Return to Gold Standard and price per ounce

huh. Its against forum rules for me to really respond to this. :bigeyes:

 

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I was saying this is a almost the same scenario (mid 1990's-2008) as the 1920's, economically speaking. But you are right, China and Kuwait will start looking like a much better place to live in 10 years.

P.S. I've been to Kuwait and its HOTTER than Iraq. Much rather live in 29 Palms, lol.

 

Please you can do better than that. I have almost 40,000 hits on a typical day on google. If I'm not mistaken my first web pages went up in about 1994. You were what? 8 years old at that time...those days of gophernet?

My life is a much greater open book than you have discovered. Your lazy. Look harder and after about 4 months of reading you'll start to stratch the surface.

And how did you have to "Find" http://www.mrbrklyn.com

It is in my sig? You are UNBELIEVABLE.

Ruben

 

Yeah and I'm saying you have no basis for that comparison. But you would have LOVED Calvin Colledge.

Ruben

 

Really? Do you make that stuff up? I guess you missed all those "panics" from before 1986 which have been already described in this thread. In fact, I've posted more economic information in this thread then you've probably ever seen before. You know what I pitty about you? You never learned to multiply in your head and you never saw Keith Hernandez hit with runners on base.

It is really a pitty.

Ruben

 

I only insult him because he deserves to be insulted for his irrationality. Call it like you see it.

I am in complete agreement with you here...

Also in agreement here. I basically realize Clinton was the luckiest president ever in terms of timing, and the older I've gotten, the less I've liked his presidency.

I'm not saying we should do it, I'm saying if you want to go back on the gold standard, that's how you do it.

Did I not agree with you on this matter as well?

I don't believe we should even have trade agreements, frankly. NAFTA, abolishing tariffs, that's all tantamount to treason, imho. It's not our job to be a charity. We need to look after ourselves, and only ourselves. Gold market? What gold market? I didn't say gold would be legal to own at that point...

Agreed, but it will never happen.

I agree, but military spending also needs to be reeled in, and that's a far easier thing to reel in than the others. Did you know we spend more than (at minimum) 6.5 times as much as the next closest country (conflicting numbers... apparently China is actually around $100bn. We're at $665bn.) on our military?

Frankly, I'd abolish welfare and social security. Nationalize healthcare for all US citizens. If you're under 40, you no longer qualify for SS, nor do you have to pay towards it. I'd raise the federal wage tax slightly for people under 40 to make up for some of the budget shortfalls as a result of congress robbing the SS fund blind over the past two or three decades.

Oh, and for illegal immigrants? Immediate deportation... right to fire granted to all troops patrolling borders. Someone is in an area that is not an official border crossing can be shot on site. The companies that hire illegals intentionally? Instant liquidation of all assets. Proceeds benefit the state budgets in which the companies assets lie.

I'm going to sleep.

 

Yeah, I made it up. I made it up from all the economic and monetary history books that I've read. Oh, and don't forget the economic classes that I took in college. I did just throw the numbers around, sorry they're not exact. The panics that you're talking about didn't come from the currency, it came from bad fractional reserve banking practices (which have multiplied today).

 

By the way "Rube"n, I could find serious stuff on you if I wanted to, but I found all I needed to know about you on that page.

You're not someone I'd ever associate myself with, thank you very much.

 

Lets all just drink a Sam Adams and call it a day!!!
Actually Stone Brewery's beers are my favorite. Like Arrogant B@$tard

 

You didn't read what you wrote in your text books. We can either believe you ... or Milton Freedman.

That is a tough choice.

Ruben

 

His name is spelled Friedman first of all. Second, would you advise our president to send hundreds of millions to another country to help rebuild an industry that is currently failing in our own country?? Third, he believes that the NEW DEAL is what is going to help a failing economy right?? The people (Economists, Businessmen, and Politicians) that disagree with that are the same people that were blown off when talking about the economy crashing years before 2008. (Robert Kiyosaki, Ron Paul, Jim Rogers, Peter Schiff). Nobody listened to them, meanwhile the President was receiving a Nobel Peace Prize, for who knows what.
Just because Friedmand was an economist and got a Nobel Peace Prize, does that mean that we should take his measly opinions as gospel?? Millions would beg to differ.

 

Mrbrklyn-Looking up some more facts in Friedman's books to post some witty comeback?? I bet you're related to him somehow considering he's Jewish and from Brooklyn too. I would take what my grandfather says to heart too. So, I guess I understand you in a sense. Good night to all.

 

right. Gotchya

Ruben

 

So you think that I'm related to Friedman...hmm.

