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Pastimes : 5spl
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To: LPS5 who wrote (1276)10/11/2003 1:30:17 AM
From: ahhaha   of 2534
 
All government intervention in this field boils down to schemes that increase the quantity of money beyond what it otherwise would be.

Nope. Most FED officials would freely admit that they don't know "what it should be".

For several years FED has allowed the free market to determine the cost and supply of money, because there is no need for their intervention beyond supporting the level of transactions. Thus, there is no current need for a free market in money. FED hasn't created any money.

There is a market in credit. Credit is now the only true money and FED is definitely in control of it although their control isn't needed as is the case with what Hulsmann defines as money. FED hasn't created any credit either.

Thus, as far as intervention is concerned, the AG FED is doing what the McChesney-Martin FED did, and the most that can be done: nothing.
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