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Some thoughts on the FED from a libertarian quack doctor

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Olek_LPosted: Aug 21, 2011 - 16:36

Level: 0
CS Original
A libertarian quack from my hometown wrote an article about FED, among other things. Translation by me, my comments in square brackets. Source:

That the socialism is doing well, and so is the planned economy, despite the collapse of the Soviet Union, I wrote several times. And it is not about Cuba or North Korea. Bacillus of socialism grows quite well where it was least expected.
Therefore, it is worth considering if it is not the main cause of current crises. It's about the USA and the Federal Reserve Bank (FED) and its monetary form of socialism.[...]
There's a little difference. Instead of central planning, how many TV sets, cars, electric energy, coal or steel is needed, the central bank decides on interest rates and the quantity of money in the world, becoming the Global Office of Planning.
What is used by FED as a guide, when setting the exchange rates of dollar? The expertise of economists, officialy it is said, but it's part of the truth. Apart from the fact that economics is not a pure science, but a social science of human action, the FED simply orders, and then buys the ones [expertises] that are convenient. As the research conducted by Ryan Grim for the American portal "Huffington Post" has shown, Federal Reserve and its subordiante banks have several hundred economists on the payroll. For expertises, consultations, articles, analysis, research, lectures, etc. FED has paid $389 million in 2008, and a year later, $433 million. It is estimated, that from 1000 to 1500 economists of various specialities use these grants.
The same is true of scientific publishers, whose "editors are kind of 'gatekeepers', deciding whom to admit and whom not, thus deciding on careers, because only those who published in them has an opportunity to get an university job./.../ It turned out that in seven leading economic journals, on 190 members of the editorial staff, 84 were in one way or another associated with the FED. In the most important journal devoted to the monetary policy, "Journal of Monetary Economics"/.../ all the members of the editorial board are or were tied to the FED, now 14 of 26 editorial members are on the FED payroll"[I don't know whom he quotes here]. No one with a different opinion is able to break into the mainstream media.
All this became possible in 1971, when the US terminated convertibility of the dollar to gold. Gold was replaced by an uncovered paper dollar, called fiat, that is on faith. FED became a major producer of green paper, becoming, as Hans-Hermann Hoppe describes, "a last instance autonomous forger for the entire international banking system".
In this respect, Poland is not different. National Bank of Poland and Monetary Policy Council play a similar to the FED, and our currency is also fiat[he annoyingly uses some weird misspelling of "fiducjarny", polish word for "fiat", thorought the article; I'm not sure if he tries to be condescending or if he's just ignorant] . This applies to the Euro, too.
Because in the history of the world, this kind of money is something new, no one can predict how this all will end.
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shamsham1090Posted: Sep 02, 2011 - 01:04

Level: 0
Common myths pushed about the Fed

There are legit concerns about the Fed's activity but these aren't them.
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MuertosPosted: Sep 02, 2011 - 01:08

Paid Disinformation Blogger

Level: 14
CS Original
Libertarians baffle me. Such a bizarre, immature, unrealistic ideology. I suppose that's why it appeals most strongly to teenage boys.
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