Announcement

Collapse
No announcement yet.

federal reserve conspiracy

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Epeeist
    replied
    Originally posted by kenny_free View Post
    I wish. Save us Rothbard!
    I never even thought of the Federal Reserve as a conspiracy per se, and I don't have enough knowledge of economics to really say to hell with this Keynesean nonsense!

    Leave a comment:


  • kenny_free
    replied
    Originally posted by Epeeist View Post
    Wow, you almost make me want to go join the Ludwig von Mises institute and get my Austrian on. Back on the gold standard everyone!
    I wish. Save us Rothbard!

    Leave a comment:


  • Epeeist
    replied
    Originally posted by Cullion View Post
    It's not a complete body of research.

    I started a thread on sociocide where I attempted to show that the creation of new money by the banking system steadily impoverishes ordinary people over the years.

    I got as far as showing that the price of certain capital goods (such as an acre of American land, a college education or a dollar of retirement income) have gone up in notably price faster than the American median income, especially since the early 1970s.

    This also held true for groups in American society that you would not expect to have seen their incomes put under pressure by 'union busting' or mass immigration (the example I gave was IEEE member engineers).

    A real-life friend involved in politics then asked me to develop this research for a British context. I have not yet found the income data I need to do this for the UK, nor have I shown that the effect is caused by monetary policy.

    The data was pretty clear that Americans have been losing their ability to acquire the kind of capital needed for social mobility (land and other investments that can provide income, advanced education to break into highly paid professions) since WWII, with the effect really ramping up in the early 70s (which coincides with Nixon closing the Gold window, but at this point that could certainly be a coincidence, I cannot claim to have proven my hypothesis about what's causing this yet).

    The reason official inflation figures don't show this effect is that many of the items in the 'basket of goods' used to calculate CPI are consumer goods which have increasingly been produced by robots or labour in countries that don't give their workers the same rights and benefits we've come to expect in western economies.

    But our incomes just haven't kept up with the big ticket items that we can't import from foreign slave plantations developing economies.
    Wow, you almost make me want to go join the Ludwig von Mises institute and get my Austrian on. Back on the gold standard everyone!

    Leave a comment:


  • Ming Loyalist
    replied
    ever wish you hadn't started a thread? yeah, me too. :|

    Leave a comment:


  • boxs21
    replied
    I haven't seen it before

    Leave a comment:


  • Cullion
    replied
    It's not a complete body of research.

    I started a thread on sociocide where I attempted to show that the creation of new money by the banking system steadily impoverishes ordinary people over the years.

    I got as far as showing that the price of certain capital goods (such as an acre of American land, a college education or a dollar of retirement income) have gone up in notably price faster than the American median income, especially since the early 1970s.

    This also held true for groups in American society that you would not expect to have seen their incomes put under pressure by 'union busting' or mass immigration (the example I gave was IEEE member engineers).

    A real-life friend involved in politics then asked me to develop this research for a British context. I have not yet found the income data I need to do this for the UK, nor have I shown that the effect is caused by monetary policy.

    The data was pretty clear that Americans have been losing their ability to acquire the kind of capital needed for social mobility (land and other investments that can provide income, advanced education to break into highly paid professions) since WWII, with the effect really ramping up in the early 70s (which coincides with Nixon closing the Gold window, but at this point that could certainly be a coincidence, I cannot claim to have proven my hypothesis about what's causing this yet).

    The reason official inflation figures don't show this effect is that many of the items in the 'basket of goods' used to calculate CPI are consumer goods which have increasingly been produced by robots or labour in countries that don't give their workers the same rights and benefits we've come to expect in western economies.

    But our incomes just haven't kept up with the big ticket items that we can't import from foreign slave plantations developing economies.
    Last edited by Cullion; 4/24/2011 4:37am, .

    Leave a comment:


  • BadUglyMagic
    replied
    Culllion, is that the paper from sociocide?

