Saturday, June 14, 2008

Recession culprit? No surprise


More specifically, the government's printing press, the paymaster of its unconstitutional wars, the institution dedicated to devaluing the dollar, the Federal Reserve.

Ben Beranke had a brilliant academic record. An almost-perfect SAT score, graduation from Harvard, then MIT. Teaching at Stanford, then on to Princeton where he chaired the economics department. Does his current job represent yet another step up in a brilliant career?

No, because the Fed is a scam, one of the oldest known to man.

So, what to do about the current downturn? Lew Rockwell has a sound recommendation:
What is the right response to a recession? The first rule must be to do no harm. When it comes to government, that is asking a lot and enough. Beyond that, in an ideal world, we would shut down the Fed, reduce the cost of employment, reduce taxes, zap environmental controls on exploring for and refining oil – this would be a good beginning. We could expect the recession to last less than a year under these policies. As it is, we could be in for a very long and deep recession.

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