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Posted by: canadianrancher57 5 months ago
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canadianrancher575 months ago
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I enjoyed the article and agree with many of the points in it, like corporate American surviving on government handouts, also even Greenspan stated once that he was not sure of derivatives or how they even worked.
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I am not sure that an economy can work with the idea of a fixed amount of money since economies have many different parts to them and are ever changing, but at time we have new technology entering without old technologies leaving so limiting money supply would cause a real demand which would increase interest rates and stall progress.
The measures that are being used by the fed to stablize the economy right now are a joke and these guys don't have a clue what the solution is, money was printed in the US and in Many other countries of the world to sustain speculation and also a standard of living which in many cases was not supported by the production of goods or services. The fed has become an institution which is not concerned about the well being of the country but only itself.-
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tadair9195 months ago
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greenspan once argued persuasively in favor of a gold standard and against the concept of a central bank. read his essay here: http://www.usagold.com/gildedopinion/greenspan.htm...
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snippets:
"It is necessary first to understand the specific role of gold in a free society."
"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation"
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights."-
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canadianrancher575 months ago
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Thanks for the link tadair, after reading it it sort of confirms how I have felt about Greenspan, he understood the road that we were on with regards to the printing of money without any tangible asset to back it up. I usually made a point to listen to him when he spoke as the Chairman of the Federal Reserve and he was always warning about the bubbles that were being formed by creating excess money . It was interesting to read in the article about the idea that if one goes away from the gold standard then we would be free of economic slowdowns, so much for that idea.
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The comments on the idea of welfare state is something that I have been thinking of lately, as more and more of the peoples money ends up in fewer hands it stands to reason that the governments will be called on to take up the slack, and this ends in a more socialist country, Every dollar that is printed by the federal reserve ends up costing someone interest and this drain has now reached the point that economies are collapsing because of it, I am sort of a liberal person but the creation of the federal reserve way back in 1913 seems like a socialist idea to me, it put the taxpayer on the hook for keeping the economy going and alll the while puttting a vast amount of money in to few hands .
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Klarissa
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