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To: Elroy Jetson who wrote (24776)	10/24/2004 8:18:28 PM
From: X Y Zebra	Read Replies (3) \| Respond to of 306849

from the speech.... Although money growth can affect output in the short run, in the long run output is determined strictly by real factors, such as enterprise and thrift. more or less like telling a teenager... here are the keys to the new Porsche son; you will also find a credit card in the glove compartment for gas, have fun but make sure you do your homework and get a job at the end of the year... remember it is you who will have to pay the bill... They're so convinced Monetarism is superior to Capitalism. It's like they belong to some Moonie Cult. An interesting statement... in view of.... americamagazine.org economics as religion ? The God of no Return... -lol it is like giving money to the drunk, in hopes he will use it to cure himself -ggg i've always known that economists are all nuts anyway -lol Bernanke at the head of the Fed will crater the economy after all... it was an economist (Paul Samuelson) who said: "When everyone is insane, it is folly to be wise..." and if they succeed... owning real estate seems -for the most part- safe still... _________ correction to my earlier post I wrote: FNM: financial engineering... is this the only weapon left against economic destruction from massive importation of jobs (blue and white collar) ? if so, how long will it last? how to protect oneself against the eventual collapse? I meant to type "exportation" ... (I was thinking as if I were outside of the US -in which case importation would be correct)

To: Elroy Jetson who wrote (24776)	10/24/2004 10:26:32 PM
From: GraceZ	Read Replies (1) \| Respond to of 306849

Grace Zaccardi, constantly promoting the gospel of ever greater debt. Your postings get more lunatic as you go on, it leads me to wonder if you might have some sort of mental defect or drug addiction. Good thing most of your fans here don't care if you play fast and loose with the facts. Maybe you'd like to point out those posts where I have advocated increasing levels of debt. Or perhaps you'd like to point out those posts where I have whole heartedly agreed with the Federal Reserve's setting of interest rates, or for using monetary stimulus to make up for real economic growth. I have been nothing of short of critical of the Federal Reserve for destroying the free market in money rates. Creation of fiat has zero effect in creating wealth. Real wealth can only be created by the actions of people, by people adding value to the economy, as I do, as many others do, each and every day, going to work and creating something of value. Something you should try doing some time. Either that or have your medication adjusted because it is clearly not working.

To: Elroy Jetson who wrote (24776)	10/25/2004 9:30:56 PM
From: gpowell	Read Replies (1) \| Respond to of 306849

There you go again. Once again, you mangle the meaning of a passage that, clearly, is part of a body of work that has long advocated against discretionary monetary policy. Consider this passage from Milton Freidman's paper in "The Controversy Over Monetary Policy", The Review of Economics and Statistics, Vol. 33, No. 3. "As a matter of long-run reform, I would like to see the Federal Reserve System in its present form abolished and replaced by a 100 per cent reserve deposit banking system in which there was no monetary authority possessing discretionary powers over the quantity of money. I am convinced by the evidence Harris alludes to that the establishment of the Federal Reserve System was a mistake and that the system has failed to promote the objectives for which it was established. While this is as good a time as any to begin this long-run institutional reform, it cannot be accomplished overnight. We must, willy-nilly, meet the present emergency with present institutions." In this context, we can see that Freidman's advocacy of a constant rate of money growth is a method of eliminating the Federal Reserves discretionary powers, not a method of "engineering" economic growth.