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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (106127)6/2/2001 4:37:38 PM
From: Ilaine  Read Replies (2) of 436258
 
You may not have been paying attention, but I was talking about risky money market funds months ago.

That's not Noland's point, at least I don't think so. He's on the same book and page as Magner - "da bigger da boom, da bigger da bust." One of those laws of nature, don't you know.

I don't give a damn about his predictions about the future. He's entitled to think whatever he likes.

What irks me is that he completely mis-states what happened to the money supply in the 1930's. It didn't just go away due to natural causes. The Federal Reserve deliberately reduced it in order to "purge" "speculative excess" - as did the Treasury. The process that Noland claims was normal and inevitable was caused by deliberate government action.

The stock market crash was caused by deliberate action, too. 10 weeks prior to the Great Crash, member banks of the Federal Reserve Bank of New York cut back all collateral loans as well as loans to bankers. They did so at the request of the Federal Reserve Bank of New York, which was ordered to do so by the Federal Reserve Board in Washington. This, along with jacking the Fed discount rate from 5% to 6% finally broke the back of the stock market.

To me, blaming the Great Crash and the Great Depression on investors and speculators is like a wife beater blaming his wife because he beats her. I call it blaming the victim. Like a wife beater, a central planner is sure that he knows what's best for his victim, and is only causing pain in order to do good.
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