Fed to quit telling us how much money there is?

[sppunk]

We all need to watch this nonsense very closely as we might be treading in dangerous waters:

 

http://www.federalreserve.gov/releases/h6/discm3.htm

 

http://en.wikipedia.org/wiki/Money_supply

 

Bernanke's apparent answer to the potential problem of deflation:

 

"The U.S. government has a technology, called a printing press, that allows it to produce as many U.S. dollars as it wishes at essentially no cost."

 

I don't know whether or not to worry about the U.S. facing deflation in the near future, but i fear that the nature of his response is indicative of the way he'd treat any major economic crisis. If the U.S. does have an economic crisis in the next few years (deflation, inflation, or whatever else) "throwing fiat money at it" will be one of the root causes of the problem, not the solution.

 

People argue over abortion, elections and wars and yet the fed has been able to take the money off of gold and silver, methodically inflate the money and keep the profits. This reality may be more serious then anything else that we've debated about as a society. The very essense of free-market capitalism is destroyed when the currecy of production is not worth anything (as our money is not). The fact that the fed can take a step like this (and Bernanke can make the comments he's made, and no one cares, is tragic).

 

Today's mises was great:

 

http://mises.org/story/1971

 

Speaking about Bernanke, his nomination was really amusing and, while it was the best thing for Bush to do from one perspective, really effectively highlighted the lack of qualification and cronyism of his other appointments/nominations. Everyone was really nervous hed appoint some Republican stooge and I really got a sense from the papers of "phew, everything is alright now."

[sppunk]

Of course, the biggest problem is that we're on a gold/oil based standard economy now. Throwing the oil into the mix was bad mojo.

[RETIREDFAN1]

We should never have let the globalist cabal under Wilson take over our monetary system. We need to RETURN to the gold standard and put an end to the federal reserve system.

[Guest Sideliner]

I believe it was your beloved Nixon who took us off the gold standard.

[RETIREDFAN1]

The United States went off the gold standard in 1933 under the leadership of Franklin D. Roosevelt. The hero of YOU and socialists across the nation. Go to class and actually listen and you may actually know something.

[Guest Sideliner]

The United States’ abandonment of gold as the foundation of its monetary system came in two steps. In 1933, President Franklin Roosevelt ended Americans’ right to surrender paper dollars for gold and even to own gold bullion. Step two came in 1971 when President Richard Nixon "closed the gold window" and denied foreign governments the right to turn in paper dollars for gold.

 

Looks like we are both right. Hope this isn't a sign. lol

[RETIREDFAN1]

Originally posted by Sideliner

 

 

Looks like we are both right. Hope this isn't a sign. lol

 

It's a sign that two intelligent people, no matter what their political vent, can find the truth when they seek it. :tongue: