Tuesday, December 8, 2009

 

Potpourri

* I have been saying for years that pennies are stupid. I don't pick up pennies (unless I dropped them and it would look like litter). If you disagree, what about a proposal to introduce a new coin that had the value of 1/1000th of a dollar bill? You can agree that would be dumb, right? Anyway my wife sent me this NPR story on the issue.

* Someone wanted me to dissect Andrew Gause's claim that we should nationalize the Fed, not end it. I disagree strongly, but Gause's arguments deserve more time than I can give. Discuss.

* Austrian economist Alex Padilla is clearly in the pay of Big Porn (HT2MR). BTW I don't want you to get your hopes up--the only photo at the link is of Padilla.



Comments:
The Blackadder Says:

There was a bill introduced to get rid of the penny a while back. It was successfully blocked by the zinc lobby. Not kidding.
 
Gary North has a relevant article up: The Federal Reserve System Possesses the Greatest Single Political Advantage in America. Do You Know What This Is? It may be for members only, so here's a snippet:
This was posted on a forum this week.

Why can't the Fed be replaced within the next year? Congress/Treasury can create money just as easily. Surely the power elite could just shift their con from the Fed to Congress, since they're in charge already.

Here is my answer:

Direct control over the economy through a central bank is better than indirect control through Congress, which is open to competitive bids (bribes). The Federal Reserve is universally heralded as legitimately immune from politics. This is the only institution controlled by the power elite that has this enormous political advantage. No other officially public yet operationally private institution possesses it.
 
The Blackadder Says:

You can bribe members of Congress but not members of the Federal Reserve? I'm not sure I get it.
 
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As far as the nationalize the fed goes, Andrew Gause seems to believe that there is a lot of money that would go to the public instead of private treasury. However assuming that the inflationary effects would be felt immediately, where would all this money be made?I thought the profits from money production were made only because the inflation was not felt immediately. If it was, who would be paying all this money for dollars?
 
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