“Then you misunderstand free market capitalism. It requires laws that protect the rights of property and tort law to enable trust in commerce. So, yes, it does need a limited amount of ‘help’.”
Those laws are general laws about fairness. They are for fairness and justice in a society. They are not created for a market to work they are created for fairness and justice . Markets do not require them in order to function. The federal reserve has nothing to do with fairness or justice. Totally different. It might be fair, but than again it might not. You don’t want us to know. But it does necessarily meddle with the markets with every word it utters.
“Money and banking is also a matter of trust. Ideally, money should be a stable and consistent measure of value. A central bank is not required for this to happen, but it can be an enabler.”
Or it can make the problem worse.
“The Federal reserve policy should be stable value of money. Nothing more.
‘Meddling’ to support that goal is ok, meddling to try to micro-manage economic cycles or bail out institutions - not ok.”
We can have no idea what the actual federal reserve policy is because you don’t want us to know. Whether or not they are doing it for private gain in some manner (helping out their buddies) is something you want to pretend is impossible because they are technically not part of the government and to you only elected officials can be bad, which is an absolutely ridiculous idea.
““Then you misunderstand free market capitalism. It requires laws that protect the rights of property and tort law to enable trust in commerce. So, yes, it does need a limited amount of ‘help’.”
Those laws are general laws about fairness. They are for fairness and justice in a society. They are not created for a market to work they are created for fairness and justice . Markets do not require them in order to function. “
I beg to differ. Free market capitalism as has been practiced in western (and now global) civilization has been built on concepts like corporations, limited liability, contract law (and related torts), and most fundamentally, PROPERTY RIGHTS. Unlike your personal rights, property rights require a legal framework.
Capitalism will not lead to prosperity in a state of anarchy, but needs “Ordered Liberty” in a culture based on trust to thrive.
Hence, we DO need a legal system to advance and support capitalist free enterprise. It has nothing to do with ‘fairness’ and everything to do with enabling a system of lawful commerce.
Me: “Money and banking is also a matter of trust. Ideally, money should be a stable and consistent measure of value. A central bank is not required for this to happen, but it can be an enabler.”
you: “Or it can make the problem worse.”
Certainly. The Fed is a means to an end (money supply) and other means are possible.
Me: “The Federal reserve policy should be stable value of money. Nothing more.
‘Meddling’ to support that goal is ok, meddling to try to micro-manage economic cycles or bail out institutions - not ok.”
You: “We can have no idea what the actual federal reserve policy is because you don’t want us to know.”
Absurd strawman on multiple levels. First you DO know the actual federal reserve policy, if you only care to (a) READ THE CONGRESSIONAL LAWS ON IT, like Humphrey-Hawkins and (b) READ/WATCH Fed minutes, year-end audits, and reports to Congress. The Fed *policies* are well-known and understood by observers.
Your ignorance of stated Fed policies is your problem not mine.
The one specific area of Fed opaqueness that Congress wanted clear up was the specific financial transactions in their various banking salvage and purchase operations. I am all for more openness there.
“Whether or not they are doing it for private gain in some manner (helping out their buddies) is something you want to pretend is impossible”
Another strawman, I never said that...
” because they are technically not part of the government and to you only elected officials can be bad”
*another* strawman, jeeze ...
“, which is an absolutely ridiculous idea.”
Your attempt to read minds and put words in my mouth is the only ridiculous idea.