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Random thoughts and interesting tidbits. . .
. . .focused on current economical and political events.
"But rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. I do not add 'within the limits of the law,' because law is often but the tyrant's will, and always so when it violates the right of an individual."
Thomas Jefferson
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6 comments:
Again, as long as there is an authority that issues an official currency, there will be a boom and bust cycle. This is why this cycle existed LONG before the "federal reserve". There is always a possiblity that those in power will become corrupt, because freedom/selfishness can be either positive or negative.
"As the panic deepened, ordinary Americans suffered terribly. A cigar maker named Samuel Gompers who was young in 1873 later recalled that with the panic, "economic organization crumbled with some primeval upheaval." Between 1873 and 1877, as many smaller factories and workshops shuttered their doors, tens of thousands of workers — many former Civil War soldiers — became transients. The terms "tramp" and "bum," both indirect references to former soldiers, became commonplace American terms. Relief rolls exploded in major cities, with 25-percent unemployment (100,000 workers) in New York City alone. Unemployed workers demonstrated in Boston, Chicago, and New York in the winter of 1873-74 demanding public work. In New York's Tompkins Square in 1874, police entered the crowd with clubs and beat up thousands of men and women. The most violent strikes in American history followed the panic, including by the secret labor group known as the Molly Maguires in Pennsylvania's coal fields in 1875, when masked workmen exchanged gunfire with the "Coal and Iron Police," a private force commissioned by the state. A nationwide railroad strike followed in 1877, in which mobs destroyed railway hubs in Pittsburgh, Chicago, and Cumberland, Md."
Interesting, Marxian cause-and-effect in the above quote.
"the emperors supported a flowering of new lending institutions that issued mortgages for municipal and residential construction, especially in the capitals of Vienna, Berlin, and Paris. Mortgages were easier to obtain than before, and a building boom commenced."
Sounds a lot like the US government and the CRA.
Sounds a lot like authority to me. How do we get rid of authority, Josh? Start bartering again?
You take away the ability for the Fed to create money and put the ability to build wealth into the hands of the people.
Sorry, you didn't answer my question. Who will have the authority to mint new gold coins, Josh? Or are we instead going to barter or trade gold nuggets? You HAVE to have an answer to this, or you are proceeding on Faith.
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