Interesting.

Ruben

 

As usual, you don't answer simple and direct questions.

Have you ever seen THIS?

http://www.google.com/publicdata?ds=wb-wdi&met=ny_gdp_mktp_cd&idim=country:USA&dl=en&hl=en&q=US+GDP

The the US GDP over about 40 years.

Ruben

 

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm


Lisa S. Mataloni: (202) 606-5304 (GDP)
Andrew Hodge: (202) 606-5564 (Profits)
Recorded message: (202) 606-5306
Gross Domestic Product: First Quarter 2010 (Second Estimate)
Corporate Profits: First Quarter 2010 (Preliminary Estimate)

Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.0 percent in the first quarter of 2010, (that
is, from the fourth quarter to the first quarter), according to the "second" estimate released by the Bureau
of Economic Analysis. In the fourth quarter, real GDP had increased 5.6 percent.

The GDP estimates released today are based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 3.2
percent (see "Revisions" on page 3).

The increase in real GDP in the first quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), private inventory investment, exports, and nonresidential
fixed investment that were partly offset by negative contributions from state and local government
spending and residential fixed investment. Imports, which are a subtraction in the calculation of GDP,
increased.

The deceleration in real GDP in the first quarter primarily reflected decelerations in private
inventory investment and in exports, a downturn in residential fixed investment, a larger decrease in
state and local government spending, and a deceleration in nonresidential fixed investment that were
partly offset by an acceleration in PCE and a deceleration in imports.

Motor vehicle output added 0.49 percentage point to the first-quarter change in real GDP after
adding 0.45 percentage point to the fourth-quarter change. Final sales of computers added 0.18
percentage point to the first-quarter change in real GDP after adding 0.01 percentage point to the fourth-
quarter change.
______________________________
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual
rates, unless otherwise specified. Quarter-to-quarter dollar changes are
differences between these published estimates. Percent changes are calculated
from unrounded data and are annualized. “Real” estimates are in chained
(2005) dollars. Price indexes are chain-type measures.

This news release is available on BEA’s Web site along with the Technical Note and Highlights
related to this release.
______________________________

The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.7 percent in the first quarter, the same increase as in the advance estimate; this index
increased 2.0 percent in the fourth quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 1.1 percent in the first quarter, compared with an increase of 1.5 percent in
the fourth. The federal pay raise for civilian and military personnel added 0.2 percentage point to the
first-quarter increase in the gross domestic purchases price index.

Real personal consumption expenditures increased 3.5 percent in the first quarter, compared with
an increase of 1.6 percent in the fourth. Real nonresidential fixed investment increased 3.1 percent,
compared with an increase of 5.3 percent. Nonresidential structures decreased 15.3 percent, compared
with a decrease of 18.0 percent. Equipment and software increased 12.7 percent, compared with an
increase of 19.0 percent. Real residential fixed investment decreased 10.7 percent, in contrast to an
increase of 3.8 percent.

Real exports of goods and services increased 7.2 percent in the first quarter, compared with an
increase of 22.8 percent in the fourth. Real imports of goods and services increased 10.4 percent,
compared with an increase of 15.8 percent.

Real federal government consumption expenditures and gross investment increased 1.2 percent in
the first quarter, compared with no change in the fourth. National defense increased 1.1 percent, in
contrast to a decrease of 3.6 percent. Nondefense increased 1.5 percent, compared with an increase of
8.3 percent. Real state and local government consumption expenditures and gross investment decreased
3.9 percent, compared with a decrease of 2.2 percent.

The change in real private inventories added 1.65 percentage points to the first-quarter change in
real GDP, after adding 3.79 percentage points to the fourth-quarter change. Private businesses increased
inventories $33.9 billion in the first quarter, following decreases of $19.7 billion in the fourth quarter
and $139.2 billion in the third.

Real final sales of domestic product -- GDP less change in private inventories -- increased 1.4
percent in the first quarter, compared with an increase of 1.7 percent in the fourth.


Gross domestic purchases

Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.6 percent in the first quarter, compared with an increase of 5.2 percent in the
fourth.


Gross national product

Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 3.9 percent in the first quarter, compared with an increase of 5.0 percent in
the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which
increased $27.7 billion in the first quarter after decreasing $14.5 billion in the fourth; in the first quarter,
receipts increased $22.7 billion, and payments decreased 5.0 billion.


Current-dollar GDP

Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
4.1 percent, or $147.6 billion, in the first quarter to a level of $14,601.4 billion. In the fourth quarter,
current-dollar GDP increased 6.1 percent, or $211.7 billion.


