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To: HenryLeeII
The more I learn about Hamilton's tenure as Treasurer, the more I like him.

He will be hated and despised forever by those who dislike central banks, but I think our experience with the Federal Reserve system has proved them wrong.

This is, of course, controversial, but I happen to agree with McCain's sentiment that if Greenspan died, he'd still appoint him Fed chairman, a la "Weekend At Bernies."

Hamilton also advocated fractional reserve banking.

Economically, the opposite of Hamilton's ideas is Jackson, who shut down the second Bank of the United States. Jackson was a hard money man.

3 posted on 02/04/2004 12:11:25 PM PST by CobaltBlue
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To: CobaltBlue
"He will be hated and despised forever by those who dislike central banks, but I think our experience with the Federal Reserve system has proved them wrong."

Lol...you think the Federal Reserve Act of 1913 was a good thing?

Are you an heir of a banking interest by chance?
47 posted on 02/04/2004 3:05:44 PM PST by 21st Century Man (Symbols are for the symbol minded...)
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To: CobaltBlue
He will be hated and despised forever by those who dislike central banks, but I think our experience with the Federal Reserve system has proved them wrong.

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.

51 posted on 02/04/2004 3:18:14 PM PST by lentulusgracchus (Et praeterea caeterum censeo, delenda est Carthago. -- M. Porcius Cato)
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To: CobaltBlue
McCain's sentiment that if Greenspan died, he'd still appoint him Fed chairman, a la "Weekend At Bernies."

I've never seen Weekend at Bernies. Please explain. Thank you.

foreverfree

76 posted on 02/04/2004 7:24:18 PM PST by foreverfree
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To: CobaltBlue
I like both Hamilton and Jefferson. Hamilton was Jewish. Jackson, who knows? It was Hamilton who led the effective Federal put down of the whiskey rebellion in 1794, Jackson who led the Federal removal of rebellious Indians 1830 through 1835's "Trail of Tears".

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.

84 posted on 02/05/2004 6:01:25 AM PST by bvw
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To: CobaltBlue
McCain's sentiment that if Greenspan died, he'd still appoint him Fed chairman

this comment hadn't permeated my subterranean enclave in a faraway land until just now. It's a hoot.

159 posted on 02/05/2004 12:54:52 PM PST by the invisib1e hand (do not remove this tag under penalty of law.)
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To: CobaltBlue
He will be hated and despised forever by those who dislike central banks, but I think our experience with the Federal Reserve system has proved them wrong.

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.

213 posted on 02/05/2004 5:16:20 PM PST by JoeSchem
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