Libertarian ping! Click here to get added or here to be removed or post a message here!
(View past Libertarian pings here)
Posted on 10/04/2009 7:06:32 PM PDT by sickoflibs
“….The policy of the US Federal Reserve by keeping interest rates near zero, and after 2001 they slashed it down to 1 % and kept it at 1% until 2004, reduces the purchasing power of money. One of the functions of money is to be a store of value. The Federal Reserve totally ignores that. The Federal Reserve totally ignores a lot of things that are important like credit growth. How can you have a country like the US where credit growth was running at 18% and the Federal Reserve ignores it? We believe cash is a terrible investment because the policy of the Federal Reserve is to make cash worthless”……
“There is a risk over the next 10 years to hold cash, that cash will be an undesirable investment as well as US government bonds. Because if you have a Federal Reserve run by a money printer like Mr Ben Bernanke then bonds and cash are undesirable assets….Look at the pattern of the Federal Reserve over the past 20 years under Mr Greenspan and Bernanke , they never took the punch bowel away and fueled one asset bubble after another. And know we know what the result is, a total disaster. And Mr Bernake with his Ill conceived economic theories will bring the whole world down. …”
“If you look at the past 10 years, we have an economic expansion November 2001 to November 2007. But to the average American middle class family the standard of living didn’t go up and today and we have less employed people in the US than 10 years ago in which the US population increased by millions. There hasn’t been any economic growth at all(the past 10 years), it’s been a wasted decade engineered by the Federal Reserve. “
If you think there is a Santa Claus who is going to get elected in Washington and cut a few taxes and spend a few trillion and jump start the economy, and get our lost money back, this list is not for you.
You can read past posts by clicking on : schifflist , I try to tag all relevant threads with the keyword : schifflist.
Ping list pinged by sickoflibs.
To join the ping list: FReepmail sickoflibs with the subject line add Schifflist.
(Stop getting pings by sending the subject line drop Schifflist.)
Fox Business Channel has been replaying this the past week. The comment about the last 10 years really stuck a nerve. More bad days ahead.
Federal Reserve Ping!
It is rather appalling that Fox Business does the same thing as the Leftist media --- judge the system by its LOWEST point. Faber talks about the Fed; the Leftist question the entire free market and capitalism. This is simply an unfair measure.
Greenspan, too, has been at work in 1990s. What about 25% increases in productivity that has been accommodated by the Fed then? Why not compare growth over the entire Greeenpan's tenure?
Finally, how can he say that Greenspan ignored this or that? If he did not do what Faber wants or wanted, this does not necessarily mean negligence. The tensions are well known: Greenspan tried to balance growth while holding inflation down. In retrospect, one could question whether the judgment was good, but negligence? There is no evidence of that. Even an idiot can burst the bubble and lead to a deep recession --- what song would Faber be singing in that case? One cannot also ignore the cultural problems we have --- like the absence of savings since 1990, for instance. Greenspan has nothing to do with that.
And don't forget social engineering in the form of the Community Reinvestment Act, against which the same Greenspan spoke several times. Faber is too simplistic and consequently unfair.
Wall Street is full of practitioners that fancy themselves economists --- as if the ability of driving a car makes you knowledgeable about its engine. And that is to whom Faber speaks day in and day out. Hence his simplistic vitriol.
I, of course, don't know the party responsible.
But if so, those responsible must have control of Wall Street and able to covertly chip away at the structure.
Who has benefited from the debacle?? Certainly the Democrat Party been the big winner, and people like Soros and some of the big money players of whom I don't know. Who else. Maybe some power who espouses socialism or marxism since that is Obama’s direction.
Far fetched?? Maybe?? but still there is a great unknown involved here, doncha know??
The people who benefit are those that profit by stripping every job from this country and sending them where people don’t expect such things as functioning sewers, electricity, or balanced diets after 15 hour work days. There HAS been incredible economic growth, mostly in Asia. 20 years ago it was manufacturing; now it is anything that can be done through our wonderful “information superhighway”. Europe has problems with their workers’ expectations regarding job security; as “un-American” as their policies are, Americans are starting to understand how those European regulations came to be. Whatever you think of Euro nanny-states, there is no question that those people demand (and get) better representation from their governments, even if it can be economically suffocating.
I am concerned with sabotage of the US economic system, Wall Street. - is it a fact? - if so, why? - if so who? is it still going on?
recent report noted on FR is that financial leaders are heavy contributors to Democrats. - why?
Try Americans. We want our social spending benefits, our wars and nation rebuilding and our tax cuts all at the same time. We want inflation low (low priced goods) but lots high paying jobs here. Each party, each ideology promises us more free candy each election.
There is only one way to have all those things at least temporarily, create lots of money and use it to import everything from cheaper countries and lure foreign investors into a equity bubble that turned out to be government guaranteed. (and lie and call it economic growth)
The conspiracy theory sounds good if one is trying to defend republicans, but since the ‘economic growth’ of the past 10 years was mainly debt and foreign investment, the worlds producers were hurt badly by our Fall. Wouldn't you think China would want to get to the bottom of a Soro's conspiracy?
A sick cabal comprised of corporatists and social justice types. Net result: poor slobs who actually believe in the rule of law, personal and governmental fiscal prudence.
We’re screwed.
I’m really pissed off.
Big business buys both parties before elections, heging their bets. A lot of small businesses by me hire illegal aliens; they’re complicit in it as well. Now big business’s strategy has backfired in the US, as the consumers here can no longer afford to buy their products due to diminished incomes; instead we now hear about how the emerging Indian and Chinese middle class is buying them instead, which was the plan all along by the people who own thiose companies or those from which they buy their raw materials. Gives a great insight into communism, which I thoroughly detest: As the plan reaches fruition here, you’re going to see Americans’ fondness for free markets & crap disappear, and a larger number of them willing to accept anything as a substitute for the status quo.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.