Posted on 09/11/2009 5:26:59 PM PDT by sickoflibs
Floyd Norris's recent New York Times article on the greenback is hands down the worst economics article I have ever read. Not only is it jam-packed full of false history, but it uses the falsehoods to justify monstrous crimes, both in the past and present.
The reader with a strong stomach will have to click the above link to appreciate the full enormity of Norris's accomplishment, but for those with limited attention spans I'll detail some of its biggest problems below.
Bernanke Saved the Credit Markets? The article opens up with claims about the health of the world economy that are misleading at best:
"Six months after the financial world seemed to be coming to an end, the world's economies appear to be recovering. Banks that seemed to be on the brink of failure less than a year ago are now able to pay back investments made by the Treasury. It is too early to declare victory, but the world looks much safer than it did only a few months ago. Credit markets are recovering, to the point that the junk bond market will have its best year ever if it manages not to lose any money over the rest of 2009. The stock market has just finished its best six months since 1938. If victory is to be had, it will owe a lot to the willingness of American policy makers to set aside cherished policies and simply create money. And that is one reason it is appropriate to pause and celebrate an unheralded bicentennial: The father of the greenback, Elbridge Gerry Spaulding, who was born 200 years ago, in 1809. (emphasis added) "
(Excerpt) Read more at mises.org ...
If you realize both parties in Washington think our money is theirs and you trust them to do the wrong thing, this list is for you.
If you think there is a Santa Claus who is going to get elected in Washington and cut a few taxes and spend a few trillion and jump start the economy, and get our lost money back, this list is not for you.
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Yep, ...Just like Greenspan saved the economy in 2002 and 2003 (for 2008) , look how well that worked.
This one goes nicely with the Schiff gold article.
How many jobs would have been saved by allowing the money market firms to crash?
(A lot of us wondered at the time what types of businesses paid their employees with borrowed money
Obviously no firm that borrows money should be allowed to survive.
>How many jobs would have been saved by allowing the money market firms to crash?
Yep. My money-market account is making a whole whopping .9% interest.
You mean it's not losing money? You can still withdraw your money? Hmmmm.....
Yep. I recently moved $6000 to a one-time-only-change-the-rate 2 yr CD.
Though I’d like to find a few no-load Index funds for:
Israel, Brazil, & India.
So what was the alternative for Lincoln during the Civil War? The international money-changers were offering him “loans” at up to 30% interest.
Even with a gold standard, the banks are still fractionally lending worse-less paper and digital bank-ledger created money to individuals and governments. Still a scam, just privatized. We don’t even have that anymore.
US Constitution, Article 1, Section 8:
“To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;”
We can take this power back.
Others join him in what appears to be a B rated movie of third rate economy pundits who resemble a herd of penguins, all nodding at each other and making the same noise, so as to make their shared illusion a reality.
Many who know this "Wet Dream Economics" are making money off it. The slick in and out day trades and shorting.And why not, the pimps are encouraging a liberal feeding frenzy of investment.
The problem with wet dreams is that everyone wakes up sooner or later to the mess, and the clean up. And that wake up is coming as sure as the Sun tickles them from the East each day, as the Chinese begin quietly begin to circle their wagons.
The bottom is unlikely to fall out of the market but our standard of living will succumb to the eventual establishment of a new reserve currency, as the USD becomes so battered and diluted that no one will want them.
Its actually a grift on a massive scale, simply designed to continue until the elections of 2010.What a laugh.But meanwhile the smarties are making hay, and hedging their bets as to when the wake up will come.
I can hardly wait to see Acorn receive 8.3 billons of our future tax dollars.The Comintern will be jealous, and we will lose our free market economy shortly after.
hey, you shill:
Go crawling back to your masters, and tell them we’re not buying their bullshit anymore.
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