Real inflation (the cost of maintaining a set standard of living) since 1985 = blue line:
Posted on 12/23/2013 3:22:13 PM PST by BfloGuy
That’s because we lowered the import tariffs in the 1960’s and now the stores are full of Chinese made goods and our industries have been devastated. Unfortunately the Fed doesn’t control the tariffs. That’s the President and congress.
That’s because we lowered the import tariffs in the 1960’s and now the stores are full of Chinese made goods and our industries have been devastated. Unfortunately the Fed doesn’t control the tariffs. That’s the President and congress.
Jackson was a political opportunist of the worst sort and a total demagogue. The BUS posed no threat to him or any common person. In fact, the economy had done very, very well under the BUS---largely because we had COMPETITIVE banking in which any bank could issue money and COMPETE with the "government" bank. Guess what? When you have competition with the private sector, things stay pretty efficient (and the BUS was 80% privately owned). Jackson feared the market.
I go into detail on all this in my first national book, "Banking in the American South from the Age of Jackson to Reconstruction." It's typical of the Mises people to try and make this about Jackson fighting "big government," but nothing could be further from the truth. Government grew, per capita, under Jackson just as it had under every other president.
I will give him a pass on the Panic of 1837---that wasn't his doing and had nothing to do with his "war" on the BUS, as many historians have proven. Rather, Mexican silver, which had helped create inflation in the early 1830s, abruptly ended causing a depression.
But a national bank is a fact of life because every nation needs access to quick money in case of emergency, especially war. And loans are better than taxes.
Er, that “crook” single-handedly financed the American Revolution and ended up in the poorhouse because of it.
...signed into law by Woody KKK Wilson.
Bump for later
He was into a lot of things. IIRC, there are actually pages missing from the Congressional record. More to Morris than normally written. I followed him around for years...a friend of money...a legal pirate...
You’re kidding aren’t you?
Thanks.
What money?Worthless paper backed by Santa Claus and his helpers?
Try an inflation graph from 1913 to 2012 and compare it from 1791 to 1912.People will be horrified!
Interesting assessment. Out of curiosity co you have any links to read?
The funny thing is that you're right, but not in the way you think. lol Just like Obama's true purpose is to bring America down, the Fed's true purpose was for the financial elite to make slaves out of us. Stealing 3% per year from us and causing the boom-bust cycles they've done just that. And now they're going to take us to complete financial ruin to finish the job they started 100 years ago.
Rev 17:12 And the ten horns which thou sawest are ten kings, which have received no kingdom as yet; but receive power as kings one hour with the beast.
Same part that set up the BUS, which Madison said was in fact appropriate. And since he wrote it, he would know.
That’s why the US dollar has lost 96% of it’s purchasing power since 1913 via inflation.The fed does what bankers do and they rob the people blind and the government allows it because they profit also.
Interesting assessment. Out of curiosity co you have any links to read?
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