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Do you ever say anything that isn't completely puerile? The Constitution sets up patents, and sets them up for a limited time only. The intent is to pay back the investment that the inventor makes in his research. It's one of the things that made the US the largest and most prosperous economy...

I would not dispute that, believe me. Doesn't make these characters any less scummy. As for you, Avid_Consumer, perhaps you'd like to explain that remark about anti-competitive bias?

:p I hope you're doing this for the entertainment, 'cause arguing with these delusional paranoids with an obvious agenda (that has nothing to do with the Fed, just as a small hint) over this stuff can't really be justified any other way.

Chart of different currencies against the dollar. Notice the serene smoothness of the yuan line (usdcny=x is the symbol here). <a href="http://finance.yahoo.com/q/bc?t=1y&s=USDCNY%3DX&l=on&z=m&q=l&c=usdeur%3Dx%2Cusdcad%3Dx" target=";"> Currencies against the dollar</a> Chart of the yuan...

Point of info: for the past year, Vix didn't get as high and stay as high as this "low point" until the end of July of this year. There's no physical law that says it can't go lower than this point and stay there.

Forget it. He's on a roll.

And this clueless story is why you should continue to be long gold, regardless of where the dollar goes against the euro: Gold Rises on Speculation Fed Will Cut Rates, Weaken Dollar Headline says it all. ECB pumps massive sums of money into its money markets, and still the only reason...

Ed Hart on FNN circa 1990: "They've gone from three year loans to five year loans to leasing, all to keep from lowering prices." ...didn't work then, still ain't workin'. Me, I drive around in a 1990 Ford, little flakes of rust come off it every day. But it gets me where I'm going; heat and...

Among the weirdnesses of the ECB is that the rate-setting side is kept strictly separate from the money market operations side. Someone needs to clue these guys in to the idea that the rate of interest is the domestic price of money, so keeping the two separate makes no sense.

Seriously, is that even a remotely appropriate response? It seems you can never underestimate the depths of depravity an Austrian/Fed conspiracist ET'er will go to in the name of their pet paranoia.

Whoa! Analysis! Of course, the fact that M2 growth equals nominal GDP does leave them open to the argument that their inflating by the amount over real GDP that they allow M2 to grow. OTOH, their more-or-less stated goal is inflation at 2% or less, same as the ECB, so 6% is just about...

Eh, I have yet to see any actual analysis around here. Long before I joined this place I did a ton of analysis, and pinned the neutral FF at a range of 4 - 4.5. Sure enough, we are now at 4.25, and both of the last two Fed statements had a distinctly reluctant tone about lowering anymore. I...

IF you think this or other financials are sold out, then you would start accumulating in Dec, because you would expect, and history would be on your side, lots of tax loss selling right about now. That's where folks who are on the long form sell so as to book capital losses next year. This...

If you omit the First and Second Banks, the 1907 crisis, and all of financial history since 1914, which you did, all you're left with, pretty much, is the crises Grover Cleveland had to deal with, which is why I posted what I did. Unless you had something else in mind with your "Otherwise..."...

Dear Lord. The crises of the post-Civil War US, to which I assume you refer in your "Otherwise.." comment, had to do with a severe deflation caused by the inevitable post Civil War contraction of credit. Check the amount by which the public debt went up as a result of that catastrophe, and you...

Ah yes... Fighting the last war. More and more, given what's going on now, which is mere hors d'oeuvre for the main course, I'm thinking deflationary spiral a la the Thirties, rather than inflationary spiral a la the Seventies. We're at the far limits of credit expansion this time, as we were...

You honestly believe JP Morgan was trying to sell the public on the need for the Fed? Never heard that one before. I also have to admit that your bankers' goal is a variation on the usual ... stuff around here. You do realize that those two goals are mutually exclusive, especially since the...

You had booms & busts before 1914 (the end of the classic gold standard) and before 1913 (the founding of the Fed). Natural part of the cycle. Ain't no such thing as a panacea.

Population growth? The 7% per year increase (in real, not inflation-adjusted, terms) in the stock market over a very long period of time? Which, by the way, reflects the value added of innovation and sheer sweat equity? Are you serious, or just terminally stupid?

There's the supply of money, and there's the demand for money. Reactionaries focus on the supply. Always. It's true that this is frequently the problem. But, it's also true that the supply of money has to increase in order to finance the growth in the economy. Leftists, of which there are...