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Bennie and the Feds
While one should not argue with a genius like Bryan Caplan, where is the evidence that Ben Bernanke is anything other than a hack? Bernanke thinks the gold standard ruined Western Civilization, can’t figure out the interplay between boom and bust cycles, admits he has nary a clue about whether the Fed should tighten up or the central bank take a breather and the very sound of his voice drives the market into a nose dive.
You could stay up tonight trolling for monetary policy articles or you could just take the sound advice of a blogger named Apollo3333.
The fed chairman job is the easiest job in the world:
1. Call in all the dollars.
2. Replace with gold.
3. Close down the fed.
4. Let interest rates be set by a free market.
Presto, no more boom and bust.
(Tip off to Tim Iacono.)
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> 1. Call in all the dollars.
> 2. Replace with gold.
Hmmm, except that there’s not enough gold left in the U.S. to do that unless the value of gold is increased by an order of magnitude (or maybe several orders of magnitude). It’s likely that Ft. Knox is completely empty. There really isn’y anything behind the value of the U.S. dollar but the taxes the government takes from us to “back” it. And those taxes are paid in valueless dollars. Bit of a circular problem there. Our valueless dollars are backed by our handing in 50% of what we earn in those valueless dollars.
Read “The Creature From Jekyll Island” — or save yourself a month of reading and watch a condensed version of the same info in a documentary called “Money Masters: How International Bankers Control America.”
We’ve all read Jekyll Island here. : ) And yes, it would take quite a bit of revaluing by my best understanding.
Maybe Bernard von NotHaus can help.