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0 pointsajross7mo ago0 comments

Again, that's all just conspiracy nonsense. Yes, there are old laws. No, they don't effect macroeconomic policy and to claim they do is silly. This is of a piece with the Trillion Dollar Coin nonsense[1] being hawked in equally silly circles on the other side of the aisle.

Real world economic policy works by virtue of steady hands and rigorously applied norms, not goofball trickery around edge cases of ancient laws.

[1] The idea that the Treasury's statutory authority to mint coinage could be exploited to mint a single illiquid-by-virtue-of-size asset that could then be borrowed against without increasing the debt ceiling.

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vladimirralev7mo ago

Yes you are making my point exactly, I just gave you a link to the official federal reserve website that values gold at $42 and you still refer to it as a conspiracy theory. Surely they could have fixed this by now if it was a typo or a conspiracy.

The fact they they kept the price fixed should serve as a reminder they can do this at any time. There is no conspiracy theory, they've literally done this and nobody challenged them and no laws have changed since then (thus the "ancient law" that is somehow still in effect). The sophisticated economists that study "real world economic policy works by virtue of steady hands and rigorously applied norms" can make another "ancient law" any time they want.

ajrossOP7mo ago

Citing the completely-unused ancient law in support of a claim that the fed is somehow "fixing prices" or "making outrageous course corrections overnight" or that they can "make another law any time they want" is the conspiracy. They aren't doing that. And they never have. And you know it. Which is why you're making noise about ancient unused laws.

We're done, this will be my last comment.

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vladimirralev7mo ago

ajrossOP7mo ago

We're done, this will be my last comment.

j / k navigate · click thread line to collapse