LOL whut?
Via ThinkProgress.org
. . . a series of laughably uninformed economic claims:
BACHMANN: The shorthand way of describing to you what quantitative easing is is a license to print money without any value behind it…In the last two years of the Obama administration, if you pull a dollar out of your pocket, you have lost 14 percent of the value of that dollar. That means the federal government has stolen that money from you… They’ve been printing essentially valueless money and flooding it into the money supply. I don’t stand for that. A dollar in 2011 should be the same as a dollar in 1911. A dollar should be worth a dollar.
I don't usually write two diaries in one day but I just had to jump on this one.
In 1911 a movie ticket cost around 5 cents.
Today a movie ticket costs at least $11.
Seriously, this woman is not stupid, but she is dangerous as hell because she is a serial liar who is wildly misinformed and barely tethered to reality. While pandering to the Goldmembers' of her party she waxes idiotic about the good old days of the Gold Standard while revealing that she has not one iota of knowledge about basic economic concepts.
More below the fold
More from ThinkProgress . . .
A dollar in 1911 had the same buying power as slightly more than $23 today. Bachmann doesn’t seem to understand that the dollar’s value naturally changes over time and accompanies economic growth — and that’s a good thing. Furthermore, the U.S. experienced inflation even when it was on the gold standard (which ended in 1971). Additionally, gold’s value isn’t fixed and also fluctuates over time — for instance, price of gold is currently at a record high.
So being on the gold standard and keeping a constant dollar value are inconsistent proposals. To achieve 0 percent inflation — which is itself an absurd idea, even according to Republican economists — a country would need an independent central bank.
Seriously, this is laughable, but don't laugh, because this is just more proof of how dangerous the misinformed ideology of Republicans like Michele Bachmann would be if they she ever got in control of the Whitehouse.
If you ever needed an example of how extreme and out of touch with reality the modern Republic party has become just consider the fact that this deranged crackpot has a real chance of winning the GOP Presidential nomination.
But DO NOT LAUGH AT HER, instead take her as serious as possible, and be sure to point out as often as you can that when push comes to shove the GOP's campaign slogan, no matter who the candidate is, will certainly be "Tax Cuts for the Rich FTW!"
And the rest of you bums are better off heading to California and searching for gold, because you have a better chance of striking Gold in 2011 than you have of finding a Republican who gives a shit about job creation.
P.S. To those of you who saw my diary earlier today and left some kind thoughts, thank you very much. Your kindness sustains me. I'm still trying to pay the rent, so any and all help is as always greatly appreciated.
You can purchase your copy of "Americana: By Jesse LaGreca" by making a contribution of your choice to me with Paypal
I am setting a deadline for the release of this book. By 10/1/2011 I will get this book into the hands or email box of every person who would like one, even if I have to hand deliver it to you myself.
To those who would like to make a 2011 dollar = a 1911 dollar I leave you with these sagacious words of advice from Doctor Evil, a respected Republican in the community.
My apologies to the Dutch.
Peace and love to all
Yours truly, MoT
You can follow me on Twitter @JesseLaGreca