[pnh102]

The country is presently engaged in a $2 trillion war in Iraq with no end in sight.

Stopped reading here.

[TLI]

“The Federal Reserve has played a major role in America’s economic decline. Greenspan’s “weak dollar” policy pushed trillions of dollars of credit into the hands of people who had no realistic prospect of paying it back.”

I would like to see that demographic breakdown.

[ml/nj]

The Founding Fathers put Congress in control of the the U.S. monetary system.

Actually they did not. Money was what it was. The Founding Fathers used the word "dollar" in a way that tells one that everyone back then knew what a dollar was; and it wasn't a piece of paper with a picture of a dead politician. The only roll Congress had was to turn money (that was gold and silver) into coins and to regulate the value or ratio between the two types of money being used and coined.

ML/NJ

[bobjam]

I suppose this author would rather intricate monetary decisions be voted on by a 535 member board, most of whose members don’t know the first thing about banking and all of whose members are interested only in themselves.

[milwguy]

“Paper money will…ruin commerce, oppress the honest and open the door to every species of fraud and injustice.” George Washington

“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” Ludwig Von Mises

[live+let_live]

ping

[stainlessbanner]

bttt

[RightWhale]

Seems something was about to break. Goldbug ads were reaching a new level of excitement with gold reaching for 950 again and sure to go to 1200, 1500, 2000 very soon. Gold dropped back to 900 today, which was probably the expected break.

[HamiltonJay]

The FED is an abysmal failure.

The reason for its creation was argued to be to stop/control inflation and to minimize booms and busts.

Well from 1789 to 1913 (the year the fed law passed) TOTAL inflation in the united states was 8%.. no not 8% annually, a TOTAL of 8% that means if you burried a dollar in 1789 and dug it up in 1913, you’d need to find 8 more pennies to have the exact same buying power as you did about 130 years before.

Since the fed was created, inflation has been over 2100%... that means 1 dollar buried in 1913 dug up today would buy less than what a nickle would back then.

The fed is a complete scam and has robbed most every day americans from so much wealth and stability that its nearly incomprehensible.

IF you want to start to restore this country, you don’t start by executing the politicians, you start with the investment bankers.