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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (67273)	9/5/1999 4:00:00 PM
From: yard_man	Read Replies (2) of 132070

>>And along comes MBNA with another credit card you can max out. << Not me, but I do run all the purchases I can through a credit card with a rebate -- good for a nice weekend at the end of the year ... A market sage, Batra is not ... But what about Batra's ideas on "how free" we really are, economically speaking -- we don't have central planners, but the federal government plays a huge role in deciding how much is produced of many "non-essential" items or items not "affected with the public interest." I guess there are several levels of indirection here, but the control still exists ... some think that a gold standard is the answer to keep governments from doing what they do best -- trashing the local currency in the long run, but the currency and interest rate policy is just one of the means of confiscation or meddling in the markets -- there are many others, right? The bubble will be tough on all kinds of people when it bursts, but what could be done differently to prevent such excesses in the future? -- politicians will always love money more than serving the public interest. Don't get me wrong -- after having worked as a regulator -- I do believe there are essential services that the government must regulate ... but what the appropriate test should be? I don't know ... It would also seem that those industries that are "affected with the public interest" -- take military spending for instance -- get money simply shoveled at them ... since we're not testing the nukes any more we've got a program for simulating nukes which is really an umbrella to give away large amounts of dough to the military industrial complex to do almost any research which could conceivably have a link to nukes. In the regulation of IOU's, when in doubt utility commission just throw money ... I've seen that in our state, but realize it is much worse elsewhere. Guess it would be much worse if both industries were completely governement owned and operated ... But back to the more direct means by which demand/supply as a whole are jiggered with -- besides linking a currency to something that is finite in quantity and requires real capital to produce -- how can central banks be held accountable? How can you really ensure that central bankers serve only the interest of the public without something else that constrains them? What do you think about Batra's observations that there is a 30 year cycle in interest rates and money supply growth -- which was supposedly not altered by the creation of the fed?

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