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No They Can't! John Stossel Essay - Online Papers

No They Can't! John Stossel Essay

Dog Chasing Its Tail

The basis of civilization is money, because money makes it possible to eat and to be shletered, the basic needs of man. In any society with a currency, it is a given that some will handle their capital more responsibly than others. The United States government is like a dog chasing its tail, creating a never-ending, repeating cause and effect cycles of mistakes that is taking the economy down. Let us take a look down memory lane and examine this cycle of mistakes.

One of the biggest government failures in the 21st century was the dollar collapse in 2008. Ever since Richard Nixon abandoned the gold standard in the 1970s, the dollar became the world's reserve ...

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U.S. dollars to equal the same amount of that product. It also means Europeans can come to America, convert their euros into dollars, and purchase more things here than they would in their country. As a result, this is exactly what happened; Eurpeans flooded into the east coast and purchsed commodities such as flat screem T.V.s, iPods, and home appliances.

Second, the abolishment of the gold standard is where the never-ending cycle of problems initiate. Under the gold standard, a government is limited-both legally and practically-as to how much paper money it can print. As the Lyndon Johnson administration recently a couple years back, the U.S. could print paper dollars equal only to four times the value of the nation's gold reserve. Even still, without the gold standard, the Federal Reserve then can be given permission to continually print money. When paper money is printed, inflation goes up and so does prices. In his video, "Politicians' Top 10 Promises Gone Wrong," John ...

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PAPER DETAILS
Added: 3/29/2013 03:37:35 PM
Submitted By: sher101210
Category: Economics
Type: Premium Paper
Words: 765
Pages: 3

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