Ben Carson Upsets Mainstream Media: Openly Questions Fiat Money

Tyler Durden's picture

Submitted by Ryan McMaken via The Mises Institute,

Neurosurgeon-turned-Presidential candidate Ben Carson has been under attack this week by our PC-enforcers in the media. While most of the media scorn has been directed at Carson’s defense of gun ownership following last week’s shooting in Oregon – Matt O’Brien of the Washington Post slapped at Carson for flirting with the gold standard.

In an article on Friday criticizing Jeb Bush for not condemning the gold standard harshly enough (Bush only offered a timid "I don't think so" when asked whether the US should make such a move), O’Brien highlighted some surprisingly sound comments Dr. Carson made earlier this week during an interview with NPR. While discussing the nation’s current debt, Carson said:

"[T]he only reason that we can sustain that kind of debt is because of our artificial ability to print money, to create what we think is wealth, but it is not wealth, because it's based upon our faith and credit. You know, we decoupled it from the domestic gold standard in 1933, and from the international gold standard in 1971, and since that time, it's not based on anything. Why would we be continuing to do that?”

Because of views like this, O’Brien dismisses Carson as not being a “candidate of serious policy.”

Unfortunately for O’Brien, he spends the rest of his column demonstrating that his own views on the gold standard, which he refers to as “the world’s worst idea today”, should not be taken seriously.

Along with offering the typical flawed-Friedmanite narrative of how the Federal Reserve’s dedication to preserving the gold standard, O’Brien is concerned about the impact a gold standard has on interest rates.

Without a hint of irony, O’Brien suggests that interest rates guided by the market simply lack the wisdom of our current PhD Standard:

"The question, then, is when gold actually does "want" to go up. And the answer is not when the economy would want it to. That's because the price of gold doesn't go up when the economy is overheating, and down when it's cooling off. If it did, then the gold standard would give us high interest rates when we needed them, and low interest rates too."

So O’Brien’s problem is with the fact that the market does not follow his Keynesian models on how interest rates should behave. Like most self-proclaimed “economic wonks” in DC, O’Brien can’t imagine a world in which the Fed is limited in what it can do to respond to a recession.

Perhaps it’s time for Mr. O’Brien to read about the Forgotten Depression

And maybe Dr. Ben Carson needs a new addition to his wardrobe.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Gavrikon's picture

Maybe Ben gets a little more repectability and a second look.

Zirpedge's picture

Demographic studies show that the racist ass libertard vote is prepared to accept a strong black leader who speaks to their paranoid terms of fiat money and a democratic "republic" form of governance where individuals opinions matter.

Eight years of Obama preachin and enforcing Bush Doctrine has the wonder bread and circus crowd all spun. 

BaBaBouy's picture

uSA GOLD Standard?.. WOW... Tatoo That On Your Arm And Im In...

BaBaBouy's picture

This probably Takes The MASS_MEDIA's Target Off DONALD For A While, And Puts It On CARSEN...

RafterManFMJ's picture

I'm perfectly fine with proponents and defenders of the "The Fiat" standard being publicly flogged and every iota of their wealth being confiscated when this demonic shit-show goes tits-up.

ThaBigPerm's picture

Critics should take a look at this menu in Wisconsin today:

 

http://www.theblaze.com/stories/2013/06/28/the-fascinating-reason-why-a-...

 

And compare/contrast it to a McD's menu from the 50s.

 

http://crestleaf.com/blog/wp-content/uploads/2015/02/original-mcdonalds-...

 

Any questions?

The Pope's picture

 "flirting with the gold standard."

 

Well, as we all know, that's a SUREFIRE way to end a candidacy (&/or a LIFE, as the case may be).

Silky Johnson's picture

That nigga just cut his own throat.

giggler321's picture

How's he gonna do that when Nox is empty and the Fed's basement is shared with JPM who leased; cough sold it?

Arrrh, I've got it, he's gonna rid crime by removing all the guns and then come knocking on your doors!

