"Just when i thought that the CATO institutue was a rabid right wing neocon disaster, it publishes a worthwhile piece extolling the virtues of ending the federal reserve.
not only has the fed not lived up to its promises but it defies the constitutional provision to place the value of money in the hands of the people - not a cabal of tyrants practicing politburo voodoo on a centrally controlled economy.
as an institution, the fed is corruption itself born in iniquity; but even if it had pure origins as an institution it would be exceedingly amenable to corruption as it is has been thoroughly infiltrated by the cia which in turn is controlled by the same plutocrats who control the fed. power corrupts and absolute power corrupts absolutely. the fed is thoroughly royalist and accountable to no one. where are the checks, balances, and limits of power?
monetarism - i.e. the fed - is the art of transferring wealth from the have-nots to the haves. inflation MUST occur with the fed and MUST cause wealth to flow from those without pricing power to those with it. and guess who has pricing power? the elite - those found within the top quintile of the economic pyramid. the widows and orphans are left to go fuck themselves.
but the fed is not the only culprit. fractional reserve banking is the midwife to the fed's chicanery. both under the faux gold standard of the 19th century and in many exchanges such as where non-existent silver is sold bareass naked in quantities totally unrelated to available supplies great instability and fraud are rampant. you can't spin gold out of straw.
we must return to a gold standard with gold real bills without fractional issuance of currency. this and only this will restore integrity to the american economy. and the too big to fail/save/fart must be broken up into systemically safe entities. if this means slower growth so be it.
the corruption of the currency is the corruption of morals. a sound currency is a sin qua non of honest relationships. when the spigot of money is left in the hands of a few greedy sociopaths it lubricates war machines and ghetto scenes. the fed must be eliminated now. lord have mercies on us all."
not only has the fed not lived up to its promises but it defies the constitutional provision to place the value of money in the hands of the people - not a cabal of tyrants practicing politburo voodoo on a centrally controlled economy.
as an institution, the fed is corruption itself born in iniquity; but even if it had pure origins as an institution it would be exceedingly amenable to corruption as it is has been thoroughly infiltrated by the cia which in turn is controlled by the same plutocrats who control the fed. power corrupts and absolute power corrupts absolutely. the fed is thoroughly royalist and accountable to no one. where are the checks, balances, and limits of power?
monetarism - i.e. the fed - is the art of transferring wealth from the have-nots to the haves. inflation MUST occur with the fed and MUST cause wealth to flow from those without pricing power to those with it. and guess who has pricing power? the elite - those found within the top quintile of the economic pyramid. the widows and orphans are left to go fuck themselves.
but the fed is not the only culprit. fractional reserve banking is the midwife to the fed's chicanery. both under the faux gold standard of the 19th century and in many exchanges such as where non-existent silver is sold bareass naked in quantities totally unrelated to available supplies great instability and fraud are rampant. you can't spin gold out of straw.
we must return to a gold standard with gold real bills without fractional issuance of currency. this and only this will restore integrity to the american economy. and the too big to fail/save/fart must be broken up into systemically safe entities. if this means slower growth so be it.
the corruption of the currency is the corruption of morals. a sound currency is a sin qua non of honest relationships. when the spigot of money is left in the hands of a few greedy sociopaths it lubricates war machines and ghetto scenes. the fed must be eliminated now. lord have mercies on us all."
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