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Economic Illiterates Debate Monetary Policy

Paulus Textor Wrote: Nov 22, 2012 8:43 AM
Money is not the same thing as wealth. "Wealth" consists of goods and services. "Money" is simply the generally-accepted medium of exchange. Governments long ago discovered, however, that they could grant themselves a monopoly on money, aided by court historians and court economists. Though they cannot create wealth, politicians and central bankers CAN create boom and bust cycles, taking credit for the boom, and blaming the bust on a host of politically-convenient targets. The indispensable part of this manipulation is central banking. Our economy today is in the hands of greedy government officials and equally greedy central bankers. They rely on the fact that not one in ten Americans understands the nature of the system.

Japan's grand experiment of decades-long QE coupled with Keynesian foolishness is about to take one last gigantic leap forward before it plunges straight off the cliff into a massive currency crisis.

Please consider the New York Times article A Call for Japan to Take Bolder Monetary Action

For years, proponents of aggressive monetary policy have offered this unusual piece of advice as a way to end Japan’s deflationary slump and invigorate the economy. Print lots of...

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