Squid-puppets a-go-go's picture

gold standard aint enough. at minimum, we need

1) gold standard

2) outlaw fractional reserve banking

3) outlaw lobbying

4) return to mrk to market accounting

5) make it illegal for a bill to contain laws about any topic other than in the title of the bill

6) remove executive orders and amend the constitution to forbid emergency suspension of laws

LowerSlowerDelaware_LSD's picture
Dr. Carson has been hitting pretty much every point well.  I've been taking him very seriously for a while now.

 

@ Squid-puppets a-go-go -

There is nothing wrong with lobbying.  It is simply speech.  The problem is that the government has become so outrageously enormous, and hands out so many trillions of other people's money, that it pays to have people there trying to convince the government to give them some.  Reduce the size of government to its Constitutional role and there will be no need for big money lobbying.

Son of Loki's picture

Like most surgeons, he is very concrete and super practical and common sense. Also, like most surgeons, he is an independent thinker who cannot be bought off by DC special interest groups.

 

I like him.

RichardParker's picture

SoL:

Careful, a disproportionately high percentage of surgeons are sociopaths.

https://www.google.com/?gws_rd=ssl#q=surgeons%2Bsociopaths

BTW, did not junk you.

847328_3527's picture

It's inconceivable a foremerly practicing surgeon would kill over a million people for their oil, or drone wedding parties and hospitals. I also don't see him crushing the middle class with moar taxes like O'Bama has, and Hillery/Sanders have promised to continue doing if elected.

I can't see him expressing the bloodthirsty Fiorno-type comments endorsing moar war and misery either.

I beleive like most doctors he'll be sympathetic to truly downtrodden people but not sympathetic to the lazy FSA.

The MSM initially praised him because and wanted someone against him; however, with Ben's recent common sense comments on guns, crime, Muslims, etc they will now hate him also and most likely we'll see the gubmint-controlled MSM try to tarnish his and discredit him is my guess.

 

We shall see, but it's good to see some non-career politicans running.

buyingsterling's picture

He doesn't have a translatable record of accomplishment like Trump arguably does, but I think he would be open to being Trumps VP, and they would be unbeatable. The approval of the nice black guy would blunt a lot of the 'Trump's an asshole' crowd.

VinceFostersGhost's picture

 

 

 

The only thing the media needs to know.....Ben Carson.....is smarter than you are.

Kobe Beef's picture

Paper burns. Gasoline is cheap.

Deathrips's picture

BEN,

 

BIMETALISM!!!!

 

GOLD AND SILVER!!

 

RIPS

SuperRay's picture

Squid, wish I could upvote that 1000

Reaper's picture

Once the fiat god is discovered dead, his priests at the Fed will first lie and then become irrelevant.

NeedtoSecede's picture

And don't forget to repeal the fucking 16th and 17th Amendments.

 

Secession anyone?

fleur de lis's picture

Gold hasn't seen the inside of Fort Knox in years.

mkkby's picture

This is all nice THEATER.  The election is still over a year away.  At what point do they all die in a fiery accident, leaving Bush vs Hillary?

Fukushima Fricassee's picture

Dr. Carson is so far above your ignorence you must be dizzy looking up. Or were you refering to Obama?

maxwellsdemon's picture

no one has seen the gold since the 1950s when the last physical audit was done.  So Carson should have at least raised the point about whether the gold is really there, or maybe he thinks it is, which shows he's ingorant, or maybe that he thinks we can have fiat gold in reserve as our functioning reserve, in which case he's being idiotic.

zerotohero's picture

You people are fucking idiots period - wake up - nothing will change - you have no power - they control you - sorry but get your heads it of your asses and deal with it

Four chan's picture

His mentality is not to fight as a hero for an enlightened, constructive world, but to make the the world liable to financial interest. This is the direction of the parasite, not to fight but to creep; not to serve values, but to devaluate.

Alfred Rosenberg: The Myth of the Twentieth Century

Cynicles's picture

Carson will be dead if he keeps up that sort of talk a la JFK 

moneybots's picture

"Carson will be dead if he keeps up that sort of talk a la JFK"

 

Not likely.  Oswald has been dead for 50 years.

bilbert's picture

I disagree.

