, 5 tweets, 2 min read Read on Twitter
Since 1971, the price of the dollar has fallen from 1/35 of an ounce of gold to 1/1350 of an ounce of gold, a depreciation of more than 97%.
That’s not enough for Sen. Elizabeth Warren. She has a “Radical Plan to Fix the Dollar.” (See nyti.ms/2WM1F2u) Her plan is to depreciate the dollar more than 25% against major foreign currencies, above all the Chinese Yuan. (Further depreciation against gold is implicit.)
The alleged advantage of this is that the dollar will then be cheaper to foreign buyers (just as it’s already 97.5% cheaper to owners of gold). In response, they’ll supposedly buy more of our goods and Americans will have the work to do of producing those goods.
Sen. Warren is apparently of the school of “thought” that believes that a business can grow rich by giving money to its customers, on the condition that they spend that money in buying from it.
The underlying idea here is that the fundamental problem of economic life is producing consumption rather than producing goods. For a detailed critique, see my essay “Production Versus Consumption,” 99¢ at amzn.to/2IRbtOW. See also my Capitalism: A Treatise on Economics.
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to George Reisman
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!