“I believe that banking institutions are more dangerous to our liberties than standing armies ... If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
(Thomas Jefferson, 1743-1826)
Krugman understands perfectly well.
It’s called treason.
No. They know perfectly well what they are doing (or advocating). And they do not care. The irony is that it will not work as they intend: there is no realistic amount of monetary debasement which will prevent the deflationary collapse which is all but inevitable.
“By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens...There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” (John Maynard Keynes)
The press doesn’t know anything about the Fed and money or monetary policy....so nobody watches them......so what if commies placed some people at the Fed???? Scary....
The Fed killed the Clinton economy and the Bush economy....
Is the US Coinage Act of 1792 still extant? Shouldn’t Bernanke and Greenspan et al be up on charges?
sfl
John Jacob Astor opposed the central bank. He died on the Titanic in 1912. In 1913 the Federal Reserve Act was passed.
Why did they deem the act of monetary debasement so insidious that anyone found guilty of deliberately debasing US money would not be imprisoned but should be punished by death?
Because it involves stealing the wealth of the entire nation.