 

I'm pretty sure there is never a "Shortage of Oswalds", should the need arise.............

AMPALANCE's picture

LOL, Right Oswald. Ever heard of the Brooklyn Bridge? it's available.

migra's picture

Indeed. He is now in the crosshairs and they will come for him. They will not allow anyone to rock their boat. 

MrBoompi's picture

Although I believe the days of a gold standard are long gone, it is a good idea to think about taking the creation of money out of the hands of central banks, who only let that money into the economy as debt, and restore that authority back where the Constitution said it should be.  

maxwellsdemon's picture

Agree, check out Ellen Brown's Web of debt website

http://www.webofdebt.com/

justdues's picture

Should,nt all those thin people on the McD,s menu be like 8 times as wide as that and driving ObeseMobiles but then I was,nt around then so maybe in the 50,s they still used real meat and milk from cows that walked around fields and ate grass

NotApplicable's picture

Back then people still ate food, so obesity wasn't a widespread health issue.

fedupwhiteguy's picture

And we all play hard and worked hard. There were no home electronics games to keep kids indoors. Food quality was definitely way better than today's fare.

MeBizarro's picture

Food was also much more expensive as a percentage of annual household spending and eating out was uncommon. 

Obamamerica's picture

How on earth did you keep a link from 2013? lol

FIAT CON's picture

That is  agreat idea to market things based off of the pre 1965 coins... It creates thought and will help educate the sheeple about sound money and all else...

 I think I will do the same with every invoice I send out to my clients, unfortunatley my invoices are in the hundreds ot thousands of dollars, but none the less If they cannot pay in pre 1965 silver it will still create awarenes.

Gaffing_Nome's picture

"Chime"

Great Links.

After 5+ years of fa(la)iled attempts trying to edify family und friends about the monies-ed fuckaroo sys...
using "logix" (fail), rationale, emotion, anger, stats, charts, hiss-toryes, toobz, books, academsplat, contractor sludge-speeks, dem-rep-foolery, XYZ fur dummies, music parlance, food analogy and...ya'll get the point...

The -only- way I've been able to throw out demonstrable sticky anywhats of worths has been the *dime* (un)trick, ala the ^ol MACDonalds^ menu/Daddy Paul barking on about 1 pre-65 quarter & purchasing power re: gasoline.

Mind you, no one will watch a toob clip of Paul v Bernank but I've been able, with fone and '64 dime in hand, to make "point" across morass of un-knowing fellow. Blues, Reds, rich, poor, young and old.

Point: My local watering hole, local coffee joint and sandwich eatery (small buis of course, nonetheless places of whom clientele not limited ta close(d)-nit locals) all take pre '65 coinage for payment...not @ face value. Made possible by talking -effective-.

^This^...in a (multi million metro) conurbation; nota 1 horse towne.

Concur /w majority-ZH'ers regarding nil-chance of legit gold (er bi-metallic) standard resurrections (but that was over b4 the many
coinage acts of...18/19XX [see avatar
]).

Talking and doings are happening /w greater frequency. Ppl in the small village, others in cities seem IMHO 2vee getting it. Few years ago settling my tab with 2 '64 quarters would of been a joke of joke. Now it's a no questions asked, others doing it as well.

Paying a tab with 90% Ag does not run the gambit of 0H awareness BUUUT

'cause the giant turd is a Bankers Tongue, methinks this all positive make.

Everyone-.-waking desperate, lotsa more then 3/2 years ago.
More folk are listening, even the dang millennials.

-(PS. Had a great talk with a millennial a month+ ago. Previously had had one of those "never talk again fuck you" conversations re: bloviationz common to ZH
forums n' posts. She/he par eloquence pointed to me and out-> how it felt (feels) being on the reviving end my "knowledge bombastic" (fed, FRB, NDAA, Balfour this, 1871 that,
... things more "exotic") and

Made me under-stand how (soooo many times) people (close) react /w the genuine fears, manifest as anger-behavior towards (me), un-capable of doing nothing else but...well, mega adverse reaction and molar gnash.

