12yearplan, My basic thing with your Brand's and B402's position on money corruption is that it's been done like a dinner here and elsewhere for years. And attention to it has never diminished. You guys, at least B402 does, promote the issue as an important point of his, and one which has not been important on this board. That implication, suggestion, contention, whatever you want to label it, is just not true. That is the essence of at least my issue with B402.
Post about it, by all means. Just don't use the issue to claim some sort of false humanity. Some sort of egoistic sense of moral superiority which does not exist here and other places. B402 can't help himself. At least he doesn't give a fuck in the fact he misrepresents others.
My posts involving Nick Hanauer should be all the evidence needed to have B402, for one, apologize for his suggestion we haven't been concerned with inequality, for one.
Ok, Hanauer is linked into this one so no need for others on him -- Flashback to Tornado Alley 2011. While on another mission i bumped into one, easily as relevant today as 12 years ago. "You've hit on it. Seemed counterintuitive to me as well considering that the GDP disparities between Blue and Red states are the mirror image of the income inequality. Gotta be wealth for there to be inequality." This of the late F6's (Mark's) headed: America’s idiot rich [...]
Be Careful Wishing for the Fed’s End [...]Let us interject that in any monetary system, some authority must fix either the price of money or the supply. McDonald’s can either set the price of a hamburger and let the market consume the quantity it will — or, it can insist on selling a specified quantity, in which case consumer demand will determine the price. [...]The gold standard, in effect, replaces the Fed chief with the collective wisdom (or luck) of the mining industry. Rather than entrust the money supply to a guru or a professor, money is limited by the quantity of bullion. The law in the early 20th century stipulated that dollars be backed 40 percent in gold. This fixed the dollar in relation to metal but not in relation to things, like shoes or yarn, that dollars could buy. This was because the quantity of bullion that banks had in reserve, relative to the size of the economy, fluctuated. As a historian noted, it was as if “the yardstick of value was 36 inches long in 1879 ... 46 inches in 1896, 13 and a half inches in 1920.” P - The gold standard — which John Maynard Keynes termed a “barbarous relic” — led to ruinous deflations. When gold reserves contracted, so did the money supply. David Moss, a Harvard Business School professor, asserts that the United States experienced more banking panics in the years without a central bank than any other industrial nation, often when people feared for the quality of paper; specifically, it experienced them in 1837, 1839, 1857, 1873 and 1907. P - The Fed was conceived to alleviate such crises; that is, to be “the lender of last resort.” This function was fulfilled, ad hoc, by the financier J. P. Morgan in the panic of 1907. But Morgan was old, destined to die the year the Fed was created; some institution was needed. Hostility toward central banks, an American tradition, was such that in 1910, lawmakers and bankers convened at Jekyll Island, Ga. — under the ruse of going duck hunting — to sketch a blueprint. P - Part of the aim of the new central bank was a more flexible money supply — for instance, to lend to farmers in the winter. Another was to lend into the teeth of a panic — though only to solvent institutions and on sound collateral. The insurance giant American International Group .. http://topics.nytimes.com/top/news/business/companies/american_international_group/index.html?inline=nyt-org — a controversial bailout recipient in 2008 — would not have qualified. [...]An alternative to gold, and to the Fed, was suggested by Mr. Bernanke’s hero, Milton Friedman: let a computer govern the money supply. John Taylor, a former Treasury official, has derived a formula, the Taylor Rule, which Fed policy often agrees with. Adopting the formula in a mechanical way would trim the deficit a bit, since the Fed could dismiss every one of its 200 economists. The problem with a formula (also its virtue) is its lack of flexibility. Alan S. Blinder, a former Fed vice chairman, notes that strict adherence to the Taylor Rule during the recent crisis would have mandated an interest rate of negative 5 percent. (That is, the economy was so weak, and people so unwilling to borrow money, the computer would have paid people 5 percent a year to accept it.) This being impractical, Mr. Bernanke was moved to improvise a remedy other than negative rates. P - If the computer is out and the Fed shuttered, Professor Meltzer suggests that the dollar be backed by euros, pounds and yen (and, eventually, the renminbi). This new money would require that each of the financial powers commits to a targeted rate of inflation — say, 2 percent a year. People who didn’t trust the dollar to maintain its value could trade them for euros. Now there’s an idea that would delight the Tea Party — American money backed by France. April, 2013 - https://investorshub.advfn.com/boards/read_msg.aspx?message_id=87389110
There are thousands about the corruption of money.
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