Money, Banking, and the Federal Reserve: the Complete Transcript
Politicians espouse numerous theories about the cause of this country’s economic woes; seldom however do these officials look below the surface: the roots of our economic ills can be traced to central banking and our present monetary system.
The Federal Reserve claims to manage our money; instead it makes our money worth less and less every day. It has generated continuous and worsening business cycles and lowered our living standards.
According to Bernanke there is good evidence that cash that goes to low- and moderate-income individuals is more likely to be spent in the near term -- hence, from this perspective, it is going to be beneficial for economic growth.
Only if the amount of money in the economy increases, all other things being equal, spending in money terms will follow suit. However, the spending increase in this case is not on account of some multiplier but because of the increase in the money supply.
Privatization is the only hope for renewal of once proud cities, writes John Chapman. In his 1944 book entitled Bureaucracy, Mises distinguished between “bureaucratic management” and “profit management.” He explained that neither incentives nor exploitation of useful information are optimal under bureaucratic management, and by definition there could be no rational calculation via profit and loss. Hence, coordination of resources will never be optimally efficient.