The Instigator
MClaro725
Pro (for)
Tied
0 Points
The Contender
leisuredebater
Con (against)
Tied
0 Points

A free market currency system is more profitable than a government issued gold currency.

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Voting Style: Open Point System: 7 Point
Started: 6/30/2010 Category: Politics
Updated: 6 years ago Status: Voting Period
Viewed: 1,388 times Debate No: 12440
Debate Rounds (3)
Comments (5)
Votes (1)

 

MClaro725

Pro

This debate is more of an ideal argument. Blissed in a libertarian utopia, this debate I hope will attract free market idealists in a non-controversial or angry debate. If the oppurtunity presents itself, I am all for the elimination of a fiat-paper money system for the replacement of Federal issued gold bullions as congress has the constitutional right to do. However, I do believe their is some legitimacy to the arguments presented by fiat-money proponents. The issuance of paper money presents an oppurtunity for low interest rates and profitable advances in money value. Where I believe the addressed idea is flawed today is:
1. The monopolizing of paper money
-and-
2. The illegitimacy of market tendencies due to the artificial value of the American Dollar.

My target opponent is one who understands and believes those flaws but believes the Government issuance of Gold is the best substitute. I disagree that such a transformation will solve much of history's problem with currency management. I will save the rest of my argument for the actual debate.
leisuredebater

Con

To begin, I point out that the affirmative has provided no concrete criteria or measurement for profitability. In the following, I will establish a reasonable measure for profitability, outline the benefits of the government issued gold currency, and demonstrate the inferiority of a free market currency system.

The main purpose of any currency system is to maintain price stability. The price of an asset with similar economic and social value shall remain consistent over time. Whichever currency system providing truthful reflection of economic value of asset and liability ultimately leads to greater social benefits, and is therefore "more profitable."

Government issued gold currency provides the following benefits. Government issuance assures the authenticity and the standardization of the currency itself. Limitation of the gold element prevents irresponsibility production. Used as a global currency throughout history, gold demonstrated unparalleled consistency as a reliable, acceptable, and global measurement of wealth for storage and for trade.

The core disadvantage of any regional currency-based free market currency system is monopolization. While each nation and jurisdiction is printing its own money, a globalized economy demands a global currency that inspires confidence across continents. If the price of gasoline rises, one cannot confidently determine the price change as a function of gasoline's global demand or the inflation of the US dollars without adjustment to the price change in gold. As the infallibility of the US economy has been proven false in the last decade, global investors and regulators both demand a new currency system resistant to the rise and fall of any single nation.

In this age of globalization, a profitable currency system must allow fair and consistent measure of wealth across time and location. It must also be free from political and cyclical biases. Since the supply of gold is limited and no country can declare monopolization of gold production, a government issued gold currency system is the more profitable currency system over its free market counterpart. Therefore, the negative strong opposes the notion that a free market currency is more profitable than a government issued gold currency and urges a negative vote.
Debate Round No. 1
MClaro725

Pro

MClaro725 forfeited this round.
leisuredebater

Con

leisuredebater forfeited this round.
Debate Round No. 2
MClaro725

Pro

MClaro725 forfeited this round.
leisuredebater

Con

leisuredebater forfeited this round.
Debate Round No. 3
5 comments have been posted on this debate. Showing 1 through 5 records.
Posted by MClaro725 6 years ago
MClaro725
Yes truly free market not government issued
Posted by comoncents 6 years ago
comoncents
You look like Barack Hussein Obama!
Posted by Strikeeagle84015 6 years ago
Strikeeagle84015
are you meaning real free market paper currency where anyone can print their own currency or do you mean government issued free market paper currency?
Posted by MClaro725 6 years ago
MClaro725
Yea basically, but has to disagree with a free market paper currency.
Posted by Strikeeagle84015 6 years ago
Strikeeagle84015
So the Con would advocate for a return to the gold standard correct?
1 votes has been placed for this debate.
Vote Placed by Ragnar 3 years ago
Ragnar
MClaro725leisuredebaterTied
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Total points awarded:00 
Reasons for voting decision: FAIL DEBATE, as both sides dropped out... (checking the voting period debates, from Least To Most votes. By giving this one, it won't be prioritized in the system anymore.)