Monday, March 21, 2011

Doof of the week Glen Bradley wants N.C. to issue its own money

Posted By on Mon, Mar 21, 2011 at 2:02 PM

Here’s a story that heightens my suspicions that America is under some kind of curse. Raleigh’s News & Observer ran a terrific story last week written by Michael Biesecker (and reprinted in Charlotte’s daily paper) about Tea Party doofus Glen Bradley. Our man Glen is somehow also a state representative in Raleigh, and he wants North Carolina to issue its own money, in competition with the dollar. And, of course, he wants it backed by gold. But silver will be OK, too. Biesecker’s take on Bradley’s latest venture into fringe-dwelling irrelevance was beautiful, basically pointing out how little Bradley actually knows about economics, and eliciting reactions from GOP leaders in the General Assembly who nearly fell over, trying to run from Bradley’s “goofball” cooties. Bradley was also in the news recently when he introduced bills to exempt N.C. agricultural products and firearms from federal regulation, although the bills go against more than a century of Supreme Court interpretations of the Constitution. And then, this splendidly snarky sentence from the writer: " ‘They're wrong,’ Bradley said confidently of generations of justices.”

These teabagging, retro warriors would be a laugh riot if they weren’t so damned serious. But they’re not funny for long. The U.S. doesn't have enough deep, major problems that require cogent analyses and bold, forward-thinking responses. No, that's not enough. We also have to work around deluded ignorati like Bradley, spouting the same tired so-called libertarian nonsense about arcane economic theories and paleolithic interpretations of the most obscure parts of "the Carnsti-TOO-shun." These folks embody the adage about a little knowledge being a dangerous thing. Makes you wonder about the people who vote doofs like Bradley into the legislature.

Glen Bradley, state representative from the 18th Century
  • Glen Bradley, state representative from the 18th Century

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You're right, he must not understand how the systematic devaluation of the dollar is good for us. Why don't you explain it Mr. Grooms?

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Posted by BV on 03/21/2011 at 2:36 PM

Why don't you get a real life, dude?

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Posted by John Grooms on 03/21/2011 at 4:32 PM

Classic Grooms. BV asks a succinct and relevant question, and JG dissembles with ad hominem. I'll raise the stakes and see if JG can provide "bold, forward-thinking responses" to these additional questions about monetary policy: 1. My copy of the Constitution includes this wording: "No State shall make any Thing but gold and silver Coin a Tender in Payment of Debts". When was this section of the Constitution repealed? By what Amendment? 2. What is “Quantitative Easing”? How is it accomplished? What happened to food and other commodity prices when QE2 was announced in November 2010? 3. What is a POMO? How does it work? Who profits from it? Which CUSIPs were the largest components of the most recent POMO? 4. What is a Primary Dealer? 5. Compare the purchasing power of one dollar prior to the creation of the Federal Reserve to the purchasing power of one dollar today. 6. Compare the purchasing power of one dollar 100 years prior to the creation of the Federal Reserve to the purchasing power of one dollar the day prior to the creation of the Federal Reserve. 7. Explain the difference between M1 and M2. 8. Explain what hedonics is and how it impacts the calculation of the Consumer Price Index. Bonus: what metric is used to calculate the housing component of CPI?

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Posted by FOA on 03/21/2011 at 9:46 PM

It would be a more compelling article if you actually addressed WHY this was a crazy idea.

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Posted by John Choate on 03/21/2011 at 11:48 PM

John: Now do you see how the dufus got elected? lol. Voters are running on pure emotion. Their brains are not involved at all.

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Posted by DLP on 03/22/2011 at 7:04 AM

We all used to be on the gold standard so I see nothing silly about going back to it. It would actually keep the government from stealing our money thru inflation. Like a bull all Groomy needs to hear is tea party and then the slurs come pouring out of him.

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Posted by Frank Griffin on 03/22/2011 at 8:30 AM

I submit that Mr. Grooms has no idea what he is talking about. Tell us why this person doesn't understand economics Grooms. Maybe you could cut and paste something from Paul Krugman? Ask Bowman she can explain that process. Perhaps if you weren't in the name-calling without facts business you would realize that the only reason this sort of thing is a threat to the Feds is because normal people could use it as a tool to avoid having their savings and earnings devalued through monetary policy. Perhaps you might come to realize that control of our money is the greatest power that these big banks you pretend to dispise have at their disposal. Well? I'll enjoy the sound of crickets while I wait for your insightful response.

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Posted by BV on 03/22/2011 at 8:36 AM

DLP, How 'bout YOU use them "brains" of yours to answer my questions Grooms is too chickensh!t to respond to.

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Posted by FOA on 03/22/2011 at 2:12 PM
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