Mellon was wrong because he didn’t understand the non-linear dynamics of a central bank/fiat currency based system. Only Irving Fisher did at that time and he was not ignored, but merely told he was wrong...by people who didn’t understand his math.
The older crowd came from the world of money panics and metals based currency. Different rules.
Our citizenry is 45+% baboon.
They can’t think of anything other than getting their hoofs painted.
A 10% tarff on ALL imported goods primarily to promote domestic industry and to raise revenue and make social security solvent.
Bkmk
With 210 trillion in on and off the books debt this nation is doomed, personally think and trending that way that a total collapse is just around the corner.
As long as I get my share of Social Security why should I give a damn about the future of the country? After all, I’ll be gone sooner than later.
And, by the way, thanks for the very low tax rates during my working career, couldn’t have afforded the boat and the addition to my house if I were taxed at the amount needed for the country to have a balanced budget.
(the above is pretty much a summary of what some here say, and why we’re all hosed)
Funny how Mellon spoke about the connection to morality
hard money, hard morality
fiat money, fiat morality.
Richard Cantillon proved three centuries ago that printed, fiat money accrues power to those who issue the money. In the 21st century that means that a woke government with a printing press will fund their political cronies and 1000 social-engineering schemes.
Fix that, and everything else conservatives desire will fall into place.
I am hoping for the best, but truth is, we have been set up for the potential for some really serious bad times while the people are living in some false, manufactured bizzaro world view that has no grasp of reality.
Reality is a bitch that does not like to be denied and is she harsh on deniers.
Americans today would cringe hearing John F. Kennedy talk about going to the moon:
“We choose to go to the moon in this decade and do the other things, not because they’re easy, BUT BECAUSE THEY ARE HARD!”
The last five words would have modern America running for the exits.
A Path Out of the Trade and Savings Trap
https://americanaffairsjournal.org/2017/08/path-trade-savings-trap/
How about this country fix its immigration, refugee and citizenship problem
I’m betting a lot of the economic issues will take care of themselves.
Looks likes a recipe for national suicide.
“The cure cannot be worse than the disease”
—DJT, March 2020
I’m a practicing capitalist since the age of 16. It always bothered me that the economy was a political component.
Everything is just fine....
https://twitter.com/Blackrussiantv/status/1600276044992299008
Our political system is so deeply corrupted that it makes banana republics look good. It appears that a watering of the tree of liberty is the only repair remaining.
Well, we have never faced the horror of Keynesian Economics these multiple decades, so No, we never will until we stand before our graves.
If only the GOP had the presidency and a filibuster-proof Congress, they would implement all that and save our country. Elections will save us.
/sarc
The US is a shell of a nation.
Law enforcement is politicized and no longer protects the citizenry.
First Amendment - free speech suppressed, churches shut down by gov’t mandates, the press works with the FBI and federal gov’t
Second Amendment - under assault daily, constant erosion, only a matter of time
Fourth Amendment - no privacy in your online papers, home or travels. Gov’t tracks you and your bank account.
Fifth Amendment - US Citizens held without charges for nearly 3 years after Jan 6
Tenth Amendment - states rights eroded via dependency on federal dollars
Anyone who thinks this can be salvaged and restored is fooling themselves.