President Obama, like president Nixon before him,
missed an historic opportunity in not ordering a complete change of
guards at the Treasury and at the Fed. Now the same gentlemen who have
landed the country and the world in this unprecedented débâcle are in
charge of the rescue effort. The QTM, the corner stone of Milton
Friedman’s monetarism, is the wrong prognosticating tool. The marginal
productivity of debt is superior as it focuses on deflation rather than
financial and economic collapse of the past two years must be seen as
part of the progressive disintegration of Western civilization that
started with the sabotaging of the gold standard by governments exactly
one hundred years ago when in France and in Germany paper money was
made legal tender. The measure was introduced in preparation to the
coming war, so that the government could stop paying the military and
the civil service in gold coins, starting in 1909.
Chairman Ben Bernanke, who should have been fired by the new president
on the day after Inauguration for his part in causing the cataclysm, a
couple of years ago foolishly boasted that the government has given him
a tool, the printing press, with which he can fight off deflations and
depressions, now and forever. The reference to the GTM is obvious.
Now Bernanke has the honor to administer the coup de grâce to our civilization.
Through four rounds of
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