Free Market Money: The Antidote to Modern Monetary Theory
Posted by freedomforall 6 days, 2 hours ago to Economics
Excerpt:
"When unelected central bankers and spendthrift politicians collude to manipulate money and debt, the result is always the same: economic distortion, moral hazard, and eventual crisis. As you just read, the problem isn’t which party holds the reins—it’s the entire system of monetary central planning that fuels endless inflation and fiscal recklessness.
...
the Fed should not be pegging rates at all – up, down, or sideways. This whole business of pegging overnight rates and, by extension, the level and shape of the entire yield curve amounts to monetary central planning, not sound money policy. So in attacking the Fed’s rate-pegging errors, the Donald is at least getting the issue on the table of public debate.
But the Fed will always be in error in pegging rates based on the dubious wisdom of the 12 monetary central planners."
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Central planning by tyrants caused the downfall of the USSR.
The fedgov has been doing the same thing for the past 112 years and the piper is now demanding payment for this tyranny.
D.C. NIFO - start with the fed
"When unelected central bankers and spendthrift politicians collude to manipulate money and debt, the result is always the same: economic distortion, moral hazard, and eventual crisis. As you just read, the problem isn’t which party holds the reins—it’s the entire system of monetary central planning that fuels endless inflation and fiscal recklessness.
...
the Fed should not be pegging rates at all – up, down, or sideways. This whole business of pegging overnight rates and, by extension, the level and shape of the entire yield curve amounts to monetary central planning, not sound money policy. So in attacking the Fed’s rate-pegging errors, the Donald is at least getting the issue on the table of public debate.
But the Fed will always be in error in pegging rates based on the dubious wisdom of the 12 monetary central planners."
-----------------------------------------------------
Central planning by tyrants caused the downfall of the USSR.
The fedgov has been doing the same thing for the past 112 years and the piper is now demanding payment for this tyranny.
D.C. NIFO - start with the fed
We have to plan in terms of decades, as Ayn Rand aptly put it.
“A farmer will not invest the effort of one summer if he’s unable to calculate his chances of a harvest. But you expect industrial giants—who plan in terms of decades, invest in terms of generations, and undertake ninety-nine year contracts—to continue to function and produce, not knowing what random caprice in the skull of what random official will descend upon them at what moment to demolish the whole of their effort. Drifters and physical laborers live and plan by the range of a day. The better the mind, the longer the range. A man whose vision extends to a shanty, might continue to build on your quicksands, to grab a fast profit and run. A man who envisions sky-scrapers will not” (p. 978).