“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)
Good quoting of Keynes....funny that the Dems call themselves Keynesians when he’s the one who put us on the gold standard after WW2 that worked so well.......
By the way...in 2001, Paul Krugman called the Bush tax cuts “Keynesian demand-side tax cuts” and declared that Keynesian economics was dead and discredited-—but also argued that Bush should let the Fed stimulate the economy with monetary policy instead of Keynesian fiscal policy.....
but I argue that using monetary policy to stimulate or slow the economy is more dangerous and equally “Keynesian” in the modern sense.....
Funny thing also that nobody points out.....Bernanke’s job is oversight of banks and lending AND monetary policy, BUT he predicted a great economy in 2007, 2008, and 2008 and didn’t see the market crashes and recession coming so why would ANYBODY trust or reappoint Bernanke?????
The Fed raised interest rate over 400% from 2004-2006—from 1% to 5.25%—which burst the housing bubble they helped create....and why did they do this???
They were afraid that wages were going up and the economy was overheating..........does anybody have some thoughts on this idea and the Phillips curve? I do....
Good quoting of Keynes....funny that the Dems call themselves Keynesians when he’s the one who put us on the gold standard after WW2 that worked so well.......
By the way...in 2001, Paul Krugman called the Bush tax cuts “Keynesian demand-side tax cuts” and declared that Keynesian economics was dead and discredited-—but also argued that Bush should let the Fed stimulate the economy with monetary policy instead of Keynesian fiscal policy.....
but I argue that using monetary policy to stimulate or slow the economy is more dangerous and equally “Keynesian” in the modern sense.....
Funny thing also that nobody points out.....Bernanke’s job is oversight of banks and lending AND monetary policy, BUT he predicted a great economy in 2007, 2008, and 2008 and didn’t see the market crashes and recession coming so why would ANYBODY trust or reappoint Bernanke?????
The Fed raised interest rate over 400% from 2004-2006—from 1% to 5.25%—which burst the housing bubble they helped create....and why did they do this???
They were afraid that wages were going up and the economy was overheating..........does anybody have some thoughts on this idea and the Phillips curve? I do....
If memory serves, Alexander Hamilton devised this central banking system, and AH is not one of my heroes. Perhaps this reflects the opinion of my Professor, Or I am just idolizing TJ.
barbra ann
But he was, at the same, time all about government directing and control of the economy which is all about inflation which is debasement.