Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Author: TMFRedwood Three stars, 500 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 56  
Subject: Fed dictatorship needs to be toppled Date: 2/15/2011 11:30 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Very provocative article from Paul Farrell. What do y'all think?
http://www.marketwatch.com/story/fed-dictator-bernanke-needs...

Personally, I think he's on the right track. The Fed has destroyed our manufacturing base, devalued the currency, created a whole host of bubbles over time, disincentivized savings by keeping rates low, lowered moral responsibility, and alarmingly increased systemic risk.

Others might point to the amazing growth we have experienced this past century, despite currency devaluation and the above. My response would be that you can also grow under sound money but I'd love to see all arguments or thoughts people have.

Andrew
Print the post Back To Top
Author: ellipsoid Big red star, 1000 posts Global Fool Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 45 of 56
Subject: Re: Fed dictatorship needs to be toppled Date: 2/15/2011 1:16 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
TMFRedwood,

Personally, his writing style is too alarmist for me. Too many quotes without sources and not enough support for his claims. This article only serves those that are already convinced of his claims and does nothing to convince the other side.

He is seeking readership not trying to make a convincing article.

To me the title says is it all with the use of the word "Dictatorship" modifying Fed. What?

Ellipsoid

Print the post Back To Top
Author: TMFRedwood Three stars, 500 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 46 of 56
Subject: Re: Fed dictatorship needs to be toppled Date: 2/15/2011 2:30 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi Ellipsoid,

He is definitely trying to create a link to Egypt, et al. But I don't think this is a stretch - the parallels with a dictatorship exist. Controlling legal tender gives you power to take wealth from citizens and redistribute it to government and government-designated recipients. It also is a good way to destabilize a country. Lenin knew this and abrogated old money to destroy the existing order (and gain control over the new order). To me, money is used as a store of value and to denominate transactions and there's no need to control it.

I do think you're on the mark - more exposition would be needed to make the full arguments to someone not familiar with the issues. He's sort of summing them up here.

Thanks for the comment!

Andrew

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Advertisement