Originally Posted by indesertum
i'm not talking about monetary. i'm talking about expansion of federal programs like medicare, medicaid, and ssi.
The expansion of federal programs cannot be accomplished without the inflationary expansion of the money supply. WWII was financed with bonds, not inflation. When LBJ tried to provide "guns and butter" (Viet Nam and The Great Society) by printing money, the international market stepped up its redemptions of gold under Bretton-Woods and Nixon closed the gold window.
whatever. anything i tell you is highly unlikely to turn into an intelligent conversation. you think far too simplistically.
No, I have principles and you want to attack them rather than engaging in conversation that recognizes economic realities. Please read the MMT link in my reply to NameBack. Warning though, it deals in "simplistic" discussion of formulae like (G - T) = (S - I) - NX and MV = PQ so you may be too sophisticated to participate. BTW the link is written by a guy who regularly insults "Hard Money" advocates and inflationists like ZeroHedge, so keep your "goldbug" arrows in their quiver.
nobody is going to totally abandon something that is the status quo like the fed so you might as well whine about something else.
The country's been around for 236 years, the Fed for 99, purely fiat money for 41. So for the vast majority of the country's history the status quo was hard money.