Do you really think so? Wait a while.
You and McCain will get over your admiration of Alan Greenspan, too.
Too, you need to explain your admiration of the performance of Arthur Burns, who as Fed chairmain in the 70's presided over the trashing of the dollar, which declined by a factor of about three during his tenure IIRC. The total inflation factor of the dollar from the beginning of the Vietnamese War to the appointment of Paul Volcker was about 6:1.
Of course, it was only the little guys who got screwed, like my aunt and grandmother, who stupidly continued to believe the old New Dealers' assurances about the continuing value of war bonds and Series E bonds they'd purchased, all through the Burns-directed decline of the dollar.
I've never seen Weekend at Bernies. Please explain. Thank you.
foreverfree
The Premable to the Constitution begins: "We the people of the United States, in order to form a more perfect union, establish justice, insure domestic tranquility, ..." Jackson's actions establish Justice in those previously wild territories and insure domestic tranquility for those living within them and nearby. Hamilton's action was both to form a more perfect union by establishing the authority of Federal excise revenue taxation in the States, and to insure domestic tranquility by putting down that rebellion and thus staving off others by example.
Jackson was right about hard money, Hamilton right about soft money. It is the Federal Sovereign and sole power to coin HARD money. And we desperately need a circulating hard money.
Fractional reserve money -- that is banks and paper supported by fractional values are a PRIVATE matter, and while may be regulated should also be liberated -- for they are overly regulated today.
My favorite example is the old "Bill of Lading" -- that is a form of soft money. A paper bill of goods that lists and values a full ship's cargo in transit to a far port. While that cargo is not landed at the market, its cargo converted to currency, the bill may be traded (at a discount) and shared out into smaller fractions.
It wasn't Hamilton's mistake that such fractional soft money analoges and alternate currencies became exclusively and overbearingly the sufferance of Federal authority. No -- that is a more modern invention. FDR's and Nixon's, and such cunning modern thieves in the halls and contact lists of power.
And that FDR-Nixon noveau grand John-Law-scheme of fully fiat currency ... that has NO relation whatsoever to either Jackson or Hamilton, and hardly at all to money, soft or hard.
this comment hadn't permeated my subterranean enclave in a faraway land until just now. It's a hoot.
Our experience with the Federal Reserve System, as Nobel-Prize winning economist Milton Friedman has long noted, is that our economy has been more unstable and has had slower economic growth ever since the Federal Reserve was established.