Posted on 07/08/2006 4:44:32 PM PDT by churchillbuff
In the mid-1960s, Republicans were decrying 2 percent inflation under LBJ as outrageous. Today, we think it's fine -- even though it means a steady erosion of the value of our money. The Fed sanctions - causes? - this devaluing of our purchasing power. And the fed caused the stock boom-bust, and then a housing "boom" which is really a spectacular example of Weimar-like inflation that has made a home unaffordable for young people in many parts of the country. How long before the bust?
There are very good reasons for those "booms" and "busts". For example, after WWII, "boom" after increased production. During the 70s, "bust" due to inflation and whatever. It's supposed to be that way. It's not going to be "boom" forever.
Bump
If you think the Fed is bad, then just give the politicians direct control of the money supply. Then you'll see the dollar become as sought after as the Turkish Lira.
Fed apologists want us to believe that's the only alternative -- as if there was no such thing as a Gold Standard to offer a real path to sound money. A sound dollar - that used to be the platform of the Republican Party. Now, we're fine with inflation - something that used to be the tool of the Democrats. I've heard Rush praising the "booming" housing market - as if 30 percent per year inflation is a good thing. That's out-of-control inflation, and it can only hurt people in the long run. It's nothing to be applauding - but Rush is a parrot for the Republican establishment, not an independent, genuinely conservative thinker.
Reducing an American's purchasing power reduces his power overall.
And it's not like the US economy was some sort of stable magical paradise before the Fed, and before the end of the Gold Standard; vicious depressions before the "Great Depression" were a fairly regular occurence.
WingNutDaily gets sillier by the minute.
The article started well, but then devolved into kookery as most articles about the Federal Reserve do.
Eh, actually anything that whines about going off the Gold Standard is basically 100% kookery, guaranteed.
Whatever? Can you be more precise?
In the 1970's a new word had to be invented, stagflation, to describe what was going on because the usual scapegoats of full employment, and economic overheating couldn't be blamed. All inflation can be traced back to government policy, anyway. And yes, the Federal Reserve is the cause of cycles in our modern economy, at least since the early 1980's when Paul Volcker went way too far raising rates.
What is a boom anyway? Why can't the economy grow at a steady 5% or more with technological innovation and productivity improvements?
If the Federal Reserve kept the domestic value of the dollar steady using market indicators, and the government emphasized supply side economic incentives our economic growth and increases in standard of living would be unprecedented.
The big downside would be for the federal government, because there would be less of a role for it as more people become wealthy and self sufficient in every economic class.
O.K. First, it's from Wing-Nut Daily, and then their first quote is from Ron Paul. Sorry, but had to stop reading right there.
Moonman62 wrote:
> The article started well, but then devolved into kookery as most articles about the Federal Reserve do. <
Yep, the only thing missing is a description of how the Rothchild family has managed to gain control of the world's Black Helicopter industry as well as the world's financial system.
To read the article, you might think the situation is so dire that we need Pat Buchanan to call out the pitchfork brigade!
Speaking of fraud.......how's the veracity of WND?
The Federal Reserve is part of an international banking conspiracy to sap and impurify all of our precious bodily fluids.
Well beside the fact that libertarians and conservatives have spoken against the Fed since its inception (not Republicans or Democrats however), the only thing World Nut Daily has missed is that they're about 90 years late to the party.
I take one look at a modern $300,000 house I think , who ever buys this plywood and vinyl shack is really getting taken. Does anyone think these houses will still be standing 100 years from now?
You've got THAT right. I wish it were possible to jail for 130 years every politician who acquiesced to this Ponzi scheme. It makes everything other financial crime tiny by comparison.
We have had the Fed for 93 years. Why have we never been given an audit of its activities?
The Fed's actions affect every single American.
They have been given extraordinary, and extraconstitutional powers.
Why is there no accountability?
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