Modern Monetary Theory - How the US Government really pays for things
- Thread starter Misthos
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Yep, US gladly accepted many from your island after a devastating earthquake in the 1950s, I think. Why did you go back if you were born in the US? What do you find attractive in a country in the verge of bankruptcy? Maybe you should be talking about that. Forget about money systems cause you know nada about it. I mean nada.
Get to work? More ad hominem attacks - you don't even know what I do. Your arguments are getting weaker...
And if I'm not American enough for you, how about these Americans:
"Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, the industries, and the mills of the country?"
-Senator Glass
"Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice."
-George Washington
"Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves."
US President Andrew Jackson
The quote above by President Jackson describes exactly what is going on today. Wall Street losses are being charged to the bank that they are shareholders of - The Federal Reserve.
And the little people that "don't work" in your eyes are working harder just to feed themselves as a result of Fed and Wall Street policies.
And you champion these thieves? They have hijacked capitalism and have run a casino economy that is parasitic on the rest of the population.
This is your idea of capitalism?
I guess George Washington and Andrew Jackson have no idea about money systems either.
"...if you're rich the only way to get sympathy is to say you have cancer." - Larry David
And Greece offered free cruise ships to house the homeless after Katrina - so what's your point?
My choice to live, for now, in Greece has nothing to do with politics, it's personal and none of your business. Are you saying that people born in the US should never live abroad, ever? You're sounding more and more commie by the minute - just like the USSR.
I figure before the SHTF, I get in some good spearfishing. Is that OK with you, comrade?
I honestly believe that the entire western world is on the verge of bankruptcy or default or currency destruction. It all depends on a country's monetary system and how they handle their crisis - default or currency destruction - those are the choices.
So it doesn't matter where you live. We're all going to feel some pain soon.
In the meantime, enjoy yourself, and get over it.
But I have faith in the US. You know why? Because Ron Paul will soon head the House subcomitte that oversees the Fed.
What nerve and whose, pray tell?
You're a chronic conspiracy theorist, I am sad to say, so everything, including perfectly ordinary things, looks like a conspiracy to you. While I disagree with your theory, a lot of times I also get frustrated when people don't see things that, to me, are blindingly obvious. But so what? Firstly, I might be mistaken (as, IMHO, you are, with all due respect). Secondly, even if I am right, the last thing I am going to do is blame some sort of a government cabal for concealing the truth from the masses. So, honestly, discussing the flaws and merits of your argument is fine and dandy, but claiming it's some sort of govt-suppressed economic Gospel is just silly.
The word conspiracy has been trashed by the use of concepts such as the illuminati cabals, aliens, and what have you. To me, it is not some dark smoke filled back room dealing, but an institutional practice.
Nonetheless, where have I, in this post, used the word "conspiracy?" I have not, it is you , and the other fellow that have used that phrase to disparage my views without addressing them specifically.
As for the other fellow, his posts are the type I shouldn't bother responding to. As for you, I do have respect for your writings, despite our disagreements. But here, I am disappointed in your lack of specificity of where you disagree with me and your over reliance on charges of conspiracy.
And so, I have not used the word conspiracy, you have. But I do have the view that governments, by their nature, want to control the dialogue - whatever, the subject matter. And thus, to control the dialogue is to inherently misinform the public.
I can give you countless historical examples of the above. If you can't think of any on your own, then you lack an understanding of history, in particular, of governments and politics.
I feel that you shrug off things too easily, and you underestimate what policymakers really do.
And a little historical example, from the minutes of a past Fed meeting:
"We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand."
-Alan Greenspan in regards to the potential housing bubble, 2004
Now martinghoul - I know, you will say, but the public is ignorant!
My retort:
And just how knowledgeable were the policymakers (only we fully understand!)- Fed and politicians - and Wall Street Bankers before their financial system blew up?
Henry Ford once said:
"It is well enough that people of the nation do not understand
our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
Or, if you prefer, a quote from an economist:
âThe study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.â
-John Kenneth Galbraith
Or, if you prefer, what a central banker has said himself:
âThe last duty of a central banker is to tell the public the truth.â
-Federal Reserve Board Vice Chairman Alan Blinder, Nightly Business Report, 1994
Apparently, I am not alone in my skepticism. So who is being naive here?
Quote from Misthos:
But I have faith in the US. You know why? Because Ron Paul will soon head the House subcomitte that oversees the Fed.
There is nothing wrong with the way the FED operates, historically or recently. I have said many times in these threads that the FED is just doing its job in accordance to its mandate and it does it well. Those who attack the FED do it either because of their hidden political agenda or because of their misunderstanding about its operation and mandate.
The recent rounds of QE were absolutely necessary to avoid a deflationary spiral and to stimulate the economy. Actually, I even think the FED did not stimulate the economy enough. Bernanke is doing a fine job. Do you want to see unrest like in Europe because of unemployment reaching 20% like in Spain and other countries?
The only true conspiracy here is by the oligarchs of Europe who do not want the US to print money because they are afraid of losing wealth. The Germans do not want inflation because they have a surplus that will lose purchasing power. They want to lend this surplus to other EU countries at a high interst rate instead of printing money. This will cause tremendous suffering in those countries which Germany used for years to unload its overcapacity.
The FED is doing an excellent job. Those who argue it should be abolished are the true conspirators because they want to have the power of printing money after the economy collapses when the FED won't be there and they will appear as saviors.
Next you'll be saying Gulf of Tonkin was a conspiracy...