…sigh… Why McLean & Aerosmith…
Posted on July 31, 2007
by: Dr. Jerome Pestlebottom
This man makes me so hopeful for the future of our once great nation… I know I’m preaching to the choir with these, but good watching/reading from a man who can speak for all Americans almost regardless of your political leanings…
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The guy has interesting ideas. However, I have to strongly disagree with the idea of abolishing the Federal Reserve. It is a *very* good idea to have a few smart people controlling interest rates, because it damps the large swings of the economy. Without the Fed the booms would be bigger, but so would the recessions. Also, the Fed does not cause inflation. Let’s say that all US exports increased by 1% but imports and domestic sales stayed constant. Then gross GDP would increase 1%, and for that extra money to ever make it out of a computer and into a wallet, the government needs to print bills. Sure, a government can cause excess inflation by printing money too quickly, but the Fed tries exceedingly hard to print money at the same rate as price increases.