The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

It Is Not Often That I Greet A New Federal Reserve Chair. . .

by Smitty Cultural references, alas. Before it ends YOU!

Zero Hedge Lays It Down, Mead Sort Of Picks It Up

by Smitty For most of the past four or five years, I have spent the majority of my time studying the dominant forces that fuel the power structure that exists in these Unites States today, and indeed throughout the world.  My education began quite suddenly and unexpectedly in the middle of the last decade when I […]

‘Shut Up!’ The Modern Monetary
Theorist Explained

by Smitty Essentially, there are four preconditions in Modern Monetary Theory: Money enters the economy through government spending, as the total amount of money is constrained not by gold but by the total output of the national economy; Government spending is speculative as it prints as much money as it needs to control production and, […]

Above All Else, Remember: The Federal Reserve Has Gone Malignant

by Smitty The New York Sun: “Bernanke warns congress to butt out of interest-rate policy discussions . . .” is the headline up on the Drudge Report following the speech today by the Federal Reserve’s chairman at Indiana. It sounds to us like the chairman is warning Congress against passing Congressman Ron Paul’s audit-the-Fed legislation […]

‘Gentleman’ Jim Moran Has The Right Of It: Audit the Fed Passes House, 327-98

by Smitty Good news via Freedom Works: the Audit the Fed bill passed. And now it goes to the Senate, where Dingius Maximus (Harry Reid), remains mostly paralyzed by a head-shaped object in an unlikely location (emphasis mine): “Ron Paul’s ‘Audit The Fed’ bill is a reminder of his tireless efforts to promote sound money […]

‘Zimbabwe’ Ben Rides Again?

by Smitty The post title is meant to connect Ben Bernanke with ruinous monetary policy in another country, not as a derogation of the fine people of Zimbabwe, who certainly deserve better than a Bernanke riff. Financial Times reports that, while the Federal Reserve isn’t addicted to the cocaine of currency inflation, the Fed does […]

First Principles Blog Series On Taxation

by Smitty First Principles was taking me to task in the comments over on the Norquist post. This is the kind of back-and-forth that can be highly educational, if one can dodge the temptation toward ad hominem. FP: When it comes to political hot points in conservative political circles in Nevada, the Grover Norquist/Americans for […]

Asking The ‘Hahrd’ Questions

by Smitty Julie Borowski at the mighty Freedom Works: Last week, the audit the Fed movement received good news that House Republican leaders plan to hold a vote on a full audit bill in July. Introduced by none other than Rep. Ron Paul (R-TX), the Federal Reserve Transparency Act would require frequent thorough audits of […]

‘Zimbabwe’ Ben Bernanke, AC/DC Fan?

by Smitty Tyler Durden at Zero Hedge: From the lows in March 2009, 1150 S&P points have been ‘created-or-saved’ thanks to central bank largesse. That is a cost of $2 million for every S&P 500 point since the Fed started to expands its balance sheet by $2.3 trillion. Money-well-spent, we are sure you’ll agree. I […]

Paul And McCotter Grill Bernanke On Inflation, Which Is Unexpectedly Higher Than Bernanke Will Admit

by Smitty It is blatantly obvious to the most casual observer that Ron Paul’s insistence on honest, tangible cash removes him from consideration for President as much as his foreign policy. Paul is trying to make a serious legal tender argument, and Bernanke glibly deflects the question: The wild, irrationally exuberant Thaddeus McCotter ejaculates almost […]

Economist Dean Baker Defends Central Banking, If Not The Federal Reserve

by Smitty Thie is Dean Baker on 03 February at Empire Unplugged. From Wikipedia: Dean Baker (b. July 13, 1958) is an American macroeconomist and co-founder of the Center for Economic and Policy Research, with Mark Weisbrot. He previously was a senior economist at the Economic Policy Institute and an assistant professor of economics at […]

Meanwhile, Down At The Intersection Of Orwell And Kabuki. . .

by Smitty Last night I went to a new ‘salon’ (I think it may be a snooty bar or something) called Empire Unplugged, for their inaugural talking head fest on the Federal Reserve. The video is kind of lousy, and still pulling in to Final Cut Pro X for what I hope will be a […]

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