Within the space of days, we've been provided, courtesy of the Fed itself, with footage that perfectly distills the complete failure of Fed forecasting and planning, and audio that encapsulates splendidly the only thing that the Fed actually accomplishes: the destruction of money.
Insufficiently educated in the history of economic thought, they do not realize that Keynesianism — down to the most technical details, like the concept of the foreign exchange multiplier — is mercantilism or, more precisely, John Lawism pure and simple.
I wonder if Paul McCulley has ever entertained the idea that massive fiscal and monetary bailouts actually retard recovery?
Careful examination shows that, rather than protecting the economy, it is loose monetary policies that are the key source of boom-bust economic cycles.
The true point of this experiment is to encourage people to educate themselves about our current inflationist monetary policy.
It is savings — not demand — that enables the expansion of production of goods and services.
When confronted with the fact that Keynes' solutions would never work in the long run, he would dismissively say, "In the long run, we're all dead."
Fed economists — like mainstream macroeconomics in general — are intellectually bankrupt and clueless at best or dishonest propagandists at worst.
The requirements for wealth creation are simple: a favorable business climate free from overbearing regulation and a belief that the earnings from hard work and risk taking will not be confiscated by a government bent on the redistribution of income.
We have rejected the enrichments of a healthy capitalism in favor of an impoverishing government-run fascism. We have resurrected another great depression — and made America the crisis leader of the world, instead of, what it once was, the beacon for world prosperity.
