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Unlike more recent times, the Fed F'd up with the GD by constricting money supply.
Question is would there have been a great depression if the fed was not created? The federal reserve is fine if they always made the correct move. But they do the wrong thing too often. And it seems they are beholden to institutions not Americans. Perhaps those in the 1% get special treatment.
Quote:
Originally Posted by Hoonose
Inflation in the '70's was mostly oil related.
Much of inflation today is Pandemic and oil related, exacerbated by the too much new central/Fed money.
But no Covid and no War, inflation today would most likely be nominal.
No federal reserve and perhaps nominal inflation today. We have had oil price rises over the past couple decades that did not trigger massive inflation.
The pandemic 100 years ago did not trigger massive inflation. What happened this time was our over reaction to this pandemic. First shutting things down and then the feds adding too much money into the economy. Its not just the fed, congress passing all these spending programs was also a big factor. As well as our dependence on foreign goods creating supply chain issues that are more completed with so much coming from China. And wage pressure which I believe was also triggered by handing out so much money.
So would we have inflation now like it is if there was no federal reserve?
Question is would there have been a great depression if the fed was not created? The federal reserve is fine if they always made the correct move. But they do the wrong thing too often. And it seems they are beholden to institutions not Americans. Perhaps those in the 1% get special treatment.
The Fed reacted improperly, how much worse is an unknown. The 1% will do well long term in any case.
Quote:
Originally Posted by Oklazona Bound
No federal reserve and perhaps nominal inflation today. We have had oil price rises over the past couple decades that did not trigger massive inflation.
Oil was not a great influence in the '90's and aughts. But looking longer term the cost-push inflation related to oil has been dramatic.
Quote:
Originally Posted by Oklazona Bound
The pandemic 100 years ago did not trigger massive inflation. What happened this time was our over reaction to this pandemic. First shutting things down and then the feds adding too much money into the economy. Its not just the fed, congress passing all these spending programs was also a big factor. As well as our dependence on foreign goods creating supply chain issues that are more completed with so much coming from China. And wage pressure which I believe was also triggered by handing out so much money.
As you say 100 years ago and supply and demands were so different in so many ways. Energy and epecially globally. Also there was little that central policies could do, money wise, and medically wise.
Quote:
Originally Posted by Oklazona Bound
So would we have inflation now like it is if there was no federal reserve?
Worse on the frequency of disruptions, and worse on the downside of recession/deflation.
The pandemic 100 years ago did not trigger massive inflation.
Perhaps due to our being on the gold standard, beginning in 1900.
But yes, the end game is to introduce fedcoin; then they have control akin to communism.
Currency reset scares the hell out of me, and should be opposed.
Governments need to learn to live within a budget, as they once were forced to; before gold standard was removed under Nixon.
Marxism in reality creates a dictatorship, a totalitarian government , an upper class of rich globalists and the lower class is oppressed. No freedom. Marxism never lived up to it's description. Don't be fooled !
Owners of capital will stimulate working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks which will have to be nationalized and State will have to take the road which will eventually lead to communism.
Being a person who loves a good quote, I like to source them. To me, an economist from the 19th Century used the term 'buying technology' is rather anachronistic, so I dug a little on the internetz.
Karl Marx isn't the author of the above quote. It popped up on a web post in 2008, and was used as the basis for an article on a satire website.
As for Peter Thiel's thoughts on Bitcoin, I view e-currency speculation more akin to the "Dutch Tulip Bulb" bubble than as a harbinger of total economic meltdown.
The purported quote to Vladimir Lenin - "The establishment of a central bank is 90% of communizing a nation".
I'm having trouble locating the provenance of said quote. It appears to have been bouncing around the conservative blogosphere online and picked up by Robert Kiyosaki, who's currently using it to help spread the word about his new book, due out in November 2022.
I fear it might be more appropriately filed alongside "The problem with quotes found on the Internet is that it is hard to verify their authenticity" - Abraham Lincoln.
The purported quote to Vladimir Lenin - "The establishment of a central bank is 90% of communizing a nation".
I'm having trouble locating the provenance of said quote. It appears to have been bouncing around the conservative blogosphere online and picked up by Robert Kiyosaki, who's currently using it to help spread the word about his new book, due out in November 2022.
I fear it might be more appropriately filed alongside "The problem with quotes found on the Internet is that it is hard to verify their authenticity" - Abraham Lincoln.
The idea of a Central Bank is a core tenet in the Communist Manifesto.
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