Harry,
why is it that you and others on this thread resort to extreme language? It's like you are all caught up in the grip of hysteria. The reason why the Federal Reserve is all important is because the American people, like you, don't understand it's insidious nature and the immense power they have to distort and disrupt the free markets. Central economic planning is something that has proven to have failed in every country where it was tried to a great degree. It's failed in this country time and again in history.
The fact that most Americans are simply ignorant of this unelected fourth branch of government and what they do to destroy jobs and the lives of hundreds of millions of people is unfortunate. I am and have tried to educate the thread on this issue, but the desire is strong to put your head in the sand.
At the end of the day, Keynesianism does not work over the long run. Austrian economics is by far a better way to run the economy and is consistent with the principles of freedom, we love so dearly in this country.
To me this isn't about the GOP or the Dems, although you all try to make it out to be that. The fact is that both the GOP and Dems are Keynesians. Bush Jr certainly was one of the worst and Obama has followed in his footsteps. Remember, it was Bush who first appointed Bernanke and it was Obama who re-appointed him. Both parties are clueless at the damage done by the Fed.
The only real difference between the Dems and the GOP is where they spend the money we don't have. Dems like to spend it on welfare programs and the GOP on the military. We can afford neither. So to pay for it, both parties sanction Congress' endless deficit spending and borrowing, and both parties back Bernanke's and his endless money printing. Bernanke is the drug pusher who enables the addict. This makes folks like you feel great, but it impoverishes the generations to come, including the generation of my kids. It is immoral and I will vote to stop it, by casting my vote for the person most likely to fire the drug pusher...and that is Romney. Once the drug pusher is gone, the American people will have to choose between cutting spending or raising taxes or borrowing money. If the free market is unwilling to lend money to the American people at low rates, then rates will rise to the point, where the American people can't afford all the programs we have. Either way, ending the Fed's ability to print money will force the American people to live within its means, which is the only moral way to leave future generations intact.
I'm sorry you don't see this, but you should read up a bit on Hayek and Keynes and decide for yourself. A great book that explains the Fed for laymen is a book called "The Creature from Jekyll Island". It's a good place to start. If you are more technically inclined and like economics, like I do, then read the economists' books directly to understand the opposing views on the theory of money and the consequences for debasement of it. |
