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Ron Paul 2012!!!

SpasticGramps

Don't Drone Me, Bro!
ICMag Donor
Veteran
Random gem for everyone who thinks supporting today's monetary policy is something Keynes would advocate.

I don't agree with his philosophy, but he's rolling over in his grave right now as today's monetary and fiscal policy prescription are attached to his name. I almost feel bad for the poor bastard.
“By a continuing process of inflation, Governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some …. Those to whom the system brings windfalls …. become “profiteers” who are the object of the hatred … the process of wealth-getting degenerates into a gamble and a lottery .. Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.

Keynes
Advocates of today's policies aren't Keynesian thinkers, they are supporters of usury and theft. Keynes, as misguided as he was, understood this basic principle of monetary economics.
 

DiscoBiscuit

weed fiend
Veteran
Interesting quote. As an advocate of investing one's way out of contraction, not to mention being pro progressive tax-rate, Maynard would have to be bipolar to square that one. Unless of course "debauch" is relative.
 

SpasticGramps

Don't Drone Me, Bro!
ICMag Donor
Veteran
We are in the mist of the biggest global fiat print fest in human history. It more than likely would fit his description of "debauch". You could probably call it the BIG DEBUACH.

The only reason we haven't experienced the real inflation from it yet is because the shadow banking system serves as the buffer. That system is failing though so..........

QEterinty is all we have left. It will work until doesn't (meaning it will work until the we the peasants get hungry enough).
 

DiscoBiscuit

weed fiend
Veteran
If one reads more of Keynes' works, the "thief" is runaway inflation, not spending out of contractions and or progressive tax rates.

I'm in no way suggesting inflation is a thing of the past. That said, we are head and shoulders above Keynesian inflationary theory.

This is my opinion that Keynes warned against exercising his strategies too far as even good economic policy can be misapplied. It's also my opinion that recent quotes are narrowing context to suggest that Keynes is calling the fed itself the thief.

We don't necessarily have to rely on dead people's (in my opinion) recontextualized rhetoric. Congressional amendment mandates the fed.

How do Ben haters feel about the fed's board of directors (of which Benny is but one vote?) Not unlike the Supreme court where Robert's doesn't rule by decree. Sooner or later, board memebrs realize they're wrong and vote in Ben's direction. Where's the love for these guys?
 

SpasticGramps

Don't Drone Me, Bro!
ICMag Donor
Veteran
How do Ben haters feel about the fed's board of directors (of which Benny is but one vote?) Not unlike the Supreme court where Robert's doesn't rule by decree. Sooner or later, board memebrs realize they're wrong and vote in Ben's direction. Where's the love for these guys?
The circle jerk of power?

C'mon bro I know you know what I think about those guys. :)

They tote the line. There are no real hawks on the Fed board. They are all print fest lovers to some decree. Only now are some of them saying, "like whoa Ben, I dunno about all this stuff. I know we all graduated from Wall Street owned Ivy League schools, but something feels a little funny about all this." And even then, like you said, when push comes to shove they tote the one party corporatist line.
 

DiscoBiscuit

weed fiend
Veteran
I don't personally believe these guys are towing lines. I believe they looked at their previous decisions and saw little or no progress and considered the chairman's pleas. It's an example of compromise.

I happen to think Greenspan was the wrong guy for the fed. Anybody ideologically to their legal mandate is a dysfunctional fit.
 

SpasticGramps

Don't Drone Me, Bro!
ICMag Donor
Veteran
Bernanke is definitely pleaing. I reckon he is on his knees praying to the Printing Gods to save his ass right about now. He knows he's out of bullets and the game is almost up.

Fed Easing Has Little Impact So Far: Out of Bullets? CNBC
The Federal Reserve's latest easing program may be nicknamed "QE Infinity" on Wall Street, but it's having a very limited effect on the markets and economy so far.

Stocks have been flat to slightly lower since the central bank announced the third round of its quantitative easing program — QE3 — while economists remain pessimistic that it will achieve its stated goal of bringing down the unemployment rate.

Consequently, sentiment is beginning to build that the Fed may be running out of bullets.


"We've been range-bound as everyone digests the information," said Robert Laura, president of Synergos Financial Group in Brighton, Mich. "There's nothing that's going to take us any higher. The headwinds out there are too large for QE to overcome."

Previous easing rounds have helped push up stock and commodity prices, but only after rounds of volatility that Laura expects to occur again this time but without the QE-inspired bounce at the end.
They are towing the Wall Street Keynesian line. Monetizing debt does nothing for the real economy. It has created another massive stock market bubble that will eventually pop. It's transferred wealth to the 1% and raised commodity prices hurting the 99%.

And this was all when QE had some effect. Now we are so far down the road of diminishing returns that it's not doing anything that can be spun as positive propaganda.

IMO, the FED is a dysfunctional fit.
 

SpasticGramps

Don't Drone Me, Bro!
ICMag Donor
Veteran
In 1971 when the US went into full retard fiat mode the US Secretary told the world that it was "our currency and your problem". Basically, I do whatever I want fuck you. Amerka fuck yeah!!

Well, now that arrogant rooster has come home to roost. It's our problem now and it's a very big problem that Americans aren't likely to handle well.

China is actively taking steps to phase out the US dollar which will decrease volatility in oil and commodity prices and deride the ‘exorbitant privilege' the USA commands as the issuer of the reserve currency at the centre of a post-war international financial architecture which is now failing.

In 1971, U.S. Treasury Secretary John Connally said, "It's our currency and your problem".

China is frustrated with what it sees as the US government’s mismanagement of the dollar, and is now actively promoting the cross-border use of its own currency, the yuan, or also called the renminbi, in trade and investment.

China’s goal is to decrease transactions costs for Chinese importers and exporters.

Zha Xiaogang, a researcher at the Shanghai Institutes for International Studies, said Beijing wants to see a better-balanced international monetary system consisting of at least the dollar, euro and yuan and perhaps other currencies such as the yen and the Indian rupee.

"The shortcomings of the current international monetary system pose a big threat to China's economy," he said. "With more alternatives, the margin for the U.S. would be greatly narrowed, which will certainly weaken the power basis of the U.S."
 

SacredBreh

Member
Listen..........!

Listen..........!

What if?....... short film....should watch and listen.

Coming soon to a street near you..... Austerity means cut backs on standards of living! We will tolerate it worse than Spain has.

FIGHT BACK GOD DAMN IT!!!! Die on your feet.....not on your knees! They only rule because WE let them!
[YOUTUBEIF]http://www.youtube.com/watch?feature=player_embedded&v=hzP8znpQI9I[/YOUTUBEIF]

Peace
 

DiscoBiscuit

weed fiend
Veteran
Romney flubbed his Spain comment and ticked em off. It's not 46%, it's 23 or 24%.


Austerity is corporate policy. It keeps the macro from expanding with low wages and no benefits so your savings will trickle up faster.

It's why they have to float the gloom balloon., otherwise you might consider your best economic interests.

But don't take my word for it, it's all happened twice over since the great depression.

We decided to put the brakes on investment in 1937 and economic indicators collapsed. FDR was elected four times and the New Deal was law. After WWII, we gave the austerity crowd another shot. Truman's do-nothing Congress was voted out and 4 decades of investment voted in.

Wouldn't be surprised if the Tea Party is the latest in a series of flashes in the pan. Even Truman's do-nothing Congress passed 800 bills. The current session is closer to 150 and many bills are/were abortion restrictions and post-office namings.
 

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