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Post Info TOPIC: Beating up on the Fed

Profuse Pontificator

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Beating up on the Fed

This should be something to watch

"Not since the close and deceptive battle for passage of the 1913 Federal Reserve Act has the FED been under such a concerted attack as today.   A Bloomberg News poll showed that for the first time ever the distrust and dislike of the FED has surpassed 50% of Americans.   With Representative Ron Paul confirmed as Chairman of the Monetary Policy Subcommittee, we now have a chance to see Ben Bernanke cross-examined in earnest by his only effective nemesis in Congress.   If Ben Bernankes nervous and sweaty performance on a recent 60 Minutes interview is any indication, a battle royal is in the offing.   I dont expect the financial Powers That Be to lose this battle, but it will serve to further divide Americans into those who ignorantly trust government and those who dont."

Libertarian investment guru Doug Casey reportedly had this to say:
"It [increasing the money supply] really amounts to an indirect form of taxation: as more dollars are created, they dilute the purchasing power of the dollars already in existence though we call it inflation.   The first organizations and people to get those dollars are able to spend them at their old value.   And, of course, the government which is not the country or the people, but a group with its own identity and interests gets to spend as many as it wants on what it wants.   And now the numbers are moving into the trillions...   Most economists blame inflation on the butcher, the baker, or the candlestick maker raising their prices for other reasons than the loss of purchasing power of the currency.   They attribute inflation to greed on the part of producers and workers.

  The problem is a totally fallacious basic theory of economics. Almost all the economists coming out of school today aren't actually economists.   An economist is someone who describes the way the world works.   Bernanke has a high IQ, but he's just an uninteresting and unoriginal suit.    He grew up with the reigning orthodoxy, got his Ph.D. in it, taught it, and has been rewarded with the leadership of the world's largest central bank.   But he's not an economist.   He's a political apologist.   And, I suspect, he's now a very confused and scared one.   Perhaps he can see that the ridiculous theories he's grown up believing in are more phony than a Federal Reserve note.   But he doesn't dare admit it.   But these people Bernanke being a perfect example aren't interested in describing the way it works.   Rather, they want to prescribe the way they want it to work, and then get the state to enforce their views on society.   The state, of course, welcomes such advice when it serves its agenda.

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