--Von Mises
You can find much good material there including Murray Rothbard's great book: America's Great Depression.
The New Depression will lead to The Second American Revolution in my never humble opinion.
Recall that the tipping point of the First American Revolution was the closure of the Port of Boston and other oppressive acts (The Intolerable Acts 1774) by the British government wrecked the colonial economy.
Thus the colonial middle and upper classes were ruined and easily radicalized by the Sons of Liberty. Then the first were fired on Lexington Green April 19, 1775.
I think that 2009 was 1774 redux that saw the enactment of a series of Intolerable Acts by the oppresive Obama Administration that will very likely lead to revolution in 2010.
Perhaps the first shots will be fired on next April 19th?
Stay tuned.
Let’s not forget that the U.S. didn’t get here overnight, specifically from 20 January 2009 to the current date.
We had eight years of irresponsible Republican spending by an alleged conservative President who had complete control of Congress up until 2006, who in fact never even found his veto pen until that year.
The expansion of the federal government in terms of size, cost and power over the lives of Americans didn’t start with the arrival of Comrade 0bama.
........ with TRUE socialism: record unemployment! record inflation! reparations! record taxes!bump to the top
“The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit [debt] expansion, ***or later as a final and total catastrophe of the currency system involved***.”
Which happens to be goal of Obama, to end the USA as an independent entity. Crashing the currency serves his goal perfectly. It also justifies his agressively taking of sweeping powers to deal with the “crisis”.
“The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit [debt] expansion, ***or later as a final and total catastrophe of the currency system involved***.”
Which happens to be goal of Obama, to end the USA as an independent entity. Crashing the currency serves his goal perfectly. It also justifies his agressively taking of sweeping powers to deal with the “crisis”.
According to the article, "The Federal Reserve Needs More Money," the Fed has instituted a term-deposit facility for bank reserves. The author points out that such a facility frees up reserves for the Fed to use to purchase more government securities. I agree, and here's why:
Ben Bernanke is known as "Helicopter Ben," but he might as well be known as "Sterilizer Ben." He said repeatedly that the massive Fed purchases of more dodgy securities won't cause serious inflation because they were "sterilized." Meaning, the ramp-up in reserves won't lead to an explosion in the money supply. [To be fair to the fellow, that is what happened. The excess reserves are still there.] The trick he used was an adaptation of the trick used to sterilize foreign-exchange interventions. Banks can't lend on those bloated reserves because their capital is seriously depleted, at least potentially, which made the huge expansion safe in the near term.
A term deposit facility will temporarily remove reserves from banks' hands, making it available for the Fed to purchase Treasury securities short-term without increasing the overall monetary base. It diverts reserves into the Fed's hands for the term of the deposit.
That enables the Fed to buy more securities without expansing the monetary base further - for the term of the term deposits, anyway. "Sterilizer Ben" is on the move.