Too many times...
from my pov, I was trying to "calmly" inform and help but duh, I was an ass, presupposing others would carry onoff the same vision of understand-ment and digest doom-fax which I've had luxury of munching on for many many years.

Kinda like this guy:

https://en.m.wikipedia.org/wiki/Michel_Lotito

"Hey kid. Eat this jet. Huh, you don't know what yaw is? Huh? Eat the damn plane"<-me being assface

way too long post,

TL;DR version:

Had success with the sheep, in process realized often times was communicating like a dickface.

anyways,
good night n day everyone. Many of you make my day/have me laughing hyena style & don't know it.

Dick Buttkiss's picture

A global fiat currency is on the way:

Luckily for you, our friend Jim Rickards is just as good at elucidating the muddled world of finance as the government is at obscuring it.

Boiled down to its essence, the SDR (special drawing rights) is a kind of super money printed by the IMF…

“Since Federal Reserve resources were barely able to prevent complete collapse in 2008,” Jim writes in his recent New York Times best-seller, The Death of Money, “it should be expected that an even larger collapse will overwhelm the Fed’s balance sheet.”

Simply put, next time, printing another $3 trillion-plus won’t be politically feasible. “The specter of the sovereign debt crisis suggests the urgency for new liquidity sources, bigger than those that central banks can provide, the next time a liquidity crisis strikes. The logic leads quickly from one world to one bank to one currency for the planet.”

Leading the way, says Rickards, will be the International Monetary Fund. “The task of re-liquefying the world will fall to the IMF because the IMF will have the only clean balance sheet left among official institutions. The IMF will rise to the occasion with a towering issuance of SDRs, and this monetary operation will effectively end the dollar’s role as the leading reserve currency.” ...

And as Rickards suggested in Currency Wars, the IMF might even swallow its pride and resort to some form of gold standard if that’s what it takes to restore confidence in the system.

But if that’s what it takes, expect some ugly times ahead, like Ferguson, Missouri, but worse. “Riots, strikes, sabotage and other dysfunctions,” complete with a “neofascist” response from well-armed authorities.

http://dailyreckoning.com/one-world-one-bank-one-currency 

 

centerline's picture

Yup.  Seems the most plausible.

NotApplicable's picture

I'd say "extremely plausible," especially given that line about the IMF having the only clean balance sheet.

To me the only thing still unmanaged is getting the Yuan and eventually the Ruble into the SDR.

SgtShaftoe's picture

Spot on. That has been the plan since at least 2008. IMF SDRs will be the next phase. Also, no countries will need to mint new currency. We'll see how long it lasts though. Typically the half life of a replacement currency after the first one implodes can be measured in months, sometimes weeks.

Examples: The Geldmark after the German hyperinflation, the French currency backed by real estate after the French currency hyperinflation, etc, etc.

logicalman's picture

I thought we already had ,effectively, a single bank.

Something about red shields is buzzing around in my head.

 

chubbar's picture

This idea is a fucking joke! Does everyone realize that the SDR is a basket of the same currencies being rejected when the system crashes? It doesn't (nor should it) restrict how much each sovereign country whos currency is included in the basket prints either. So, let's say they issue SDR's. Nothing stops the US, who may make up 50% of the SDR basket, from printing as many dollars as they want. It's a fucking joke. It's another fiat currency issued by a no-body organization. It's one that is made up out of nothing and we are told it should have some sort of meaning and importance to us. I don't give a rat's ass about the IMF. It's all complete bullshit. If the dollar is shit then what does an SDR which is a composit and has a 50% (or whatever it is) of dollars in it worth? If I bake a cake but add in X% of dogshit, do you want to eat it? Does it make it better than 100% dogshit cake? These people are going to try and do anything they can to have a currency that doesn't require constraint of spending by gov'ts. It's our job to make sure we reject it!