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Politics : Foreign Affairs Discussion Group
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To: Ilaine who wrote (43007)9/10/2002 8:57:12 AM
From: maceng2  Read Replies (1) of 281500
 
You may be very surprised at how much governments and bankers manipulated the money supply even when it was backed by gold.

I did say fiat money. That is money created as per the latin meaning of fiat "Let it be". Sure you can create fiat money in a gold backed currency. This means someone creates loans out of nothing. Interest is charged on those loans. Wealth is transferred from those who "borrow" this money, thus wealth is extracted out of the system to the guys making the loans. No two ways about that.

Injections of of cash in the system can have a stimulating effect for an economy but only while inherent demand is available. Problems occur when all the inherent demand is used up, and a reversal of fortune is experienced where business is contracting instead of expanding. Like today.

It is, however, complete and utter horse exhaust.

So the case in point. Hoover and Strong...that was the "broad mandate of congress"? Democracy at work?? I beg to differ.

"the greatest and boldest operation ever undertaken by the Federal Reserve System and, in my judgement resulted in one of the most costly errors committed by it or any other banking system in the last 75 years."

mises.org

It's plain recorded historical fact to. No iffy link there.

Not only that, we are performing an action replay.

As regards Bilow doing his job "spreading disinformation" and a Iraq war starting...I have another theory.

Bilow is correct..No Iraq war . Iraq is the just a convenient worry horse for stopping people worrying about the stock market and the economy. :-)
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