COMMENTS
New
How to Protect Ourselves?
Posted, Saturday, August 2,
2008 11:31 am
Yes, we sheeple are in very deep trouble. How do we fight
back in your opinion w/regard to unsound $$?? What is the best way in your
opinion to protect the little wealth we possess?
As you wrote: “Over the last few years, U.S.
monetary policy has resulted in a massive wealth transfer from savers, retirees
and money holders in general to banks, mortgage lenders and debtors in general
as the purchasing power of the dollar has plummeted. Last September, after the
Bernanke Fed decided to drop interest rates as the U.S. dollar was already in
the downtrend, I wrote, "foreign (dollar) investors have been 'taxed' by
the American Fed's policy of benign neglect regarding the dollar."
Since then, the Bernanke Fed has gone much further. It
has pushed the Federal funds rate to the 2 percent level from the 5.25 percent
level it was in mid-September 2007. In so doing, by pushing real interest rates
deep into negative territory and by depreciating the U.S. dollar, the Fed has
heavily taxed retirees and savers in its rush to shore up American financial
institutions. Indeed, it can be said that the semi-private Fed has been
floating American financial problems in a sea of new money by running the
printing press.
The act of printing excessive amounts of bills is the
worst enemy of sound money. It is a way to destroy fiat currencies. It is the
main source of inflation and, sometimes, of hyperinflation. In the end, we know
that it robs people of their savings and lowers their standards of
living.“
May I ask what is your opinion of Ron Paul with regard to
his views on abolishing the Fed completely and nationalizing the 12 Fed banks?
Do you personally support any alternative plans for sound $$??... I look
forward to reading your book “The NAE“. I attempt to make it
mandatory reading with my family and friends!!!
Robert
New
US Economy and Bad Policies
Posted, Friday, August 1,
2008 5:51 pm
Nice writeup. You are right US economic policies are
tremendously misguided. Couple this with a press that misinforms or
underinforms the public on everything from globalization to American Hedgemony
and the likely outcome will be the unthinkable; a big war. Of course we
shouldn't forget the lobbying by the military industrial complex or AIPAC
Rick
________________________
Answer by R.T.
On the military-industrial complex and on AIPAC, you may
want to read my two articles on these issues:
The Five Pillars
of the U.S. Military-Industrial Complex
9/25/2006
AIPAC, the
Religious Right and American Foreign Policy
8/21/2006
New
Fascism and Imperialism
Posted, Wednesday,
July 30, 2008 10:42 pm
Your article is fairly comprehensive, and consistent with
my own view.
Although you speak to the economic and financial issues,
I believe the Bush Maladministration had a covert policy of dispossessing and
disenfranchising the great mass of ordinary citizens, affecting transfers of
both wealth and sovereign power from the people to Big Business.
Using the word in its dispassionate economic sense, Bush
'led' a fascist government. And, in terms of its foreign policy, Bush 'led' the
most imperialist US government since the very late 19th century.
John
New
Official Figures
Posted, Thursday, July 31,
2008 1:17 am
I very much appreciate Dr. Tremblay's work. I have a
minor disagreement, however, with his acceptance of official figures for U.S.
federal deficits.
The reported numbers appear to ignore 'off-budget' items
and thus understate the true annual shortfalls.
I prefer to look at the reported figures for
the national debt, available at HYPERLINK "http://www.treasurydirect.gov/NP/BPDLogin?application=np"http://www.treasurydirect.gov/NP/BPDLogin?application=np
These show that the actual increase in borrowing (ie
actual deficits) for
the fiscal years listed are as follows:
2001 $132 Billion
2002 $409 Billion
2003 $589 Billion
2004 $605 Billion
2005 $524 Billion
2006 $574 Billion
2007 $556 Billion
2008 $570 Billion projected, based on $474 Billion
to date.
Greg
Answer by R.T.
I did not have space to explain the difference between
public held debt and agency held debt. Here are the current figures:
US Government total Debt= $9,537,591,129,721.98
Debt held by the public= $5,351,639,048,098.45
Debt held by intergovernmental agencies=$
4,185,952,081,623.53
Most of the difference comes from Social Security which
is managed, to a large extent, as a pay-as-you-go program.
One can therefore say that the Bush-Cheney administration
has been spending part of the SS taxes, besides its public borrowing.
Since I mentioned the possibility of
“hyperinflation”, there is the obvious fear that the U.S.
government will monetize its debt in the future.
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