Saturday, March 25, 2017

OMG An Idaho Politician Just Said This About Gold

Jp Cortez sets the scene:
During the March 14th floor debate on Idaho’s House Bill 206, a measure that promotes sound money by removing Idaho income taxation from precious metals, Democrat Representative Mat Erpelding — the House Minority Leader — couldn’t help himself and had to share his two cents, even after asserting that he had no opinion on the bill (but then voted against it).
Thank you, Mr. Speaker. I don’t have an opinion on this bill. However, I do have an opinion on facts. Facts are somewhat important,” Representative Erpelding said with an air of superiority. “If we say that gold is going to protect us from inflation, I want to point out that in 1868, gold was $27 an ounce, and today gold is $1,218 an ounce. So, we can’t say that gold is going to protect us from inflation when you have that type of a price range over the last hundred years. So, I just want to point out that facts are important.
Huh? The purchasing power of the dollar versus gold has fallen nearly 98% and gold therefore offers no protection against inflation?
Despite Minority Leader Erpelding’s objection, House Bill 206 overwhelmingly passed in the House 56–13. Next, sound money supporters hope to receive a hearing and a vote in the Idaho Senate.
See the video: 




If by chance someone comes across this post who is as clueless as Rep. Erpelding please understand that if the price of gold has climbed from $27.00 per ounce in 1868 to a present value of around $1,218.00 an ounce, it means that gold has maintained its purchasing value in the face of the declining purchasing value of the Federal Reserve controlled U.S. dollar.

According to Bureau of Labor Statistics data, the purchasing power of the dollar since the start of the Federal Reserve has declined to the point where the current dollar is only equal to 4 cents in buying power of the 1913 dollar.

-RW 

UPDATE

A Response from the Idaho Representative on His Incoherent Argument on Gold as an Inflation Hedge


8 comments:

  1. So representative of the political class. An ignoramus and a complete and utter moron.

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  2. I meet women who say this kind of thing all of the time. Democrats.

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  3. This guy is clearly as clueless as the senator that asked the general what the chances of an island flipping over because of too many marines landing on it was.

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  4. It's early yet, but here we have a strong contender for 2017's Biggest Idiot of the Year Award. Not sure how you can top that pompous, sloppily argued error.

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    1. This was so hilariously dumb I had to have a little fun making a video on it: https://youtu.be/Ih9ihoNY9s8

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  5. It's funny that he knows he's supposed to be against gold as money but he has no idea why.

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  6. Hey Robert,

    Update link is broken.

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