.
3/16/08 11:14 PM
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Chris in Cambridge
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Edited: 16-Mar-08
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"You can still nominate Ron Paul lol" He could still go independent. Cite "unprecedented" circumstances to explain his change of heart if finance continues to go pear-shaped. http://calculatedrisk.blogspot.com/2008/03/is-lehman-next.html
3/16/08 11:14 PM
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bigwilly
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Edited: 16-Mar-08
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Republicans, "Parade Rest"
3/16/08 11:16 PM
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hubris
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Edited: 16-Mar-08
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"a gold or commodity backed currency" actually he's proposing competing currencies...
3/16/08 11:17 PM
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Chris in Cambridge
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Edited: 16-Mar-08 11:23 PM
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"What's that have to do with Ron Paul though?" Because he has been talking for years about precisely the situation that we are in (credit to him), and the three remaining candidates are functional financial illiterates. I'm not convinced that his solutions are correct (I'm not a gold bug), but he's the only one who has even attempted to grasp the problem.
3/16/08 11:22 PM
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hubris
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Edited: 16-Mar-08
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"I'm not convinced that his solutions are correct (I'm not a gold bug)" not a gold standard, competing currencies: Ron Paul: Statement on Competing Currencies, February 13, 2008: ... In conclusion, Madam Speaker, allowing for competing currencies will allow market participants to choose a currency that suits their needs, rather than the needs of the government. The prospect of American citizens turning away from the dollar towards alternate currencies will provide the necessary impetus to the US government to regain control of the dollar and halt its downward spiral. Restoring soundness to the dollar will remove the government's ability and incentive to inflate the currency, and keep us from launching unconstitutional wars that burden our economy to excess. With a sound currency, everyone is better off, not just those who control the monetary system. I urge my colleagues to consider the redevelopment of a system of competing currencies.
3/16/08 11:23 PM
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hubris
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Edited: 16-Mar-08
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http://www.house.gov/paul/congrec/congrec2008/cr021308h.htm
3/16/08 11:30 PM
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Chris in Cambridge
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Edited: 16-Mar-08
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"not a gold standard, competing currencies" That's nice, and interesting, but I can't even wrap my head around it yet.
3/16/08 11:32 PM
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Revolver of Reason
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Edited: 16-Mar-08
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hubris, for his plan to work one of those currencies will have to be commodity backed. it's a interesting strategy though.
3/16/08 11:35 PM
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Chris in Cambridge
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Edited: 16-Mar-08
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I did not know that Hayek supported the idea. Interesting. http://www.iea.org.uk/record.jsp?type=book&ID=409 http://www.cato.org/moneyconf/14mc-3.html http://meganmcardle.theatlantic.com/archives/2007/12/okay_so_why_not_competing_comm.php http://www.lewrockwell.com/orig/brimelow3.html

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