Replies

Thank you for your post, Neidermeyer.

Please don’t slam FromLori ,, her posts are usually excellent..

I assure you, I don't slam fromLory --- I don't even know her personally.

For great many months, if not years, I would respond to people like fromLori, blam, Willie Green (now banned, it appears), etc. in the usual way. Some of these people made a career here on FR by posting anti-capitalist propaganda on this conservative forum, and I would reply, showing line by line why those articles false and where they use propaganda methods.

Attack are against all and the same --- Wall Street (esp. Goldman), the Fed, the CEOs and their bonuses, "gouging" oil companies, etc. They usually give themselves in the first few lines/posts by misusing basic terminology of economics and finance.

So, I used to ask for clarifications: "What do you mean by this or that? Where is evidence for your claims? Why do you blame the Fed for something it has no responsibility over, etc.?" Not even once did I receive an answer. Most of the time they would just claim that I work for Goldman, or the Fed, or that I should educate myself... by visiting websites --- that is what passes as education for these people. That's understandable: opening a book without pictures would ruin conspiracy theories they believe in...

I would ask them also, Why are your attacks on financial sector coincide with those practiced by all Leftists since Marx, including Lenin, Hitler and Mussolini? Never an answer either, telling me that they have no idea ---- that's whom Lenin called "useful idiots." Strangely, they are not even bother by this fact. If someone told me that my ideas correspond closely to those of socialists, I would be so disturbed that I'd be unable to sleep at night. Not they; it's OK with those "conservatives" that they repeat old, boring commie propaganda.

In sum, I tried --- for years now --- to engage fromLori and blam into a discussion. They refused. All I do now is attract FReerpers' attention to the fact that what they post is commie propaganda, whether they themselves know that or not.

That's all. There is nothing personal here at all, Neidermeyer, at least on my side.

The problems with the economy go back to the incestuous relationships between Federal Govt , the FED , GS and the banksters in general

You give a great example of what I just said. What's the evidence for your claim? And, how can a person with traditional American values even write something like that without even bothering to be specific?

And, "banksters" (in place of "bankers") shows that you are passed thinking about it: this has become a belief --- and all the facts to the contrary be d-ned.

If you want to discuss the specifics that support your belief --- I am game; we'll have a detailed discussions. But to a wholesale defamation I will respond only by calling it what it is --- a defamation.

And here is another example regarding specifics:

Bernanke can’t print enough paper money to fix their errors,,and his efforts thus far have enslaved us all for generations...

We see it here on FR day in and day out, post after post. It is Congress and presidents that enslaved us for generations. The Fed has absolutely no say in these matters. When Congress passes budgets, however damaging to the future of this country, they become laws. They are laws for Volker, Greenspan and Bernanke just like for everybody else. It does not matter what they think: laws are laws.

So, now the Fed faces enormous debt and deficit spending created by Congress and presidents. It has two instruments at its disposal: interest rates and money supply. It is not in its power to change budgets.

Here is what any economist will tell you. At this point, after our Congress and presidents have passed the destructive budgets, the Fed can print a lot of money to get us out of this debt. That will be devastating; it will ruin the savings of all Americans and hit retirees especially hard. This is a terrible outcome.

The alternative is not to print money. This will leave the value of our enormous debt untouched. Markets will react to that by demanding huge increases in interest rates. That will render businesses unable to borrow and continue operations, leading to layoffs. This will render people unable to buy houses, which will lead to layoffs as well. You will have a years-long recession and 20% unemployment. This is a terrible outcome.

Look at the last two paragraphs: the Fed is in a position "damded if you do and damned if you don't." It is walking over an abyss on both sides. The only -- and very, very slight --- hope is to postpone the fall, letting the economy ---- by some miracle! --- to grow out of debt. That would be a miracle indeed.

So why is the Fed walking over an abyss on both sides, who put it into that position? Congress and presidents. Yes, over multiple decades, but the final push into the abyss given to our economy was given by Pelosi and Obama over the last couple of years.

You and many others blaming the Fed for what Congress and presidents do. This is false to the point of being silly. It's like oversleeping in the morning, missing your plane as a result, and then taking it out on a taxi driver, claiming that "I missed the plane 'cause he woudn't exceed the speed limit when I asked him to do so." It's just silly.