Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (49315)	2/18/2000 2:30:00 PM
From: TD	Respond to of 116752

What is Money anyway Richard? <ggg> Fri. 2/18/2000--I thought this was almost unbelievable...Alan G. continues his on-going babble. What fools he takes us for; and the Congress-how ignorant about economics,can one get. ole Ron Paul knows--what a man. what a "constitutionalist. Weneed 220 just like him..a rep. congressman, from houston, tx. in 1988, he was theLibertarian Party's candidate for US Pres. > > > Thursday, February 17, 2000 Watching the Greenspan testimony before the House Banking Committee. this morning, is really a lesson in D&D--Diversion & Distraction--bigtime. Greenspan is the Master Obfuscator. Representative Paul asked Greenspan why the Money measure--M3--has been growing for the past several years? Paul reminded Greenspan of the time honored definition of Inflation--Too Much Money Chasing Too Few Goods. Paul asked WHY? If "Inflation" which Greenspan claims to be "trying to control" is caused by growth in the Money Supply, why has the FED allowed M3 to grow unchecked since 1992. GET THIS !!! This is absolutely incredible.... (This is a paraphrase of what Greenspan said.) Greenspan replied, ".... We have a problem trying to define exactly what MONEY is...the current definition of MONEY is not sufficient to give us a good means for controlling the Money Supply...." Paul replied, Well, if you can't define Money, how can you control the Monetary System? Greenspan replied, "That's the problem..." Years ago, The Fed came out with the Policy Statement that they were going to abandon measurement of the Money Supply as a Monetary Policy to control inflation. > > No in Congress one said anything. The Banks are trying to use D&D to keep people from realizing that raising the cost of money, with higher interest rates, contributes to inflation. They like more profit from loans at higher rates. > > They want to re-write the classical definition of Inflation-- Too much Money chasing Too Few Goods-. > > Later on Greenspan was asked about the tax surplus growth in the economy. He said ( again, a paraphrasing of substance, not of form), "We do not understand how an increase in Consumer Income, which we can measure accurately, can result in an increase in tax revenues that are not correlated with a proportional growth in the surplus." In other words, they cannot predict the increased amount of tax revenues that an increase in consumer income will produce. Who is watching the store? These two admissions are absolutely bizarre. How can Congress accept this admission of failure? Who can accept either, the first statement-- Acomplete abrogation of responsibility for the Money Supply Growth or the other, Greenspan's admission of a complete failure in Economic Trends' Analyses? Does Anyone believe the FED's declarations of incompetence can be acceptable to Congress? These acknowledged failures are from an organization that is supposed to be controlling our country's Economic & Monetary Policy. Earlier last year, in one of Greenspan's previous appearances before the House Banking Committee, he said that they didn't have any understanding of what is causing the Trade Deficit. I couldn't believe Congress let him get away with that admission. Now he claims to have no understanding of the definition of MONEY. Can you believe it? The banksters' "campaign contributions"--bribes--make Greenspan unassailable. For what other reason would he state so many blatant lies before Congress and the American people on CNBC's Market Watch, the most-watched financial program on the air.