Quote from Capablanca:
Surely you can summarize?
The thread title is about educating yourself, not having everything spoon fed to you. I bet you can't even read 1/10th of the first part of the pdf I linked.
Even what ideas they do have seem to have been greatly discredited in the 19th century.
Uhm no it has not, it's been right on point while the Keynesians struggle to adjust their rationale every decade.
Anyway who in the political sphere adheres to the Austrian School of thinking? The Republicans one would think. But they're the ones running up the debt and making a mess of the economy.
Uhm no, Ron Paul is one of the few who is an old school Republican and gets laughed at by his fellow party members when he speaks common sense. Regardless, it's a one party system, with a few good apples and majority of sell outs.
By the way doesn't the government currently control the money supply?
Have you ever looked at a "dollar bill"? It's a Federal Reserve Note. Do you need the wikipedia link to explain the Federal Reserve, let alone their own website, where nothing is actually concealed?
Isn't government supposed to represent the People? If the People do not control the government then who does? Are you going to go off on some wild conspiracy theory now?
Honestly, if you do not understand that the government is no longer represented by the people at this point, you deserve to sink with the ship. The people are strongly opposed to the bailout, yet it was still voted in, in spite of masses of phone calls, letters, promises to vote the representatives out of office. How about the Patriot Acts, Homeland Security Act, Military Commissions Act? Did any of us even get a chance to say anything before Congress followed suit and just pushed it through?
Sorry but I'd rather not go back to the days of a barter system thank you very much. I'll take a variation of the current one warts and all over that.
Because you have nothing to offer in a barter system and would rather be a leech. That is until you can't leech anymore, then you will cry.
A barter system was key in establishing a uniform unit of currency.
The real irony is that the Unites States was probably at its greatest danger of going communist during the Great Depression which resulted from following the tenets of classical economics which you seem to espouse.
Hmm, let's see. The Fed blows up credit/money supply causes a boom. Then it contracts credit/money supply causes a crash. The data is there, a strong contraction was done into the 1930s. So you basically just proved yourself wrong. Even a couple Fed higher end employees who write papers have noted this on many occasions, that their "mistake" back then was deflating money supply at a rapid rate.
Another irony that the Fed was created in response to several financial crises that struck in the 19th and early 20th centuries. So saying the Fed is the reason behind all financial crises and getting rid of it will prevent them in the future is hogwash.
Did you know that House of Morgan almost got taken to court over that? They orchestrated that 1907 panic in a strong push for the Fed, the same trick that has been done for centuries. There is a lot of history to this, ever hear of Andrew Jackson and his battles with the First & Second Bank of the United States?
I dare you to go look up Woodrow Wilson's memoirs in which he confesses that he sold out the country to the international banks. He even prophesized that USA will lose its industrial power and become nothing more than an economy based on credit. This is from a person once very naive and trained to be put into a role of the President who signed the Federal Reserve into law.
Either way, the reality is here, enjoy the rate cut and further deteriorating dollar. It will get even more interesting when China realizes that USA can't buy any more of their crap and hence they have no need to support USA financially. Oh, and I will give you some advice, even though I believe you're nothing more than wilful lamb to the slaughter. Stock up on food & water.
