“Markets survive even under communism (black markets). but ... Markets need ordered liberty in order to thrive.
No successful prosperous nation can go long without it.”
“The federal reserve has nothing to do with extending freedom.”
I agree with your statement, but you are jumping around.
You had made a wrong argument about healthy markets not needing any Congressional lawmaking and I corrected that. A good additional example of my point would be Intellectual Property and patents. We need patent law to protect inventions and properly encourage and reward innovation. Anarchy there would stifle innovation.
I agreed already that the Federal Reserve is not about extending freedom. The Federal Reserve is Govt’s way to manage the money supply. As such, it does not harm our freedom nor does it add to it.
“And the federal reserve is no better than congress”
I disagree serously on this. It is well known that direct political control of the money supply is a BAD idea. The temptation to engage in inflation for short-term political gain is too great. (ie we would try to inflate out of every recession, with disastrous consequences).
” actually since its performance is immeasurable,”
This is false. You can measure the Fed. And they report on many things...
http://www.federalreserve.gov/monetarypolicy/files/20090721_mprfullreport.pdf
” I will assume it is doing a worse job than congress and you should to.”
Such an assumption is wrongly premised and ignorant so it shouldnt be made.
“I agree with your statement, but you are jumping around.
You had made a wrong argument about healthy markets not needing any Congressional lawmaking and I corrected that. A good additional example of my point would be Intellectual Property and patents. We need patent law to protect inventions and properly encourage and reward innovation. Anarchy there would stifle innovation.”
I don’t know that patents are necessary for innovation and can actually harm it. I think the key ingredients of innovation are education/communication.
“I agreed already that the Federal Reserve is not about extending freedom. The Federal Reserve is Govt’s way to manage the money supply. As such, it does not harm our freedom nor does it add to it.”
It is part of a system that disallows one to use any other kind of legal tender. If the fed was not controlling the amount of legal tender than it would be irrelevant so its existence is predicated on the notion that we cannot freely trade things of value.
“I disagree serously on this. It is well known that direct political control of the money supply is a BAD idea. The temptation to engage in inflation for short-term political gain is too great. (ie we would try to inflate out of every recession, with disastrous consequences).”
The fed pumps out money at the behest of the president (who will nominate its chairman). However, its even worse for them to be in control of it by themselves with no political ramifications. To the extent that they are, it is bad.
“This is false. You can measure the Fed. And they report on many things...
http://www.federalreserve.gov/monetarypolicy/files/20090721_mprfullreport.pdf";
There are a lot of things they don’t have to tell anyone. If they choose not to they won’t. Sure, they can come up with a big report. If everything we want to know is already in there why would they be opposed to a full audit?
“Such an assumption is wrongly premised and ignorant so it shouldnt be made.”
So you are just like the journalist who claimed that Chinese dictatorship is so good not realizing that they would look a lot worse than they do if their press was allowed to actually criticize the government.