Look at the faces
Listen to the bells
It's hard to believe
We need a place called hell
--INXS
Good list (sourced from Fred Hickey) on the bottom of this post of problems/distortions created by the Fed and other central banks:
Fostered widespread moral hazard
Encouraged formation of asset bubbles that eventually pop
Skewed wealth inequality far beyond natural levels
Severely penalized retirees on fixed incomes via financial repression
Encouraged spending/discouraged saving
Funded massive government spending by monetizing debt
Lengthened recessions and reduced job creation
The Fed and other central banks have also sewn seeds for massive consumer price inflation in the future.
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1 comment:
1764 ---- "That is simple. In the Colonies we issue our own money. It is called Colonial Scrip. We issue
it in proper proportion to the demands of trade and industry to make the products pass easily
from the producers to the consumers. In this manner creating for ourselves our own paper
money, we control its purchasing power, and we have no interest to pay no one."
~Benjamin Franklin when asked by the Bank of England to explain the prosperity
of the colonies in America.
1764 ---- The British Parliament passed the Currency Act of 1764 which prohibited colonial officials
from issuing their own money and ordered them to pay all future taxes in gold or silver coins.
1765 ---- Financial depression occurs in the Thirteen Colonies because of the Currency Act of 1764.
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