Revisions

The “second” estimate of the first-quarter increase in real GDP is 0.2 percentage point, or $6.5
billion, lower than the advance estimate issued last month, primarily reflecting an upward revision to
imports and a downward revision to personal consumption expenditures that were partly offset by an
upward revision to exports.

Advance Second
(Percent change from preceding quarter)

Real GDP......................................... 3.2 3.0
Current-dollar GDP............................... 4.1 4.1
Gross domestic purchases price index............. 1.7 1.7



Corporate Profits

Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $81.4 billion in the first quarter, compared with an increase of
$108.7 billion in the fourth quarter. Current-production cash flow (net cash flow with inventory
valuation adjustment) -- the internal funds available to corporations for investment -- increased $30.8
billion in the first quarter, compared with an increase of $69.1 billion in the fourth.

Taxes on corporate income increased $57.7 billion in the first quarter, compared with an increase
of $40.9 billion in the fourth quarter. Profits after tax with inventory valuation and capital consumption
adjustments increased $23.7 billion in the first quarter, compared with an increase of $67.8 billion in the
fourth. Dividends decreased $26.2 billion, in contrast to an increase of $29.1 billion; current-production
undistributed profits increased $49.9 billion, compared with an increase of $38.7 billion.

Domestic profits of financial corporations increased $7.4 billion in the first quarter, compared
with an increase of $65.0 billion in the fourth quarter. Domestic profits of nonfinancial corporations
increased $44.5 billion in the first quarter, compared with an increase of $59.8 billion in the fourth. In
the first quarter, real gross value added of nonfinancial corporations increased, and profits per unit of
real value added increased. The increase in unit profits reflected decreases in both the unit labor and
nonlabor costs corporations incurred that more than offset a decrease in unit prices.

The rest-of-the-world component of profits increased $29.5 billion in the first quarter, in contrast
to a decrease of $16.1 billion in the fourth quarter. This measure is calculated as (1) receipts by U.S.
residents of earnings from their foreign affiliates plus dividends received by U.S. residents from
unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign
parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The first-quarter
increase was accounted for by an increase in receipts and a slight decrease in payments.

Profits before tax increased $180.9 billion in the first quarter, compared with an increase of
$137.0 billion in the fourth quarter. The before-tax measure of profits does not reflect, as does profits
from current production, the capital consumption and inventory valuation adjustments. These
adjustments convert depreciation of fixed assets and inventory withdrawals reported on a tax-return,
historical-cost basis to the current-cost measures used in the national income and product accounts. The
capital consumption adjustment decreased $107.2 billion in the first quarter (from -$118.8 billion to
-$226.0 billion), in contrast to an increase of $0.1 billion in the fourth. The inventory valuation
adjustment increased $7.7 billion (from -$45.6 billion to -$37.9 billion), in contrast to a decrease of
$28.5 billion.


* * *


BEA's national, international, regional, and industry estimates; the Survey of Current Business; and
BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.


* * *


Next release – June 25, 2010, at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2010 (Third Estimate)
Corporate Profits: First Quarter 2010 (Revised)

 

warning leave the political discussion out of it quit the personal insults ok

 

By Rex Nutting, MarketWatch

WASHINGTON (MarketWatch) -- U.S. consumer spending rose at the fastest rate in three years during the first quarter of 2010, powering the economy to a 3.2% growth rate, the Commerce Department estimated Friday.

The 3.2% increase in real seasonally adjusted gross domestic product was exactly as expected by economists surveyed by MarketWatch. See our complete economic calendar and consensus forecast.

"This is an encouraging report," wrote Peter Newland, an economist for Barclays Capital. Economist Stu Hoffman of PNC Financial said it reflected a "half-speed recovery."

GDP growth is running at a 2.5% rate over the past four quarters, following the worst downturn in generations. GDP rose at a 5.6% pace in the fourth quarter, primarily because of the swing in inventories.

 

Yes, however our GDP primarily consists of service based jobs, not manufacturing. Meaning we are not making things and selling them outside our country like we used to. The GDP is manipulated too. For example; if a computer was made that was ten times faster than the last one, that is calculated into the GDP. You can't type any faster on it, therefore technically it should have no affect on it, but it does. Another example is Hurrican Katrina. The GDP did not minus all of the jobs lost and business' wiped out, however, the government did calculate all the jobs created to help with Katrina. The CPI is manipulated in a similar fashion.

 

Yeah so what, The manufacturing sector has been in declain since the mid-1960s. You should have been around for the Japanese Car explosion...for all the good it did for Japan.

Ruben