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overtheedge
Member since May 2012
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has posted a comment on the article :
Federal Reserve Follies : what really started the Great Depression
- Antal E. Fekete -
Gold University
"Federal Reserve policies were one hundred percent responsible for the Great Contraction and the subsequent Great Depression."
Nay sir. The fault was the 535 in Washington who believed the Federal Reserve Act and the attendant amendments would let them have their cake and eat it too. Congress could have pulled the plug at any time. Congress could have impeached Roosevelt over the gold seizure and subsequent default. Never blame the bankers for doing their job. Congress and POTUS hired the bankers through the FRA and SCOTUS protected them and the collective 535 supported those policies.
We tend to discount the effects of the XVIth and XVIIth Amendments to the Constitution. The evil in income taxation is vile beyond measure. Removing from the individual states the ability to reign in the Senate broke the back of conscience and responsibility. Senators could now be elected by the ignorant, the fools and the thieves just as the same rabble elect their representatives. Rather than having to lobby in the capitals of 48 states, with the now popularly elected senators, legislation could be bought and sold in one central location. Consider that as part of your thesis regarding US involvement in WWI.
QTM can not be completely discarded. Though there is minimal control over targeting, quantity almost always has a general effect on the markets. Those who have been forced to live under austerity and/or hyperinflation well know all about quantity and the "velocity of money". Admittedly QTM as a coherent and complete theory is deeply flawed. The only mechanism of monetary manipulation that works is at the lowest level; the personal choice to buy, lend, borrow or save.
Otherwise, I am in agreement. RBD with gold coin always worked over the long run. Debt must clear regularly and RBD was the effective tool. RBD forces sound money and debt management. A seemingly inextinguishable and growing debt will clear eventually with disastrous consequences.
Everything is connected to everything.
Everything has to go somewhere.
There ain't no such thing as a free lunch. TANSTAAFL
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The basic error underlying the Quantity Theory of Money (QTM) is the notion that central banks can command their newly created money to flow to the commodity market, or any other market of their choice. This is the pipe-dream of the Sorcerer's Apprentice. In reality, once the newly created money is off the premises it is no longer under central bank control...
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chers Vladi,il est lor, oui, effectivement, et alors ? un fonctionnaire crée de la richesse ? creuser des trous crée de la richesse ? si nous arrêtions, pour voir, de payer nos impôts, vos 55, fonctionnaires compris, font quoi fin du mois ? merci d'expl
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- 20/04/2013 à 20:03 GMT
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