Happy Sunday all. I almost posted this to my Facebook. Then I was like what the hell am I thinking? That is why I, we, have TOA.
A story from Reason about ending the fed.
I know some of you are for this, and some are against this, and some don't know what the hell this is.
If you are in the first group, good for you. You are on the side of right and rational and can see and understand just how bad off we are and how we got there. You are familiar and agree with Ron Paul, that is a good thing. History will confirm that. BZ.
If you are in the second group. Well, there might not be any helping you. You might not be the problem, but you are not helping the solution. Sheep are not totally to blame for how they are shepherded. Bah. The message and the knowledge has been out there for a while, and you seem to be really ok with how things are going, monetary policy wise, and want them to keep on going on the same path. Oh by the way, that path leads to a cliff that we will all go off. Print more, print more, print more. Just keep on chanting. If you do feel brave enough to comment on how I am wrong and all is well, please do. You most likely will not change my mind, but you might reenforce what you believe, prolonging your feel good statist state of mind.
If you are in the last group, welcome to earth. Look at what one dollar can by now compared to a century ago. Look at what an ounce of gold can buy now compared to a century ago. To make it easy, what can you buy then with $1500ish and now. Big difference. Look at who is supposed to set monetary policy, constitutionally. Look at our nations "wealth" it is based on debt. That debt taken out by one generation for the next to pay. That is about as wrong as it gets. Look into honest money. Money with something backing it, not a legal group of criminals who write numbers in a book hence creating money in collaboration with a fancy printing press. It will all fall some day. I hope you have taken steps in your own personal lives to weather out the storm that is coming.
I will have TOA tin foil hats for sale soon.
Peace.
I always love hearing your thoughts, but I have to disagree on this one. We have seen the importance of an active monetary policy (or lack thereof) on multiple occasions in history, and for different reasons. In the 1930s, we learned that the failure to increase the money supply and lower interest rates contributed to the severity of the depression (incidentally, even Milton Friedman agreed with this point). In the 1970s, on the other hand, inflation was rampant and out of control, with horrific consequences for the economy. In stepped Paul Volcker, who tightened monetary policy, raised interest rates, and set up the economy for the Reagan boom. It's all about circumstances. I believe Bernanke has done the right thing since the Great Recession, but if inflation increases to a troubling level in the future, then obviously a change of policy would be warranted. I also wouldn't characterize monetary policy as statist. I am a 100% free marketeer, and I want to see government decrease its long-term spending and get out of the way of business in terms of onerous regulation. I also want to see more competition, entrepreneurship, and innovation across the economy. But none of that is incompatible with prudent, and in some cases, active monetary policy. I know we'll have to agree to disagree, but just wanted to submit a pro-Fed response. Hope all is well with you and your family!
ReplyDelete-Nate Crook