Originally posted by Metal BrainI don't discuss with idiots. If anyone thinks Metal Brain here has a point please say so and I may consider your application.
The 20th century was a period of prosperity for most of the world.
Industry improved efficiency of production and led to that prosperity. Do you disagree?
Why do you want to credit the fed with the prosperity? Even before the fed existed the USA had the highest standard of living in the world and that was in the 19th century when there was no central bank.
Originally posted by Metal BrainThe first statement is absolutely false; I know of no "mainstream economist" who would state that the Fed CAUSED the Great Depression. You are free to cite one, but I won't accept fringe ones like Walter Williams or Thomas Sowell (not sure if even they would make that statement though).
The Great Depression was caused by the fed reserve and it is a fact accepted by mainstream economics. It is not a theory.
Your knowledge of the economic history of the US is lacking too. This has nothing to do with the left or right. Facts are facts.
Originally posted by Metal BrainWhile it may be true that the US "had the highest standard of living in the world" before a central bank existed, the standard of living at that time was nothing near what it is today in the US and in virtually all other developed countries.
The 20th century was a period of prosperity for most of the world.
Industry improved efficiency of production and led to that prosperity. Do you disagree?
Why do you want to credit the fed with the prosperity? Even before the fed existed the USA had the highest standard of living in the world and that was in the 19th century when there was no central bank.
To cite the US' prosperity as compared to other countries in that era in a vacuum is beside the point. The question isn't whether the US has fallen as measured against the rest of the developed World (it has); but whether it has fallen as measured against the US before the Fed (it hasn't).
Originally posted by Metal BrainThroughout most of the 19th century, the UK had a higher GDP per capita and life expectancy than the US. The US catches up around 1880-1890.
The 20th century was a period of prosperity for most of the world.
Industry improved efficiency of production and led to that prosperity. Do you disagree?
Why do you want to credit the fed with the prosperity? Even before the fed existed the USA had the highest standard of living in the world and that was in the 19th century when there was no central bank.
Originally posted by PalynkaYou might not like to discuss with these people - but these people vote and their opinion influences government policy.
I don't discuss with idiots. If anyone thinks Metal Brain here has a point please say so and I may consider your application.
Could you explain what the Fed is and how it works in terms that Metal Brain and whodey would understand? -- (assuming, they really want to understand).
Originally posted by MelanerpesIs that enough motivation to get Pal to come 500 meters down by staircase* from the great ivory tower and mingle with the unwashed commonfolk??
You might not like to discuss with these people - but these people vote and their opinion influences government policy.
Could you explain what the Fed is and how it works in terms that Metal Brain and whodey would understand? -- (assuming, they really want to understand).
Interesting. I'll be curious to see the results.
😉
* (they don't install elevators in the tower because they can't imagine anyone wanting to come down)
Originally posted by MelanerpesThis is not the first time Metal Brain comes along to talk about the Fed. I wasted my time explaining what was wrong with the Money Masters video (along with telerion). It was a complete waste of my time.
You might not like to discuss with these people - but these people vote and their opinion influences government policy.
Could you explain what the Fed is and how it works in terms that Metal Brain and whodey would understand? -- (assuming, they really want to understand).
They can start here:
http://www.federalreserve.gov/pf/pdf/pf_complete.pdf
Today, the Federal Reserve’s duties fall into four general areas:
• conducting the nation’s monetary policy by inf luencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates
• supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers
• maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
• providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system
So why don't they? Because they just want to wallow in self-righteousness, they don't really care enough about it to actually inform themselves. You only have to look at how much they cared about no1's explanations.
Originally posted by PalynkaRemember when I stated that gold does well during inflation and a deflationary depression?
I don't discuss with idiots. If anyone thinks Metal Brain here has a point please say so and I may consider your application.
You disputed it like an idiot when I was right all along. Your knowledge of economics is clearly limited.
Originally posted by Metal BrainHa! That was a classic. Gold does well during inflation and deflation. Brilliant!
Remember when I stated that gold does well during inflation and a deflationary depression?
You disputed it like an idiot when I was right all along. Your knowledge of economics is clearly limited.
Originally posted by PalynkaWhere did I blame the Fed??
I'm sure in your world of delusion, everything is possible. As long as the Fed is to blame, of course. For example, you might believe that even without a proper monetary authority the US dollar could still have been the international currency by excellence. Although I'm sure that with your imagination you can come up with some fictional story on how it could ...[text shortened]... a truly federal Fed myself) but its track record is pretty good as monetary authorities go.
I merely suggested that to imply, as you did, that the FED is linked to the great prosperity of the 20th Century is wholly without merit unless you provide facts and show how the Fed has successfully intervened and caused the lengthy properity.
It is not enough to simply state the FED has a small role. You then need to show that a privately held fed (the case now) versus one that was actually part of the govt would have done a better job of contributing to this extended period of growth.
If not, your argument reduces down to saying something like because global temperatures have increased at the same time as the number of Pirates has decreased, then global warming must be caused by the decrease in Pirates.
You might as well produce a chart like this one stating to stop global warming, we should all become pirates!!
http://www.venganza.org/images/spreadword/pchart1.jpg
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Originally posted by uzlessAre you going to talk about the dollar being the international reserve currency without the Fed or are you just going to keep deflecting?
Where did I blame the Fed??
I merely suggested that to imply, as you did, that the FED is linked to the great prosperity of the 20th Century is wholly without merit unless you provide facts and show how the Fed has successfully intervened and caused the lengthy properity.
It is not enough to simply state the FED has a small role. You then need to show ...[text shortened]... warming, we should all become pirates!!
http://www.venganza.org/images/spreadword/pchart1.jpg