Joseph was a Quaker and Frances an Anglican. There, he became a master stay-maker, establishing a shop in Sandwich, Kent.
Congressman Ron Paul explains why the monetary policies of the Federal Reserve are responsible for financial and economic crises spanning several decades, including the one in which we currently find ourselves. Putting the brunt of the blame for our situation on the Fed, government intervention and neo-capitalists dependent on easy central bank money, Paul notes that these policies not only led to the bursting of the housing bubble inbut that they will lead to an even worse crisis down the road as our currency is destroyed and our debt becomes un-serviceable.
Central bankers neglect the fact that interest rates are prices. Manipulating those prices through credit expansion or contraction has real and deleterious effects on the economy.
These economists understand that having wages or commodity prices established by government fiat would cause shortages, misallocations of capital and hardship.
Yet they accept at face value the notion that central banks must determine not only the supply of one particular commodity — money — but also the cost of that commodity via the setting of interest rates. Printing unlimited amounts of money does not lead to unlimited prosperity.
It has pumped trillions of dollars into the economy, providing money to banks with the hope that this new money will spur lending and, in turn, consumption. These interventions are intended to raise stock prices, lower borrowing costs for companies and individuals, and maintain high housing prices.
This confuses money with wealth, and reflects the idea that prosperity stems from high asset prices and large amounts of money and credit. The push for easy money is not new. Central banking was supposed to have ended the types of periodic financial crises the US experienced throughout the 19th century.
Yet US financial panics have only got worse since the centralisation of monetary policy via the creation of the Fed in Each of these crises began with an inflationary monetary policy that led to bubbles, and the solution to the busts that inevitably followed has always been to reflate the bubble.
This only sows the seeds for the next crisis. This will only ensure that the next crisis will be even more destructive than the current one.
Not content with its failed attempts to prop up the US economy, the Fed has set its sights on bailing out Europe, too. Through currency swaps, it has committed to offering potentially hundreds of billions of US dollars to the European Central Bank and we cannot rule out the possibility of direct intervention.
Abigail Adams: “Remember the ladies!” she wrote to her husband, though President John Adams and the Founding Fathers still managed to forget. Jane Addams: the founder of Hull House became the second woman to win the Nobel Prize for Peace. James Howard Kunstler is the author of many books including (non-fiction) The Geography of Nowhere, The City in Mind: Notes on the Urban Condition, Home from Nowhere, The Long Emergency, and Too Much Magic: Wishful Thinking, Technology and the Fate of the Nation. Archives and past articles from the Philadelphia Inquirer, Philadelphia Daily News, and heartoftexashop.com
The Fed has made banks and corporations dependent on cheap money. Instead of looking for opportunities to invest in real products that will serve the needs of consumers, Wall Street awaits the minutes of each Federal Open Market Committee meeting with bated breath, hoping that QE3 and QE4 are just around the corner.
It is no wonder that long-term investment and business planning are stagnant. We live in a world that seems to have abandoned the concept of savings and investment as the source of real wealth and economic growth. Financial markets clamour for more cheap money creation on the part of central banks.
Hopes of further quantitative easing from the Fed, the Bank of England, or the Bank of Japan — or further longer-term refinancing operations from the ECB — buoy markets, while decisions not to intervene can cause stocks to plummet.
Policy makers focus on spurring consumption, while ignoring production. The so-called capitalists have forgotten that capital cannot be created by government fiat.
True prosperity requires sound money, increased productivity, and increased savings and investment. No amount of monetary expansion can solve our current financial problems, but it can make those problems much worse.
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Lonchen Tshering Tobgay walking to his appointment ceremony as Prime Minister, in Thimpu, on July 27, (AFP). James Howard Kunstler is the author of many books including (non-fiction) The Geography of Nowhere, The City in Mind: Notes on the Urban Condition, Home from Nowhere, The Long Emergency, and Too Much Magic: Wishful Thinking, Technology and the Fate of the Nation.
Benjamin Franklin FRS FRSE (January 17, [O.S. January 6, ] – April 17, ) was an American polymath and one of the Founding Fathers of the United heartoftexashop.comin was a leading author, printer, political theorist, politician, freemason, postmaster, scientist, inventor, humorist, civic activist, statesman, and heartoftexashop.com a scientist, he was a major figure in the American.
Econ Professor Explains to Occupy Wall Street Crowd How Marxist America Will Work - Redstate - Nearly a year ago, union appointees within the Obama Labor Department launched their.