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"The Error Of Central Banking Has Become Universal"

Discussion in 'Political Debate & Discussion' started by poncho, Jun 2, 2013.

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  1. poncho

    poncho Well-Known Member

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    In the old normal ("when we had an honest Fed," under Volcker), David Stockman explains to CNBC's Rick Santelli, "the market could judge what Congress and the White House was doing and decide where the risk/reward equation was and how to price the bond, the note, the bills," but in the new normal, "today, the market is entirely rigged." Stockman is no fan of deficits and as he notes "is no fan of money-printing," pointing out that "it's not honest," for the Fed to fund these chronically growing deficits and "created an unsustainably dangerous financial system." In thie brief interview, Stockman (of The Great Deformation fame) sums it up perfectly to a just-as-concerned Santelli, when he notes, "the error of central banking has become unversal." We're taxing the futures generations, he concludes, "they're going to thank you for the massive disaster that was handed to them." The honesty will never come...


    CONTINUE . . .
     
    #1 poncho, Jun 2, 2013
  2. church mouse guy

    church mouse guy Well-Known Member
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    I agree with Stockman except that I don't think that you can cut defense spending 20% unless you can get Europeans to build up their militaries, which I think is unlikely as long as Uncle Sam has so many bases in Europe.

    The error is not that Bernanke is no good but that the Federal Reserve Bank should not have the ability to print money. The rich are always going to set the interest rates but Congress is supposed to coin money, not some private organization licensed by Congress 100 years ago.

    What needs to be cut is the size of the federal government. Those people should try and get private sector jobs.

    On the issue raised by Stockman of means testing Social Security, I say yes, that is right. Someone who has a million dollars a year does not need to be getting Social Security, also. Also, the rich should pay a higher Medicare premium to the government, which Stockman did not mention. Don't look for the markets to oppose the Fed--like the banks the markets are making too much money off the printing of paper money to care about what liberalism is doing.
     
    #2 church mouse guy, Jun 2, 2013
  3. Salty

    Salty 20,000 Posts Club
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    The US has reduced troop strenthg by about 50% in EUCOM over the past 30 years or sos
     
    #3 Salty, Jun 3, 2013
  4. poncho

    poncho Well-Known Member

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    Where are you getting these numbers from?
     
    #4 poncho, Jun 3, 2013
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