    Leave a comment:


  • Cullion
    replied
    I started looking for the same price data for the UK, drew a blank and let myself get distracted :(

    Leave a comment:


  • Blue Negation
    replied
    On that note, how goes your research / paper on that matter, Cullion?

    Leave a comment:


  • Cullion
    replied
    The Fed isn't a government agency. It isn't even allowed to use a .gov web domain.

    The president only gets to appoint somebody from a shortlist drawn up by the regional Feds, which do their shareholders bidding. And the person he appoints serves for much longer than a presidents maximum time in office.
    The US govt. isn't a shareholder.

    The US government has never had the power to audit the Federal Reserve.

    The 'backstop' provided by the Fed is simply a way to kick the can a little further down the road whilst the underlying problems get bigger, and it does so by devaluing working and middle class savings for the benefit of a wealthy elite. The Fed bailouts you've seen recently are just a dramatically amplified version of what the bank has been doing since it was founded.
    Last edited by Cullion; 4/17/2011 4:13pm, .

    Leave a comment:


  • W. Rabbit
    replied
    Originally posted by The Deliverator View Post
    And here is an article about the kind of curruption that can/does go on at the Fed:

    http://www.rollingstone.com/politics...0110411?page=1
    Money and corruption in a government agency? Never.

    Leave a comment:


  • The Deliverator
    replied
    And here is an article about the kind of curruption that can/does go on at the Fed:

    http://www.rollingstone.com/politics...0110411?page=1

    Leave a comment:


  • It is Fake
    replied
    I will be going through this website thank you. Some of the video was bad, but I had no clue it was that terrible.

    Leave a comment:


  • Feryk
    replied
    Part of your problem in the US was that your banks were levered at as much as 150:1. Deregulation combined with the 'everyone gets a house' mentality created a scenario where the banks were incented to lend money to everyone regardless of credit. Not good. I'm sure you know more about it than I do, though.

    Leave a comment:


  • The Deliverator
    replied
    Originally posted by kenny_free View Post
    "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence

    Surprised that hasn't gone up yet. I find that this is a particularly sticky topic, but as someone that believes in a laissez faire economic model, I don't believe in the idea of having a central bank. The fed is not a central bank per say, but its close enought that it makes my skin crawl. Check out a book called Hamilton's Curse by Thomas DiLorenzo, it advocates a move to a more Jeffersonian form of classical liberalism. That being said, my take is pretty right wing, so I'm expecting a whole sky full of flak for this post, but it's my two cents on the federal reserve.
    I personally wouldn't mind allowing short-term interest rates to float more with market forces and be less Fed controlled.

    But my two cents as an Economics major and professional investment advisor: having the Fed exist as a backstop to provide credit to banks in emergency shocks is a very good thing, otherwise you end up with a far more volatile economic cycle, a lot more bankruptcies, and far worse recessions. The historical economic record supports that statement.

    Now the whole issue with the full Fed bail-out of the giant "too big to fail" investment banks back in 2008 is an entirely seperate issue and is most definitely not something the Fed was designed to do. Bernanke was actually highly resistant to doing that and it was actually the Treasury department under Paulson that orchestrated all those bail-outs. They tried to organize the bail-outs as private investment pools contributed from the huge firms (JPM, C, GS, BAC, etc.) like they did with Long Term Capital Management but the executives balked on taking the risk at the last moment. Also this whole situation came about precisely because the Glass-Steagal act was repealed by Clinton/Rubin/Greenspan/Summers which allowed banks and brokerages to merge which created the "too big to fail" problem in the first place, but I digress.

    Anyway, the Fed itself is not a conspiracy, it is just a tool put in place to manage the money supply and thereby core inflation and also provide emergency credit to the financial system. It's not a bad thing at all but like any tool it can be and has been misused. Congress could revoke the Fed charter at any time they chose to, which I think would be a very bad idea, but what I'm saying is the Fed is most certainly beholden to the Government.
    Last edited by The Deliverator; 4/12/2011 10:29am, .

    Leave a comment:

Collapse

Edit this module to specify a template to display.

Working...
X