With economic instability and a looming recession at the forefront of the American conscience this election season, I feel compelled to address this issue honestly as the political rhetoric associated with it is often disingenuous and grossly ignorant. Case in point, the above article entitled "McCain Says Bernanke Should Have Reduced Interest Rates Faster," may just as accurately read: "McCain Says Bernanke Should Inflate Money Supply Faster." Inflating the currency, and thus reducing its value, is precisely what the Fed is doing in an attempt to soften the blow of a recession. Does any one bother to ask how the economy hit a recession in the first place?
Politicians, pundits, journalists, scholars, and the intellectual elites all seem to recognize that our economy is based on credit expansion. What they fail to recognize, or choose not to share with the public, is that we have to increase credit every year to keep the economy afloat. We borrow $600 billion from foreign governments and financial institutions every year and the Fed prints the money needed to cover the rest of the expenses brought on by war and welfare. Every cent that government borrows and spends will be paid for by taxes. The average American is in the dark because often it isn't a visible tax on our wealth. In fact, the money is borrowed in the first place instead of raising taxes because raising taxes always hurts a politician's poll numbers.
McCain just recently said there would be "no new taxes" under his administration. Oh, yeah? McCain has not addressed monetary policy (because, admittedly, he knows little about it) and there is no reason to believe that the "print and spend" philosophy of the past and present will be any different with him in the White House. Therefore, he will allow the invisible inflation tax to continue to debase our currency and devalue our savings. The dollar is falling every day on the international markets because our total economy is not based on production, but the expansion of credit. Finance, insurance, and real estate (FIRE) is all the US has to offer and, if you've read the paper lately, the real estate market isn't looking too good right now. It has already affected the real estate markets and central banking institutions in foreign countries like the United Kingdom and Germany.
The elites in Washington and Wall Street are very pleased with inflationary spending. They get to use the money first before it circulates and reduces the purchasing power of lower and middle class America. Empty suits like McCain seem compassionate when they talk of cutting taxes to relieve the burden on American taxpayers yet they never address the fundamental reasons why prices are rising, the dollar is falling, and savings rates are negative. Thomas Jefferson once said, "that government is best which governs least." When will Washington return what is rightfully ours? We have every right to control our own fiscal destiny. Not government or a private corporation operating secretly under the guise of government. Markets develop naturally through voluntary human interaction. They are not a gift from government, so why do we continue to allow them to manipulate our dollars ?
Will no one stand up for our currency and condemn this vile system? Ah, that's right. At least one man has done that, but we've ignored him and allowed the vacuous platitudes and empty promises of McCain and Obama to win our hearts and minds.
Politicians, pundits, journalists, scholars, and the intellectual elites all seem to recognize that our economy is based on credit expansion. What they fail to recognize, or choose not to share with the public, is that we have to increase credit every year to keep the economy afloat. We borrow $600 billion from foreign governments and financial institutions every year and the Fed prints the money needed to cover the rest of the expenses brought on by war and welfare. Every cent that government borrows and spends will be paid for by taxes. The average American is in the dark because often it isn't a visible tax on our wealth. In fact, the money is borrowed in the first place instead of raising taxes because raising taxes always hurts a politician's poll numbers.
McCain just recently said there would be "no new taxes" under his administration. Oh, yeah? McCain has not addressed monetary policy (because, admittedly, he knows little about it) and there is no reason to believe that the "print and spend" philosophy of the past and present will be any different with him in the White House. Therefore, he will allow the invisible inflation tax to continue to debase our currency and devalue our savings. The dollar is falling every day on the international markets because our total economy is not based on production, but the expansion of credit. Finance, insurance, and real estate (FIRE) is all the US has to offer and, if you've read the paper lately, the real estate market isn't looking too good right now. It has already affected the real estate markets and central banking institutions in foreign countries like the United Kingdom and Germany.
The elites in Washington and Wall Street are very pleased with inflationary spending. They get to use the money first before it circulates and reduces the purchasing power of lower and middle class America. Empty suits like McCain seem compassionate when they talk of cutting taxes to relieve the burden on American taxpayers yet they never address the fundamental reasons why prices are rising, the dollar is falling, and savings rates are negative. Thomas Jefferson once said, "that government is best which governs least." When will Washington return what is rightfully ours? We have every right to control our own fiscal destiny. Not government or a private corporation operating secretly under the guise of government. Markets develop naturally through voluntary human interaction. They are not a gift from government, so why do we continue to allow them to manipulate our dollars ?
Will no one stand up for our currency and condemn this vile system? Ah, that's right. At least one man has done that, but we've ignored him and allowed the vacuous platitudes and empty promises of McCain and Obama to win our hearts and minds.
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